Sky Harbour Group Corporation Announces its Q3 2023 Financial Results and Updates on Leasing, Construction and New Ground Lease Activities
10 November 2023 - 3:40AM
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 campuses for
business aircraft, announced the release of its 2023 3rd quarter
financial results in Form 10-Q and Sky Harbour Capital LLC’s
(Obligated Group) 3rd quarter report filed with MSRB’s EMMA system.
Please see the following link to access a copy of the SEC
filing:
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001823587/f3b48a3a-904d-45d7-99a8-ea83383681b2.pdf
Highlights of the results and other recent events are:
- Q3 2023 revenues increased 481% as compared to Q3 2022 and 45%
compared to Q2 2023.
- SG&A expenses decreased 1% compared to Q3 2022 and 5%
compared to Q2 2023.
- Net cash used in operating activities during the nine months
ended September 30, 2023 improved to $6.2 million from $25.3
million during the nine months ended September 30, 2022.
- Net cash used in operating activities in Q3 was less than $1
million, providing the Company positive momentum towards its goal
of positive cash flow from operations in 2024.
- Net cash used in operating activities (cash available for debt
service) at the Sky Harbour Capital (Obligated Group) level turned
positive in Q3 2023.
- Please see the link below for the Q3 Quarterly Report as filed
by Sky Harbour Capital LLC in MSRB/EMMA:
https://emma.msrb.org/P21776353.pdf
- The Company continues to maintain strong liquidity and capital
resources. As of September 30, 2023, cash, restricted cash, and US
Treasury investments amounted to approximately $130 million.
- With $42.8 million PIPE common stock issue closed on November
2nd, cash resources augmented commeasurably since the end of the
quarter and provide “equity growth capital” to be paired with
anticipated future debt funding.
- Houston, Nashville and Miami facilities are 94%, 86% and 63%
leased, respectively, as of November 8, 2023. The company projects
full occupancy by end of Q4 2023.
- Construction of phase 1 campuses in Phoenix and Denver is
advanced and Addison (Dallas) Phase 1 broke ground two weeks ago,
with expected completion in March 2024, May 2024, and December
2024, respectively.
- New ground lease entered with the Chicago Executive Airport
(“Chicago Executive”) as previously announced. Please see link to
recent announcement:
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001823587/4bf35c58-e53a-427d-8576-d81e6dc779f6.pdf
- Exclusive negotiations are underway for new ground leases at
another five target airports.
- All of these are in key metro markets, with average projected
tenant rents expected to exceed those in our first six
campuses.
- The aggregate potential square footage of Sky Harbour hangar
capacity at these five airports and Chicago Executive is
approximately 1.5 million square feet.
- The Company expects that two of these ground leases will be
finalized by Q4 2023, with the other three finalized by Q2
2024.
- The new project pipeline continues to expand, and now includes
dozens of other airports.
Tal Keinan, Chairman and Chief Executive Officer, commented on
the Q3 results and other recent events:
“This is an exciting moment in our Company’s history.
Our offering, which marries very deliberately designed
facilities with a highly tailored service suite, represents the
best home basing solution in business aviation. We are proud that
we can already count the top flight departments in the country as
Sky Harbour members.
Vertical integration, from prototyping, through metal building
manufacture, to airfield operations, affords us maximal control of
both quality and cost.
The challenge ahead of us includes constant refinement of the
Sky Harbour model, and aggressive scaling across North America. Our
veteran-led site acquisition team, together with a powerful group
of equity partners, are now pursuing that mission at full
throttle.”
Sky Harbour will host a live conference call and concurrent
webcast at 4:00 p.m. ET on November 14, 2023. To join the webcast,
please use the following link:
https://events.q4inc.com/attendee/918741688
For audio-only conference call, please use the following
participant details: Toll-Free Dial-In Number: 1-888-660-6739 Toll
Dial-In Number: 1-929-203-0875 Conference ID: 3259957
Please note that questions may only be submitted in writing
during the webcast through the platform link above.
A replay of the webcast may be found starting on November 15th
at Sky Harbour Group Corporation | Events & Presentations -
Events
About Sky Harbour Group Corporation
Sky Harbour Group Corporation is an aviation infrastructure
company developing the first nationwide network of Home-Basing
campuses for business aircraft. The company develops, leases and
manages general aviation hangars across the United States. Sky
Harbour’s Home-Basing offering 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 www.skyharbour.group.
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 consummation of the
business combination. 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; the ability to recognize the
anticipated benefits of the business combination; 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 risk; risk 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231109160271/en/
Investor Relations: investors@skyharbour.group Attn: Francisco
X. Gonzalez, CFO
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