Sky Harbour Group Corporation has reported substantial growth and strategic expansion in its aviation infrastructure portfolio during fiscal year 2024, delivering consolidated revenues of $14.8 million—a remarkable 95% increase from the previous year.
The company's financial performance highlights its resilience in navigating challenging economic conditions, with sequential quarterly revenue growth of approximately 13% driven by new lease initiations and facility optimizations. Strategic expansions include new campuses in Seattle's Boeing Field, adding approximately 90,000 rentable square feet to its portfolio, and ongoing developments in Phoenix, Dallas, and Denver airports.
By the end of 2024, Sky Harbour's total leasable space reached approximately 580,000 square feet, with over 2.1 million square feet currently under construction or development. These ongoing projects are projected to generate an additional $37.6 million in annual revenue upon completion, signaling significant potential for future growth.
The company demonstrated improving financial metrics, with gross margins increasing to 14.5% in the fourth quarter and a strong balance sheet position of $556.6 million in total assets. A successful private investment in public equity (PIPE) placement in December raised $75 million, substantially enhancing the company's liquidity entering fiscal year 2025.
Despite experiencing a slight decrease in operating income due to increased operational expenses, Sky Harbour remains focused on strategic expansion. Analysts from Stonegate Capital Partners project the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) will gradually improve and potentially turn positive in fiscal year 2026.
The company's strategic positioning in the aviation infrastructure sector, characterized by its proprietary SH-37 large-hangar model and diverse geographical portfolio, indicates a robust approach to meeting evolving business aviation needs. With ongoing facility developments and a strong financial foundation, Sky Harbour is poised to capitalize on growing demands in premium aviation infrastructure.
