Sky Harbour Group Corporation reported significant financial growth in its latest 10-K filing for the fiscal year ending December 31, 2025. The company generated total revenue of approximately $27.5 million, a substantial increase of 86% from $14.8 million in the previous year. This growth was primarily driven by a 70% rise in rental revenue, which reached $21.6 million, and a 189% increase in fuel revenue, totaling $6 million. Despite this revenue growth, the company reported an operating loss of $28 million, compared to a loss of $20.4 million in 2024, largely due to increased operating expenses and ground lease costs.
In terms of operational developments, Sky Harbour expanded its portfolio by entering into new ground lease agreements at Fort Worth Meacham International Airport and Long Beach Airport, covering a total of approximately 21.5 acres. The company also completed the acquisition of a hangar campus at Camarillo Airport in December 2024, which contributed to the increased occupancy rates at its facilities. As of December 31, 2025, Sky Harbour had 85 tenant leases, with a weighted average lease term of approximately 5.6 years. The company reported an occupancy rate of 78.1% across its hangar campuses.
Sky Harbour's employee headcount increased to 112 as of December 31, 2025, reflecting the company's growth strategy and operational expansion. The company continues to focus on developing its Home Base Operator (HBO) campuses, which are designed to meet the growing demand for private aircraft storage. The U.S. business aviation fleet has expanded significantly, with projections indicating a continued increase in demand for hangar space, particularly for larger aircraft that require more specialized facilities.
Looking ahead, Sky Harbour anticipates further growth driven by its strategic initiatives and the ongoing demand for aviation infrastructure. The company plans to utilize proceeds from its recent $150 million Series 2026 Bonds issuance to finance construction and improvements at its hangar campuses. However, the company also faces challenges, including rising construction costs and interest rates, which could impact its financial performance and ability to meet its debt obligations. The management remains optimistic about the future, citing a strong market for business aviation and the potential for increased revenue from its expanding portfolio.
About Sky Harbour Group Corp
Sky Harbour Group Corporation develops and manages a nationwide network of private aviation hangar campuses, offering long-term leasehold facilities tailored for business aircraft. Its core business involves real estate development, leasing, and management at major U.S. airports, addressing growing demand for private jet storage. The company emphasizes scalable, cost-efficient construction, high-quality amenities, and environmentally sustainable designs to serve high-end tenants in the expanding business aviation market.
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