Transportation Archives

BYD Surpasses Tesla to Become World’s Largest EV Maker

Posted on January 5, 2026January 5, 2026 by slightbourne@noblecapitalmarkets.com

BYD Co., the Chinese electric vehicle giant, has hit a major milestone, surpassing Tesla Inc. to claim the title of the world’s largest electric vehicle maker in 2025. The achievement comes amid a challenging backdrop for China’s auto market, with heightened domestic competition and shifting government incentives.

The Shenzhen-based company delivered a total of 4.6 million vehicles last year, representing a 7.7% increase from 2024, and meeting the full-year sales target it set in September. Nearly half of these vehicles—2.26 million—were fully electric, with the remainder comprising plug-in hybrid models. In contrast, Tesla’s full-year deliveries are projected to reach approximately 1.66 million vehicles, marking its second consecutive annual decline. The US automaker’s fourth-quarter shipments alone were down 11% from a year earlier.

BYD’s milestone was reflected in market performance, with its Hong Kong-listed shares rising as much as 2.3% on the first trading day of 2026. Despite this growth, the company faces significant pressure in the year ahead. China’s reduction of certain EV purchase incentives and an influx of new domestic models have intensified competition. Geely Automobile Holdings Ltd. and Xiaomi Corp., among others, have launched new vehicles that are capturing consumer attention, making the domestic landscape more challenging.

Chief Executive Officer Wang Chuanfu acknowledged that BYD’s technological lead over competitors has narrowed, affecting domestic sales. However, he expressed confidence in the company’s 120,000-strong engineering team and hinted at upcoming breakthroughs that could help BYD regain an edge.

International markets have emerged as a bright spot for BYD. Overseas deliveries reached 1.05 million units in 2025, surpassing expectations and helping offset domestic softness. The company has set ambitious targets for 2026, aiming to sell between 1.5 million and 1.6 million vehicles outside China. Analysts from Deutsche Bank and Morgan Stanley forecast that new product launches and a refreshed technology platform could further strengthen BYD’s global competitiveness.

Nevertheless, the company faces financial and regulatory hurdles. BYD posted back-to-back quarterly profit declines in 2025 and has been at the center of China’s efforts to curb aggressive EV discounting. This regulatory scrutiny may accelerate consolidation within the industry and reshape the competitive hierarchy.

Tesla, meanwhile, is grappling with its own set of challenges. Production line adjustments for the redesigned Model Y slowed early 2025 deliveries, while the US elimination of federal EV purchase incentives is expected to weigh on demand. Additionally, CEO Elon Musk’s controversial political profile has reportedly deterred some buyers, further complicating the company’s outlook.

Despite these headwinds, BYD appears poised to maintain its lead. Analyst estimates suggest total sales could reach 5.3 million units in 2026, allowing the company to solidify its position as the top global EV maker. With growing overseas momentum, strategic product launches, and continued investment in technology, BYD is not just overtaking Tesla—it is reshaping the global electric vehicle landscape.

FreightCar America (RAIL) – Acquisition Strengthens RAIL’s Aftermarket Distribution Business

Posted on December 23, 2025December 23, 2025 by slightbourne@noblecapitalmarkets.com

Tuesday, December 23, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Acquisition of Carly Railcar Components. FreightCar America acquired Carly Railcar Components, LLC (CRC), a family-owned railcar component distributor founded in 1995. Carly operates warehouse facilities in Orange, Texas, and Irwin, Pennsylvania, supplying AAR M-1003 approved original equipment manufacturer (OEM) railcar components to repair shops, railroads, private car owners, and industrial customers. The company also operates a core exchange program for reconditioned parts. The purchase price was not disclosed.

Increased Scale and a Complementary Product Portfolio. The transaction strengthens RAIL’s aftermarket distribution business with a focus on running repair components, those parts that are frequently replaced to keep the railcar operational. This product category complements RAIL’s core offerings and product mix. RAIL customers will benefit from a larger catalog of ready-to-ship railcar components. The acquisition is expected to be immediately accretive, and RAIL expects to realize meaningful operational improvements across the combined network, including increased purchasing power with OEMs.

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Release – FreightCar America, Inc. Acquires a Leading Distributor of Railcar Components

Posted on December 22, 2025December 22, 2025 by slightbourne@noblecapitalmarkets.com

12/22/2025

CHICAGO, Dec. 22, 2025 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL) (“FreightCar America” or the “Company”), a diversified manufacturer and supplier of railroad freight cars, railcar parts and components, today announced that it has completed the acquisition of Carly Railcar Components, LLC (“CRC”), a family-owned, leading distributor of railcar components.

The acquisition strengthens FreightCar America’s aftermarket distribution business with a focus on running-repair components, a frequently replaced and highly recurring product category that complements the Company’s core offerings and product mix. Through the acquisition, the Company’s customers will benefit from reduced lead times and a larger catalog of ready-to-ship railcar components.

“Carly Railcar Components brings highly complementary capabilities that strengthen our position in the railcar aftermarket. CRC’s long-standing presence in component distribution and its established regional footprint, including a Houston-area facility in Orange, Texas, enhances our ability to serve customers with greater speed, reliability and product availability. This acquisition advances our strategic initiatives to build complementary capabilities that deliver enhanced value to our customers,” said Nicholas Randall, President and Chief Executive Officer of FreightCar America.

“We are excited to welcome Carly Railcar Components to the FreightCar America platform,” said Mike Riordan, Vice President, Chief Financial Officer & Treasurer of FreightCar America. “CRC has built a strong business with deep customer relationships. Combining their capabilities with our commercial and supply chain excellence will allow us to deliver exceptional value to our customers, while at the same time allowing us to realize meaningful operational improvements across the combined network. This acquisition is consistent with our disciplined capital allocation framework and is expected to be immediately accretive to FreightCar America as we scale our aftermarket business.”

About Carly Railcar Components

Founded in 1995, Carly Railcar Components distributes OEM railcar components and operates a core-exchange program for reconditioned parts. The company serves repair shops, railroads, private car owners and other industrial customers. CRC is one of the major component distributors in North America and has a strong reputation for profitable growth, quality and customer service. To learn more about Carly Railcar Components, visit www.carlyrailcar.com.

About FreightCar America

FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.

Tesla Stock Jumps as Robotaxi Testing Without Safety Driver Signals Autonomous Breakthrough

Posted on December 15, 2025December 15, 2025 by slightbourne@noblecapitalmarkets.com

Tesla shares moved sharply higher Monday after confirmation that the company has begun testing its Robotaxi service without a safety driver, a milestone that investors and analysts see as a major step toward fully autonomous transportation.

The rally followed social media footage showing a Tesla Robotaxi operating in Austin, Texas with no human driver inside the vehicle. The video quickly gained traction after Ashok Elluswamy, who leads Tesla’s AI and autonomous driving efforts, acknowledged the clip with a brief but telling comment: “And so it begins.” Tesla CEO Elon Musk later confirmed the development, stating that testing is underway with no occupants in the car.

Shares of Tesla rose roughly 4% following the confirmation, pushing the stock closer to its prior all-time highs and reinforcing renewed optimism around the company’s long-promised autonomy strategy. The move lends credibility to Musk’s recent claim that Tesla is only weeks away from unsupervised robotaxi operations.

Austin has emerged as the proving ground for Tesla’s Robotaxi ambitions, with limited deployments already underway using safety drivers. The latest test suggests the company is moving closer to removing that final safeguard, a critical hurdle before broader commercial expansion. Musk has previously said Tesla plans to expand Robotaxi testing beyond Austin and the San Francisco Bay Area into markets such as Phoenix and Nevada.

Wall Street bulls were quick to seize on the news. Wedbush analyst Dan Ives reiterated his long-standing optimism on Tesla, describing the development as the beginning of the company’s “autonomous chapter.” In a note to clients, Ives said 2026 could be a defining year for Tesla as autonomous driving and robotics move from concept to scale.

According to Ives, Tesla is on track for an accelerated Robotaxi rollout across the U.S., with volume production of the company’s purpose-built Cybercab expected to begin in the spring. The futuristic two-seat vehicle, unveiled last year without a steering wheel or pedals, has become central to Tesla’s long-term autonomous strategy.

Early feedback on Tesla’s latest Full Self-Driving software has also added fuel to the rally. Automotive reviewers and journalists who have tested the newest version report smoother driving behavior and fewer required interventions compared with prior iterations. While competitors like Alphabet-backed Waymo still lead in publicly reported safety metrics, the gap appears to be narrowing.

The market reaction highlights a broader shift in how investors are valuing Tesla. Rather than focusing solely on vehicle deliveries and margins, attention is increasingly turning to software, AI, and recurring revenue opportunities tied to autonomy. Wedbush maintains an Outperform rating on the stock and a $600 price target, arguing that autonomous driving could unlock a path toward a multi-trillion-dollar valuation.

Still, challenges remain. Regulatory approval, public trust, and demonstrable safety performance will be essential before Tesla can scale Robotaxi services nationwide. But for the first time in years, tangible evidence appears to support Tesla’s autonomy narrative.

For investors, the confirmation of driverless Robotaxi testing marks more than just a technical achievement — it signals that Tesla’s long-awaited autonomous future may finally be arriving.

Euroseas (ESEA) – New Fleet Charters and NobleCon21 Highlights

Posted on December 11, 2025December 11, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, December 11, 2025

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New time charters. Euroseas Ltd. announced new three-year forward time charter contracts for three of its modern, fuel-efficient 2,800 TEU containerships, the M/V Leonidas Z, M/V Gregos, and M/V Terataki. All three charters are for a minimum period of 35 to a maximum period of 37 months at the charterer’s option, and will be performed at a gross daily rate of $30,000. The new charter periods are expected to generate approximately $75 million of EBITDA over the minimum contracted period and lift charter coverage for 2026, 2027, and 2028 to roughly 82.5%, 66.5%, and 42%, respectively.

Updating estimates. Reflecting the updated coverage, we are modestly reducing our 2026 estimates. We now forecast 2026 revenue, adjusted EBITDA, and EPS of $229.3 million, $161.4 million, and $17.39, respectively, compared with our prior estimates of $230.0 million, $162.1 million, and $17.49. Despite the slight downward revisions, Euroseas’ contracted rates, and 2026 outlook continue to show strong year-over-year growth.

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Great Lakes Dredge & Dock (GLDD) – NobleCon21: Market Opportunity Remains Strong

Posted on December 8, 2025December 8, 2025 by slightbourne@noblecapitalmarkets.com

Monday, December 08, 2025

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

NobleCon21. We had the pleasure of hosting Great Lakes’ CFO Scott Kornblau at NobleCon21. Highlights of the presentation include the ongoing strong market funding and expected East Coast deepening cycle. The presentation can be found at https://www.channelchek.com/videos/great-lakes-dredge-and-dock-noblecon21-presentation-replay

Funding Remains Strong. Even though the Federal government is operating under a CR, business has been as usual for Great Lakes. Funding for the U.S. Army Corps is at a record level of $8.7 billion, the seventh consecutive year of record budgets for the Corps. The $1.5 billion Disaster Relief funding remains available. And under WRDA several large capital projects, such as New York and Texas, are expected to come to market in the next few years.

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Diana Shipping Moves to Acquire Remaining Genco Shares in Strategic Expansion Bid

Posted on November 25, 2025November 25, 2025 by slightbourne@noblecapitalmarkets.com

Diana Shipping Inc. has taken a significant step toward expanding its position in the global dry bulk sector with a proposal to acquire the remaining outstanding shares of Genco Shipping & Trading Limited. The company, which currently holds roughly 14.8% of Genco’s shares, is offering $20.60 per share in cash for full ownership—an offer designed to deliver immediate value while reshaping the competitive landscape of dry bulk shipping.

The proposed price reflects a meaningful premium across several metrics. It sits 15% above Genco’s most recent closing price before the announcement and more than 20% above the price recorded when Diana’s initial ownership stake became public earlier this year. It also aligns with the top end of Genco’s 10-year trading range, positioning the offer as a timely opportunity for shareholders to realize cash returns without waiting for market-driven movements in the cyclical shipping sector.

For Diana Shipping, the acquisition would represent a strategic expansion of its fleet capacity and operational leverage. Genco operates one of the industry’s more modern, fuel-efficient dry bulk fleets, which includes a mix of Capesize, Ultramax, and Supramax vessels. Integrating these assets into Diana’s platform would give the combined entity greater scale, more flexibility in vessel deployment, and broader exposure to diverse bulk cargo markets—including iron ore, coal, grain, and minor bulks.

From a timing perspective, Diana believes the market environment supports fleet consolidation. Dry bulk shipping has historically been cyclical, with periods of volatility driven by commodity demand, freight rates, and global trade patterns. Adding Genco’s fleet at this point in the cycle could position the combined company to benefit from future rate improvements, expanded vessel utilization, and optimized operating costs.

Diana has expressed confidence in its ability to finance the acquisition through a new debt facility, supplemented by asset sales where appropriate. The company emphasizes that any post-transaction divestments would be selective, with the goal of maintaining a balanced, efficient fleet while strengthening the overall balance sheet.

Another key component of the proposal is workforce integration. Diana has publicly recognized the value of Genco’s employees and signaled plans to draw from both organizations when forming the management and operational structure of the combined company. This acknowledgment reflects industry-wide awareness that operational expertise—crew management, technical maintenance, and chartering efficiency—is just as vital as vessel count when creating long-term value in shipping.

While the proposal has been unanimously approved by Diana’s board, it remains non-binding and subject to negotiation. There is no guarantee that Genco’s board will move forward on the terms presented, nor that the two companies will reach a final agreement. Diana’s letter outlining the proposal has been filed with the Securities and Exchange Commission as part of its updated Schedule 13D disclosure.

If completed, the acquisition would mark one of the more notable consolidation moves in the dry bulk industry in recent years. For shareholders, it presents a potential path to immediate liquidity. For Diana, it represents a strategic effort to expand scale, enhance fleet efficiency, and strengthen positioning in a global trade environment that continues to evolve.

Euroseas (ESEA) – Staying Nimble in a Dynamic Market Environment

Posted on November 19, 2025November 19, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, November 19, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Third quarter financial results. Total net revenues for the third quartertotaled $56.9 million, a 5.1% increase year-over-year, but modestly lower than our estimate of $59.2 million. Adjusted EBITDA and EPS were $38.8 million and $4.23, respectively, below our estimates of $41.7 million and $4.40. The lower-than-expected results were due primarily to a greater number of scheduled off-hire days and expenses associated with a special survey and drydock completed on one vessel during the quarter. Total operating expenses amounted to $24.4 million compared to $23.5 million during the prior year period and our $23.1 million estimate. Drydocking expenses were $2.7 million compared to our estimate of $0.6 million.

Revenue and earnings visibility into 2026. With 100% of Q4 2025 operating days secured at an average rate of ~$30,345 per day and 74.7% of 2026 days already covered at higher average rates of ~$31,300 per day, Euroseas has locked in substantial revenue visibility. This robust charter coverage not only underpins earnings but also provides a strong buffer against rate volatility, positioning the company to benefit from sustained high utilization into 2026.

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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Sky Harbour Group (SKYH) – Unlocking Value Through Campus Activation

Posted on November 18, 2025November 18, 2025 by slightbourne@noblecapitalmarkets.com

Tuesday, November 18, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q3 results. Sky Harbour reported Q3 revenue of $7.3 million versus our estimate of $9.3 million, and an adj. EBITDA loss of $2.3 million compared with our projected gain of $0.2 million. Management highlighted that the company is within roughly $1 million of run-rate breakeven, and we expect this threshold to be reached before year end as recently delivered campuses gain tenants.

Lease-up progress and long-term pipeline visibility. Management reaffirmed its goal of reaching 23 long-term ground leases by year end, up from 19 currently. Pre-leasing at Bradley (BDL) and Dulles (IAD) prior to construction demonstrates tenant demand at target rent levels and adds visibility to the 2026 revenue ramp.

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Seanergy Maritime (SHIP) – Third Quarter Results Exceed Expectations; Increasing Estimates

Posted on November 14, 2025November 14, 2025 by slightbourne@noblecapitalmarkets.com

Friday, November 14, 2025

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Third quarter results. Seanergy generated third quarter net revenue of $47.0 million compared to $44.4 million during the prior year period and above our $45.1 million estimate. Relative to the third quarter of 2024, revenue growth was driven by an expanded fleet, an increase in operating days, and higher fleet utilization. Third quarter time charter equivalent (TCE) rates and fees from related parties were above our estimates. Operating expenses were in line with expectations, resulting in adjusted EBITDA of $26.6 million and EPS of $0.67, respectively, both ahead of our $25.0 million and $0.50 estimates, respectively.

Market outlook. During the investor call, management highlighted favorable Capesize market supply and demand fundamentals that are expected to support charter rates, including increasing Atlantic-based trade, a historically low order book, and limited shipyard availability. With a 20-vessel fleet consisting purely of Capesize and Newcastlemax vessels and a conservative capital structure, Seanergy is well positioned to benefit from strong Capesize market fundamentals.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

EuroDry (EDRY) – Momentum Building into Q4 and 2026

Posted on November 14, 2025November 14, 2025 by slightbourne@noblecapitalmarkets.com

Friday, November 14, 2025

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd. on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day- to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Third quarter financial results. EuroDry reported third quarter 2025 revenues of $15.3 million, in line with expectations of $15.1 million and down slightly from $15.8 million last year due to a smaller fleet. Adjusted EBITDA improved sharply to $4.1 million, up from $0.5 million in Q3 2024, due to lower expenses and stronger utilization. The company operated an average of 12 vessels at a TCE of $13,232/day, modestly above $13,105/day in the prior-year period. Adjusted net loss narrowed to $0.6 million, or $(0.23)/share, compared to a loss of $3.9 million, or $(1.42)/share, last year.

Market outlook. Management indicated that dry-bulk fundamentals continued to strengthen through Q3, supported by improving Chinese import activity, firmer demand across key cargo segments, and increased ton-mile requirements. Limited fleet growth and a historically low orderbook continue to support a tightening supply backdrop as the market moves into 2026. We expect Q4 results to capture more of the recent improvement as earlier charters roll off, though geopolitical uncertainty remains a risk to global trade flows.

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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

FreightCar America (RAIL) – Third Quarter Results Exceed Expectations

Posted on November 11, 2025November 11, 2025 by slightbourne@noblecapitalmarkets.com

Tuesday, November 11, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Third quarter results. RAIL generated third-quarter adj. net income of $7.8 million, or $0.24 per share, compared to $7.3 million, or $0.08 per share, during the prior year period. We had forecast net income of $5.6 million, or $0.16 per share. Rail car deliveries were 1,304 units compared to 961 units during the prior year period. Third-quarter gross margin increased to 15.1% compared to 14.3% during the prior year period. Adjusted EBITDA increased 56.1% to $17.0 million, representing a margin of 10.6%, compared to $10.9 million and a margin of 9.6% in the third quarter of 2024.

Updated corporate guidance. While management still expects 2025 rail car deliveries in the range of 4,500 to 4,900 and adjusted EBITDA in the range of $43 million to $49 million, revenue expectations were lowered to a range of $500 million to $530 million from $530 million to $595 million. Revised revenue expectations reflect changes in the product mix due to a greater number of conversion rail cars versus new rail cars in the second half.

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Sky Harbour Group (SKYH) – Noble Virtual Conference Highlights

Posted on October 14, 2025October 14, 2025 by cpatches

Tuesday, October 14, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Noble virtual conference highlights. Tal Keinan (CEO) and Francisco Gonzalez (CFO) of Sky Harbour Group (NYSE: SKYH) presented at Noble’s Emerging Growth Virtual Conference on October 8–9, 2025. Management highlighted continued lease-up at Phoenix, Dallas, and Denver, steady pre-leasing at Dulles (IAD) and Bradley (BDL), and progress on capital efficiency. A rebroadcast can be found here.

Leasing and pipeline on pace. Operations at Phoenix, Dallas, and Denver are leasing at a good clip, and the company has secured one pre-lease tenant at both IAD and BDL ahead of construction. Sky Harbour now holds long-term ground leases at 18 airports (nine operating, nine in development) and reaffirmed plans to add five more by year-end, bringing the total to 23.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).