Sky Harbour Group (SKYH) investor relations material

Executive summary

• Revenue, asset base, and operational expansion accelerated in Q3 2025, with consolidated revenues rising 78.2% year-over-year to $7.3 million, driven by new campus acquisitions and higher leasing activity.

• Construction and development surged, with assets under construction and completed construction surpassing $308 million, and three new campus openings planned for 2025.

• A $200 million term loan facility with JPMorgan Chase, expandable to $300 million, was secured to fund hangar development, with a fixed 4.73% rate and no draws as of September 30, 2025.

• A joint venture at Miami Opa Locka Executive Airport Phase 2 was announced, with a $30.75 million cash payment expected to fund further development.

• The company is less than $1 million from break-even on a cash reform operation basis, expecting to achieve this on a run-rate basis next month.

Financial highlights

• Consolidated revenues rose 78.2% year-over-year and 10.8% sequentially in Q3 2025, with Obligated Group revenues up 25% year-over-year and 8% sequentially.

• Constructed assets and construction in progress reached over $308 million, up $108 million year-over-year.

• Adjusted EBITDA was impacted by non-cash ground lease expenses and $2 million in share-based compensation, including non-recurring charges.

• Net cash used in operating activities was $0.9 million, down from $1.2 million in Q3 2024; Obligated Group net cash from operating activities was $4.2 million, up 92.2% sequentially.

• Operating expenses and SG&A have risen in line with business growth, with a one-time non-cash expense for vesting of a former COO's equity award.

Outlook and guidance

• Guidance to reach 23 airports by year-end remains on track, with four additional airports expected by end of 2025 and a focus on tier-one markets.

• Accelerated construction schedule for 2026 and further expansion planned for 2027, with a focus on maximizing revenue and operational efficiencies.

• Pre-leasing is now the standard approach for all new developments, starting with Bradley, Connecticut, and binding leases at BDL and IAD.

• Short-term priorities include achieving 100% occupancy and market rents at new campuses, with legacy campus revenue enhancement as a long-term goal.

• Guidance for operating cash-flow breakeven on a consolidated run-rate basis by year-end 2025 reiterated.