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Sky Harbour Group Corporation Class A (SKYH+1.69%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations as an aviation infrastructure development firm, focusing on building and managing general aviation hangars across the United States.
Revenue for the year was reported at $14.8 million, an increase from $7.6 million the previous year, primarily due to increased occupancy at several hangar campuses.
Operating expenses totaled $35.2 million, up from $24.6 million in the prior year, driven by increased ground lease expenses and compensation costs.
The company reported a net loss of $53.7 million, compared to a net loss of $25.4 million in 2023, largely due to a $34.5 million unrealized loss on warrants.
Sky Harbour's liquidity position includes $127.2 million in cash, restricted cash, investments, and restricted investments as of December 31, 2024.
The company completed a $75.2 million private placement of Class A Common Stock in 2024 to support its expansion plans.
Sky Harbour's future growth strategy involves expanding its network of hangar campuses, with plans to develop additional sites funded by a mix of equity and debt financing.
The company faces risks related to construction costs, interest rate fluctuations, and the ability to secure new ground leases at favorable terms.
Sky Harbour's management has identified material weaknesses in internal controls in the past but reports that these have been remediated as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sky Harbour Group Corporation Class A annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.