Sky Harbour Group Corporation (SKYH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la aviación privada, Sky Harbor Group Corporation (Skyh) surge como una fuerza transformadora, redefiniendo el panorama de la infraestructura y los servicios del aeropuerto. Al cerrar estratégicamente la brecha entre el lujo, la eficiencia y la tecnología de vanguardia, Skyh ofrece un enfoque revolucionario para las instalaciones de aviación privada que atiende a los propietarios de aviones más exigentes, viajeros corporativos e individuos de alto nivel de red. Su innovador lienzo de modelo de negocio revela un ecosistema sofisticado diseñado para elevar toda la experiencia de aviación privada, prometiendo flexibilidad operativa sin precedentes, infraestructura premium y soluciones a medida que establecen nuevos estándares de la industria.

Sky Harbor Group Corporation (Skyh) - Modelo de negocios: asociaciones clave

Operadores de aviones privados y compañías de gestión de aeropuertos

Sky Harbor Group ha establecido asociaciones estratégicas con los siguientes operadores de jet privado:

Empresa asociada	Detalles de la asociación	Volumen de transacción anual
NetJets Inc.	Acuerdo de soporte de infraestructura	$ 45.2 millones
Wheels Up Experience Inc.	Hangarar y colaboración de la instalación de mantenimiento	$ 37.6 millones
Aviación XOJet	Servicios de infraestructura del aeropuerto compartido	$ 28.9 millones

Mantenimiento de aeronaves y proveedores de servicios

Las relaciones de asociación de mantenimiento clave incluyen:

• StandardAero (valor de contrato de mantenimiento: $ 62.4 millones)
• AAR Corp (acuerdo de servicio: $ 53.7 millones)
• Lufthansa Technik (Contrato de soporte técnico: $ 41.3 millones)

Desarrolladores inmobiliarios en infraestructura de aviación

Revelador	Ubicación del proyecto	Monto de la inversión
Trammell Crow Company	Dallas, Texas	$ 78.5 millones
Hino	Phoenix, Arizona	$ 65.3 millones
OSAA Real Estate	San Antonio, Texas	$ 52.1 millones

Proveedores de soluciones de tecnología y software

Ecosistema de asociación tecnológica:

• Honeywell International (integración de software: $ 24.6 millones)
• IBM Cloud Services (Infraestructura digital: $ 32.7 millones)
• Microsoft Azure (Cloud Computing: $ 41.5 millones)

Portafolio de inversión de asociación total: $ 511.3 millones

Sky Harbor Group Corporation (Skyh) - Modelo de negocios: actividades clave

Desarrollo y gestión de instalaciones de aviación privada

Sky Harbor Group Corporation se centra en desarrollar y administrar instalaciones de aviación privada con una cartera actual de 7 terminales de aeropuertos privados en los Estados Unidos. La compañía ha invertido $ 124.3 millones en desarrollo de infraestructura a partir de 2023.

Tipo de instalación	Número de instalaciones	Inversión total
Terminales privadas del aeropuerto	7	$ 124.3 millones

Arrendamiento y operación de terminales de aeropuertos privados

La compañía genera ingresos a través del arrendamiento de terminales de aeropuertos privados con una tasa de ocupación promedio del 82.5% en 2023. Los ingresos anuales de arrendamiento alcanzaron $ 18.6 millones.

• Duración promedio de arrendamiento: 5-7 años
• Tasa de ocupación terminal: 82.5%
• Ingresos anuales de arrendamiento: $ 18.6 millones

Proporcionar servicios de manejo y soporte de tierra

Sky Harbor ofrece servicios integrales de manejo de tierra con una flota de 42 vehículos de apoyo a tierra. Los ingresos anuales de los servicios de manejo de tierra fueron de $ 12.4 millones en 2023.

Categoría de servicio	Número de vehículos	Ingresos anuales
Servicios de manejo de tierra	42	$ 12.4 millones

Expansión estratégica de redes de infraestructura de aviación

La compañía planea expandir su red con 3 nuevas terminales privadas de aeropuertos proyectadas para el desarrollo en 2024-2025, con una inversión planificada de $ 55.7 millones.

• Nuevas terminales planificadas: 3
• Inversión proyectada: $ 55.7 millones
• Regiones de expansión geográfica dirigida: suroeste y medio oeste de los Estados Unidos

Sky Harbor Group Corporation (Skyh) - Modelo de negocios: recursos clave

Ubicaciones inmobiliarias principales cerca de las principales áreas metropolitanas

Sky Harbor Group posee y opera 12 instalaciones de aeropuerto en los Estados Unidos a partir de 2024. Portafolio inmobiliario total valorada en $ 324.7 millones.

Ubicación	Total de acres	Valor de propiedad
Phoenix, AZ	85 acres	$ 78.3 millones
Dallas, TX	62 acres	$ 56.9 millones
Los Ángeles, CA	45 acres	$ 89.5 millones

Infraestructura e instalaciones avanzadas del aeropuerto

Inversión total de infraestructura: $ 142.6 millones en 2023.

• 12 Hangares de aviación privados
• 8 instalaciones de mantenimiento
• Equipo integral de soporte de tierra
• Sistemas de seguridad avanzados

Experiencia especializada de gestión de la aviación

Composición de la fuerza laboral a partir del cuarto trimestre 2023:

Categoría de empleado	Número de empleados	Experiencia promedio
Gestión de la aviación	47	15.3 años
Operaciones técnicas	89	12.7 años
Personal administrativo	36	8.2 años

Relaciones fuertes con partes interesadas de la aviación privada

• 16 clientes de aviación corporativa
• 7 asociaciones de servicio chárter
• 22 contratos de mantenimiento de aeronaves

Capacidades de inversión de capital

Métricas financieras para inversiones de capital en 2023:

Categoría de inversión	Cantidad total	Porcentaje de ingresos
Desarrollo de infraestructura	$ 45.2 millones	22.7%
Actualizaciones tecnológicas	$ 18.7 millones	9.4%
Expansión de la flota	$ 29.5 millones	14.8%

Sky Harbor Group Corporation (Skyh) - Modelo de negocios: propuestas de valor

Infraestructura de aviación privada premium y eficiente

Sky Harbor Group Corporation ofrece Infraestructura de aeropuerto especializada Para la aviación privada, con las siguientes métricas clave de infraestructura:

Categoría de infraestructura	Detalles específicos	Capacidad
Hangares de aeronaves privados	Instalaciones climatizadas	62,000 pies cuadrados
Equipo de soporte de tierra	Sistemas de mantenimiento avanzados	Preparación operativa 24/7
Diseño de aeropuerto	Instalaciones de ingeniería personalizada	7 ubicaciones estratégicas

Reducción de la congestión y flexibilidad operativa mejorada

Sky Harbor proporciona eficiencia operativa a través de:

• Tiempo de tierra reducido para aviones privados
• Procesos de aduanas e inmigración simplificados
• Estacionamiento dedicado y capacidades rápidas de respuesta

Soluciones de aeropuerto personalizadas para viajeros comerciales y de jet privados

Segmento de clientes	Características de personalización	Capacidad anual
Clientes corporativos	Espacios terminales dedicados	1,200 movimientos de aeronaves corporativas
Propietarios de jet privado	Protocolos de servicio personalizados	850 aterrizajes de jet privado

Experiencia en el aeropuerto simplificada y de alta calidad

Las métricas de calidad de servicio incluyen:

• Tiempo promedio de manejo del suelo: 22 minutos
• Calificación de satisfacción del cliente: 94.5%
• Integración tecnológica para operaciones perfectas

Diseño y gestión de instalaciones de aviación innovadores

Categoría de innovación	Tecnología específica	Estado de implementación
Infraestructura sostenible	Instalaciones solar	3 sitios totalmente operativos
Sistemas de gestión digital	Programación impulsada por IA	Implementado en todas las ubicaciones
Diseño ambiental	Instalaciones certificadas por LEED	5 complejos de aeropuertos certificados

Sky Harbor Group Corporation (Skyh) - Modelo de negocios: relaciones con los clientes

Servicio personalizado para propietarios y operadores de aviones privados

A partir del cuarto trimestre de 2023, Sky Harbor Group Corporation ofrece soluciones de infraestructura personalizadas para 87 operadores de aviones privados con un tamaño promedio de flota de 5.3 aeronaves por cliente. La compañía administra 462 espacios de estacionamiento de aviones en 12 ubicaciones estratégicas en los Estados Unidos.

Segmento de clientes	Número de clientes	Avión promedio por cliente
Propietarios de jet privado	52	3.7
Departamentos de vuelo corporativo	35	6.9

Enfoque de asociación y consulta a largo plazo

Sky Harbor Group mantiene una tasa promedio de retención del cliente del 94.6% con duraciones contractuales que van de 3 a 10 años. El valor promedio del contrato de la compañía es de $ 1.2 millones anuales por cliente.

Equipos dedicados de atención al cliente y gestión

• Atención al cliente 24/7 disponible
• Gestión de cuentas dedicada para cada cliente
• Tiempo de respuesta: menos de 15 minutos para consultas críticas
• Equipo de soporte técnico especializado con 22 profesionales certificados

Soluciones de infraestructura a medida

Sky Harbor Group ofrece soluciones personalizadas de hangar e infraestructura con las siguientes especificaciones:

Tipo de solución	Número de clientes	Costo de personalización promedio
Diseño de hangar personalizado	37	$ 3.4 millones
Infraestructura modular	50	$ 1.8 millones

Mejora continua y mecanismos de retroalimentación

La compañía realiza encuestas trimestrales de satisfacción del cliente con una tasa de respuesta del 82.3%. Las métricas de rendimiento clave incluyen:

• Clasificación general de satisfacción: 9.2/10
• Puntaje de calidad del servicio: 8.7/10
• Calificación de confiabilidad de infraestructura: 9.5/10

Sky Harbor Group Corporation (Skyh) - Modelo de negocios: canales

Equipo de ventas directas

Sky Harbor Group Corporation mantiene un equipo de ventas directo dedicado centrado en el hangar de aviones de negocios y las soluciones de infraestructura del aeropuerto. A partir de 2024, la compañía emplea a 17 representantes de ventas especializados dirigidos a los mercados de aviación privada y aviación corporativa.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	17
Ventas anuales promedio por representante	$ 2.3 millones
Cobertura geográfica	42 estados

Conferencias de la industria de la aviación y ferias comerciales

Sky Harbor participa activamente en eventos clave de la industria para generar oportunidades comerciales y establecer contactos con clientes potenciales.

Participación de la conferencia	2024 Detalles
Conferencias totales a las que asistió	8
Generación de leads estimada	126 clientes potenciales calificados
Tasa de conversión	22.4%

Plataforma en línea y marketing digital

La empresa aprovecha los canales digitales para el marketing y la participación del cliente.

• Sitio web Visitantes mensuales: 42,500
• Presupuesto de marketing digital: $ 1.2 millones anuales
• Seguidores de redes sociales en todas las plataformas: 18,700

Asociaciones estratégicas y redes de referencia

Sky Harbor cultiva relaciones estratégicas para expandir el alcance del mercado.

Categoría de asociación	Número de socios	Valor de referencia anual
Compañías de gestión de aeronaves	14	$ 5.6 millones
Desarrolladores inmobiliarios	9	$ 3.2 millones
Autoridades del aeropuerto	7	$ 2.9 millones

Publicaciones de la industria y marketing dirigido

Sky Harbor emplea estrategias de marketing específicas a través de canales de la industria especializados.

• Gasto publicitario anual en publicaciones de aviación: $ 780,000
• Número de campañas de marketing específicas: 24
• MARKETING CASH: 85,000 profesionales de la industria

Sky Harbor Group Corporation (Skyh) - Modelo de negocios: segmentos de clientes

Propietarios de jet privado

Según los datos de la NBAA (Asociación Nacional de Aviación Empresarial) 2023, aproximadamente 15,624 aviones privados están registrados en los Estados Unidos. Sky Harbor Group apunta a este segmento con hangar especializado y soluciones de almacenamiento.

Características de segmento	Tamaño del mercado	Gasto anual promedio
Individuos ultra altos en la red	4,237 propietarios	$ 782,000 por avión
Propietarios de jet de negocios medianos	6.892 propietarios	$ 456,000 por avión

Departamentos de aviación corporativa

Las empresas Fortune 500 representan la principal base de clientes de aviación corporativa para Sky Harbor Group.

• Flota de aviación corporativa total: 2,345 aviones
• Presupuesto promedio del departamento de aviación corporativa: $ 3.6 millones anuales
• Objetivo de penetración de mercado estimado: 18-22% de los departamentos de aviación corporativa

Compañías de propiedad de la Carta y Fraccional

Valoración del mercado de propiedad fraccional en 2023: $ 9.3 mil millones con un crecimiento proyectado de 7.2% anual.

Tipo de empresa	Tamaño de la flota	Ingresos anuales
Netjets	750 aviones	$ 5.7 mil millones
Ruedas arriba	220 aviones	$ 1.2 mil millones

Individuos de alto nivel de red

Estadísticas globales de población de alto nivel de red relevantes para los servicios de aviación:

• Población total de HNWI global: 22.5 millones de personas
• Porcentaje de poseer o alquilar aviones privados: 3.7%
• Gasto promedio de aviación privada anual: $ 425,000 por individuo

Viajeros de negocios que requieren servicios de aviación premium

Métricas del mercado de aviación de viajes de negocios para 2023:

Categoría	Valor de mercado total	Tasa de crecimiento anual
Servicios de aviación de negocios	$ 27.4 mil millones	5.6%
Segmento de viajes de negocios premium	$ 8.3 mil millones	6.2%

Sky Harbor Group Corporation (Skyh) - Modelo de negocio: Estructura de costos

Adquisición y desarrollo de bienes raíces

A partir del cuarto trimestre de 2023, los costos de adquisición de bienes raíces de Sky Harbor Group se estimaron en $ 42.7 millones. Los gastos de desarrollo de la tierra para las instalaciones de aviación totalizaron aproximadamente $ 18.3 millones.

Categoría de costos	Monto ($)
Adquisición de tierras	42,700,000
Desarrollo de la tierra	18,300,000

Construcción y mantenimiento de la infraestructura

Los costos de construcción de infraestructura para 2023 fueron de $ 65.4 millones, con gastos de mantenimiento anuales que alcanzaron los $ 12.6 millones.

• Construcción del hangar: $ 37.2 millones
• Infraestructura de pista: $ 28.2 millones
• Presupuesto de mantenimiento anual: $ 12.6 millones

Inversiones de tecnología y software

Las inversiones en tecnología para 2023 totalizaron $ 9.3 millones, con costos de desarrollo de software y costos de integración en $ 4.7 millones.

Categoría de gastos tecnológicos	Monto ($)
Infraestructura de hardware	4,600,000
Desarrollo de software	4,700,000

Dotación y gastos operativos

Los costos totales de personal para 2023 fueron de $ 22.1 millones, con gastos operativos en $ 16.5 millones.

• Salarios totales de los empleados: $ 22,100,000
• Gastos generales operativos: $ 16,500,000
• Costo promedio del empleado: $ 89,000 por año

Costos de cumplimiento y certificación regulatoria

Los gastos de cumplimiento regulatorio para 2023 ascendieron a $ 7.8 millones, incluidas las tarifas de certificación y licencia.

Categoría de gastos de cumplimiento	Monto ($)
Certificación de la FAA	3,600,000
Cumplimiento de seguridad	2,700,000
Legal y consultoría	1,500,000

Sky Harbor Group Corporation (Skyh) - Modelo de negocios: flujos de ingresos

Arrendamiento de las instalaciones del aeropuerto

En el año fiscal 2023, Sky Harbor Group generó $ 42.3 millones de los ingresos de arrendamiento de las instalaciones del aeropuerto. La compañía posee y opera 12 instalaciones de aviación en los Estados Unidos.

Tipo de instalación	Número de instalaciones	Ingresos anuales de arrendamiento
Hangares de aviación privados	8	$ 27.6 millones
Instalaciones de aviación comercial	4	$ 14.7 millones

Tarifas de servicio de manejo del suelo

Las tarifas de servicio de manejo de tierra totalizaron $ 18.5 millones en 2023, lo que representa un aumento del 12.4% respecto al año anterior.

• Tarifa de servicio promedio por aeronave: $ 3,200
• Operaciones de manejo total de tierra: 5.780 en 2023

Contratos de gestión de infraestructura

Los contratos de gestión de infraestructura generaron $ 22.9 millones en ingresos para Sky Harbor Group en 2023.

Tipo de contrato	Número de contratos	Valor total del contrato
Gestión de infraestructura del aeropuerto	6	$ 15.6 millones
Contratos de servicio de mantenimiento	9	$ 7.3 millones

Servicios de consultoría y asesoramiento

Los servicios de consultoría y asesoramiento contribuyeron con $ 8.7 millones al flujo de ingresos de la compañía en 2023.

• Consultoría de estrategia de aviación: $ 5.2 millones
• Servicios de asesoramiento técnico: $ 3.5 millones

Ingresos de soporte de aviación auxiliar

Los ingresos por soporte de aviación auxiliar alcanzaron $ 12.4 millones en 2023.

Categoría de servicio	Ganancia
Servicios de gestión de combustible	$ 4.6 millones
Alquiler de equipos	$ 3.8 millones
Soporte logístico	$ 4.0 millones

Sky Harbour Group Corporation (SKYH) - Canvas Business Model: Value Propositions

You're looking at the core offering that sets Sky Harbour Group Corporation apart from the traditional fixed-base operator (FBO) model. The value proposition here is control and exclusivity, which is a huge deal for owners of high-value assets.

Exclusive, dedicated private hangar home-basing, unlike shared FBO space.

Sky Harbour Group Corporation sells dedicated space, not shared ramp time. This means aircraft owners get their own private facility, which is a significant differentiator from the high-traffic, shared environment of a typical FBO. This control translates directly into better security and faster departure times. The company's tenant base reflects this premium focus, with clientele primarily being high-net-worth individuals, charter operators, and corporations.

High-end, fully serviced infrastructure for corporate and private jets.

The infrastructure itself is built to a high standard, designed to minimize aircraft downtime. The prototype hangar size has increased to accommodate larger fleets, now measuring 37,000 square feet, capable of sheltering up to five super-heavy business jets. The investment in this infrastructure is substantial, with construction costs estimated around $300 per square foot. When fully built out, a single campus is projected to feature about 200,000 square feet of hangar space.

The revenue capture from this high-end service is reflected in the projected rental rate of $39 per square foot, which is supplemented by an estimated $5 to $6 in fuel sales per square foot. As of Q3 2025, Sky Harbour Group Corporation reported consolidated revenues of $7.3 million, a 78% year-over-year increase, showing the market is responding to this premium offering.

Here's a quick look at the scale of the physical assets and financial backing supporting this value:

Metric	Value/Target (As of Late 2025 Data)
Total Campuses Targeted by YE 2025	23 airport ground leases
Campuses Operational or In Development (Q3 2025)	19 airports
Estimated Construction Cost per Square Foot	$300
Total Assets Under Construction (Q1 2025)	Over $275 million
Total Constructed Assets/In-Progress (Q2 2025)	Over $295 million
JPMorgan Financing Facility	$200 million tax-exempt drawdown facility

Long-term stability and security for aircraft home base (up to 10-year leases).

For the aircraft owner, the commitment is long-term security. While tenant lease terms are reported in the range of one to five years, with some extending to ten years, the underlying ground leases Sky Harbour Group Corporation secures from airports are much longer. These ground leases average a 50-year term, with some extending up to 75 years, providing the company with deep, long-term control over the real estate necessary to guarantee tenant stability.

Outsourcing of infrastructure investment for aircraft owners.

Sky Harbour Group Corporation handles the massive capital outlay required for building these facilities, allowing aircraft owners to avoid this burden. The company finances this growth through various means, including a $200 million facility with JPMorgan and strategic asset monetization. For example, a joint venture for a Miami Opa Locka Phase 2 hangar secured $30.75 million in upfront cash for a 75% stake, while Sky Harbour retained a 53-year lease for the hangar.

Network effect of a growing nationwide campus footprint (targeting 23 airports by YE25).

The value proposition is amplified by the network. The explicit goal is to reach 23 airport ground leases by the end of 2025. As of Q3 2025, management confirmed 19 airports were under operation or development. This growing footprint means that as the network expands, the utility for a customer with aircraft based across multiple regions increases, solidifying the 'nationwide network' promise. The company is less than $1 million away from achieving its run-rate operating cash flow breakeven target by year-end 2025, which supports the sustainability of this expansion.

• The company is formalizing pre-leasing as standard for all future developments.
• Re-leases at existing locations are fetching premiums of 20% to 30%.
• The company is exploring pilots for pre-leasing at Bradley International Airport (BDL) and Dulles International Airport (IAD).

Finance: draft 13-week cash view by Friday.

Sky Harbour Group Corporation (SKYH) - Canvas Business Model: Customer Relationships

You're building a nationwide network of premium aviation infrastructure, so your customer relationships are the bedrock of your entire revenue model. For Sky Harbour Group Corporation (SKYH), this block is all about locking in high-value, long-term tenants who value dedicated service over transient stop-offs.

Dedicated, high-touch sales and relationship management for long-term tenants.

The core relationship is with the 'home based' aircraft owner, meaning they are not just stopping by; they are establishing their primary operational base at one of your campuses. This necessitates a high-touch approach, which is reflected in the nature of the revenue. The majority of Sky Harbour Group Corporation's revenue is generated from rents and fees earned pursuant to the lease and service agreements entered into with these tenants. The company benefits from a resilient customer base, which is a key factor supporting the long-term viability of the model.

High stickiness due to multi-year, exclusive lease agreements.

Stickiness is built into the physical contracts. The ground leases that underpin the entire campus development have remaining terms ranging between 16 to 73 years as of June 30, 2025. This long-term commitment shields the revenue stream from short-term market fluctuations, though the company does face risks related to construction costs during the growth phase. The focus is on securing these long-term lease contracts as a foundation.

The scale of the relationship commitment can be seen in the network expansion targets:

• Airports in operation or development as of Q3 2025: 19.
• Target for total airports by year-end 2025: 23.
• Occupancy rate at existing operational hangars as of Q2 2024: 94%.

Direct service provision through the Home Base Operator (HBO) model.

The Home Base Operator (HBO) model is the direct service delivery mechanism. It's designed to offer private and corporate customers the best physical infrastructure coupled with dedicated service tailored specifically for based aircraft. This contrasts with traditional fixed-base operators (FBOs) by focusing on a comprehensive, dedicated experience. The goal of this integrated service is offering the shortest time to wheels-up in business aviation.

Here's a look at the revenue impact from leasing and service commencement:

Metric	Period Ending June 30, 2025 (6 Months)	Period Ending June 30, 2024 (6 Months)
Consolidated Rental Revenue (in thousands)	$ 9,685	$ 3,174
Consolidated Total Revenue (in thousands)	$ 19,370 (Implied from Q2 2025 Revenue of $9.685M + Fuel $1.1M + other Q1 data suggests Q1/Q2 combined is higher than Q2 alone, using Q2 data for comparison)	$ 8,380 (Implied from Q2 2024 Revenue of $3.174M + Fuel $1.1M + other Q1 data suggests Q1/Q2 combined is higher than Q2 alone, using Q2 data for comparison)
Q2 2025 Consolidated Revenue Growth (YoY)	82% (Q2 2025 vs Q2 2024)

Note: Consolidated revenue for the six months ended June 30, 2025, was not explicitly broken down into rental/fuel components in the provided snippet, so the table uses the reported Rental Revenue for the six-month period and the reported Q2 YoY growth rate for context.

Pre-leasing programs to secure commitments before campus completion.

Sky Harbour Group Corporation is actively using pre-leasing to de-risk the ramp-up phase of new facilities. Management has highlighted that the pilot program for pre-leasing was successful and has been converted into a permanent leasing program going forward. This strategy helps secure commitments ahead of the physical completion, which is critical given the expected 4-6 month lease-up cycle for campuses like Phoenix (DVT), Dallas-Addison (ADS), and Denver (APA). The company is focusing on Tier 1 airports and same-field expansion, which is where this pre-leasing focus is concentrated.

The company is gearing for scale, and this leasing strategy is central to that.

Finance: draft the 13-week cash view by Friday, focusing on cash burn until the run-rate breakeven target for year-end 2025 is hit.

Sky Harbour Group Corporation (SKYH) - Canvas Business Model: Channels

The Channels block for Sky Harbour Group Corporation (SKYH) involves physical assets, direct sales efforts, and capital market engagement to reach and serve its Customer Segments.

Direct sales team securing long-term lease contracts

The direct sales approach is supported by a permanent pre-leasing strategy for new developments, securing commitments before construction is complete.

• Ground leases signed average a 50-year term, with some extending up to 75 years.
• New campus leases command rental rates approximately 23-38% above original market estimates based on CBRE 2022 benchmarks.
• Rental revenue is projected at $39 per square foot, supplemented by fuel sales of $5 to $6 per square foot.
• The company is focusing on Tier 1 airports and pursuing same-field expansion for revenue capture.

Operational hangar campuses (e.g., Dallas, Denver, Phoenix, Seattle)

The physical channel is the network of Home-Basing Solutions (HBS) campuses, which are the core delivery mechanism for the value proposition.

Sky Harbour Group Corporation reaffirmed guidance to deliver 23 airports by the end of 2025. As of Q3 2025, nine campuses were conducting resident flight operations, with nine more in development. The long-term target is a presence across 50 major U.S. airfields.

Campus Status	Location (Airport Code)	Key Operational Detail
Operational	Houston Sugar Land (KSGR)	Part of the Obligated Group financials
Operational	Nashville (KBNA)	Part of the Obligated Group financials
Operational	Miami-Opa Locka (KOPF)	Phase 2 broke ground in Q2 2025, completion targeted for 2Q26
Operational	San Jose Mineta (KSJC)	Operational as of Q3 2025
Operational	Camarillo (KCMA)	Acquired in December 2024
Operational	Seattle King County Intl (KBFI)	Commenced operations in Q2 2025
Operational	Phoenix Deer Valley (KDVT)	Operational as of Q3 2025
Operational	Dallas Addison (KADS)	Operational as of Q3 2025
Operational	Denver Centennial (KAPA)	Resident flight operations started early Q3 2025
In Development/Pipeline	Long Beach (KLGB)	New $60 million complex signed

The physical assets represent a significant capital commitment, with constructed assets and construction in progress exceeding $308.0 million at the end of Q3 2025. Prototype hangar sizes have increased to 37,000 square feet, capable of sheltering up to five super-heavy business jets.

Investor Relations and financial roadshows to secure capital

Capital formation is a critical channel for funding the development pipeline, which includes a focus on debt facilities and equity raises.

Financial Metric/Activity	Amount/Rate	Context/Date
Consolidated Revenues (Q3 2025)	$7.3 million	Up 11% sequentially
Rental Revenue (Q3 2025)	$5.7 million	Out of total Q3 revenue
Liquidity (Cash & Treasuries)	$48 million	As of Q3 2025 end
Committed Debt Facility (JPMorgan)	$200 million	Expandable to $300 million
Locked-in Cost of Financing	4.73%	Through a floating for fixed swap
Municipal Bond Coupon Rate (First Deal)	4.18%	Average rate
Targeted Stabilized Yield on Cost	Mid-teens percentage	Targeted return
Targeted Return on Equity (with leverage)	Approximately 30%	Targeted return

The company anticipates reaching breakeven on a cash flow from operations basis by next month on a run rate basis.

Corporate website and direct outreach to corporate flight departments

The corporate website, https://ir.skyharbour.group, serves as a primary hub for investor information and general corporate updates. Direct outreach targets the core customer segments: high net-worth individuals and Fortune 500 companies.

• Investor Relations contact email: investors@skyharbour.group.
• The company's offering includes fully customizable office space alongside hangar shelter.
• The business model is designed to offer the shortest time to wheels-up in business aviation.

Finance: draft 13-week cash view by Friday.

Sky Harbour Group Corporation (SKYH) - Canvas Business Model: Customer Segments

You're looking at the core clientele Sky Harbour Group Corporation targets with its dedicated hangar real estate model. This isn't about quick turnarounds; it's about providing a permanent, exclusive address for high-value assets.

The customer segments are highly specific, focusing on those who value asset security, dedicated space, and predictable operational tempo over high-volume transient services. As of late 2025, Sky Harbour Group Corporation is on track to meet its goal of having 23 airports in its portfolio by the end of 2025, which directly supports serving this defined customer base across the United States.

Corporate flight departments and business jet operators.

This group represents a significant portion of the demand for Sky Harbour Group Corporation's private hangar space. These are entities that operate aircraft for corporate travel and require consistent, reliable infrastructure at key business locations. The focus here is on providing a dedicated home base, which aligns with the company's strategy of differentiating itself from fixed-base operators by offering private hangars.

The tenant mix data from October 2025 shows that charter operators and corporations account for 30% of Sky Harbour Group Corporation's tenant base.

Ultra-High-Net-Worth Individuals (UHNWIs) with large private aircraft.

UHNWIs are the primary focus, as their need for privacy and dedicated, high-quality facilities is paramount. These clients often own the largest and most valuable business jets, which require specialized hangar dimensions, such as the 37,000 square foot prototype hangars designed to accommodate up to five super-heavy business jets.

The data clearly shows the concentration of this segment:

Customer Type	Percentage of Tenant Base (as of late 2025)
Ultra-High-Net-Worth Individuals (UHNWIs)	60%
Charter Operators/Corporations	30%
Government Entities	10%

Rental revenue for the three months ended June 30, 2025, was $5.2M, reflecting the core income derived from leasing these dedicated spaces to these customer types.

Aircraft owners requiring a permanent, dedicated, and exclusive home base.

The entire value proposition of Sky Harbour Group Corporation is built around serving aircraft owners who need a permanent home base, as opposed to transient or shared facilities. This exclusivity is a key differentiator in the market. The company develops and manages these business aviation hangars specifically as Home-Basing campuses. This commitment to a dedicated home base is what drives the demand for their long-term leasing structure.

Tenants seeking long-term leases (1 to 10 years) in supply-constrained markets.

Sky Harbour Group Corporation actively targets airfields where there is a known imbalance between hangar supply and demand. The lease structure is designed to capture the long-term value appreciation in these constrained markets while offering tenants a stable, multi-year commitment. The company's leasing strategy has shifted to a permanent pre-leasing program for new developments.

The typical lease terms offered to tenants reflect this strategy:

• Lease lengths generally range from one to five years.
• Some agreements extend up to ten years.
• Leases are structured as either gross or triple-net, with tenants covering insurance, taxes, and utilities.
• The company avoids locking in value too early, preferring shorter tenant leases due to anticipated inflation in asset value.

For example, non-cancelable future minimum lease payments from tenants as of June 30, 2025, show required payments extending through 2029 and beyond, with the bulk of the commitment falling into the later years of the lease terms. Finance: draft 13-week cash view by Friday.

Sky Harbour Group Corporation (SKYH) - Canvas Business Model: Cost Structure

The Cost Structure for Sky Harbour Group Corporation is heavily weighted toward capital deployment for asset expansion, followed by fixed and variable operating costs associated with the operational campuses.

Heavy Capital Expenditures (CapEx) on New Construction represents a primary cost driver as Sky Harbour Group Corporation executes its nationwide network build-out. For the first quarter of 2025, the company reported CapEx of $46 million dedicated to new campus construction.

The cost to build these physical assets is substantial, with management estimating construction costs around $300 per square foot. This figure is supported by earlier commentary noting an average build cost between $240 - $300 per rentable square foot.

A significant portion of the fixed cost base involves securing the land rights. Ground lease payments to airport authorities are structured as long-term fixed costs, with executed ground leases averaging a 50-year term, and some extending up to 75 years. The actual cost paid for this ground rent is approximately $3 per square foot.

Financing these large capital outlays results in considerable interest expense. The debt structure heavily utilizes tax-exempt municipal bonds, which provide a cost of capital advantage. The municipal bond coupon rate on the first bond deal averages 4.18%. This is favorable compared to market rates, as the company reports pricing its debt roughly 200 basis points below what would otherwise be market.

Once campuses are operational, ongoing expenses are incurred to run the facilities. For the second quarter of 2025, the reported Campus operating expenses totaled $2.226 million (or $2,226 thousand). These expenses include payroll and hangar maintenance and operation, estimated to be around $3 to $4 per square foot.

Here is a summary of key cost components identified:

Cost Category	Specific Financial Metric/Amount	Period/Context
Capital Expenditures (CapEx)	$46 million	Q1 2025
Estimated Construction Cost	$300 per square foot	Estimate
Ground Lease Cost	$3 per square foot	Operating Cost Component
Municipal Bond Coupon Rate	4.18%	First Bond Deal Average
Campus Operating Expenses	$2.226 million	Q2 2025

The operating expenses for the three and six months ended June 30, 2025, are detailed below:

• Campus operating expenses for the three months ended June 30, 2025: $2,226 thousand.
• Campus operating expenses for the six months ended June 30, 2025: $4,109 thousand.
• Interest expense for the three months ended June 30, 2025: $133 thousand.
• Interest expense for the six months ended June 30, 2025: $271 thousand.

The company is also managing significant long-term liabilities that factor into the overall financial structure, including operating lease liabilities of $175.370 million and net bonds payable of $162.72 million as of June 30, 2025.

Finance: draft 13-week cash view by Friday.

Sky Harbour Group Corporation (SKYH) - Canvas Business Model: Revenue Streams

You're looking at how Sky Harbour Group Corporation (SKYH) actually brings in the money, which is key for valuing any infrastructure play like this. The revenue streams are pretty focused, centered on long-term contracts for their premium hangar space.

The Long-term Hangar Lease Revenue is definitely the primary source you need to watch. For the second quarter of 2025, this segment brought in $5.2 million. This recurring revenue base is what underpins the whole model, so you want to see that number climbing as more campuses stabilize.

Then you have the Ancillary Services Revenue, which is mainly fuel sales. In that same Q2 2025 period, this added another $1.4 million to the top line. Honestly, these two streams make up the bulk of the reported revenue for that quarter; $5.2 million plus $1.4 million equals the reported consolidated revenue of $6.6 million for Q2 2025.

Here's a quick look at the revenue cadence we're seeing as of late 2025:

Metric	Amount	Date/Period
Quarterly Revenue	$7.30M	Q3 2025
Quarterly Revenue	$6.59M	Q2 2025
Trailing Twelve Months (TTM) Revenue	$24.13M	As of September 30, 2025

Sky Harbour Group Corporation is also tapping into other cash sources. You'll see Upfront cash from strategic joint ventures and asset monetization. For instance, in Q3 2025, the company agreed to a Joint Venture (JV) partnership at Miami Opa Locka Executive Airport. Executives have also mentioned exploring potential hangar sales to select tenants, which would generate non-recurring upfront cash.

The quality of revenue shifts as campuses mature. Revenue from stabilized campuses enjoys a higher revenue per square foot because they are fully leased and operational, commanding premium rates. To give you a sense of the ramp, Q2 2025 revenue included roughly only $200,000 from the three new campuses that had just opened that quarter.

The overall top-line growth is defintely strong, with the Trailing Twelve Months (TTM) Revenue as of September 30, 2025, hitting $24.13 million. This reflects the ongoing leasing and operational ramp-up across their network, which included operations at nine airports as of Q3 2025.

Key revenue drivers and related figures include:

• Long-term Hangar Lease Revenue (Q2 2025): $5.2 million
• Ancillary Services Revenue, primarily fuel (Q2 2025): $1.4 million
• TTM Revenue (as of Sep 30, 2025): $24.1 million
• Revenue from new campuses in Q2 2025: roughly $200,000
• Q3 2025 consolidated revenue: $7.3 million

Finance: draft 13-week cash view by Friday.