Saker Aviation Services (SKAS) Q2 2025 earnings summary

Executive summary

• Operations ceased at Downtown Manhattan Heliport after concession termination on March 29, 2025, resulting in no revenue for Q2 2025 and a search for alternative business activities.

• Net loss for the six months ended June 30, 2025 was $780,939, compared to net income of $155,983 for the same period in 2024.

• Revenue for the six months ended June 30, 2025 dropped to $1,260,756 from $3,961,485 year-over-year due to loss of the heliport contract.

Financial highlights

• Q2 2025 revenue was $0, down from $2,623,118 in Q2 2024; six-month revenue was $1,260,756, down from $3,961,485 year-over-year.

• Gross profit for the six months ended June 30, 2025 was $511,360, down from $2,023,929 year-over-year.

• Operating loss for the six months ended June 30, 2025 was $865,004, compared to operating income of $1,096,776 in the prior year.

• Cash and cash equivalents as of June 30, 2025 were $5,073,343, with a working capital surplus of $8,979,820.

• Basic net loss per share for the six months ended June 30, 2025 was $(0.78), compared to earnings of $0.16 per share in 2024.

Outlook and guidance

• Company is reviewing alternative business activities as the Downtown Manhattan Heliport was its only source of revenue.

• If unable to find new revenue streams, there is a risk of ceasing operations.