Why did SKYH's Q4 2024 EPS fall below forecasts?

Sky Harbour Group Corporation's (NYSE: SKYH) Q4 2024 EPS fell below forecasts due to several factors impacting financial performance:

1. **Cost Increase Due to Expansion**: The company's rapid expansion led to increased operating expenses, including ground lease payments and non-cash expenses related to ground leases. These costs rose significantly, primarily at the San Jose airport, affecting the bottom line.
2. **Non-Cash Equity Compensation**: An increase in non-cash equity compensation and headcount costs contributed to the widening operating loss. These expenses are a result of the company's growth and the need to maintain a skilled workforce to support its expanding operations.
3. **Depreciation and Amortization**: With more assets on the balance sheet, depreciation and amortization costs increased, further impacting the net income. This is a common phenomenon for companies investing heavily in infrastructure and property.

In summary, Sky Harbour's Q4 2024 EPS fell below forecasts due to increased operating expenses, non-cash equity compensation, and depreciation and amortization costs associated with its rapid expansion and infrastructure development.