Saker Aviation Services, Inc. reported a revenue increase of 3.8% for the fiscal year ending December 31, 2024, totaling $9.17 million compared to $8.84 million in 2023. The company's operating income decreased to $2.63 million from $3.51 million in the previous year, primarily due to increased concession fees paid to the New York City Economic Development Corporation (NYCEDC) and litigation expenses amounting to $1.05 million. Net income also fell to $1.25 million, down from $2.45 million in 2023, resulting in a basic net income per share of $1.27 compared to $2.50 the prior year.
The company experienced significant operational changes, including the termination of its Concession Agreement with NYCEDC, effective March 29, 2025. This agreement had previously allowed Saker to operate the Downtown Manhattan Heliport, which was its primary revenue source. Following the termination, Saker entered into a Temporary Use Authorization Agreement in May 2023, granting it exclusive rights to operate the heliport for one year, with the possibility of two six-month renewals. However, the NYCEDC has indicated plans to award the heliport concession to another operator, which could further impact Saker's operations.
In terms of customer concentration, four customers accounted for approximately 87.3% of Saker's revenue in 2024, highlighting a reliance on a limited customer base. The company employed 13 individuals as of December 31, 2024, with no executive officers among them. The company’s total assets increased slightly to $10.88 million from $10.61 million in 2023, while total liabilities decreased significantly from $2.29 million to $1.21 million, resulting in stockholders' equity rising to $9.68 million.
Looking ahead, Saker Aviation Services is assessing various options to identify alternative revenue streams following the cessation of its heliport operations. The company has emphasized its strong cash position and working capital as it navigates these changes. The management team remains focused on maximizing shareholder value while adapting to the evolving market conditions and regulatory landscape.
About Saker Aviation Services, Inc.
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