SKYH on NYSE

Sky Harbour Group Corp

In its 2026 annual report the company says: “We are an aviation infrastructure development company building the first nationwide network of Home Base Operator campuses designed exclusively for business aircraft. We develop, lease and manage general aviation hangars across the United States, targeting airfields in markets with significant based aircraft populations and high hangar demand. Our HBO campuses feature private and semi-private hangars and a full suite of dedicated services specifically optimized for home based, versus transient, aircraft.”6 It is headquartered in Lewes, United States.2 Its shares trade on NYSE under the symbol SKYH.2

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Last updated Oct 20, 2026.

Overview

$27.5MRevenue, fiscal 20253
$18.8MNet income, fiscal 20253

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  • TickerSKYH on NYSE2
  • IndustryReal Estate2
  • HeadquartersLewes, United States2
  • Incorporated inDE4
  • Business address1601 Dodge Street, Suite 3300, Omaha, Ne 681024
  • Filer categoryNon-accelerated filer, Smaller reporting company4
  • Legal formCorporation2
  • Kind of organizationReal estate vehicle2
  • LEI529900VNWUGXETEP2I382
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o HARVARD BUSINESS SERVICES, INC., 16192 COASTAL HWY, 19958 Lewes, United States2
  • Registered withDivision of Corporations, Department of State, 35217812

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We are an aviation infrastructure development company building the first nationwide network of Home Base Operator (“HBO”) campuses designed exclusively for business aircraft. We develop, lease and manage general aviation hangars across the United States, targeting airfields in markets with significant based aircraft populations and high hangar demand. Our HBO campuses feature private and semi-private hangars and a full suite of dedicated services specifically optimized for home based, versus transient, aircraft.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-101.8%Operating margin3
68.3%Net margin3
86.6%Revenue growth, 20253
10.9%Return on equity3
1.09×Debt to equity3
-$11.8MFree cash flow3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs32¢$8.7M
  • Profit68¢$18.8M

Out of $27.5M in revenue.3

Financial statements

Revenue7893$27.5M in 2025+1645% since 2021
0$10.0M$20.0M$30.0M2021: $1.6M$1.6M20212022: $1.8M$1.8M2022+17%2023: $7.6M$7.6M2023+311%2024: $14.8M$14.8M2024+95%2025: $27.5M$27.5M2025+87%
Operating income10893-$28.0M in 2025
-$30.0M-$20.0M-$10.0M0$10.0M2021: $2.9M$2.9M20212022: -$18.9M-$18.9M20222023: -$17.0M-$17.0M2023−10%2024: -$20.4M-$20.4M2024+20%2025: -$28.0M-$28.0M2025+37%
Net income7893$18.8M in 2025
-$60.0M-$40.0M-$20.0M0$20.0M2021: -$13.6M-$13.6M20212022: -$3.2M-$3.2M2022−77%2023: -$16.2M-$16.2M2023+408%2024: -$45.2M-$45.2M2024+180%2025: $18.8M$18.8M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2025-12-312024-12-31
Total revenue$27.5M$14.8M
Campus operating expenses$8.7M$4.0M
Fuel expenses$3.3M$555.0K
Ground lease expenses$13.5M$8.6M
Depreciation and amortization$6.3M$2.7M
Pursuit and marketing expenses$2.3M$2.0M
Employee compensation and benefits$17.3M$13.9M
General and administrative expenses$4.3M$3.5M
Total expenses$55.6M$35.2M
Operating loss-$28.0M-$20.4M
Interest expense, net of capitalized interest$1.4M$715.0K
Other (income) expense-$846.0K-$2.0M
Unrealized (gain) loss on warrants-$35.9M$34.5M
Total other (income) expense-$35.3M$33.3M
Net income (loss)$7.3M-$53.7M
Net loss attributable to non-controlling interests-$11.5M-$8.5M
Net income (loss) attributable to Sky Harbour Group Corporation shareholders$18.8M-$45.2M
Basic (in dollars per share)$0.56-$1.76
Diluted (in dollars per share)$0.09-$1.76
Basic (in shares)33.8M shares25.7M shares
Diluted (in shares)77.8M shares25.7M shares

Compare Sky Harbour Group Corp with another company

Corporate structure

Sky Harbour Group Corp sits at the top of its group. 45 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Sky Harbour Group Corp

  • Raga Partners LP Filed SCHEDULE 13G on Sky Harbour Group Corp, latest Jun 4, 2026
  • Altai Capital Management, L.P. Filed SC 13G/A on Sky Harbour Group Corp, latest Jun 3, 2024 (3 filings since Dec 8, 2023)
  • Hudson Bay Capital Management LP Filed SC 13G/A on Sky Harbour Group Corp, latest Feb 13, 2023
  • HIGHBRIDGE CAPITAL MANAGEMENT LLC Filed SC 13G/A on Sky Harbour Group Corp, latest Jan 25, 2023 (2 filings since Feb 11, 2022)
  • Karpus Management, Inc. Filed SC 13G/A on Sky Harbour Group Corp, latest Mar 10, 2022 (2 filings since Feb 14, 2022)
  • Alpha Wave Global, LP Filed SC 13G on Sky Harbour Group Corp, latest Feb 14, 2022
  • GLAZER CAPITAL, LLC Filed SC 13G/A on Sky Harbour Group Corp, latest Feb 14, 2022
  • BASSO CAPITAL MANAGEMENT, L.P. Filed SC 13G/A on Sky Harbour Group Corp, latest Feb 11, 2022
  • Polar Asset Management Partners Inc. Filed SC 13G/A on Sky Harbour Group Corp, latest Feb 11, 2022
  • Tal Keinan Filed SC 13D on Sky Harbour Group Corp, latest Feb 4, 2022
  • Lawrence Feis Filed SC 13G/A on Sky Harbour Group Corp, latest Jan 26, 2022 (2 filings since Nov 24, 2021)
  • Sky Harbour Group Corp Lewes, Delaware, United States
    • Addison Hangars LLC Subsidiary · Delaware, United States
    • APA Hangars II LLC Subsidiary · Delaware, United States
    • APA Hangers LLC Subsidiary · Delaware, United States
    • Ascend Aviation Holdings LLC Subsidiary · Delaware, United States
    • Ascend Aviation Services LLC Subsidiary · Delaware, United States
    • BDL Hangars LLC Subsidiary · Delaware, United States
    • BFI Development LLC Subsidiary · Delaware, United States
    • CloudNine at Camarillo LP Subsidiary · California, United States
    • CMA CloudNine Holdings LLC Subsidiary · Delaware, United States
    • CMA Sky 805 Holdings LLC Subsidiary · Delaware, United States
    • DAL Development LLC Subsidiary · Delaware, United States
    • DVT Hangars LLC Subsidiary · Delaware, United States
    • HIO Development LLC Subsidiary · Delaware, United States
    • IAD Hangars LLC Subsidiary · Delaware, United States
    • LGB Development LLC Subsidiary · Delaware, United States
    • Nashville Hangars LLC Subsidiary · Delaware, United States
    • OPF Hangars Landlord LLC Subsidiary · Delaware, United States
    • Overflow Ltd Subsidiary · Texas, United States
    • POU Development LLC Subsidiary · Delaware, United States
    • PWK Hangars LLC Subsidiary · Delaware, United States
    • RBD Development LLC Subsidiary · Delaware, United States
    • SHOLA, LLC Subsidiary · Delaware, United States
    • SHSLA, LLC Subsidiary · Delaware, United States
    • SJC Hangars LLC Subsidiary · Delaware, United States
    • Sky 805 LLC Subsidiary · California, United States
    • and 19 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Sky Harbour Group Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$178.0M3 Dec 31, 2025$147.8M3 Dec 31, 2024+20.4%

Investments

ItemLatestA year beforeChange
Debt securities available for sale$03 Dec 31, 2025$19.0M3 Dec 31, 2024−100.0%
Debt securities held to maturity$11.5M3 Dec 31, 2025$13.8M3 Dec 31, 2024−17.1%

Properties, in its own words

We currently maintain our executive office at 136 Tower Road, Suite 205, Westchester County Airport, White Plains, NY 10604 under a lease agreement. We consider our current office space adequate for our current operations. The information set forth under the caption “Our Properties” in Item 1 of this Report is incorporated by reference herein.

Item 2 of the 10-K filed Mar 19, 2026.6

Leadership

Who has led Sky Harbour Group Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Adam K. Peterson2020
  2. Alexander Buffett Rozek2020
  3. Tal Keinan2022–now

Chair

  1. Adam K. Peterson2020
  2. Alexander Buffett Rozek2020

Chief financial officer

  1. Joshua Paul Weisenburger2020
  2. Francisco Gonzalez2022–now

Chief operating officer

  1. Alex Saltzman2022–2023
  2. Willard Whitesell2024–now
2025
Board members and other officers (13)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerMichael W. Schmitt named Sep 1, 202234
  • DirectorWalter Jackson named Sep 1, 202234

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • APA Hangars II LLC Delaware5
  • APA Hangers LLC Delaware5
  • Addison Hangars LLC Delaware5
  • Ascend Aviation Holdings LLC Delaware5
  • Ascend Aviation Services LLC Delaware5
  • BDL Hangars LLC Delaware5
  • BFI Development LLC Delaware5
  • CMA CloudNine Holdings LLC Delaware5
  • CMA Sky 805 Holdings LLC Delaware5
  • CloudNine at Camarillo LP California5
  • DAL Development LLC Delaware5
  • DVT Hangars LLC Delaware5
  • HIO Development LLC Delaware5
  • IAD Hangars LLC Delaware5
  • LGB Development LLC Delaware5
  • Nashville Hangars LLC Delaware5
  • OPF Hangars Landlord LLC Delaware5
  • Overflow Ltd Texas5
  • POU Development LLC Delaware5
  • PWK Hangars LLC Delaware5
  • RBD Development LLC Delaware5
  • SHOLA, LLC Delaware5
  • SHSLA, LLC Delaware5
  • SJC Hangars LLC Delaware5
All 44 listed subsidiaries
  • SLC Development LLC Delaware5
  • SWF Development LLC Delaware5
  • Sky 805 LLC California5
  • Sky Harbour Capital II LLC Delaware5
  • Sky Harbour Capital III LLC Delaware5
  • Sky Harbour Capital LLC Delaware5
  • Sky Harbour Florida Holdings, LLC Delaware5
  • Sky Harbour Holdings II LLC Delaware5
  • Sky Harbour Holdings III LLC Delaware5
  • Sky Harbour Holdings IV LLC Delaware5
  • Sky Harbour Holdings LLC Delaware5
  • Sky Harbour LLC Delaware5
  • Sky Harbour National Holdings LLC Delaware5
  • Sky Harbour Opa Locka Airport, LLC Delaware5
  • Sky Harbour Services, LLC Delaware5
  • Sky Harbour Sugar Land Airport, LLC Delaware5
  • Stratus Building Systems Inc. Texas5
  • TTN Development LLC Delaware5
  • Weatherford Steel Buildings GP LLC Delaware5
  • Weatherford Steel Buildings Holdings LLC Delaware5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Yellowstone Acquisition CoSep 10, 2020 to Jan 25, 20224

Timeline

  1. Aug 26, 20268-K Other events35
  2. Aug 21, 20268-K Regulation FD disclosure; Other events36
  3. Aug 20, 20268-K Regulation FD disclosure37
  4. Aug 12, 20268-K Results of operations38
  5. Aug 12, 20268-K Entered a material agreement39
  6. Jul 6, 20268-K Entered a material agreement; New debt or obligation40
  7. Jun 23, 20268-K Executive or director change; Shareholder vote41
  8. May 14, 20268-K Results of operations42
  9. Mar 19, 20268-K Results of operations43
  10. Feb 18, 20268-K Entered a material agreement; New debt or obligation44
  11. Feb 4, 20268-K Other events45
  12. Jan 29, 20268-K Regulation FD disclosure46
  13. Jan 27, 2022New chief executive Tal Keinan becomes CEO15
  14. Oct 21, 2020New chief executive Alexander Buffett Rozek becomes CEO17
  15. Oct 21, 2020New chief executive Adam K. Peterson becomes CEO16
  16. Aug 25, 2020Founded Sky Harbour Group Corp is founded2

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.06) a share, on Nov 12, 2025.47

When it reported results

  1. Aug 12, 2026Reported quarterly or annual results38
  2. May 14, 2026Reported quarterly or annual results42
  3. Mar 19, 2026Reported quarterly or annual results43
  4. Nov 12, 2025Reported quarterly or annual results48
  5. Aug 12, 2025Reported quarterly or annual results49
  6. May 13, 2025Reported quarterly or annual results50
  7. Mar 27, 2025Reported quarterly or annual results51
  8. Nov 12, 2024Reported quarterly or annual results52

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

324 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 66 major events, 111 insider forms, 23 large holders, 1 private raises, 102 other. The latest 20:

  1. Oct 5, 20264 EDGAR
  2. Oct 2, 20264 EDGAR
  3. Oct 1, 20264 EDGAR
  4. Sep 14, 20264 EDGAR
  5. Aug 26, 20268-K EDGAR
  6. Aug 26, 2026424B5 EDGAR
  7. Aug 21, 20268-K EDGAR
  8. Aug 20, 20268-K EDGAR
  9. Aug 19, 20264 EDGAR
  10. Aug 18, 20264 EDGAR
  11. Aug 13, 2026SCHEDULE 13D/A EDGAR
  12. Aug 13, 20264 EDGAR
  13. Aug 12, 20268-K EDGAR
  14. Aug 12, 2026424B5 EDGAR
  15. Aug 12, 20268-K EDGAR
  16. Aug 12, 202610-Q EDGAR
  17. Jul 6, 20268-K EDGAR
  18. Jun 23, 20268-K EDGAR
  19. Jun 4, 2026SCHEDULE 13G EDGAR
  20. May 22, 20264 EDGAR

The 324 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

61 open-market trades by officers, directors and large owners since October 2021: 9 buys and 52 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 11, 2026Gonzalez FranciscoChief Financial OfficerBuy1,000$10.08$10.1KForm 4
Aug 18, 2026Gonzalez FranciscoChief Financial OfficerBuy1,000$10.05$10.1KForm 4
Aug 14, 2026GESSOW ANDREW JDirectorBuy5,000$10.85$54.2KForm 4
Aug 11, 2026BOSTON OMAHA Corp10% ownerSale360,000$10.00$3.6MForm 4
May 20, 2026GESSOW ANDREW JDirectorBuy5,000$8.95$44.8KForm 4
May 18, 2026Keinan TalChief Executive OfficerBuy100$8.76$876Form 4
Apr 6, 2026BOSTON OMAHA Corp10% ownerSale331,500$9.05$3.0MForm 4
May 30, 2025BOSTON OMAHA Corp10% ownerSale52,839$10.30$544.2KForm 4
May 29, 2025BOSTON OMAHA Corp10% ownerSale18,291$10.79$197.4KForm 4
May 28, 2025BOSTON OMAHA Corp10% ownerSale12,136$10.69$129.7KForm 4
May 27, 2025BOSTON OMAHA Corp10% ownerSale11,198$10.07$112.8KForm 4
May 23, 2025BOSTON OMAHA Corp10% ownerSale24,322$10.81$262.9KForm 4
May 22, 2025BOSTON OMAHA Corp10% ownerSale19,024$10.87$206.8KForm 4
May 21, 2025BOSTON OMAHA Corp10% ownerSale701$11.28$7.9KForm 4
May 20, 2025BOSTON OMAHA Corp10% ownerSale3,842$11.68$44.9KForm 4
May 19, 2025BOSTON OMAHA Corp10% ownerSale31,197$11.85$369.7KForm 4
Apr 28, 2025BOSTON OMAHA Corp10% ownerSale13,691$10.88$149.0KForm 4
Apr 25, 2025BOSTON OMAHA Corp10% ownerSale15,383$10.95$168.4KForm 4
Apr 24, 2025BOSTON OMAHA Corp10% ownerSale12,084$11.10$134.1KForm 4
Apr 23, 2025BOSTON OMAHA Corp10% ownerSale6,295$11.07$69.7KForm 4

All 61 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Francisco X. GonzalezChief Financial Officer58$400.0K$4.4M64
2025Tal KeinanFounder and Chief Executive Officer56$880.0K$2.5M64
2025Michael W. SchmittChief Accounting Officer40$325.0K$912.3K64
2024Francisco X. GonzalezChief Financial Officer58$385.0K$4.8M64
2024Tal KeinanFounder and Chief Executive Officer56$880.0K$1.7M64

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 18, 2022Raised $113,750 in a private offering of equity Form D: $46 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 86. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.2,294,357$22.6M0.0%+168,536
Caprock Group, LLC1,319,661$13.0M0.2%−33,745
8VC Opportunities GP II, LLC1,133,318$11.2M1.4%New
Vanguard Capital Management LLC935,697$9.2M0.0%+7,872
State Street Corp664,388$6.5M0.0%+35,739
Mariner, LLC641,334$6.3M0.0%+250
Geode Capital Management, LLC560,670$5.5M0.0%+29,091
AYAL Capital Advisors Ltd424,592$4.2M2.1%No change
Lawson Kroeker Investment Management Inc/ne280,089$2.8M0.8%+7,770
Meixler Investment Management, Ltd.270,403$2.7M1.5%−1,349
Bank Of America Corp /de/233,604$2.3M0.0%−140,417
UBS Group AG210,428$2.1M0.0%+138,170
First Manhattan Co. Llc.190,572$1.9M0.0%+6,808
Northern Trust Corp184,894$1.8M0.0%+16,665
Oasis Management Co Ltd.178,198$1.8M0.2%New
Vanguard Fiduciary Trust Co169,266$1.7M0.0%+9,447
Vanguard Portfolio Management LLC154,401$1.5M0.0%+27,857
RMR Capital Management, LLC131,468$1.3M0.9%+10,000
Morgan Stanley105,110$1.0M0.0%+20,646
Squarepoint Ops LLC100,888$992.7K0.0%+45,349
Yorkville Advisors Global, LP90,000$885.6K1.0%No change
Charles Schwab Investment Management Inc65,850$648.0K0.0%+8,147
Security National Bank52,038$512.1K0.1%No change
Bank of New York Mellon Corp47,996$472.3K0.0%+3,110
Goldman Sachs Group Inc46,304$455.6K0.0%−12,151

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Sky Harbour Group Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSky Harbour Group Corp1
  • CIK0001823587
  • Employer ID (EIN)85-27329476
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 311
  • Industry code (SIC)6500 Real Estate1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address1601 Dodge Street, Suite 3300, Omaha, NE 681021
  • Phone(402) 225-65111
  • Shares outstanding34,114,924 Common Class A shares; 42,046,356 Common Class B shares as of Mar 12, 20266
  • Public float$201.2M as of Jun 30, 20256
  • AuditorEISNERAMPER LLP, Iselin, New Jersey PCAOB ID 274; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceSep 10, 20201
  • Filings385 in all: 4 (107), 8-K (71), 424B3 (21), 3 (20), 10-Q (18), CORRESP (17), UPLOAD (15), DEFA14A (12)1
    All 39 form types

    SC 13G/A (12), SC 13G (11), EFFECT (8), 10-K (6), S-1/A (6), 144 (5), 424B5 (5), DEF 14A (5), 8-A12B (4), CERT (4), S-1 (4), SCHEDULE 13D/A (4), 25 (3), POS EX (3), S-3 (3), 8-K/A (2), PRER14A (2), SC 13D (2), SC 13D/A (2), SCHEDULE 13G (2), 10-K/A (1), 10-Q/A (1), 25-NSE (1), 424B4 (1), D (1), DEFM14A (1), DRS (1), NT 10-Q (1), POS AM (1), PREM14A (1), S-8 (1)

  • Latest filingsAnnual report (10-K) Mar 19, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Aug 26, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, par value $0.0001 per shareSKYHNew York Stock Exchange
Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per shareSKYH WSNew York Stock Exchange

From the cover page of the 10-K filed Mar 19, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Sky Harbour Group Corp names in Item 1A of its 10-K filed Mar 19, 2026: 49 risks under these headings, as written.6

  • Risks Relating to Our Business
  • Our growth depends in part upon our ability to enter into new ground leases at airports, and we may be unsuccessful in identifying and consummating attractive new ground leases or taking advantage of other investment opportunities, which would impede our growth and materially and adversely affect our business and results of operations.
  • Our ability to meet our obligations under our ground leases and our indebtedness is dependent on our ability to enter into and collect lease payments from tenants.
  • We have a substantial amount of indebtedness outstanding, which may expose us to the risk of default under our debt obligations and restrict our operations and our ability to grow our business and revenues.
  • Secured debt obligations, including those under the Series 2021 Bonds, the Term Loan Facility, and the Series 2026 Bonds, expose us to the possibility of defaults and cross-defaults, as well as foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt.
  • Our growth will depend on our access to external sources of capital, and our ability to obtain financing or access capital markets may be limited.
  • Increases in market interest rates or unavailability of additional indebtedness may make it difficult for us to finance or refinance our debt, which could have a material adverse effect on our financial condition, results of operations and growth prospects.
  • Adverse economic conditions and dislocations in the credit markets could have a material adverse effect on our financial condition, results of operations, cash flow, and ability to service our debt and ground lease obligations.
  • We have in the past and may again in the future be required to record impairment charges to future earnings if our long-lived assets become impaired.
  • The industry in which we operate is subject to significant competition and our failure to effectively compete could have a material adverse effect on our business and results of operations.
  • The growth and success of our business is subject to our ability to market, attract, and retain tenants.
  • Our capital projects are subject to uncertainties, including the possibility of delays, cost overruns, and inflation, which could have a material adverse effect on our business, results of operations and market reputation.
The other 38 risks
  • The production of our hangar buildings is subject to design and construction defects, product liability, and other claims that could be significant and costly, which may delay our construction projects and could have a material adverse effect on our business and results of operations.
  • Failure to adequately maintain our home base operator campuses or the integrity of our fuel supplies may have a material adverse impact on the revenue or market share of one or more of our home base operator campuses, resulting in a decline in operations of the business.
  • The growth and success of our business is dependent on the continued service of certain key employees and the ability to recruit and retain new employees.
  • We have identified material weaknesses in the past. We may identify additional material weaknesses in the future that may cause us to fail to meet our reporting obligations or result in material misstatements of our financial statements. If we fail to remediate any material weaknesses or if we otherwise fail to establish and maintain effective control over financial reporting, our ability to accurately and timely report our financial results could be adversely affected.
  • We conduct substantially all of our operations under ground leases, which grant significant rights to airport authorities as our direct or ultimate landlord. The termination for cause of one or more of the ground leases would adversely affect our business and results of operations significantly.
  • Because we do not directly own the sites we lease, we may not be able to liquidate real estate investments in order to meet liquidity needs.
  • We may be unable to renew ground leases, lease vacant space or re-lease space as leases expire, or renewing existing leases may require significant concessions, inducements and/or capital expenditures.
  • Failure to succeed in new markets may have adverse consequences.
  • Our business and results of operations is dependent on tenants satisfying their obligations under tenant leases, which may be subject to default or termination.
  • Our business and results of operations may be materially adversely affected by a default under a ground lease or the bankruptcy of a subsidiary.
  • The lack of accurate and reliable industry data can result in unfavorable strategic planning, mergers and acquisitions, and macro pricing decisions.
  • We are subject to extensive governmental regulations that could require significant expenditures. Regulators, such as the TSA, have and may again consider regulations that could impair the relative convenience of general aviation and adversely affect demand for our services.
  • Compliance or failure to comply with the ADA and other regulations could result in substantial costs.
  • Potential limitation of tax-exemption of interest on private activity bonds could impact the debt funding of Sky for future projects or significantly increase our cost.
  • Uninsured losses or a loss in excess of insured limits could adversely affect our business and results of operations.
  • A major health or safety incident could adversely affect our business and results of operations and could be costly in terms of reputational damage.
  • We may not be able to rebuild our properties to their existing specifications if we experience a substantial or comprehensive loss of such properties.
  • An epidemic, pandemic, or similar public threat, and the measures that federal, state, and local governments and other authorities implement to address it could have a material adverse effect on our business and results of operations.
  • Our properties are subject to environmental risks that may impact our future profitability.
  • We are exposed to the potential impacts of future climate change and climate change-related risks.
  • Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information, misappropriation of assets and/or damage to our business relationships, all of which could negatively impact our business and results of operations.
  • The use of artificial intelligence presents risks and challenges that may adversely impact our business and operating results or that of our tenants.
  • Risks Relating to Our Organization and Structure
  • We are a “controlled company” within the meaning of the New York Stock Exchange listing standards and, as a result, qualify for, and rely on, exemptions from certain corporate governance requirements. You do not have the same protections afforded to stockholders of companies that are subject to such requirements.
  • The Existing Sky Equityholders control the direction of our business, and the concentrated ownership of Common Stock prevent you and other stockholders from influencing significant decisions.
  • Provisions in our Bylaws and Delaware law may have the effect of discouraging lawsuits against our directors and officers.
  • We qualify as a “smaller reporting company” within the meaning of the Exchange Act, and we take advantage of certain exemptions from disclosure requirements available to smaller reporting companies, and as such, it could make our securities less attractive to investors and may make it more difficult to compare our performance to the performance of other public companies.
  • Because members of our senior management team hold most or all of their economic interest in Sky through other entities, conflicts of interest may arise between them and holders of shares of Class A Common Stock or us.
  • The requirements of being a public company may strain our resources and divert management’s attention.
  • Risks Relating to Tax
  • Our only principal asset is our interest in Sky, and accordingly we will depend on distributions from Sky to pay dividends, taxes, other expenses, and make any payments required to be made by us under the Tax Receivable Agreement.
  • The Tax Receivable Agreement requires us to make cash payments to the TRA Holders in respect of certain tax benefits and such payments may be substantial. In certain cases, payments under the Tax Receivable Agreement may (i) exceed any actual tax benefits the Tax Group realizes or (ii) be accelerated.
  • We could be adversely affected by changes in applicable tax laws, regulations, or administrative interpretations thereof in the United States or other jurisdictions.
  • Risks Relating to Our Common Stock and Warrants
  • The market price of Class A Common Stock and Public Warrants has been and may continue to be extremely volatile, which could cause purchasers of our securities to incur substantial losses.
  • Our dual class structure may have a negative impact on the market price of Class A Common Stock.
  • The outstanding Warrants are exercisable for shares of Class A Common Stock and common units in Sky may be redeemed for Class A Common Stock. The exercise of these outstanding Warrants will increase the number of shares eligible for future resale in the public market and result in dilution to our stockholders.
  • We do not intend to pay cash dividends for the foreseeable future.
  • If analysts do not publish research about our business or if they publish inaccurate or unfavorable research, our stock price and trading volume could decline.
  • Substantial sales of our Class A Common Stock may suppress the stock price of our Class A Common Stock and may cause dilution.
  • We may be subject to securities litigation, which is expensive and could divert management attention.

Legal proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us or any of our officers or directors in their corporate capacity.

The opening of Item 3, Legal Proceedings.6

Sources

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