Saker Aviation Services Reports No Revenue and Increased Losses in Latest Quarter

Saker Aviation Services, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded no revenue for the three months ended June 30, 2025, a stark decline from $2.6 million in the same period last year. For the six months ending June 30, 2025, total revenue was $1.26 million, down from $3.96 million in the prior year. The company attributed this decline primarily to the termination of its Concession Agreement with the City of New York for the operation of the Downtown Manhattan Heliport, which took effect on March 29, 2025.

The financial performance also reflected a net loss of $266,174 for the three months ended June 30, 2025, compared to a loss of $31,307 in the same period of 2024. For the six months, the net loss deepened to $780,939, contrasting with a net income of $155,983 in the previous year. The company's operating loss for the second quarter was $368,900, a significant drop from an operating income of $895,714 in the same quarter of 2024. The increase in selling, general, and administrative expenses (SG&A) to $1.38 million for the six months ended June 30, 2025, from $927,153 in the prior year, was largely due to a one-time charge related to a Covenant Not To Compete agreement and increased legal fees.

Operationally, Saker Aviation Services faced a drastic reduction in customer engagement metrics, as the termination of the heliport operations eliminated its primary revenue stream. The company reported a working capital surplus of $8.98 million as of June 30, 2025, with cash and cash equivalents totaling $5.07 million. The company has also made strategic moves to manage its liquidity, including investing excess working capital in high-yield savings accounts and government-backed securities.

Looking ahead, Saker Aviation Services is exploring alternative business activities to generate revenue following the cessation of its heliport operations. The company has indicated that it is actively reviewing potential new revenue streams, although it faces uncertainties regarding its ability to attract new personnel and retain existing staff, which could impact the implementation of any new business strategy. The company’s management has acknowledged the risks associated with its current operational status and the need for strategic pivots to ensure future viability.