Sky Harbour 2025 Q3 Earnings 77.5% Reduction in Net Loss Amid Revenue Surge

Sky Harbour (SKYH) reported its fiscal 2025 Q3 earnings on Nov 13th, 2025, with a 78.2% year-over-year revenue increase to $7.30 million. While the company narrowed its net loss by 77.5% to $-4.65 million, it reaffirmed guidance to achieve operating cash-flow breakeven by year-end 2025. The results beat revenue expectations but fell short of EPS forecasts, with the stock posting mixed post-earnings price action.

Revenue

Sky Harbour’s total revenue surged 78.2% year-over-year to $7.30 million, driven by robust performance across its core segments. Rental revenue accounted for the lion’s share at $5.71 million, reflecting strong occupancy at newly operational campuses such as Dallas Addison and Phoenix Deer Valley. Fuel revenue contributed $1.59 million, a significant increase from the prior year, underscoring growing activity at its hangar facilities. The combined growth in both segments highlights the company’s expanding footprint and operational momentum.

Earnings/Net Income

The company significantly narrowed its net loss to $-4.65 million in Q3 2025, a 77.5% improvement from $-20.70 million in the same period of 2024. Earnings per share (EPS) improved from a loss of $0.74 to $-0.06, representing a 91.9% reduction in per-share losses. However, the company has sustained losses for five consecutive years in the quarter, underscoring ongoing financial challenges despite progress.

Post-Earnings Price Action Review

Following the earnings release, Sky Harbour’s stock price edged up 1.03% during the latest trading day, adding to a 0.10% gain over the preceding week. However, the stock declined 2.18% month-to-date, reflecting mixed investor sentiment. The stock remains within its 52-week range of $9.28 to $14.52, indicating cautious optimism about the company’s long-term prospects despite immediate post-earnings volatility.

CEO Commentary

CEO Tal Keinan emphasized Sky Harbour’s structured approach to scaling operations, citing readiness for a “step-change in development pace in 2026” and a “step-up in airport operations volume in 2027.” He highlighted the importance of refining operational execution to support growth, aligning with the company’s expanding site acquisition pipeline.

Guidance

Sky Harbour reiterated its guidance to achieve consolidated operating cash-flow breakeven by year-end 2025, supported by new revenues from Phoenix, Denver, Dallas, and Seattle campuses. The company confirmed 23 airports in operation or development by 2025, with forward-looking milestones including Miami Opa Locka (OPF) Phase 2 completion by Q2 2026 and Bradley International (BDL) full operationalization by Q4 2026. Capital-raising strategies include a $200 million JPMorgan facility and potential tax-exempt bond issuance.

Additional News

1. Joint Venture Partnership: Sky Harbour announced a 75% stake joint venture for a hangar at Miami Opa Locka Executive Airport, securing $30.75 million in cash. The SPV will operate under a 53-year lease, with closing expected in Q2 2026.

2. Capital Raise Strengthening: The company secured a $200 million JPMorgan construction warehouse facility, expandable to $300 million, and locked in a 4.73% fixed interest rate via a swap.

3. Pre-Leasing Expansion: Sky Harbour adopted pre-leasing as a permanent strategy, with binding agreements at Bradley and Dulles airports, aiming to accelerate revenue capture for future campuses.

Image suggestion: A map of Sky Harbour’s 23 airports in operation or development, highlighting key markets like Phoenix, Dallas, and Seattle, alongside its 2026 expansion milestones.

Conclusion

Sky Harbour’s Q3 results reflect progress in reducing losses and scaling operations, supported by strategic capital raises and pre-leasing initiatives. While breakeven remains a near-term target, the company’s focus on repeatable execution and expansion positions it to capitalize on growing demand in business aviation infrastructure. Investors will likely monitor progress on 2026 milestones and the impact of its joint ventures on liquidity and profitability.