Sky Harbour Group Corporation (NYSE: SKYH) reported consolidated revenue of $27.5 million for fiscal year 2025, an 87% increase year-over-year, according to an update from Stonegate Capital Partners. The growth was fueled by a full year of contribution from CMA, higher occupancy at BNA, OPF, and SJC, and the commencement of operations at DVT, ADS, and APA during 2025. Rental revenue accounted for $21.6 million, while fuel revenue contributed $6.0 million.
Management noted that lease-up activity varied by location, with Phoenix and Dallas progressing faster than expected, while Denver experienced a slower initial pace but has shown improvement. Early lease-up often involves short-term leases at lower rates to drive occupancy, with tenants later transitioning to longer-term leases at target pricing. For future campuses, Sky Harbour is pursuing an active pre-leasing strategy, particularly at Bradley, where pre-leasing rents are exceeding existing campus averages due to long-term lease commitments.
The company continues to invest aggressively in development, with over $328 million deployed and funding secured for the next six projects, which will add more than 1.0 million rentable square feet. Profitability has improved meaningfully, with gross profit margin reaching 7.6% and adjusted EBITDA achieving run-rate breakeven in December 2025. These milestones underscore the company's progress toward sustainable profitability as it scales its network of hangar campuses.
For more details, view the full announcement here.
