Sky Harbour Announces Q1 Results; Opening of New Campus in Dallas-Addison and Other Business Updates; Reiterates Prior Guidance for 2025

Sky Harbour Group Corporation (NYSE: 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 unaudited financial results for the three months ended March 31, 2025 on Form 10-Q. The Company also announced the filing of its unaudited financial results for the three months ended March 31, 2025 for Sky Harbour Capital (Obligated Group) with MSRB/EMMA. Please see the following links to access the filings:

SEC 10-Q:

https://www.sec.gov/Archives/edgar/data/1823587/000143774925016429/ysa ...

MSRB/EMMA:

https://emma.msrb.org/P11850189-P11417072-P11860230.pdf

Financial Highlights on a Consolidated Basis include:

• Constructed assets and construction in progress exceeded $275 million at quarter end.

• 2025 first quarter consolidated revenues increased 133% as compared to Q1 2024 and 20% as compared to Q4 2024.

• Net cash used in operating activities was reported at $5.1 million for the quarter, inclusive of $0.3 million of start-up expenses incurred in anticipation of the commencement of operations of the three new campuses at DVT, ADS and APA and $1.4 million associated with the timing of payment of our accounts payable.

• Strong liquidity and capital resources as of March 31^st, 2025, with consolidated cash and US Treasuries totaling $97.4 million.

• Reiterating our guidance of reaching run rate breakeven operating cash flow/adjusted EBITDA on a consolidated basis by year end 2025, driven by the positive cash flows expected to be generated from the Phoenix campus partially opened in Q1 2025 and the campuses opening in Q2 in Denver and Addison (Dallas area).

Financial Highlights at Sky Harbour Capital (Obligated Group) include:

• First quarter 2025 Obligated Group Revenues increased 24% as compared to 2024 Q1.

• Net cash provided by operating activities reached $1.0 million in 2025 Q1.

• Cash and US Treasuries at the Obligated Group totaled $47 million as of March 30^th, 2025.

Update on Site Acquisition

• Sky Harbour currently has campuses operating at Houston’s Sugar Land Regional Airport (SGR), Nashville International Airport (BNA), Miami Opa-Locka Executive Airport (OPF), San Jose Mineta International Airport (SJC), Camarillo Airport (CMA), Phoenix Deer Valley Airport (DVT), Dallas’s Addison Airport (ADS), and the recent addition of Seattle’s King County International Airport – Boeing Field (BFI); campus in construction at Denver’s Centennial Airport (APA); campuses in pre-development at Chicago Executive Airport (PWK), Sky Harbour’s first four New-York-service airports - Bradley International Airport (BDL), Hudson Valley Regional Airport (POU), Trenton-Mercer Airport (TTN),and Stewart International Airport (SWF) - Orlando Executive Airport (ORL), Dulles International Airport (IAD), Salt Lake City International Airport (SLC), and Portland-Hillsboro Airport (HIO).

• On March 14th, we executed a new ground lease with an existing hangar campus at Seattle’s King County International Airport – Boeing Field (BFI). The leased facility contains approximately 90,000 rentable square feet of hangar and office space in four structures. We are currently renegotiating tenant lease agreements with the existing tenants and marketing additional vacant space with new prospective tenants.

• On April 9^th, we announced a long-term ground lease at Hillsboro Airport (HIO) with the Port of Portland to develop a two-phase hangar campus on approximately 13 acres of land.

• On April 14^th, we executed a long-term ground lease with the Port Authority of New York and New Jersey (PANYNJ) to develop a hangar campus at Stewart International Airport (SWF). The leased parcel encompasses 16 acres and will support the development of approximately 250,000 square feet of hangar space across seven structures.

• We stand by our prior guidance of five additional new hangar ground leases to be announced by the end of 2025, for a total portfolio of 23 airport ground leases by year end.

Update on Construction and Development Activities