Sky Harbour Group Corporation, which specializes in developing a nationwide network of Home-Basing campuses for business aircraft, reported significant growth for the fourth quarter and the full year of 2024. For the full year, consolidated revenues increased 95% compared to 2023, reaching a total of $250 million in constructed or in-construction assets as of year-end. The company reported a net cash used in operating activities of $9.1 million.

In the fourth quarter alone, revenue increased by 13% sequentially from the third quarter, attributed to new leases in San Jose and other operational campuses, including the three weeks of operations from the recently acquired Camarillo, California campus on December 6. The operating expenses for Q4 rose due to two primary factors: hiring new staff for upcoming campuses and accruing over $1.4 million in ground lease expenses, a non-cash item.

Sky Harbour’s financial results for the Obligated Group showed a 51% increase in full-year revenues compared to 2023. The net cash provided by operating activities improved significantly to $6.5 million in 2024, as opposed to $1.4 million of cash used in 2023. The debt service coverage tests were completed successfully for the first time under the company’s bond indenture in 2024, meeting compliance ratios for the upcoming fiscal year.

As of December 31, 2024, the company had consolidated cash and U.S. Treasuries amounting to $127 million after accounting for the $32 million spent on the Camarillo acquisition. Furthermore, Sky Harbour reiterated its guidance that it expects to reach breakeven operating cash flow at an adjusted EBITDA level by the end of 2025.

For the Obligated Group, cash and U.S. Treasuries were recorded at $66.3 million. Construction efforts are progressing with campuses in Phoenix, Dallas, and Denver expected to open within months, contributing to increased revenues. Additionally, the company secured a new ground lease at King County International Airport—Boeing Field (BFI), adding approximately 90,000 rentable square feet of hangar space.

The company confirmed plans for six additional new hangar ground leases to be announced by the end of 2025, projecting to expand its portfolio to 23 airport ground leases by the year’s conclusion. The campuses in Phoenix and Dallas have begun leasing operations, with expectations for a substantial number of new leases to be finalized in the near future.

Sky Harbour has focused on enhancing construction and operational efficiencies, allowing for a projected positive trajectory in revenues and cash flow. The anticipated cash flow from the new campuses in Phoenix, Denver, and Dallas will be foundational in achieving the projected breakeven by the end of 2025.