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FAQ: Stonegate Capital Partners Q3 2025 Coverage Update on Sky Harbour Group Corporation
TL;DR
Sky Harbour's expansion to nine operational campuses and strong pre-leasing activity creates investment advantage with projected valuation up to $19.93 per share.
Sky Harbour's vertically integrated platform manages construction costs and timelines while generating revenue through rental and fuel operations across multiple airport locations.
Sky Harbour's network expansion improves aviation infrastructure accessibility and creates economic opportunities across multiple communities through airport development projects.
Sky Harbour now operates at nine airport campuses including Nashville and Miami while developing six more Tier 1 locations across the United States.
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The update focuses on Sky Harbour's Q3 2025 performance, highlighting their transition from development to cash-generating operations, operational progress across multiple campuses, financial results, and future development pipeline.
Sky Harbour reported consolidated revenue of approximately $7.3 million, up 78% year-over-year and 11% sequentially, with rental revenue of roughly $5.7 million and fuel revenue of about $1.6 million, though the company still reported an operating loss of $(7.7) million.
Fully operational campuses include Sugar Land (SGR), Nashville (BNA), Miami Opa-Locka (OPF), San Jose (SJC), Camarillo (CMA), Phoenix Deer Valley (DVT), Dallas Addison (ADS), Seattle Boeing Field (BFI), and Denver Centennial (APA).
Additional Tier 1 locations such as Bradley (BDL), Dulles (IAD), Orlando Executive (ORL), Salt Lake City (SLC), Portland-Hillsboro (HIO), and Long Beach (LGB) are advancing through development and pre-leasing, with OPF Phase 2 scheduled for completion in 2Q26 and Bradley targeted for delivery in 4Q26.
The company signed a joint venture letter of intent on an SH34 hangar at OPF Phase 2 and secured a new $200 million tax-exempt warehouse facility (expandable to $300 million) that was undrawn at quarter-end, providing flexible, lower-cost funding for future developments.
Stonegate's Discounted Cash Flow analysis produces a valuation range of $12.81 to $19.93 with a mid-point of $15.7.
The company leverages its vertically integrated platform, including Ascend Aviation Services and Stratus Building Systems, to enhance quality control, manage per-square-foot costs, and improve delivery timelines across its network.
Stabilized campuses generally remained at or near full occupancy, while ADS and DVT moved past the 50% leased threshold and APA began contributing with initial leases, with pre-leasing activity at future developments securing early commitments without material pricing concessions.
This transition marks a critical milestone as the company begins generating rental and fuel revenue from its constructed assets, with constructed assets and construction in progress increasing to more than $308 million at quarter-end, indicating scaling operations and future income potential.
Curated from Reportable
