SKYHHIGH SIGNALFINANCIAL10-K

Sky Harbour experienced a dramatic -468.8% collapse in stockholders' equity from $5.0M to -$18.4M, signaling severe financial distress despite revenue growth.

The company has moved into negative equity territory while simultaneously increasing debt by 15.3%, creating a concerning leverage situation that could threaten operational flexibility. Although the company achieved positive net income of $18.8M (compared to -$45.2M loss previously), the severe equity deterioration suggests underlying balance sheet weakness that may not be sustainable.

Comparing 2026-03-19 vs 2025-03-27View on EDGAR →
FINANCIAL ANALYSIS

Sky Harbour presents a mixed but concerning financial picture with revenue doubling to $27.5M and swinging to $18.8M net income, yet the company's financial foundation has deteriorated dramatically with stockholders' equity collapsing into negative territory at -$18.4M. Total debt increased 15.3% to $187.4M while capital expenditures surged 320% to $9.5M, indicating aggressive expansion funded by debt rather than equity. Despite improved profitability and operating cash flow losses narrowing significantly, the negative equity position combined with rising debt levels creates a precarious financial structure that investors should monitor closely.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
-468.8%
$5.0M→-$18.4M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Capital Expenditure
Cash Flow
+320.4%
$2.3M→$9.5M

Capital expenditure jumped 320.4% — major investment cycle underway; assess returns on deployment.

Net Income
P&L
+141.6%
-$45.2M→$18.8M

Net income grew 141.6% — bottom-line growth signals improving overall business health.

Revenue
P&L
+86.6%
$14.8M→$27.5M

Strong top-line growth of 86.6% — accelerating demand or successful expansion into new markets.

Operating Cash Flow
Cash Flow
+74.3%
-$9.1M→-$2.3M

Operating cash flow surged 74.3% — exceptional cash generation, highest quality earnings signal.

Current Liabilities
Balance Sheet
+41.1%
$4.9M→$6.9M

Current liabilities surged 41.1% — significant near-term obligations; verify ability to meet short-term debt.

Operating Income
P&L
-37.3%
-$20.4M→-$28.0M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Total Debt
Balance Sheet
+15.3%
$162.6M→$187.4M

Debt rose 15.3% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-03-19
PRIOR — 2025-03-27
ADDED
ysac20251231_10k.htm 0001823587 Sky Harbour Group Corporation false --12-31 FY 2025 true true true false The Board, in coordination with the Audit Committee, oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that our management implements to address risks from cybersecurity threats.
The Board and the Audit Committee each participate in relevant discussions on cybersecurity risks, which address a wide range of topics including, for example, recent developments, evolving standards, vulnerability assessments, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties.
The Board and the Audit Committee will also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding such incident until it has been addressed, to the extent applicable.
The Board, in coordination with the Audit Committee, oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that our management implements to address risks from cybersecurity threats.
The Board and the Audit Committee each participate in relevant discussions on cybersecurity risks, which address a wide range of topics including, for example, recent developments, evolving standards, vulnerability assessments, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties.
+7 more — sign up free →
REMOVED
As of March 20, 2025, 33,770,640 shares of Class A common stock, par value $0.0001 per share, and 42,046,356 shares of Class B common stock, par value $0.0001 per share, were issued and outstanding, respectively.
Additionally, references in this Report to the Company, the registrant, we, us and our in this Report refer to Sky Harbour Group Corporation (formerly known as Yellowstone Acquisition Company), and references to our management or our management team refer to our officers and directors.
Our rental revenue in the past has been concentrated within a small number of tenants and the loss of or default by one or more significant tenants could have a material adverse effect on our business and results of operations.
You may experience future dilution as a result of future equity offerings.
BUSINESS Overview We are an aviation infrastructure development company building the first nationwide network of home basing hangar campuses for business aircraft.
+7 more — sign up free →
MORE FINANCIAL SIGNALS
PNRGHIGHPNRG achieved exceptional profitability improvement with net income surging 2,21...
2026-04-16
BNAIHIGHBNAI underwent a dramatic reverse stock split that reduced share count by 86% wh...
2026-04-16
LAKEHIGHLAKE's financial performance deteriorated significantly with operating losses wo...
2026-04-16
NXXTHIGHNextNRG experienced massive financial deterioration with operating losses explod...
2026-04-16
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →