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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.
- 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.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Tal Keinan ExecutiveBoard | Chair and CEO |
| Veteran of the Israel Air Force, MBA from Harvard Business School, and founder of Sky Harbour. Has led SKYH since its inception in 2017 and became Chair and CEO after the Yellowstone Transaction. | View Report → |
Francisco X. Gonzalez Executive | CFO | Senior Advisor to LSN Partners/LSN Global Projects | Extensive background in municipal bond financings and infrastructure projects. Formerly with Goldman Sachs, RBC Capital Markets, and Fortress Investment Group. | |
Gerald Adler Executive | Interim General Counsel | None | Over 35 years of corporate law experience, specializing in M&A, financings, and restructuring. | |
Michael W. Schmitt Executive | CAO | None | Former PwC Assurance Director with expertise in SEC reporting and industrial sectors. Licensed CPA. | |
Will Whitesell Executive | COO | None | Over 20 years of experience in construction and development. Former COO for Suffolk Construction's New York region. Focuses on scaling SKYH's operations and maintaining quality standards. | |
Alethia Nancoo Board | Director |
| Recognized for expertise in public and private debt finance. Fellow of the American College of Bond Counsel. | |
Alex B. Rozek Board | Director |
| Co-CEO of Boston Omaha Corporation and founder of Boulderado Partners. Played a key role in the Yellowstone Transaction. | |
Jordan Moelis Board | Director |
| Founder of Deep Field Asset Management. Holds a BS and MBA from Wharton. | |
Lysa Leiponis Board | Director |
| Former LaGuardia Airport CEO. Brings extensive aviation and infrastructure expertise. | |
Nick Wellmon Board | Director |
| Founder of Due West Partners. Former Director of Finance at Exotic Metals and Corporate Development Manager at Julep Beauty. | |
Walter Jackson Board | Director | None | Chair of SKYH's Audit Committee. Former Portfolio Manager at Onex Credit and senior roles at Goldman Sachs. |
- 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?
- 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?
- 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?
- 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?
- 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?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
CloudNine at Camarillo LP | 2024 | Sky Harbour Group Corporation acquired CloudNine at Camarillo LP for approximately $31 million in cash, which included a 120,000 square foot hangar and office complex, related CMA leases, and debt settlement at a 10% discount. The acquisition is strategically aimed at establishing a Sky Harbour Home-Basing campus in the greater Los Angeles market with opportunities for on-airport expansion. |
Sky 805 LLC | 2024 | As part of the same transaction on December 6, 2024, Sky Harbour Group Corporation acquired Sky 805 LLC, which holds ground leases and FBO rights at Camarillo Airport covering 17 acres with long-term lease terms. The deal, valued at about $31 million cash, supports the company's strategic expansion by maintaining and operating the Channel Islands Aviation FBO with immediate cash flow benefits. |
Rapidbuilt, Inc. | 2023 | Sky Harbour Group Corporation acquired a 51% equity interest in Rapidbuilt, Inc. (via Overflow Ltd.) on May 12, 2023, for nominal cash consideration, effectively settling a $44 net receivable. This acquisition aims to vertically integrate the delivery of pre-engineered steel buildings, thereby reducing construction costs, shortening project durations, and standardizing prototype hangar designs. |
Yellowstone Acquisition Company | 2022 | The business combination that formed Sky Harbour Group Corporation was completed on January 25, 2022, involving a conversion of Yellowstone Acquisition Company into Sky Harbour with structural capital adjustments, a $45 million PIPE investment, and a forward purchase agreement for up to $70 million to support the company’s growth. This deal provided significant financial restructuring and market listing on NYSE American. |
Recent press releases and 8-K filings for SKYH.
- Construction and site acquisition efforts are accelerating, with new ground leases such as the HIO Ground Lease in Portland and operational advancements in fields like DVT, ADS, and APA, positioning the company for significant scale-up.
- Development initiatives are progressing, highlighted by the expansion of the construction team and a robust pipeline that includes 16 additional campuses with targeted deliveries beginning early 2026.
- Record Q4 and full-year 2024 performance: Sky Harbour reported consolidated revenues that increased by 95% year-over-year, with constructed assets exceeding $250 million and liquidity positioned at $127 million.
- New operational developments: The investor presentation detailed the execution of a new hangar campus lease at King County International Airport (Boeing Field) and highlighted ongoing campus developments, including upcoming openings in Phoenix, Denver, and Addison.
- Guidance reaffirmed: The company reiterated its goal to achieve run rate breakeven operating cash flow/adjusted EBITDA by year end 2025, supported by strong financial performance and expansion plans.