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 2023 2nd quarter
Financial Results in Form 10-Q. Please see the following link to
access the filing:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001823587/000143774923023730/ysac20230630_10q.htm
Highlights of the results and other recent events are:
- Q2 2023 revenues increased 322% as compared to Q2 2022 and 56%
compared to Q1 2023
- SG&A expenses decreased 5% compared to Q2 2022
- Net cash flow used in operating activities during the six
months ended June 30, 2023 improved to $9.1 million from $24.3
million during the six months ended June 30, 2022.
- New executed hangar tenant lease rent at record level.
- The Company continues to maintain strong liquidity and capital
resources. As of June 30, 2023, cash, restricted cash, and US
Treasury investments amounted to approximately $150 million.
- The Company announced the completion of its acquisition of
pre-engineered metal building (PEMB) manufacturing company,
RapidBuilt.
- Houston, Nashville and Miami facilities are 94%, 64% and 71%
leased, respectively, as of August 14, 2023. The company projects
full occupancy by Q4 2023.
- Construction of phase 1 campuses in Phoenix and Denver are
underway and Addison (Dallas) Phase 1 is in pre-development, with
expected completion in March 2024, May 2024, and October 2024,
respectively. Please see the link below for the latest monthly
report as filed by Sky Harbour Capital LLC in MSRB/EMMA:
https://emma.msrb.org/P11686737-P11297634-P11728097.pdf
- Exclusive negotiations are underway for new ground leases at
six target airports.
- All of these are in key metro markets, with average projected
tenant rents expected to exceed those in our first six
campuses.
- The aggregate potential square footage of Sky Harbour hangar
capacity at these six airports is approximately 1.5 million square
feet.
- The Company expects that three of these ground leases will be
finalized by Q4 2023, with the other three finalized by Q2
2024.
- The new project pipeline continues to expand, and now includes
dozens of airports.
Following the acquisition of a controlling interest of
RapidBuilt on May 12, 2023, the Company moved expeditiously to
integrate its employees, operations, accounting, finance and
information technology. For the foreseeable future substantially
all of RapidBuilt’s activities will be dedicated to designing and
manufacturing the steel components of the Company’s new hangar
campuses.
Tal Keinan, Chairman and Chief Executive Officer, commented on
the Q2 results and other recent events:
“The Sky Harbour team’s energies remain focused on the dual
objectives of 1) maximizing unit economics and 2) aggressively
pursuing scale.
While unit economics have exceeded our projections, we have
faced headwinds from increases in construction and financing costs.
As our results suggest, these cost increases are more than offset
by rent inflation in the business aircraft storage space, which
remains pervasive across US metro markets. Still, the company is
implementing strategies to increase its control over factors that
drive unit economics. Vertical integration is one of these
strategies.
The site acquisition team continues to grow as the company's
project pipeline grows. The gestation period for a target airport,
from initial contact to win, has typically fallen between twelve
and 24 months. With several dozen site acquisition projects
commenced last year, new wins have begun to materialize, and all
phases of the pipeline have continued to expand. As the Company’s
offering is now tested in multiple markets, site acquisition is
increasingly focused on the country's top metro markets - defined
by prevailing rents. As per-square-foot development costs and
operating expenses vary across geographies within a relatively
tight range, tenant rents are the number one factor driving unit
economics.
Sky Harbour has become recognized by the top flight departments
in its markets as the best Home Basing offering in business
aviation. We believe this recognition has grown out of a thoughtful
integration between the best physical product and the best service
offering in business aviation. We continue to invest in growing a
team of the highest caliber, in pursuit of constant refinement and
improvement, with the intention of leading our space for years to
come.”
Sky Harbour will host a live conference call and concurrent
webcast at 4:30 p.m. ET on August 15, 2023. To join the webcast,
please use the following link:
https://events.q4inc.com/attendee/150507316
For audio-only conference call, please use the following
participant details: Toll-Free Dial-In Number: 1 (888) 660-6739
Toll Dial-In Number: 1 (929) 203-0875 Conference ID: 3259957
Please note that questions may only be submitted in writing
during the webcast through the platform link above.
About Sky Harbour Group Corporation
Sky Harbour Group Corporation is an aviation infrastructure
company developing the first nationwide network of Home-Basing
campuses for business aircraft. The company develops, leases and
manages general aviation hangars across the United States. Sky
Harbour’s Home-Basing offering aims to provide private and
corporate customers with the best physical infrastructure in
business aviation, coupled with dedicated service tailored to based
aircraft, offering the shortest time to wheels-up in business
aviation. To learn more, visit www.skyharbour.group.
Forward Looking Statements
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995,
including statements about the financial condition, results of
operations, earnings outlook and prospects of SHG may include
statements for the period following the consummation of the
business combination. When used in this press release, the words
“plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,”
“estimate,” “forecast,” “project,” “continue,” “could,” “may,”
“might,” “possible,” “potential,” “predict,” “should,” “would” and
other similar words and expressions (or the negative versions of
such words or expressions) are intended to identify forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking. The forward-looking statements
are based on the current expectations of the management of SHG as
applicable and are inherently subject to uncertainties and changes
in circumstances and their potential effects and speak only as of
the date of such statement. There can be no assurance that future
developments will be those that have been anticipated. These
forward-looking statements involve a number of risks, uncertainties
or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, those discussed and identified in the
public filings made or to be made with the SEC by SHG, including
the filings described above, regarding the following: expectations
regarding SHG’s strategies and future financial performance,
including its future business plans, expansion plans or objectives,
prospective performance and opportunities and competitors,
revenues, products and services, pricing, operating expenses,
market trends, liquidity, cash flows and uses of cash, capital
expenditures, and SHG’s ability to invest in growth initiatives;
SHG’s ability to scale and build the hangars currently under
development or planned in a timely and cost-effective manner; the
implementation, market acceptance and success of SHG’s business
model and growth strategy; the success or profitability of SHG’s
hangar facilities; SHG’s future capital requirements and sources
and uses of cash; SHG’s ability to obtain funding for its
operations and future growth; developments and projections relating
to SHG’s competitors and industry; the ability to recognize the
anticipated benefits of the business combination; geopolitical risk
and changes in applicable laws or regulations; the possibility that
SHG may be adversely affected by other economic, business, and/or
competitive factors; operational risk; risk that the COVID-19
pandemic, and local, state, and federal responses to addressing the
pandemic may have an adverse effect on SHG’s business operations,
as well as SHG’s financial condition and results of operations.
Should one or more of these risks or uncertainties materialize or
should any of the assumptions made by the management of SHG prove
incorrect, actual results may vary in material respects from those
projected in these forward-looking statements. SHG undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230814826523/en/
Investor Relations: investors@skyharbour.group Attn: Francisco
X. Gonzalez, CFO
Sky Harbour (AMEX:SKYH)
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