Saker Aviation Services (SKAS) Q4 2024 earnings summary

Executive summary

• Revenue increased 3.8% year-over-year to $9.17M for 2024, but net income declined 48.7% to $1.25M due to higher concession fees and a $1.05M litigation expense.

• Saker ceased all revenue-generating operations on March 29, 2025, after losing the Downtown Manhattan Heliport concession.

• The company is evaluating alternative business activities to utilize its strong cash and working capital position.

Financial highlights

• 2024 revenue: $9.17M (up 3.8% year-over-year); net income: $1.25M (down from $2.45M in 2023).

• Gross profit fell 25.5% to $4.68M; gross margin dropped to 51.0% from 71.1% due to increased NYCEDC fees.

• Operating income: $2.63M (down from $3.51M); EPS (basic): $1.27 (down from $2.50).

• Cash and equivalents at year-end: $5.3M; working capital surplus: $9.57M.

• No debt outstanding on $500K revolving credit line.

Outlook and guidance

• With the loss of the heliport concession, Saker will have no revenue-generating business unless new opportunities are found.

• Management is assessing options to maximize shareholder value, leveraging cash reserves.