Sky Harbour Group Corporation Announces its 2022 Financial Results, Modification of SH Capital’s 2021 Project Portfolio, Recapitalization of its Obligated Group, and Opening of its Campus at Miami-Opa Locka Executive Airport

WEST HARRISON, N.Y.–(BUSINESS WIRE)–Sky Harbour Group Corporation (NYSE American: SKYH, SKYH WS) (“SHG” or the “Company”), an aviation infrastructure company building the first nationwide network of Home-Basing Solutions for business aircraft, announced the release of its 2022 Financial Results in Form 10-K. Please see the following link to access the filing:

Highlights of the results are:

  • Q4 Revenues increased 41% as compared to Q3 2022
  • General & Administrative expenses decreased from $3.6 million in Q3 2022 to $2.6 million in Q4 2022
  • Strong liquidity and capital resources as of December 31, 2022, including cash, restricted cash, and US Treasury investments of over $180 million1
  • Opening of Nashville Phase 2 campus on October 27, 2022
  • Opening of Miami-Opa Locka Phase 1 campus on February 1, 2023

On March 22, 2023, Sky Harbour Capital LLC (“SHC”) published an event notice (the “Event Notice”) to the holders of the Series 2021 PABs through the website of the Municipal Securities Rulemaking Board via its Electronic Municipal Market Access system at and on the investor relations section of the website of the Company. Pursuant to Trust Indenture, dated as of September 1, 2021, between the Public Finance Authority and the Bank of New York Mellon, as trustee, the Event Notice included a feasibility study conducted by an independent consultant confirming, based on its reasonable assessment at the time, that the election to modify the scope of the its Senior Special Facility Revenue Bonds (Aviation Facilities Project), Series 2021 to include a project site located in Addison, Texas (the “ADS Project”) would increase the projected debt service coverage ratio of SHC. The study may be found at the following link:

The expected improvement in debt service coverage is the result of the Modification and additional measures taken as part of an effort to “recapitalize” the Obligated Group. These measures include the following recently completed actions or developments:

  • The Modification as described above;
  • Higher tenant lease rental levels and annual escalators;
  • Introduction of fuel commissions in tenant leases;
  • Transfer of OPF Hangars Landlord LLC as a new subsidiary of SHC, providing annual cash ground lease savings of approximately $0.5 million to the Obligated Group;
  • The waiver by Sky Harbour Services LLC of intercompany development, asset management and operating management fees slated to be charged to the Obligated Group during the construction period, an estimated benefit of $13 million to the Obligated Group;
  • The active investment and rollover of cash in US Treasury securities at the various funds (construction, reserves) for increased interest income of $4 million; and
  • The infusion of $1.2 million in cash from SHG to SHC/Obligated Group completed last January.

We believe these actions, originally announced in September 2022, are intended to fully prevent any potential funding gaps of the 2021 Project deriving from construction inflation. Any overfunding of the 2021 Project, as modified, from these measures will accrue to SHG in the form of released cash from the 2021 PABs waterfall at The Bank of New York Mellon, as trustee, at the end of construction period slated at the end of 2025.

Tal Keinan, Chairman and Chief Executive Officer, commented on the full year results: “Sky Harbour entered a new phase over the past year, conducting simultaneous flight operations on multiple fields (Houston, Nashville and Miami) for the first time. We commenced construction in two key jurisdictions (Denver and Phoenix) and executed a new ground lease in Dallas, one of the nation’s most attractive business aviation markets. The Sky Harbour organization has grown significantly, notably the Site Acquisition Team, responsible for driving the coming year’s ambitious growth plans. Our Development Team has managed an inflationary construction environment through flexibility and innovation. The Sky Harbour Finance Team has guided the firm through challenging economic conditions, successfully avoiding the liquidity and counterparty risks of the past quarter. Taking three airfields through the full development cycle, site acquisition through flight operations, has given Sky Harbour the opportunity to validate its business model, refine its methods and processes, and position its team for accelerated growth in the years ahead.”

Keinan also commented on the completion of the Modification: “Confronted with the past year’s inflation in construction costs, we took measures to preempt any potential funding gaps in the Obligated Group portfolio. We are stewards to both our stock and bondholders. Continually enhancing debt service coverage in the Obligated Group is a key corporate goal.”

Sky Harbour campuses are open and operating at Houston’s Sugar Land Regional Airport, Nashville International Airport and Miami Opa-Locka Executive Airport. Sky Harbour recently broke ground on new campuses at Denver Centennial Airport and Phoenix Deer Valley Airport.

About Sky Harbour Group Corporation

Sky Harbour Group Corporation is an aviation infrastructure company developing the first nationwide network of Home-Basing Solutions for business aircraft. The company develops, leases and manages general aviation hangars across the United States. Sky Harbour’s Home Basing Solution aims to provide private and corporate customers with the best physical infrastructure in business aviation, coupled with dedicated service tailored to based aircraft, offering the shortest time to wheels-up in business aviation. To learn more, visit

Forward Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including statements about the financial condition, results of operations, earnings outlook and prospects of SHG. When used in this press release, the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations of the management of SHG as applicable and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in the public filings made or to be made with the SEC by SHG, including the filings described above, regarding the following: expectations regarding SHG’s strategies and future financial performance, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and SHG’s ability to invest in growth initiatives; SHG’s ability to scale and build the hangars currently under development or planned in a timely and cost-effective manner; the implementation, market acceptance and success of SHG’s business model and growth strategy; the success or profitability of SHG’s hangar facilities; SHG’s future capital requirements and sources and uses of cash; SHG’s ability to obtain funding for its operations and future growth; developments and projections relating to SHG’s competitors and industry; geopolitical risk and changes in applicable laws or regulations; the possibility that SHG may be adversely affected by other economic, business, and/or competitive factors; operational risks; and risks that the COVID-19 pandemic, and local, state, and federal responses to addressing the pandemic may have an adverse effect on SHG’s business operations, as well as SHG’s financial condition and results of operations. Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of SHG prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. SHG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.


1 As of that date, approximately $179 million was invested through brokerage or trust accounts consisting of US Treasury Bills, Notes or US Treasury securities only money market funds. The approximately $2 million balance was deposited in a working capital operating account at the largest banking institution in the US.


Investor Relations:
Attn: Francisco X. Gonzalez, CFO

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