101 0 Kommentare Sky Harbour Group Corporation Announces its 2023 Financial Results; Updates on New Ground Leases, Construction and Hangar Leasing; Injects Equity into Obligated Group and Files Various Registration Statements with SEC

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 financial results for the year ended December 31, 2023 and Annual Report on Form 10-K. The Company also announced new ground leases at San Jose, California’s San Jose Mineta International Airport (“SJC”) (Ground Lease #10), and at Orlando Executive Airport (“ORL”) (Ground Lease #11). The Company released its recently completed remediation estimate for addressing previously announced design flaws at its Denver and Phoenix construction projects as well as associated revisions to its Dallas Addison pre-construction designs, and injected $27 million of cash equity into the Series 2021 PABs Obligated Group construction fund. The Company provided a hangar leasing update marking near-full occupancy at its Houston, Nashville and Miami campuses, and announced approximately 58% pre-leasing at its new San Jose campus. The Company filed registration statements with the SEC, including a Form S-3 for PIPE shares and warrants issued in November 2023, and replaced its Stand-by Stock Purchase Agreement with an at-the-market (ATM) program of similar size. Please see the following links to access the SEC filings:

10K:https://www.sec.gov/ix?doc=/Archives/edgar/data/0001823587/00014377492 ...
S-3 (ATM): https://www.sec.gov/Archives/edgar/data/1823587/000143774924009600/ysa ...
S-3 (PIPE): https://www.sec.gov/Archives/edgar/data/1823587/000143774924009599/ysa ...

Financial Highlights include:

2023 revenues increased 311% as compared to 2022.
2023 SG&A expenses increased 2.8% as compared to 2022.
Net cash used in operating activities during 2023 improved to $7.7 million from $27.5 million during 2022.
Please see the link below for the Q4 2023 quarterly report as filed by Sky Harbour Capital LLC (“SH Capital” or the “Obligated Group”) in MSRB/EMMA: https://emma.msrb.org/P21785011-P21370409-P21809128.pdf
The Company continues to maintain strong liquidity and capital resources. As of December 31, 2023, cash, restricted cash, and US Treasury investments amounted to approximately $172 million, of which $99 million resided at SH Capital.