Thursday, November 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.
Q3 below estimates. Sky Harbour reported Q3 revenue of $7.3 million (+78% Y/Y) trailing our estimate of $9.3 million. An adj. EBITDA loss of $2.3 million was below our forecast of a $0.2 million gain, illustrated in Figure #1 Q3 Results. Management noted that the company is within $1 million of a cash break-even run-rate and expects to achieve positive operating cash flow before year-end.
Site acquisition on target. Sky Harbour now holds 19 airport ground leases (nine operating, ten in development) and remains on pace to reach 23 by year-end. The company announced a site acquisition at Long Beach Airport, while pre-leasing at Dulles and Bradley supports pricing power and visibility into 2026.
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