SKYHMEDIUM SIGNALFINANCIAL10-K

Sky Harbour Group Corporation substantially expanded revenue while improving operating cash flow performance, though operating losses widened in their aviation infrastructure development business.

The company appears to be in a growth phase typical of infrastructure development companies, where revenue expansion occurs alongside increased operational spending. The meaningful improvement in operating cash flow suggests better working capital management despite higher operating losses, which is encouraging for a capital-intensive business model.

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

Revenue grew substantially to $27.5M from $14.8M as the aviation infrastructure developer expanded operations, though this growth came with widened operating losses to $28.0M. More positively, operating cash flow improved meaningfully from negative $9.1M to negative $2.3M, indicating better cash conversion despite the operational losses. The balance sheet shows moderate debt growth to $187.4M and higher current liabilities, reflecting the capital requirements of their hangar campus development strategy.

FINANCIAL STATEMENT CHANGES
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.
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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.
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