Tag: Sky Harbour

Sky Harbour Group (SKYH) – Pre-Leasing Momentum Reinforces Competitive Moat

Posted on by slightbourne@noblecapitalmarkets.com


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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Sky Harbour Group (SKYH) – Noble Virtual Conference Highlights

Posted on by slightbourne@noblecapitalmarkets.com


Monday, June 16, 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.

Highlights from Noble’s Emerging Growth Virtual Conference. Tim Herr, Senior Vice President of Finance, presented at Noble’s Virtual Equity conference June 4 & 5th. Mr. Herr highlighted the company’s high-margin leasing model, market opportunity, and strategic initiatives. A rebroadcast is available here.

Attractive unit economics driven by high-margin lease model. Sky Harbour secures long-term airport ground leases at highly favorable rates, often below $1 per square foot annually. Although only 25–33% of each site is convertible into revenue-generating hangar space, that portion can lease for $40 or more per square foot, creating a substantial economic spread.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Sky Harbour Group (SKYH) – Leasing Momentum Drives Favorable Revenue Cadence

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, May 15, 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.

Q1 results. The company reported Q1 revenue of $5.6 million, better than our estimate of $5.1 million. An adj. EBITDA loss of $3.3 million was roughly in line with our estimate of a loss of $3.4 million.  

New campuses leasing up. Notably, the company’s new campus at Phoenix Deerfield Airport (DVT) welcomed its first tenants, while Dallas (ADS) and Denver (APA) are also in the phase 1 lease-up process and should welcome tenants within weeks. The continued lease up of these three campuses is expected to be a significant driver of sequential revenue improvement throughout the balance of the year.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.