Sky Harbour Group (SKYH) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 and full-year 2024 results, with consolidated revenues nearly doubling year-over-year and significant expansion of hangar campuses, including Phoenix, Dallas, and Denver.

• Accelerated construction and site acquisitions, with three new campus openings expected in 2025 and integration of Camarillo, Trenton, and Boeing Field.

• Initial leases signed at Phoenix (Deer Valley) and Dallas (Addison); Camarillo integration and operational ramp-up at new fields.

• Reiterated guidance for breakeven operating cash flow and adjusted EBITDA by end of 2025.

• Operating expenses rose due to hiring for new campuses and non-cash ground lease accruals.

Financial highlights

• 2024 consolidated revenues increased 95% year-over-year, with a 13% Q4 sequential increase; actual airport revenues exceeded forecasts.

• Net loss for Q4 2024 was $(15.9) million; FY 2024 net loss $(53.7) million; Adjusted EBITDA for Q4 2024 was $(10.6) million.

• Cash and US Treasury bills at $127 million at year-end, excluding $32 million used for Camarillo acquisition.

• Debt service coverage ratios for Obligated Group in compliance with bond covenants.

• Fuel revenues now reported separately from rental revenues, reflecting growing importance.

Outlook and guidance

• Guidance for breakeven run rate operating cash flow and adjusted EBITDA by end of 2025 remains unchanged.

• Expect step-function revenue increases in 2024–2025 as Denver, Phoenix, and Dallas campuses ramp up and three new campuses open in 2025.

• Six additional new hangar ground leases expected by end of 2025, targeting a total of 23 airport ground leases.

• Combined proceeds from recent equity and expected $150 million debt financing to support phase 1 development at 6-7 new campuses.

• Site acquisition pace expected to accelerate, with potential to exceed 50 campuses in 3–5 years.