Sky Harbour 2025 Q3 Earnings 91.9% EPS Improvement Amid 78.2% Revenue Surge

Sky Harbour reported fiscal 2025 Q3 earnings on Nov 13, 2025, showing a 78.2% revenue increase to $7.30 million and a 91.9% improvement in EPS to -$0.06 from -$0.74. The company reaffirmed its 2025 guidance for operating cash-flow breakeven by year-end, supported by new campus revenue streams.

Revenue

Rental revenue led the way with $5.71 million, while fuel revenue added $1.59 million to the total. This 78.2% year-over-year growth was driven by the acquisition of the Camarillo campus and higher utilization at existing facilities.

Earnings/Net Income

Sky Harbour narrowed losses to $0.06 per share in Q3 2025, a 91.9% improvement from Q3 2024. The net loss also decreased by 77.5% to $-4.65 million. Despite these gains, the company has sustained losses for five consecutive years, underscoring persistent financial challenges.

Post-Earnings Price Action Review

The stock edged down 0.31% in the latest trading day but gained 1.25% during the most recent week. However, the stock has seen a broader decline, tumbling 8.56% month-to-date. The mixed performance reflects investor caution amid improving operational metrics but ongoing cash burn.

CEO Commentary

CEO Tal Keinan emphasized scaling operations through "repeatable execution at scale" and highlighted a step-change in development pace for 2026. The company’s pipeline expansion and focus on Tier 1 airports signal optimism about long-term growth.

Guidance

Sky Harbour reiterated its target to reach 23 airports in operation or development by year-end 2025. The company also expects to close a $30.75M joint venture for Miami OPF Phase 2 in Q2 2026 and maintain strong liquidity via its $200M JPMorgan facility.

Additional News

1. Miami Joint Venture: Sky Harbour secured a $30.75M partnership for a Miami Opa Locka hangar, with 75% ownership by the JV partner. The 53-year lease is expected to close in Q2 2026.

2. Capital Expansion: The company finalized a $200M JPMorgan construction facility, expandable to $300M, with a locked-in 4.73% interest rate via a floating-to-fixed swap.

3. Airport Growth: Sky Harbour reaffirmed its 2025 guidance to expand to 23 airports, including new developments in Los Angeles and Phoenix, and highlighted pre-leasing successes at Tier 1 locations like Bradley and Dulles.

Additional News

Sky Harbour’s strategic partnerships and financing initiatives underscore its growth trajectory. The Miami JV and JPMorgan facility provide critical liquidity for upcoming projects, while pre-leasing at key airports like Bradley and Dulles accelerates revenue capture. The company’s focus on Tier 1 airports and same-field expansion aims to maximize operational efficiency. With 19 airports already in operation or development, Sky Harbour is positioning itself to capitalize on long-term demand for business aviation infrastructure.

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