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    Sky Harbour Group Corp (SKYH)

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    Business Description

    Sky Harbour Group Corporation (NYSE American: SKYH) is an aviation infrastructure development company focused on building a nationwide network of home-basing hangar campuses for business aircraft. The company develops, leases, and manages general aviation hangars across the United States, targeting airfields in markets with significant aircraft populations and high demand for hangar space. Sky Harbour's primary offering is rental revenue from its hangar campuses, which constitutes the entirety of its revenue.

    1. Rental Revenue - Generates income through leasing exclusive private hangars optimized for home-based aircraft, providing a full suite of dedicated services tailored to the needs of business jet owners and operators.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Tal KeinanChairman of the Board and CEOJanuary 25, 2022Tal Keinan has led Sky Harbour since its inception in October 2017. He is also the Co-Founder and Executive Chairman of Clarity Capital KCPS Ltd. since 2005 and Chairman of Koret Israel Economic Development Funds since 2010. A veteran F-16 pilot in the Israel Air Force, he holds an MBA from Harvard Business School.
    Will WhitesellChief Operating OfficerJanuary 3, 2024Will Whitesell has over 20 years of experience in construction and development. He previously served as COO for Suffolk Construction's New York region (2018–2023) and held senior roles at Related Companies and Turner Construction. He holds an MBA from Fordham University and a BS in Engineering from Temple University.
    Francisco X. GonzalezChief Financial OfficerJuly 1, 2021Francisco X. Gonzalez oversees financial, capital markets, and accounting functions. He previously held roles at Goldman Sachs, RBC Capital Markets, and Fortress Investment Group, focusing on municipal bond financings and public-private partnerships. He holds a BA in Economics and an MBA from Harvard Business School.
    Michael W. SchmittChief Accounting OfficerJanuary 2022Michael W. Schmitt has over 15 years of accounting and audit experience, previously working at PwC as an Assurance Director and Senior Manager. He focused on clients in transportation, logistics, and SEC registrants. He holds a BS in Accountancy from Bryant University and is a licensed CPA.
    Gerald AdlerInterim General Counsel and SecretaryN/AGerald Adler has over 35 years of corporate law experience. He previously served as COO and General Counsel of Paine Schwartz Partners and held partner roles at major law firms. He holds a BA in Economics from Yeshiva University and a J.D. from Columbia University School of Law. He is admitted to practice law in New York.

    Questions to Ask Management

    1. Given the significant construction inflation you've faced, requiring additional equity injections into your construction funds twice over the past 3.5 years, can you elaborate on the specific strategies you're implementing to mitigate future cost overruns and keep projects within budget?
    2. You mentioned plans to achieve investment-grade ratings in 2025; what concrete steps are you taking to reach this goal, and what key challenges do you anticipate in obtaining investment-grade status?
    3. With the aggressive expansion plan to reach 23 airports by the end of 2025 and being only halfway through your equity raises, how do you intend to fund the remaining expansion without causing significant dilution to shareholders, especially considering the substantial capital expenditures required?
    4. Operating expenses have increased due to higher ground lease payments, particularly in San Jose, and recognizing expenses ahead of cash payments; how do you plan to manage or offset these increased costs to protect your margins and overall profitability?
    5. You mentioned scaling challenges due to accelerated growth and the need to reduce per square foot costs through prototyping and in-sourcing; can you provide more details on how the new Sky Harbour 37 prototype and the RapidBuilt integration will contribute to lowering costs and improving efficiency in your development projects?