Sky Harbour posts 133% jump in first quarter revenue
Sky Harbour announced financial results for the first quarter of 2025 wherein it reported a 133% year-over-year increase in revenue to $5.6m compared to $2.4 in the same period of last year.
“Revenues experienced an increase of 133% over a year ago and 20% sequentially as we incorporate the operations from the acquisition of the Camarillo campus last December,” said company’s chief financial officer Francisco Gonzalez during the earnings call.
Segment-wise breakdown showed near doubling of rental revenue which clocked in at $4.5m with a massive jump in fuel revenue to $1.1m from $0.3m.
While topline expanded, the company’s operating loss clocked in at $6.8m – a relatively smaller increase of $1.6m form last year despite a sharp increase in total expenses which hit $12.4m.
Commenting on the increase in operating expenses, company’s chief accounting officer Mike Schmitt said that “approximately a third of the increase relates to an increase in our reported fuel expenses, which is simply a function of us reporting fuel gross at our Camarillo Hangar Campus as opposed to net, as we do with many of our others.”
Overall, the company reported a net loss of $6.4m translating into loss per share of $0.19.
Sky Harbour management reaffirmed guidance to reach cash flow breakeven on a consolidated basis at the end of the year as it ramps up the leasing and cash flowing of the new three campuses over the summer and fall.
“We are experimenting now…to lease up part of [a] campus well in advance before we’ve even broken ground and see…if we are really forced to part with significant upside by doing that,” said company chief executive office Tal Keinan as the company expects leasing to become a central focus in coming quarters as more campuses come online.
Sky Harbour siad it confident to meet its target of 23 campuses by the end of 2025, driven by significant growth in assets, revenues, and the expansion of its vertically integrated construction and leasing operations.
