1. Prologis for business aircraft hangars

2. Digital Realty for private jet hangars

• Hangar Development

  The design, construction, and establishment of new general aviation hangars for business aircraft.

• Hangar Leasing

  Providing business aircraft operators with access to general aviation hangars through rental agreements.

• Hangar Management

  Overseeing the operations, maintenance, and facility services for general aviation hangars.

Sky Harbour (SKYH) operates in the aviation infrastructure sector, developing, leasing, and managing general aviation hangars for business aircraft. As such, its customers are primarily owners and operators of these aircraft. Given the nature of its business, Sky Harbour primarily serves the following categories of customers:

• Corporations: Companies that own and operate business jets for executive travel, corporate transportation, and other business purposes.
• High Net Worth Individuals (HNWIs): Wealthy individuals who own private aircraft for personal use and require secure, managed hangar space.
• Aircraft Management and Charter Companies: Firms that manage private aircraft on behalf of owners, offer fractional ownership programs, or provide private jet charter services, and therefore require hangar facilities for their fleets.

Tal Keinan, Chairman of the Board and Chief Executive Officer

Mr. Keinan assembled and has led the Sky Harbour team since its inception in October 2017. He has served as Co-Founder and Executive Chairman of Clarity Capital KCPS Ltd., a global asset-management firm, since September 2005. Additionally, he has been the chairman of Koret Israel Economic Development Funds, Israel's largest nonprofit lender to small and micro businesses, since 2010. Mr. Keinan is a veteran of the Israel Air Force, where he served for eighteen years as an operational F-16 pilot and air combat instructor, retiring with the rank of Lieutenant Colonel. He holds a Master's degree in Business Administration from the Harvard Business School.

Francisco Gonzalez, Chief Financial Officer

Mr. Gonzalez's career in finance spans three decades, beginning at Goldman Sachs, where he led or participated in more than $25 billion in municipal bond financings, interest rate swaps, and public-private partnerships for infrastructure and municipal clients, with an emphasis on airports. He continued his career at the Royal Bank of Canada and Fortress Investment Group, an investment management firm known for its private equity activities. Mr. Gonzalez joined Sky Harbour at the company's inception, overseeing its financial, capital markets, treasury, tax, and accounting functions. He holds an MBA from Harvard Business School and a Bachelor of Arts in Economics from Harvard College.

Will Whitesell, Chief Operating Officer

Mr. Whitesell joined Sky Harbour as Chief Operating Officer in January 2024. He brings over 20 years of experience in construction, development, and senior management from his previous roles at Turner Construction, The Related Companies, and Suffolk Construction. Prior to joining Sky Harbour, he served for five years as Suffolk's COO for the New York region.

Michael Schmitt, Chief Accounting Officer

Mr. Schmitt serves as the Chief Accounting Officer for Sky Harbour Group Corporation.

Gerald Adler, General Counsel & Company Secretary

Mr. Adler serves as the General Counsel and Company Secretary for Sky Harbour Group Corporation.

The key risks to Sky Harbour Group Corporation (SKYH) largely revolve around its capital-intensive growth strategy and market dependency:

1. Execution and Construction Risks: Sky Harbour's business model relies heavily on the timely and cost-effective development of new hangar campuses across various airports. Key challenges include securing scarce airport land, managing rapid campus rollouts, and mitigating the potential for construction delays, cost overruns, and design flaws. These factors directly impact the company's operating expenses, its ability to achieve projected revenue growth, and ultimately, its path to profitability.
2. Financial Risks and High Leverage: As a development company, Sky Harbour is capital-intensive and has operated with high leverage, reporting a Debt/Equity ratio exceeding 200% as of March 2025. The company remains unprofitable due to heavy development costs, with a trailing twelve-month net loss of $32.7 million through Q1 2025. While recent financing efforts have addressed immediate equity dilution concerns through 2027, the company's ongoing expansion requires significant capital, and its near-term success depends on continued access to favorable financing and effective debt management.
3. Dependence on Sustained Business Aviation Demand: Sky Harbour's growth is fundamentally driven by the increasing demand for high-quality hangar space for business aircraft, catering to ultra-high-net-worth clients. Although the business aviation sector has shown steady growth, particularly since the COVID-19 pandemic, any future shifts in economic conditions, regulatory environments, or preferences for private air travel could impact the long-term utilization rates and rental income from its hangar facilities, thereby affecting earnings stability.

The addressable market for Sky Harbour's main products and services, which involve developing, leasing, and managing general aviation hangars for business aircraft, is primarily within the United States.

The North American aircraft hangar market was valued at approximately USD 356.6 million in 2025. North America is a dominant region in the aircraft hangar market, driven by a high concentration of airports, major aerospace players, and significant investments in airport infrastructure and maintenance, repair, and overhaul (MRO) facilities across the U.S. and Canada. The United States specifically accounted for over 88.50% of the North American aircraft hangar market in 2024. Based on this, the addressable market for aircraft hangars in the United States is estimated to be approximately USD 315.6 million in 2025.

Here are 3-5 expected drivers of future revenue growth for Sky Harbour (SKYH) over the next 2-3 years:

1. Expansion through New Campus Development and Ground Leases: Sky Harbour is actively pursuing and executing a strategy of expanding its network by securing new ground leases and developing additional hangar campuses across the United States. The company's pipeline includes numerous projects, with plans for new leases and construction in various locations, significantly contributing to future revenue streams as these facilities become operational.
2. Increasing Demand for Business Aviation and Hangar Scarcity: The business aviation sector continues to experience growth, driven by factors such as rising corporate profits, globalization, and a preference for private air travel. This increasing demand, coupled with a structural shortage of high-quality general aviation hangar space at key airports, creates a favorable market for Sky Harbour, allowing it to attract tenants and maintain strong pricing power for its facilities.
3. Ramp-up and Full Utilization of Recently Opened Campuses with Premium Rental Pricing: Revenue growth is expected to accelerate as recently opened campuses, such as those in Phoenix, Dallas, and Denver, continue to ramp up and achieve full occupancy. Sky Harbour has demonstrated the ability to achieve high occupancy rates, sometimes exceeding 100% through the use of semi-private hangars, and to command premium rents for its high-end infrastructure and services.
4. Deployment of Larger, More Efficient Hangar Prototypes: The company's transition to newer, larger hangar prototypes, specifically the Sky Harbour 37 model (37,000 square feet), for all its new campuses is a driver for increased revenue. These larger designs allow for more aircraft to be housed within a given hangar footprint, maximizing the revenue-generating potential per facility and catering to the evolving needs of business aircraft operators.

Share Issuance

• On February 3, 2026, Sky Harbour Group issued 40,000 shares of Class A common stock to Yorkville under a $10 million promissory note agreement.
• As of August 5, 2025, 33,876,773 shares of Class A common stock and 42,046,356 shares of Class B common stock were issued and outstanding.
• The company's primary sources of cash include the potential issuance of equity and debt securities.

Inbound Investments

• On September 4, 2025, Sky Harbour Capital II LLC, a wholly-owned subsidiary of Sky Harbour Group Corporation, secured a $200 million term loan facility with JPMorgan Chase Bank, N.A. to finance hangar projects, with the potential to increase to $300 million.
• In September 2021, a series of bonds was issued through the Public Finance Authority (Wisconsin) with a principal amount of $166.3 million.
• Management indicated preparations for a new debt issuance of $150 million to $175 million in 2025 to fund ongoing development.

Capital Expenditures

• In Q3 2025, Sky Harbour Group invested $1.5 million in capital expenditures, which was a decrease of 46.4% from the prior quarter.
• Constructed assets and construction in progress increased to more than $308.0 million as of Q3 2025.
• Long-term liquidity requirements include funding the construction costs of hangar campus development projects.