Stonegate Capital Partners Updates Coverage on Sky Harbour Group Corporation (SKYH) Q425

On March 20, 2026, Stonegate Capital Partners released an update on Sky Harbour Group Corporation (NYSE: SKYH) following the company's impressive financial performance in FY25. Sky Harbour reported consolidated revenue of $27.5 million, marking a remarkable 87% increase year-over-year. This surge in revenue was largely attributed to the full-year contribution from CMA, rising occupancy rates at its existing locations—including Nashville (BNA), Orlando (OPF), and San Jose (SJC)—and the initiation of operations at new sites such as DVT, ADS, and APA.

Management noted that leasing activity in Phoenix and Dallas was progressing faster than anticipated, while Denver experienced initial slowdowns, though improvements are now evident. They emphasized the strategy of utilizing short-term leases at lower rates to enhance occupancy before transitioning those tenants into longer-term agreements at target pricing. Sky Harbour also highlighted an aggressive pre-leasing strategy at their future campuses, particularly at Bradley, where pre-leasing rates are exceeding current campus averages due to long-term agreements being secured.

Sky Harbour's development pipeline remains robust, with over $328 million invested and funding arranged for six additional projects, which will encompass more than 1.0 million rentable square feet. Profitability metrics are also showing improvement, with gross profit margins reaching 7.6% and adjusted EBITDA hitting run-rate breakeven as of December 2025.

Overall, Sky Harbour's significant growth and proactive development strategies position the company favorably in the market, indicating strong potential for continued expansion. Stonegate Capital Partners continues to support and monitor Sky Harbour's advancements within the capital markets.

Sky Harbour Group Corporation (NYSE: SKYH) has shown impressive growth in FY25, with consolidated revenues reaching $27.5 million, which represents an 87% increase year-over-year. This growth can be attributed to factors such as the successful integration of prior acquisitions (notably CMA), higher occupancy rates across key locations such as BNA, OPF, and SJC, and the launch of operations at new campuses (DVT, ADS, and APA).

The firm’s proactive leasing strategy seems to be paying off, particularly in Phoenix and Dallas, where leasing activity is ahead of expectations. Even though Denver’s initial performance was slower, it is reported to be gaining traction. This flexibility in leasing—employing short-term contracts to increase occupancy before transitioning to longer-term agreements—illustrates an adaptable strategy that can optimize both occupancy levels and rental income.

Looking forward, management’s focus on an active pre-leasing strategy, especially at the Bradley campus, where rental terms exceed currrent averages, indicates strong demand and pricing power. The commitment of over $328 million towards development projects, coupled with secured funding for future sites totaling over one million rentable square feet, positions Sky Harbour for sustained growth.

Financially, the improvement in profitability metrics—evidenced by a 7.6% gross profit margin and adjusted EBITDA reaching breakeven—is a positive signal for potential investors.

In summary, for investors seeking growth in the aviation and real estate sectors, SKYH presents a compelling opportunity given its robust revenue growth, strategic expansion plans, and improving profitability. However, investors should remain vigilant about market dynamics and operational performance in their key markets, as fluctuations could impact future growth trajectories.