Ryan Myers's questions to Sky Harbour Group Corp (SKYH) leadership • Q2 2025
Question
Ryan Myers from Lake Street Capital Markets asked if the company is realizing expected scale gains from its operating campuses and questioned the primary drivers behind higher-than-forecasted revenues.
Answer
CFO Francisco Gonzalez confirmed that the scale business model is demonstrating operating leverage, with SG&A remaining constant as new campus revenues come online. CEO Tal Keinan added that the most significant scale benefits will likely be seen in development costs. For revenue drivers, Gonzalez cited higher-than-expected rents, the addition of fuel margins, and higher occupancy from semi-private hangar offerings. Keinan also highlighted the significant rent step-up on second-turn leases, Sky Harbor's growing brand reputation, and airport-specific inflation driven by supply/demand imbalances.