Slides
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March 27th, 2025 2024 Q4 Earnings Webcast
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D I S C L A I M E R 1 ©2025 Sky Harbour Confidential and Proprietary General This presentation and information provided at a webcast or meeting at which it is presented (the “Presentation") is for informational purposes only to assist investors, prospective investors and other parties in making their own evaluation with respect to Sky Harbor Group Corporation (“Sky Harbour”). The information contained herein does not purport to be all-inclusive, and neither Sky Harbour nor any of its respective affiliates, directors, officers, employees, agents, shareholders or advisors makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation. Certain information contained in this Presentation relates to or is based on studies, publications, surveys, and Sky Harbour’s own internal estimates and research. To the extent available, the industry, market and competitive position data contained in this Presentation are sourced from official or third-party sources. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliance, but that there is no guarantee of the accuracy or completeness of such data. Sky Harbour has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this Presentation may be sourced from Sky Harbour’s own internal estimates based on the knowledge and experience of Sky Harbour’s management in the markets in which Sky Harbour operates. This data and its underlying methodology and assumptions have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this Presentation. In addition, certain data and other information included in this Presentation are based on a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while Sky Harbour believes its internal research is reliable, such research has not been verified by any independent source. The financial results presented herein have not been audited and are based on information currently available to Sky Harbour. As such, Sky Harbour’s actual results may materially vary from the results presented in this Presentation. Cautionary Language Regarding Forward Looking Statements This Presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “goal,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Sky Harbour’s expectations, beliefs, intentions or strategies regarding the future; Sky Harbour’s expectations with respect to future permitting, construction and leasing, future performance and anticipated financial impacts; and future ability to raise capital. Forward-looking statements are based on current expectations and assumptions that are inherently uncertain. These statements are based on various assumptions, whether or not identified herein, and on the current expectations of Sky Harbour’s management and are not predictions of actual performance. These forward- looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Sky Harbour. Please refer to the risk factors discussed in Sky Harbour’s Annual Report on Form 10-K, filed with the SEC on March 27, 2025, under the heading “Risk Factors,” and other documents of Sky Harbour has filed, or will file, with the SEC. Sky Harbour disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or otherwise.
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D I S C L A I M E R 2 ©2025 Sky Harbour Confidential and Proprietary Financial Information; Non -GAAP Financial Measures Certain financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X or Regulation G. Accordingly, such information and data may not be included in, may be adjusted in, or may be presented differently in, any proxy statement/prospectus or registration statement or other report or document to be filed or furnished by Sky Harbour with the SEC. Some of the financial information and data contained in this Presentation has not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Sky Harbour believes these non-GAAP financial measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Sky Harbour’s financial condition and results of operations. Sky Harbour’s management uses these non-GAAP financial measures for budgeting and planning purposes. Sky Harbour believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in comparing Sky Harbour’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP financial measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Sky Harbour’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which items of expense and income are excluded or included in determining these non-GAAP financial measures. You should review Sky Harbour’s financial statements included in Sky Harbour’s Annual Report on Form 10-K, filed with the SEC on March 27, 2025, and other documents of Sky Harbour has filed, or will file, with the SEC. A reconciliation of projected non-GAAP financial measures has not been provided as such reconciliation is not available without unreasonable efforts. Municipal Bond Offering Sky Harbour Capital LLC (the “Bond Borrower”), a subsidiary of Sky Harbour, raised capital through a municipal bond offering. That bond offering was made through a Preliminary Offering Statement (“POS”), which contained a number of disclosures regarding the Bond Borrower and its subsidiaries, which comprise the obligated group (the “Obligated Group”) for such bonds. The POS disclosure includes projections regarding the future business obligations of the Obligated Group and other disclosure pertaining to the Obligated Group. Because the POS disclosure has been drafted to convey information concerning only the Obligated Group, such disclosure should not be relied upon in making an investment decision regarding Sky Harbour.
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©2025 Sky Harbour Confidential and Proprietary TIM HERR Treasurer and SVP Finance PRESENTERS 3 MICHAEL SCHMITT Chief Accounting Officer TAL KEINAN Chief Executive Officer FRANCISCO GONZALEZ Chief Financial Officer TORI PETRO Accounting & Finance Manager
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©2025 Sky Harbour Confidential and Proprietary SG&A** (In millions) SKY HARBOUR GROUP CORP FINANCIAL RESULTS Construction Accelerating, Increasing Revenues 4 COST OF CONSTRUCTION AND CONSTRUCTED ASSETS (In millions) QUARTERLY REVENUES (In millions) OPERATING EXPENSES* (In millions) OPERATING RESULTS (In millions) NET CASH FLOW USED IN OPERATING ACTIVITIES (In millions) **SG&A represents Pursuit and marketing expenses, Employee compensation and benefits, and General and administrative expense lines In 10k *Expenses represent Campus operating expenses, Fuel expenses, and Ground lease expenses lines in 10k 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 -6 -5 -4 -3 -2 -1 0 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 0 50 100 150 200 250 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 -16 -14 -12 -10 -8 -6 -4 -2 0 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24
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©2025 Sky Harbour Confidential and Proprietary SG&A (In millions) SKY HARBOUR CAPITAL - PABS OBLIGATED GROUP Results Awaiting Expected Step Up in 2025 with Three New Campus Openings 5 COST OF CONSTRUCTION AND CONSTRUCTED ASSETS (In millions) QUARTERLY REVENUES (In millions) OPERATING EXPENSES (In millions) OPERATING RESULTS (In millions) NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES (In millions) 0 0.5 1 1.5 2 2.5 3 3.5 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 0 0.5 1 1.5 2 2.5 3 3.5 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 -1.4 -0.9 -0.4 0.1 0.6 1.1 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 0.0 0.2 0.4 0.6 0.8 1.0 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 0 50 100 150 200 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24
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©2025 Sky Harbour Confidential and Proprietary 6 ADJUSTED EBITDA Adjusted EBITDA defined as net income before: (i) depreciation and amortization expense (ii) interest expense (iii) interest income (iv) non-cash stock-based compensation expense (v) non-cash gains and losses resulting from the change in fair value of our liability-classified warrants (vi) non-cash operating lease expense (vii) non-cash operating lease income (viii) provision for income taxes (ix) Other non-cash expenses, including, but not limited to, the impairment of long-lived assets, gains or losses arising from the disposition of assets, losses on extinguishment of debt, and other non-cash non-operating expenses. *supplemental in nature and a financial measure not calculated in accordance with GAAP. FY'22 FY'23 FY'24 Q4'24 Net loss (13,678) (25,441) (53,683) (15,948) Add (subtract): Depreciation and amortization 695 2,278 2,706 789 Interest expense - 541 715 157 Interest income and realized gain from sales of available-for-sale securities (98) (737) (1,961) (162) Change in fair value of warrant liabilities (5,082) 8,644 34,515 10,585 Stock-based compensation 1,217 2,259 3,918 905 Non-cash operating lease expense 1,960 2,121 4,651 1,376 Non-cash operating lease income 10 (239) (109) (67) Adjusted EBITDA (14,976) (10,574) (9,248) (2,365) Commencement of Reporting of Quarterly and Annual Adjusted EBITDA
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©2025 Sky Harbour Confidential and Proprietary PABs 6 Operating 7 SITE ACQUISITION A c c e l e r a t e d A c q u i s i t i o n P a c e : S h o r t- T e r m I n v e s t m e n t D r i v e s L o n g- T e r m V a l u e Note: Revenue figures use forecasted rent and fuel revenues at airfields with existing ground leases. Sky Harbour Equivalent Rent (SHER), a measure of forecasted rent and fuel revenues, is used for future airfields. Available Revenue represents potential revenue in first full stabilized year of operations (stabilization defined as a completed airfield that has reach 95% occupancy). Important Note: All information in this presentation should be read in light of the information and disclaimers set forth on slides 1 through 2 of this presentation. $0mm $20mm $40mm $60mm $80mm $100mm $120mm $140mm $160mm $180mm $200mm Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May- 24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Q1 25 2025 Potential Revenue Opportunity at SHER Stabilization Pre – Q3 2023 Leases SGR, OPF, BNA, APA, DVT, ADS PWK BDL POU Airfield by Expected Lease Commencement Date SJC ORL 1st Obligated Group SWF IAD SLC #18 –23 CMA TTN BFI Construction Development Q4’24-Q1’25 Win 1 2 3 4 5 8 9 10 1112 1314 15 16 6 7 17
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©2025 Sky Harbour Confidential and Proprietary 8 DEVELOPMENT P r o j e c t C o m p l e t i o n U p d a t e The constructions starts and completions is intended to align with previous guidance regarding timing of future site acquisitions. While we seek additional airfields, any incremental fields acquired beyond such guidance are not reflected in the table above .Our projections associated with the commencement and completion of construction of our properties in development are inherently subjective and require judgement to estimate. We believe that our estimates of timelines are subject to variability based on various factors including, but not limited to, changes in anticipated site plans, hangar mix, hangar specifications, and general market conditions. Facility Completion Date Estimated Cost ($mm) Rentable Square Footage In Operation SGR Q4 2020 $10.50 66,080 BNA Q4 2022 25.7 149,069 OPF I Q1 2023 32 160,092 SJC Q1 2024 3 41,464 CMA Q4 2024 33 121,931 Under Construction DVT Q1 2025 51.3 - 56.6 134,270 APA Q1 2025 44.8 - 50.8 130,550 ADS Q1 2025 32.9 - 34.9 137,835 OPF II Q2 2026 34.1 - 38.6 155,100 In Permitting ADS II Q3 2026 21.5 - 25.2 116,420 APA II Q1 2028 34.3 - 38.3 107,135 BDL I Q3 2026 26.8 - 33.1 125,400 DVT II Q2 2028 34.6 - 38.6 123,646 IAD I Q1 2027 61.6 - 67.3 206,800 IAD II TBD TBD TBD ORL I Q4 2026 36.8 - 41.5 155,100 ORL II TBD TBD TBD POU I Q2 2026 29.6 - 33.1 103,400 POU II Q3 2027 14.8 - 16.5 51,700 PWK I Q2 2027 85.8 - 90.1 206,800 SJC II Q2 2027 21.0 - 24.0 28,235 SLC Q3 2026 44.9 - 49.7 206,800 TTN Q4 2026 44.4 - 49.6 171,300 Total $723.4 - $792.1 ~2,700,000
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©2025 Sky Harbour Confidential and Proprietary STRONG LIQUIDITY AND LOWER COST OF CAPITAL U.S. TREASURIES AND CASH (In thousands) SERIES 2021 BOND TRADING PERFORMANCE 9 ~$127.2 Million . * Yield on 4.25% Bond Due 2054 5.00% 5.20% 5.40% 5.60% 5.80% 6.00% 6.20% 6.40% 6.60% 6.80% 7.00% 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 $94,359 $32,803 Cash Treasuries
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©2025 Sky Harbour Confidential and Proprietary 10 GROWTH CAPITAL P I P E C l o s i n g , N Y S E U p l i s t i n g a n d U p c o m i n g D e b t I s s u a n c e • PIPE: $75.2 million proceeds at net purchase price of $9.50 • Upcoming Debt Issuance: $150 million Funded for ~800,000 square feet on 6-7 new phase 1 airport campuses Sources ($ in thousands) PIPE Closing $75,000 Excess SKYH Cash $15,000 Incremental Debt $150,000 Total $240,000 Uses ($ in thousands) Camarillo Acquisition $33,000 6-7 SKYH Phase 1s $207,000
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©2025 Sky Harbour Confidential and Proprietary 11 Revenue Capture Potential - 120,000+ RSF - Potential Stabilized Revenue: $4.0 million Demand Growth - Prime LA-area Market - Closure of Santa Monica Airport CAMARILLO (CMA) ACQUISITION
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©2025 Sky Harbour Confidential and Proprietary 12 Revenue Capture Potential - 156,000 RSF - Potential Stabilized Revenue: $8.0 million Demand Growth - Heavy repositioning airport serving NY market - Overflow of jets from primary airports TRENTON (TTN) – NEW GROUND LEASE
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©2025 Sky Harbour Confidential and Proprietary 13 Revenue Capture Potential - 90,000 RSF - Potential Stabilized Revenue: $3.0 million Demand Growth - Closest airport to downtown Seattle - Tech Sector Growth BOEING FIELD (BFI) – ASSUMED LEASEHOLD IMPROVEMENT & GL
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©2025 Sky Harbour Confidential and Proprietary Q4 HIGHLIGHTS 14 SITE ACQUISITION ▪ TTN Ground Lease Signed ▪ CMA Existing Hangar Facility Acquired ▪ BFI Hangars and Ground Lease Assumed 01 DEVELOPMENT ▪ DVT & ADS finishing completion and commencing operation ▪ APA set for delivery by spring 2025 ▪ 2 New projects targeted for delivery in early 2026 (ADS2 and OPF2) ▪ 14 additional project phases in development ▪ SH37 Prototype Design Complete 02 LEASING ▪ Initial leases signed in DVT & ADS ▪ APA under LOI pending CO ▪ Preleasing in negotiation for future space in OPF 2 and APA 2 ▪ Actual airport revenues exceeding forecasted revenues 03 OPERATIONS ▪ Camarillo integration ▪ Three new fields staff/equipment/SOP in place and commencing operations ▪ Industry-recognized service offering 04
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©2025 Sky Harbour Confidential and Proprietary NEXT TWELVE MONTHS 15 SITE ACQUISITION Maximize revenue capture ▪ Focus = Best fields in USA ▪ On course to meet 2025 acquisitions target 01 DEVELOPMENT Scaling ▪ Scaling program: ▪ Quality • Time ▪ Cost 02 LEASING Capitalize on growing Sky Harbour brand ▪ Top residents in the country ▪ Expose more people to Sky Harbour offering ▪ Cater to critical players in flight department ▪ Pilots, MX, S&D, Security Team 03 OPERATIONS Laser-focus on the Sky Harbour Resident ▪ Scaling operational footprint and capacity ▪ Best safety security and efficiency – shortest Time-to-Wheels-Up ▪ Value-enhancing services and partnerships 04 1 2 3 4 5 6 8 7 9 10 11 13 1214 15 16 17
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©2025 Sky Harbour Confidential and Proprietary QUESTIONS 16
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©2025 Sky Harbour Confidential and Proprietary 17 AV I AT I O N I N F R A S T R U C T U R E R E A L E S TAT E