Sky Harbour’s Strategic Airport Infrastructure Growth Gains Altitude
Sky Harbour Group Corporation has stepped into the final quarter of 2025 with clear momentum, reporting a strong set of unaudited financial results that underscore the progress of its expanding Home Base Operator campus network.
The Company’s Form 10-Q for the three and nine months ended 30 September 2025, and the corresponding Obligated Group filings with MSRB/EMMA, reveal a business pushing ahead with disciplined capital deployment, rising revenues and increasing operational maturity.
Constructed assets and construction in progress now exceed 308 million dollars, marking a substantial rise of 108 million dollars from the previous year. This figure hints at the scale and pace of development across its national footprint. Consolidated revenues for Q3 jumped by 78.2 percent compared to the same quarter in 2024, with a further 10.8 percent rise over the previous quarter, signalling robust uptake from newly delivered capacity and maturing campuses.
Liquidity remains a central pillar of the Company’s strategy. As of quarter-end, Sky Harbour held 47.9 million dollars in cash and US Treasuries, complemented by access to a 200 million dollar drawdown construction warehouse facility. Meanwhile, net cash used in operating activities narrowed to roughly 0.9 million dollars, compared with 1.2 million dollars during the same period in 2024. The Company reiterated its guidance of achieving operating cash-flow breakeven on a consolidated run-rate basis by year-end, supported by rising revenues from Phoenix, Denver, Dallas and Seattle.
Obligated Group Performance
Sky Harbour Capital, the Obligated Group, also reported a solid quarter. Revenues rose by 8.2 percent over Q2, and net cash generated from operating activities reached approximately 4.2 million dollars, up a striking 92.2 percent from the previous quarter. Cash and US Treasuries within the Obligated Group stood at 23.8 million dollars at quarter-end.
During the period, the Group completed its second modification to the 2021 Project, shifting the second phase from Centennial Airport in Denver to Addison Airport in Dallas, strengthening its strategic positioning in a high-demand metropolitan market.
Expanding the Airport Network
Sky Harbour’s rapidly expanding portfolio now includes operational campuses at major airports such as Houston Sugar Land, Nashville, Miami Opa-Locka, San Jose Mineta, Camarillo, Phoenix Deer Valley, Addison Airport in Dallas, Seattle Boeing Field and Denver Centennial. Development continues at a wide range of additional locations across the United States, including Chicago Executive, multiple New York-metro airports, Orlando, Dulles, Salt Lake City, Portland-Hillsboro and Long Beach.
The Company reaffirmed its target of adding four more airports by the end of 2025, bringing the total to 23 airports either operating or under development. This expanding footprint positions Sky Harbour to meet rising demand for premium, service-driven business aviation infrastructure.
Construction and Development Momentum
Construction progress continued across the portfolio. Addison Airport achieved its final Certificates of Occupancy during Q3, becoming fully operational. Denver Centennial is also nearing full completion, with most Certificates of Occupancy issued and resident flight operations underway.
Miami Opa-Locka Phase 2 remains on track for completion by Q2 2026, expected to add more than 111,000 rentable square feet to the Company’s offering. Bradley International Airport began construction in October 2025, with completion anticipated in late 2026. At Salt Lake City, site work has started and full permitting is expected imminently. Demolition works at Addison Phase 2 are also nearing completion.
These projects collectively reflect a maturing development pipeline that is beginning to deliver consistent output, setting the stage for a significant ramp-up in 2026.
Leasing Performance and Resident Engagement
Leasing activity remained strong across the network. Stabilised campuses continue to outperform expectations on revenue per square foot, supported by the turnover and renewal of legacy leases. Newly delivered sites are gaining traction, with Addison Phase 1 and Phoenix Deer Valley Phase 1 both surpassing 50 percent occupancy.
Denver Centennial is fully operational and has already signed four tenant leases. The Company’s preleasing pilot, now adopted as a standing programme, has met early success at Bradley International and Dulles International. Both airports are scheduled to open in 2026 and 2027 respectively, with binding leases already secured.
A notable strategic development is a long-term partnership involving a Special Purpose Vehicle to lease a single SH34 hangar at Miami Opa-Locka Phase 2. Under the agreement, a JV Partner will receive 75 percent participation for a cash payment of 30.75 million dollars, with a 53-year lease term and service support from Sky Harbour. Final agreements are expected to be executed by January 2026, with closing linked to the completion of OPF Phase 2.
Airport Operations and Service Standards
Sky Harbour is now conducting flight operations at nine airports. Resident surveys continue to highlight the appeal of the Company’s Home Base Operator model, citing its tailored service offering and purpose-built infrastructure. Residents include some of the nation’s leading business aviation flight departments.
Operational excellence remains a priority, with investment directed to recruiting specialised staff, delivering rigorous training, refining operating procedures and collaborating closely with Residents to support their evolving needs.
Capital Formation and Financing Strategy
A significant financial milestone was achieved on 4 September with the signing of a 200 million dollar construction warehouse facility with JPMorgan Chase Bank. The five-year facility carries an effective fixed interest rate of 4.73 percent following a floating-to-fixed swap. The facility is expandable to 300 million dollars subject to credit approval.
Funds from the JPM facility are earmarked for construction at Bradley, Salt Lake City, Orlando, Hudson Valley Regional and Dulles airports. No funds have yet been drawn.
The Company is evaluating additional financing alternatives, including a potential issuance of 75–100 million dollars in tax-exempt Put bonds outside the Obligated Group and the JPM facility, depending on market conditions. Proceeds from strategic partnerships may also be allocated to Sky Harbour Capital to satisfy restricted payments tests and for broader corporate purposes.
Leadership Perspective
Chief Executive Tal Keinan reflected on the Company’s trajectory, highlighting the evolution of its development and operational methodology. “Sky Harbour’s methodology is in place, comprised of Site Acquisition, Development, Operations and Service, and Finance components. Although we will continue to refine the methodology, the company’s focus is shifting to repeatable execution at scale. We are prepared for a step-change in development pace in 2026 and will be prepared for the associated step-up in airport operations volume in 2027. As our Site Acquisition pipeline expands, so will our scaling challenge. We look forward to that challenge.”
The Role of Home-Basing in Business Aviation
Sky Harbour continues to position itself as a leading provider of premium hangar infrastructure for business aviation. Its Home-Basing model focuses on purpose-built facilities designed specifically for based aircraft, supported by tailored services that prioritise rapid access and operational efficiency.
This approach responds to a long-standing shortage of high-quality general aviation infrastructure across the United States, and the rising expectations of corporate and private operators seeking reliability, security and time-critical performance.
Continuing the Climb
With a strong balance sheet, an expanding national footprint and a maturing operational model, Sky Harbour appears well placed to accelerate its development cycle and support increasing demand within the business aviation market.
The next two years are expected to bring heightened construction output, deeper leasing penetration and further expansion in airport operations.
