Sky Harbour Reports Record Q1 2024 Revenues, Achieves Cash Flow Break-Even at Sky Harbour Capital and Prepares for Accelerated Construction Activity
10-Q:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001823587/000143774924016606/ysac20240331_10q.htm
MSRB/EMMA:
https://emma.msrb.org/P11753880-P11348073-P11784121.pdf
Financial Highlights include:
- 2024 Q1 revenues increased 117% as compared to Q1 2023.
- 2024 Q1 SG&A expenses increased 38% as compared to Q1 2023.
-
Net cash used in operating activities on a consolidated basis during Q1 decreased from
$4.5 million to$4.4 million . -
At
Sky Harbour Capital (Obligated Group ), cash flow provided by operating activities reached$1.2 million , an improvement versus$1.0 million used in operating activities during Q1 2023. -
The Company continues to maintain strong liquidity and capital resources. As of
March 31, 2024 , cash, restricted cash, andUS Treasury investments amounted to approximately$160 million .
Recent noteworthy events include:
- All operating campuses are fully leased, with several initiatives underway to surpass 100% occupancy.
- New campus at San Jose Mineta began operations and is now 58% leased.
-
Construction of Phases 1 in
Denver ,Phoenix , andDallas is back on track after previously announced delays.
Site Acquisition Update
The Company expects to have executed ground leases at four additional airports by the end of 2024 and an additional six airports by end of year 2025.
Construction Update
New construction managers led by COO
Leasing Update
Sky Harbour’s first three campus phases (SGR, BNA and OPF 1) are approximately 95% occupied. Total potential economic occupancy is expected to exceed 100% due to successes in semi-private leasing.
Our campus at SJC commenced operations on
CEO Remarks
“Sky Harbour continues to execute its 2024 business plan on pace. Our Site Acquisition team’s focus is tier-1 airports. Our Development team’s focus is process-standardization to expand capacity and pursue economies of scale. Our Airfield Operations team is refining Sky Harbour’s highly-differentiated Resident-centric service offering. We expect the results of these efforts to become manifest over the coming quarters.”
2024 Q1 Webcast Conference Replay Link
https://events.q4inc.com/attendee/458580371
About
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 may include statements for the period following the first quarter of 2024. 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20240514162560/en/
SKYH Investor Relations:
investors@skyharbour.group
Attn:
Source: