Wednesday, August 13, 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.
Q2 slightly below forecast. Sky Harbour reported Q2 revenue of $6.6 million and an adj. EBITDA loss of $3.0 million, both below expectations. Despite the shortfall, development milestones were notable with new long-term ground leases signed at Hillsboro (HIO) and Stewart (SWF), reinforcing execution on its expansion strategy.
Expansion on track. The company began pre-leasing at IAD and BDL (both pre-construction) at strong average rates of $47.06 per square foot, underscoring brand strength and tenant confidence. With DVT and ADS operational and leasing underway, management reiterated its goal of securing five additional long-term leases by year-end, which would bring the total to 23.
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