Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 18, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001823587 | ||
Entity Registrant Name | Sky Harbour Group Corporation | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-39648 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 85-2732947 | ||
Entity Address, Address Line One | 136 Tower Road, Suite 205 | ||
Entity Address, City or Town | White Plains | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10604 | ||
City Area Code | 212 | ||
Local Phone Number | 554-5990 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9,414,951 | ||
Auditor Firm ID | 274 | ||
Auditor Name | EISNERAMPER LLP | ||
Auditor Location | New York, New York | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 42,046,356 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | ||
Trading Symbol | SKYH | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 24,375,122 | ||
Warrant [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share | ||
Trading Symbol | SKYH WS | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash | $ 60,257 | $ 2,174 |
Restricted cash | 12,009 | 39,222 |
Investments | 11,866 | 24,895 |
Restricted investments | 88,213 | 114,648 |
Prepaid expenses and other assets | 6,003 | 4,448 |
Right-of-use assets | 70,527 | 56,716 |
Total assets | 402,199 | 331,204 |
Liabilities and equity | ||
Accounts payable, accrued expenses and other liabilities | 16,740 | 14,184 |
Operating lease liabilities | 69,437 | 53,531 |
Bonds payable, net of debt issuance costs and premiums | 162,420 | 162,210 |
Loans payable and finance lease liabilities | 9,311 | 0 |
Warrants liability | 12,045 | 2,904 |
Total liabilities | 269,953 | 232,829 |
Commitments and contingencies (Note 17) | ||
Stockholders’ equity | ||
Preferred stock; $0.0001 par value; 10,000,000 shares authorized as of December 31, 2023; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 88,198 | 29,560 |
Accumulated deficit | (19,361) | (3,184) |
Accumulated other comprehensive income (loss) | 312 | (102) |
Total Sky Harbour Group Corporation stockholders’ equity | 69,155 | 26,279 |
Non-controlling interests | 63,091 | 72,096 |
Total equity | 132,246 | 98,375 |
Total liabilities and equity | 402,199 | 331,204 |
Common Class A [Member] | ||
Stockholders’ equity | ||
Common stock | 2 | 1 |
Common Class B [Member] | ||
Stockholders’ equity | ||
Common stock | 4 | 4 |
Construction in Progress [Member] | ||
Assets | ||
Property, Plant and Equipment, Net | 64,212 | 48,242 |
Asset under Construction [Member] | ||
Assets | ||
Property, Plant and Equipment, Net | 77,283 | 39,709 |
Equipment and Software [Member] | ||
Assets | ||
Property, Plant and Equipment, Net | $ 11,829 | $ 1,150 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | |
Preferred stock, shares authorized (in shares) | 10,000,000 | |
Preferred stock, shares issued (in shares) | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 24,165,523 | 14,962,831 |
Common stock, shares outstanding (in shares) | 24,165,523 | 14,962,831 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 42,046,356 | 42,192,250 |
Common stock, shares outstanding (in shares) | 42,046,356 | 42,192,250 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue: | ||
Rental revenue | $ 7,575 | $ 1,845 |
Total revenue | 7,575 | 1,845 |
Expenses: | ||
Operating | 7,168 | 5,046 |
Depreciation | 2,278 | 695 |
Loss on impairment of long-lived assets | 0 | 248 |
General and administrative | 15,122 | 14,714 |
Total expenses | 24,568 | 20,703 |
Operating Loss | (16,993) | (18,858) |
Other (income) expense: | ||
Interest expense, net of capitalized interest | 541 | 0 |
Other (income) expense | (737) | (98) |
Unrealized loss (gain) on warrants | 8,644 | (5,082) |
Total other (income) expense | 8,448 | (5,180) |
Net loss | (25,441) | (13,678) |
Net loss attributable to non-controlling interests | (9,264) | (10,494) |
Net loss attributable to Sky Harbour Group Corporation shareholders | $ (16,177) | $ (3,184) |
Loss per share | ||
Basic (in dollars per share) | $ (0.98) | $ (0.23) |
Diluted (in dollars per share) | $ (0.98) | $ (0.23) |
Weighted average shares | ||
Basic (in shares) | 16,456 | 13,965 |
Diluted (in shares) | 16,456 | 13,965 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net loss | $ (25,441) | $ (13,678) |
Other comprehensive loss, before related income taxes: | ||
Unrealized gains (losses) on available-for-sale securities | 684 | (102) |
Total other comprehensive loss | $ (24,757) | $ (13,780) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Prior to Recapitalization [Member] Preferred Stock [Member] Series B Preferred Stock [Member] | Prior to Recapitalization [Member] Common Stock [Member] Common Class A [Member] | Prior to Recapitalization [Member] Common Stock [Member] Common Class B [Member] | Prior to Recapitalization [Member] Additional Paid-in Capital [Member] | Prior to Recapitalization [Member] Retained Earnings [Member] | Prior to Recapitalization [Member] AOCI Attributable to Parent [Member] | Prior to Recapitalization [Member] Parent [Member] | Prior to Recapitalization [Member] Members Equity [Member] | Prior to Recapitalization [Member] Noncontrolling Interest [Member] | Prior to Recapitalization [Member] | After Recapitalization [Member] Preferred Stock [Member] Series B Preferred Stock [Member] | After Recapitalization [Member] Common Stock [Member] Common Class A [Member] | After Recapitalization [Member] Common Stock [Member] Common Class B [Member] | After Recapitalization [Member] Additional Paid-in Capital [Member] | After Recapitalization [Member] Retained Earnings [Member] | After Recapitalization [Member] AOCI Attributable to Parent [Member] | After Recapitalization [Member] Parent [Member] | After Recapitalization [Member] Members Equity [Member] | After Recapitalization [Member] Noncontrolling Interest [Member] | After Recapitalization [Member] | Preferred Stock [Member] Series B Preferred Stock [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Members Equity [Member] | Noncontrolling Interest [Member] | Total |
Common stock, outstanding (in shares) at Dec. 31, 2021 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 54,029 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 16,931 | $ 0 | $ 16,931 | ||||||||||||||||||||
Sky incentive compensation prior to recapitalization | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 23 | $ 0 | $ 23 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 320 | 320 | ||||||||||
Net income (loss), parent | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,247) | $ 0 | $ 0 | $ 0 | $ 0 | $ (3,184) | $ 0 | $ (3,184) | $ 0 | (3,184) | |||||||||||||
Net loss attributable to non-controlling interests | $ 0 | $ (9,248) | (10,494) | |||||||||||||||||||||||||||
Net loss | $ (1,247) | $ (12,432) | (13,678) | |||||||||||||||||||||||||||
Yellowstone Transaction and recapitalization, See Note 3 (in shares) | 0 | 14,937,581 | 42,192,250 | |||||||||||||||||||||||||||
Yellowstone Transaction and recapitalization, See Note 3 | $ (54,029) | $ 1 | $ 4 | 28,681 | 0 | 0 | 28,686 | (15,707) | 81,024 | 94,003 | ||||||||||||||||||||
Sky incentive compensation | $ 0 | $ 0 | $ 0 | $ 764 | $ 0 | $ 0 | $ 764 | $ 0 | $ 0 | $ 764 | ||||||||||||||||||||
Issuance of initial commitment shares (in shares) | 0 | 25,000 | 0 | |||||||||||||||||||||||||||
Issuance of initial commitment shares | $ 0 | $ 0 | $ 0 | 112 | 0 | 0 | 112 | 0 | 0 | 112 | ||||||||||||||||||||
Exercise of warrants (in shares) | 0 | 250 | 0 | |||||||||||||||||||||||||||
Exercise of warrants | $ 0 | $ 0 | $ 0 | 3 | 0 | 0 | 3 | 0 | 0 | 3 | ||||||||||||||||||||
Other comprehensive income (loss) | $ 0 | $ 0 | $ 0 | 0 | 0 | (102) | (102) | 0 | 0 | (102) | ||||||||||||||||||||
Common stock, outstanding (in shares) at Dec. 31, 2022 | 0 | 14,962,831 | 42,192,250 | |||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 1 | $ 4 | 29,560 | (3,184) | (102) | 26,279 | 0 | 72,096 | 98,375 | ||||||||||||||||||||
Net income (loss), parent | 0 | 0 | 0 | 0 | (16,177) | 0 | (16,177) | 0 | (16,177) | |||||||||||||||||||||
Net loss attributable to non-controlling interests | (9,264) | (9,264) | ||||||||||||||||||||||||||||
Net loss | (25,441) | |||||||||||||||||||||||||||||
Sky incentive compensation | $ 0 | $ 0 | $ 0 | 1,816 | 0 | 0 | 1,816 | 0 | 443 | 2,259 | ||||||||||||||||||||
Exercise of warrants (in shares) | 0 | 225 | 0 | |||||||||||||||||||||||||||
Exercise of warrants | $ 0 | $ 0 | $ 0 | 3 | 0 | 0 | 3 | 0 | 0 | 3 | ||||||||||||||||||||
Other comprehensive income (loss) | $ 0 | $ 0 | $ 0 | 0 | 0 | 414 | 414 | 0 | 0 | 414 | ||||||||||||||||||||
Vesting of restricted stock units (in shares) | 0 | 228,312 | 0 | |||||||||||||||||||||||||||
Shares withheld for payment of employee taxes (in shares) | 0 | (65,585) | 0 | |||||||||||||||||||||||||||
Shares withheld for payment of employee taxes | $ 0 | $ 0 | $ 0 | (377) | 0 | 0 | (377) | 0 | 0 | (377) | ||||||||||||||||||||
Exchange of Class B Common Stock (in shares) | 0 | 145,894 | 145,894 | |||||||||||||||||||||||||||
Exchange of Class B Common Stock | $ 0 | $ 0 | $ 0 | 184 | 0 | 0 | 184 | 0 | (184) | 0 | ||||||||||||||||||||
Exchange of Class B Common Stock (in shares) | 0 | (145,894) | (145,894) | |||||||||||||||||||||||||||
Issuance of PIPE Shares, net of equity issuance costs (in shares) | 0 | 8,893,846 | 0 | |||||||||||||||||||||||||||
Issuance of PIPE Shares | $ 0 | $ 1 | $ 0 | 57,012 | 0 | 0 | 57,013 | 0 | 0 | 57,013 | ||||||||||||||||||||
Common stock, outstanding (in shares) at Dec. 31, 2023 | 0 | 24,165,523 | 42,046,356 | |||||||||||||||||||||||||||
Balance at Dec. 31, 2023 | $ 0 | $ 2 | $ 4 | $ 88,198 | $ (19,361) | $ 312 | $ 69,155 | $ 0 | $ 63,091 | $ 132,246 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (25,441) | $ (13,678) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,278 | 695 |
Straight-line rent adjustments, net | (239) | 10 |
Equity-based compensation | 2,259 | 1,217 |
Loss on impairment of long-lived assets | 0 | 248 |
Non-cash operating lease expense | 2,121 | 1,960 |
Unrealized loss (gain) on warrants | 8,644 | (5,082) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (440) | (1,981) |
Right-of-use asset initial direct costs | (26) | (9,567) |
Accounts payable, accrued expenses and other liabilities | 3,109 | (1,313) |
Net cash used in operating activities | (7,735) | (27,491) |
Cash flows from investing activities: | ||
Purchases of long-lived assets | (767) | (1,050) |
Payments for cost of construction | (55,373) | (44,917) |
Investment in notes receivable, net | (2,040) | (2,199) |
Net cash provided by acquisition of business | 1,793 | 0 |
Purchases of available for sale investments | (54,481) | (29,997) |
Purchases of held-to-maturity investments | (171,991) | (193,822) |
Proceeds from available for sale investments | 68,194 | 79,126 |
Proceeds from held-to-maturity investments | 198,397 | 5,021 |
Net cash used in investing activities | (16,268) | (187,838) |
Cash flows from financing activities: | ||
Proceeds from issuance of PIPE Shares | 57,312 | 45,000 |
Proceeds from issuance of PIPE Warrants | 497 | 0 |
Proceeds from Yellowstone trust | 0 | 15,691 |
Proceeds from exercise of warrants | 3 | 3 |
Payments for equity issuance costs | (800) | (9,153) |
Refund of debt issuance costs | 0 | 1,249 |
Payments of loans payable | (1,762) | 0 |
Payments of employee taxes related to vested equity awards | (377) | 0 |
Net cash provided by financing activities | 54,873 | 52,790 |
Net (decrease) increase in cash and restricted cash | 30,870 | (162,539) |
Cash and restricted cash, beginning of year | 41,396 | 203,935 |
Cash and restricted cash, end of year | $ 72,266 | $ 41,396 |
Note 1 - Organization and Busin
Note 1 - Organization and Business Operations | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization and Business Operations Sky Harbour Group Corporation (“SHG”) is a holding company organized under the laws of the State of Delaware and, through its main operating subsidiary, Sky Harbour LLC and its subsidiaries (collectively, “Sky”), is an aviation infrastructure development company that develops, leases and manages general aviation hangars for business aircraft across the United States. Sky Harbour Group Corporation and its consolidated subsidiaries are collectively referred to as the “Company.” On January 25, 2022 ( August 25, 2020, August 1, 2021 ( As a result of the closing of the Yellowstone Transaction, and collectively with the other transaction described in the Equity Purchase Agreement, the Company was reorganized as an umbrella partnership-C corporation, or “Up-C”, structure in which substantially all of the operating assets of the Company are held by Sky and SHG’s only substantive assets are its equity interests in Sky (the “Common Units”). As of the Closing Date, SHG owned approximately 26.1% of the common units of Sky (the “Sky Common Units”), and the prior holders of Sky’s Existing Common Units (the “LLC Interests”) owned approximately 73.9% of the Sky Common Units and control the Company through their ownership of the Class B Common Stock, $0.0001 par value (“Class B Common Stock”) of the Company. As of December 31, 2023 2 3 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements and the related notes (the “Financial Statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission. These Financial Statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain historical amounts have been reclassified to conform to the current year’s presentation. Notwithstanding the legal form of the Yellowstone Transaction pursuant to the terms therein, the Yellowstone Transaction was accounted for as a reverse recapitalization in accordance with GAAP (the “Reverse Recapitalization”). Under this method of accounting, YAC was treated as the acquired company for financial reporting purposes, and Sky was treated as the accounting acquirer. In accordance with this accounting method, the Yellowstone Transaction was treated as the equivalent of Sky issuing stock for the net assets of YAC, accompanied by a recapitalization. Sky was deemed the accounting acquirer for purposes of the Yellowstone Transaction based on an evaluation of the following facts and circumstances: • The LLC Interests, through their ownership of the Class B Common Stock, hold a majority voting interest in the Company; • The LLC Interests have the ability to nominate and elect the majority of the Company’s Board of Directors; • Sky’s senior management team comprises the senior management of the Company; and • Sky’s assets were larger in relative size compared to YAC’s assets prior to the Yellowstone Transaction. Thus, the financial statements included in this Report reflect (i) the historical operating results of Sky prior to the Yellowstone Transaction; (ii) the combined results of Sky and SHG from the date of the Yellowstone Transaction; and (iii) the net assets of SHG (formerly YAC) were stated at historical cost, with no Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include assumptions used within impairment analyses, estimated useful lives of depreciable assets and amortizable costs, estimates of inputs utilized in determining the fair value of financial instruments such as warrants, estimates and assumptions related to right-of-use assets and operating lease liabilities, and estimates and assumptions used in the determination of the fair value of assets acquired and liabilities assumed in business combinations. Actual results could differ materially from those estimates. Risks and Uncertainties The Company’s operations have been limited to-date. For most of its history, the Company was engaged in securing access to land through ground leases, and developing and constructing aviation hangars. The major risks faced by the Company is its future ability to obtain additional tenants for the facilities that it constructs, and to contract with such tenants for rental income in an amount that is sufficient to meet the Company’s financial obligations, including increasing construction costs due to inflation and increased borrowing costs to the extent that the Company incurs additional indebtedness. Liquidity and Capital Resources As a result of ongoing construction projects and business development activities, including the development of aircraft hangars and the leasing of available hangar space, the Company has incurred recurring losses and negative cash flows from operating activities since its inception. The Company expects to continue to invest in such activities and generate operating losses in the near future. The Company obtained long-term financing through bond and equity offerings to fund its construction, lease, and operational commitments, and believes its liquidity is sufficient to allow continued operations for more than one Significant Accounting Policies Basis of Consolidation SHG is deemed to have a controlling interest of Sky through its appointment as the Managing Member of Sky, in which SHG has control over the affairs and decision-making of Sky. The interests in Sky not Cash and Restricted Cash The Company’s cash is held at a major commercial bank, which cash balance may not one Pursuant to the Company’s bond offering described in Note 10 — Bonds Payable, Loans Payable, and Interest December 31, 2023 December 31, 2022 Investments Investments of the Company's cash in various U.S. Treasury securities have been classified as available-for-sale and are carried at estimated fair value utilizing Level 1 Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive income (loss). The Company periodically evaluates whether declines in fair values of its available-for-sale securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company's ability and intent to hold the available-for-sale security until a forecasted recovery occurs or its contractual maturity. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not Restricted Investments Held-to-Maturity Pursuant to provisions within the Master Indenture of the Series 2021 10 — Bonds Payable, Loans Payable, and Interest 1 Unrealized losses on certain of the Company's investments and restricted investments are primarily attributable to changes in interest rates. The Company does not not not December 31, 2023 December 31, 2022. not Cost of Construction Cost of construction on the consolidated balance sheets is carried at cost. The cost of acquiring an asset includes the costs necessary to bring a capital project to the condition necessary for its intended use. Costs are capitalized once the construction of a specific capital project is probable. Construction labor and other direct costs of construction are capitalized. Professional fees for engineering, procurement, consulting, and other soft costs that are directly identifiable with the project and are considered an incremental direct cost are capitalized. Activities associated with internally manufactured hangar buildings, including materials, direct manufacturing labor, and manufacturing overhead directly identifiable with such activities are allocated to our construction projects and capitalized. The Company allocates a portion of its internal salaries to both capitalized cost of construction and to general and administrative expense based on the percentage of time certain employees worked in the related areas. Interest, net of the amortization of debt issuance costs and premiums, and net of interest income earned on bond proceeds, is also capitalized until the capital project is completed. Constructed assets, net Constructed assets on the consolidated balance sheets consists of developed aircraft hangar buildings and are carried at cost less accumulated depreciation. Once a capital project is complete, the Company begins to depreciate the constructed asset on a straight-line basis over the lesser of the life of the asset or the remaining term of the related ground lease, including expected renewal terms. Other long-lived assets Long-lived assets on the consolidated balance sheets consists principally of land, buildings, machinery and equipment, ground support equipment, software, and computer equipment. Long-lived assets are carried at cost less accumulated depreciation. Maintenance and repair expenses are charged to expense as incurred. Depreciation is recognized on a straight-line basis over 3 to 20 years, based on the estimated useful life of the assets. Impairment of long-lived assets The Company’s assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not may Leases The Company accounts for leases under Accounting Standards Codification (“ASC”) Topic 842, Leases 842 12 not 12 The Company has lease agreements with lease and non-lease components; the Company has elected the accounting policy to not not All of the Company’s ground leases at airports are classified as operating leases under ASC Topic 842. not The Company has operating leases that contain variable payments, most commonly in the form of common area maintenance and operating expense charges, which are based on actual costs incurred. These variable payments were excluded from the calculation of the ROU asset and operating lease liability balances since they are not not December 31, 2023 2022 one 17 — Commitments and Contingencies. Warrants liability The Company accounts for the warrants assumed in the Yellowstone Transaction and the warrants sold and issued in connection with the Private Placement Purchase Agreement (as defined in Note 12 Equity and Redeemable Equity 815, 815” not Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement and Disclosures, 820 three 1 2 not 3 no 1 3 2 3 may may Business Combinations The Company accounts for business combinations using the acquisition method of accounting under ASC Topic 805, Business Combinations Revenue recognition The Company leases the hangar facilities that it constructs to third may no Rental revenue is recognized in accordance with ASC 842 not 842 Variable lease payments consist of tenant reimbursements for common area maintenance, utilities, and operating expenses of the property, and various other fees, including fees associated with the delivery of aircraft fuel, late fees, and lease termination fees. Variable lease payments are charged based on the terms and conditions included in the respective tenant leases and are recognized in the same period as the expenses are incurred. For the years ended December 31, 2023 December 31, 2022, December 31, 2023 two As of December 31, 2023 December 31, 2022, December 31, 2023 December 31, 2022, For the year ended December 31, 2023 2022 two Advertising Costs The Company expenses the cost of advertising and marketing as incurred. Advertising and marketing costs recognized as general and administrative expenses totaled $279 for the year ended December 31, 2023 December 31, 2022 Income Taxes SHG is classified as a corporation for Federal income tax purposes and is subject to U.S. Federal and state income taxes. SHG includes in income, for U.S. Federal income tax purposes, its allocable portion of income from the “pass-through” entities in which it holds an interest, including Sky. The “pass-through” entities, are not not The Company follows the asset and liability method of accounting for income taxes. This method gives consideration to the future tax consequences associated with the differences between the financial accounting and tax basis of the assets and liabilities as well as the ultimate realization of any deferred tax asset resulting from such differences, as well as from net operating losses and other tax-basis carryforwards. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not Amounts payable under the Tax Receivable Agreement, as defined in Note 3 — Yellowstone Transaction Recently Adopted Accounting Pronouncements Credit Losses (Topic 326 In June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13” 2016 13, 326 first 2023. not Recently Issued Accounting Pronouncements Segment Reporting (Topic 280 In November 2023, No. 2023 07, Segment Reporting (Topic 280 No. 2023 07 No. 2023 07 December 15, 2023, December 15, 2024, Income Taxes (Topic 740 In December 2023, No. 2023 09, Income Taxes (Topic 740 740, Income Taxes December 15, 2024. |
Note 3 - Yellowstone Transactio
Note 3 - Yellowstone Transaction | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | 3. Yellowstone Transaction As contemplated by the Equity Purchase Agreement, on the Closing Date, the following occurred: • YAC changed its name to Sky Harbour Group Corporation. • All outstanding shares of stock held by the Sponsor were converted into shares of Class A Common Stock of the Company. • Sky restructured its capitalization and issued to the Company 14,937,581 Sky Common Units, which was equal to the number of outstanding shares of Class A Common Stock immediately after giving effect to the Equity Purchase Agreement. The number of outstanding shares after the Equity Purchase Agreement reflected the redemption of Class A Common Stock (by former holders of the special purpose acquisition company shares that elected to redeem such shares) and the Class A Common Stock issued as a result of the BOC PIPE investment (the “BOC PIPE”), the reclassification of the existing Sky Common Units (other than the Sky Incentive Units), existing Sky Series A preferred units (the “Series A Preferred Units”) and Series B preferred units (the “Series B Preferred Units”) into Sky Common Units. • Certain adjustments were affected to the number of Sky Incentive Units to reflect the new capital structure. • SHG was appointed as the managing member of Sky under the Third Amended and Restated Operating Agreement (the “A&R Operating Agreement”). • The Sky Common Units issued to the Sponsor in respect of Sky’s Series B Preferred Units were converted into 5,500,000 shares of Class A Common Stock of the Company. • The LLC Interests received one share of Class B Common Stock for each Sky Common Unit that they held, and as consideration for the issuance of 14,937,581 Sky Common Units by Sky to the Company, YAC contributed to Sky the net amount held in the YAC trust account after deducting the amount required to fund the redemption of the Class A Common Stock held by eligible stockholders who properly elected to have their shares redeemed as of the Closing Date and the amount of various transaction costs. • The YAC Warrants that were issued and outstanding immediately prior to the Closing Date became SHG Warrants. The following table reconciles the elements of the Yellowstone Transaction to the consolidated statements of changes in equity for the year ended December 31, 2022: Yellowstone Transaction Cash - Yellowstone trust and cash, net of redemptions $ 15,691 Cash - BOC PIPE investment 45,000 Less: transaction costs and advisory fees (12,731 ) Net proceeds from the Yellowstone Transaction $ 47,960 Conversion of Sky Series B preferred units to Class A Common Stock 54,029 Less: Initial fair value of Warrants liability assumed on 1/25/2022 (7,986 ) Net adjustment to total equity from the Yellowstone Transaction $ 94,003 The following table reconciles the number of shares of SHG Common Stock immediately following the consummation of the Yellowstone Transaction: Number of shares Yellowstone Common stock, outstanding prior to Yellowstone Transaction 13,598,898 Less: redemption of Yellowstone Common Stock (12,061,041 ) Common stock of Yellowstone, net of redemptions 1,537,857 Shares held by Sponsor 3,399,724 Conversion of Sky Series B units to Class A Common Stock 5,500,000 Shares issued in BOC PIPE investment 4,500,000 Class A Common Stock outstanding after the Yellowstone Transaction 14,937,581 Class B Common Stock issued to LLC Interests 42,192,250 Total shares of common stock following the Yellowstone Transaction 57,129,831 Tax Receivable Agreement On the Closing Date, in connection with the completion of the Yellowstone Transaction and as contemplated by the Equity Purchase Agreement, the Company, Sky, the LLC Interests, and the TRA Holder Representative, entered into a tax receivable agreement (the “Tax Receivable Agreement”). Pursuant to the Tax Receivable Agreement, the Company will generally be required to pay the LLC Interests 85% of the amount of savings, if any, in U.S. federal, state, local, and foreign taxes that are based on, or measured with respect to, net income or profits, and any interest related thereto that the Company realizes, or is deemed to realize, as a result of certain tax attributes, including: • existing tax basis in certain assets of Sky and certain of its direct or indirect subsidiaries, including assets that will eventually be subject to depreciation or amortization, once placed in service, attributable to Sky Common Units acquired by the Company from a TRA Holder, as determined at the time of the relevant acquisition; • tax basis adjustments resulting from taxable exchanges of Sky Common Units (including any such adjustments resulting from certain payments made by the Company under the Tax Receivable Agreement) acquired by the Company from a TRA Holder pursuant to the terms of the A&R Operating Agreement; and • tax deductions in respect of portions of certain payments made under the Tax Receivable Agreement (each of the foregoing, collectively, the “Tax Attributes”). As of December 31, 2023 |
Note 4 - Rapidbuilt Acquisition
Note 4 - Rapidbuilt Acquisition | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. Rapidbuilt Acquisition On May 12, 2023 ( Rapidbuilt is a manufacturer of pre-engineered steel buildings that previously entered into a supplier arrangement with Sky. Rapidbuilt and Sky’s strategic partnership has resulted in a standard set of proprietary prototype hangar designs, which are intended to deliver high-quality business aviation facilities, lower construction costs, minimize development risk, expedite permit issuance, and facilitate the implementation of refinements across Sky’s portfolio. The Company had pre-existing relationships with Rapidbuilt through a vendor agreement entered into in July 2022 No The total cash purchase consideration was nominal. The Company accounted for the acquisition using the acquisition method of accounting, whereby the total purchase price was allocated to assets acquired and liabilities assumed based on respective estimated fair values. The estimated fair values of the acquired assets and assume liabilities are based on preliminary calculations and subject to further refinement and may not one no not The following tables summarize the preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed for the Rapidbuilt Acquisition: May 12, 2023 Cash $ 293 Restricted Cash 1,500 Long-lived assets 10,752 Total assets 12,545 Accounts payable, accrued expenses and other liabilities 1,427 Loans payable and finance lease liabilities 11,074 Total liabilities 12,501 Total fair value of net assets acquired 44 Effective settlement of net receivable from Rapidbuilt 44 Total consideration transferred $ 44 Following the Rapidbuilt Acquisition, substantially all of Overflow and Rapidbuilt's activities relate to the manufacturing of pre-engineering hangar structures for Sky's hangar development projects. As such, the pro-forma effect of this acquisition on revenues and earnings was not December 31, 2023. . |
Note 5 - Investments and Restri
Note 5 - Investments and Restricted Investments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. Investments and Restricted Investments The following tables are summaries of the amortized cost, unrealized gains, unrealized losses, and fair value by investment type as of December 31, 2023 December 31, 2022: December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments, available for sale: U.S. Treasuries $ 11,554 $ 312 $ - $ 11,866 Total investments $ 11,554 $ 312 $ - $ 11,866 Restricted investments, held-to-maturity: U.S. Treasuries 88,213 105 (694 ) 87,624 Total restricted investments $ 88,213 $ 105 $ (694 ) $ 87.624 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments, available for sale: U.S. Treasuries $ 24,997 $ 65 $ (167 ) $ 24,895 Total investments $ 24,997 $ 65 $ (167 ) $ 24,895 Restricted investments, held-to-maturity: U.S. Treasuries 114,648 299 (1,991 ) 112,956 Total restricted investments $ 114,648 $ 299 $ (1,991 ) $ 112,956 The following table sets forth the maturity profile of the Company's investments and restricted investments as of December 31, 2023: Investments Restricted Investments Due within one year $ 11,866 $ 74,390 Due one year through five years - 13,823 Total $ 11,866 $ 88,213 |
Note 6 - Cost of Construction a
Note 6 - Cost of Construction and Constructed Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Cost of Construction and Constructed Assets [Text Block] | 6. Cost of Construction and Constructed Assets The Company’s portfolio as of December 31, 2023 ● Addison Airport ("ADS"), Addison, TX (Dallas area); ● Bradley International Airport ("BDL"), Windsor Locks, CT (Hartford area); ● Centennial Airport ("APA"), Englewood, CO (Denver area); ● Chicago Executive Airport ("PWK"), Wheeling, IL (Chicago area); ● Hudson Valley Regional Airport ("POU"), Wappingers Falls, NY (New York area); ● Miami-Opa Locka Executive Airport ("OPF"), Opa Locka, FL (Miami area); ● Nashville International Airport ("BNA"), Nashville, TN; ● Phoenix Deer Valley Airport ("DVT"), Phoenix, AZ; and ● Sugar Land Regional Airport ("SGR"), Sugar Land, TX (Houston area). Constructed assets, net, and cost of construction, consists of the following: December 31, 2023 December 31, 2022 Constructed assets, net of accumulated depreciation: Buildings, SGR, BNA, and OPF (Phase I) $ 80,232 $ 40,921 Accumulated depreciation (2,949 ) (1,212 ) $ 77,283 $ 39,709 Cost of construction: OPF (Phase II); APA (Phase I); DVT (Phase I); and ADS (Phase I & II) $ 64,212 $ 48,242 The BNA, OPF Phase I, and SGR projects are being depreciated over a weighted-average useful life of approximately 47.0 years. Depreciation expense for the year ended December 31, 2023 2022 |
Note 7 - Long-lived Assets
Note 7 - Long-lived Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Long-lived Assets Long-lived assets, net, consists of the following: December 31, 2023 December 31, 2022 Ground support equipment $ 1,051 $ 485 Machinery and equipment 3,783 - Buildings 5,380 - Land 1,620 - Other equipment and fixtures 596 110 Purchase deposits and construction in progress 362 650 12,792 1,245 Accumulated depreciation (963 ) (95 ) $ 11,829 $ 1,150 Long-lived assets are being depreciated over a weighted-average use life of approximately 11.2 years. Depreciation expense for the year ended December 31, 2023 2022 December 31, 2023 December 31, 2022, . December 31, 2023 December 31, 2022 not not In June 2022, third not December 31, 2022. |
Note 8 - Supplemental Balance S
Note 8 - Supplemental Balance Sheet and Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet and Cash Flow Disclosure [Text Block] | 8. Supplemental Balance Sheet and Cash Flow Information Accounts payable, accrued expenses and other liabilities Accounts payable, accrued expenses and other liabilities, consists of the following: December 31, 2023 December 31, 2022 Costs of construction $ 7,022 $ 6,098 Employee compensation and benefits 2,438 2,047 Interest 3,474 3,470 Professional Fees 1,154 1,621 Other 2,652 948 $ 16,740 $ 14,184 Supplemental Cash Flow Information The following table summarizes non-cash investing and financing activities: Year ended December 31, 2023 December 31, 2022 Accrued costs of construction, including capitalized interest $ 9,875 $ 8,164 Accrued costs of long-lived assets 32 - Accrued equity issuance costs 1,000 1,500 Debt issuance costs and premium amortized to cost of construction 210 282 The following table summarizes non-cash activities associated with the Company’s operating leases: Year ended December 31, 2023 December 31, 2022 Right-of-use assets obtained in exchange for operating lease liabilities $ 16,870 $ 3,260 Net decrease in right-of-use assets and operating lease liabilities due to lease remeasurement (1,639 ) (11,500 ) The following table summarizes interest paid: Year ended December 31, 2023 December 31, 2022 Interest paid $ 7,481 $ 5,533 The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets to the total shown within the consolidated statements of cash flows: Year ended December 31, 2023 December 31, 2022 Cash, beginning of year $ 2,174 $ 6,805 Restricted cash, beginning of year 39,222 197,130 Cash and restricted cash, beginning of year $ 41,396 $ 203,935 Cash, end of year $ 60,257 $ 2,174 Restricted cash, end of year 12,009 39,222 Cash and restricted cash, end of year $ 72,266 $ 41,396 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee and Lessor, Operating Lease [Text Block] | 9. Leases Lessee The table below summarizes operating lease expense for the years ended December 31, 2023 December 31, 2022 Year Ended December 31, 2023 December 31, 2022 Operating expenses $ 4,047 $ 3,735 General and administrative expenses 96 81 Total operating lease expense $ 4,143 $ 3,816 The Company’s ground leases have remaining terms ranging between 26 to 73 years, including options for the Company to extend the terms. These leases expire between 2049 2097, The Company’s ground lease at OPF was entered into in May 2019 April 29, 2022, 10 — Bonds Payable, Loans Payable, and Interest April 2022. In January 2023, June 2023 one July 2024 no In October 2023, two first 15 second 10 no The Company was subject to requirements in its ground lease at SGR with respect to the Company's contemplated SGR Phase II project that defined (i) a minimum improvement amount of $2.0 million and (ii) that related construction commence by October 2023, October 2023, not In December 2023, 8 June 30, 2026, 20 In December 2023, 7 December 2025. 25 25 first 2024. 270 Supplemental consolidated cash flow information related to the Company’s leases was as follows: Year ended December 31, 2023 December 31, 2022 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 1,971 $ 1,822 Operating cash flows from finance leases 2 - Financing cash flows from finance leases 18 - Supplemental consolidated balance sheet information related to the Company’s leases was as follows: Weighted Average Remaining Lease Term in years December 31, 2023 December 31, 2022 Operating leases 53.40 55.30 Finance leases 2.70 - Weighted Average Discount Rate Operating leases 5.08 % 4.62 % Finance leases 5.00 % - The Company’s future minimum lease payments required under leases as of December 31, 2023 Year Ending December 31, Operating Leases Finance Leases 2024 $ 2,080 $ 29 2025 2,323 24 2026 3,296 17 2027 3,727 2 2028 3,634 - Thereafter 249,683 - Total lease payments 264,743 72 Less imputed interest (195,306 ) (5 ) Total $ 69,437 $ 67 Lessor Tenant leases to which the Company is the lessor require the following non-cancelable future minimum lease payments from tenants as of December 31, 2023 Year Ending December 31, Operating Leases 2024 $ 7,428 2025 6,313 2026 4,012 2027 2,834 2028 1,203 Thereafter 2,257 Total lease payments 24,047 Less rent concessions to be applied at Company’s discretion (214 ) Total $ 23,833 |
Note 10 - Bonds Payable, Loans
Note 10 - Bonds Payable, Loans Payable and Interest | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. Bonds payable, Loans payable and interest Bonds payable On May 20, 2021, first six September 2021 2021 2021 not no The Series 2021 September 1, 2021 2021 1 first The bond trustee established various restricted bank accounts which were initially funded with the bond proceeds and cash on hand. The bond trustee will continue to control the Borrowers’ cash receipts and disbursements under a Trust Agreement. Such restricted funds are available to fund the construction expenditures of the two December 31, 2023 The Borrowers have agreed to use all commercially reasonable efforts to jointly maintain a Debt Service Coverage Ratio (as defined in the agreement) of 1.25 for each applicable test period; provided, however, that the failure to maintain this ratio will not December 31, 2024. 1.0, 1.0 10 120 The Series 2021 July 1, 2036; July 1, 2041; July 1, 2054. 2021 July 1, 2036 January 1 July 1, January 1, 2022. 2021 July 1, 2032. The bonds maturing on July 1, 2036 July 1, 2028, July 1, 2041 July 1, 2054 July 1, 2031, The Series 2021 2021 not 2021 60 2021 may As of December 31, 2023 December 31, 2022, 2021 2 The following table summarizes the Company’s Bonds payable as of December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Bonds payable: Series 2021 Bonds Principal $ 166,340 $ 166,340 Premium on bonds 249 249 Bond proceeds 166,589 166,589 Debt issuance costs (4,753 ) (4,753 ) Accumulated amortization of debt issuance costs and accretion bond premium 584 374 Total Bonds payable, net $ 162,420 $ 162,210 In connection with the issuance of the Bonds Payable, the Company originally recognized debt issuance costs totaling $6 million which are being amortized into interest using the effective interest method over the life of the bonds. Interest that is incurred at the stated interest rate of the bonds, as well as the amortization of bond premium and amortization of debt issuance costs are capitalized and added to the cost of construction on the consolidated balance sheet. During the year ended December 31, 2022, Vista Loan and Guaranty Agreement In connection with the Rapidbuilt Acquisition, Sky and Vista Bank (the “Lender”) entered into a consent, waiver, and second The Vista Loan was originated in December 2020 three first January 1, April 1, July 1, October 1 December 1, 2025. Loans Payable and Finance Leases The following table summarizes the Company's loans payable and finance lease liabilities as of December 31, 2023 December 31, 2022: December 31, 2023 December 31, 2022 Maturity Dates Weighted-Average Interest Rates Balance Weighted-Average Interest Rates Balance Vista Loan December 2025 8.53 % $ 8,768 $ - $ - Equipment loans August 2026 - September 2028 8.09 % 475 - - Finance leases September 2024 - July 2027 5.00 % 67 - - Total Loans payable and finance leases 8.47 % $ 9,310 - $ - Interest The following table sets forth the details of interest expense: Year ended December 31, 2023 December 31, 2022 Interest $ 7,481 $ 6,941 Accretion of bond premium and amortization debt issuance costs 210 282 Total interest incurred 7,691 7,223 Less: capitalized interest (7,150 ) (7,223 ) Interest expense $ 541 $ - |
Note 11 - Warrants
Note 11 - Warrants | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Warrants [Text Block] | 11. Warrants As part of Yellowstone’s initial public offering, Yellowstone issued to third one one may In connection with the Private Placement Purchase Agreement, the Company issued to third The Warrants contain an exercise price of $11.50 per share and expire on January 25, 2027. 1 2 As of December 31, 2023 December 31, 2023, The closing price of the Warrants was $0.75 and $0.20 per warrant on December 31, 2023 December 31, 2022, December 31, 2023 December 31, 2022, December 31, 2023 December 31, 2022, |
Note 12 - Equity and Redeemable
Note 12 - Equity and Redeemable Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 12. Equity and Redeemable Equity Prior to the Yellowstone Transaction Sky and its members initially entered into a Limited Liability Company Agreement on February 12, 2018. March 12, 2021 ( September 14, 2021 ( January 25, 2022, On August 1, 2021, September 14, 2021, not no December 31, 2021 January 25, 2022, Recapitalization Prior to the Closing Date, there were 31,250 Series A Preferred Units, 8,049 Series B Preferred Units, and 27,035 Founder Units authorized, issued and outstanding. As a result of the Reverse Recapitalization on the Closing Date, the Series A Preferred Units and Founder Units converted into 42,192,250 Sky Common Units and the LLC Interests received 42,192,250 shares of SHG’s Class B Common Stock. The Series B Preferred Units converted to 5,500,000 shares of SHG’s Class A Common Stock, and Sky issued 14,937,581 Sky Common Units to SHG, which was equivalent to the total number of shares of the SHG’s Class A Common Stock outstanding on the Closing Date. As of December 31, 2023 one The holders of Class A Common Stock are entitled to receive dividends, as and if declared by the Company’s Board of Directors out of legally available funds. With respect to stock dividends, holders of Class A Common Stock must receive Class A Common Stock. The holders of Class B Common Stock do not Forward Purchase Agreement On January 17, 2022, not March 7, 2022, Common Stock Purchase Agreement On August 18, 2022, not 36 Under the Stock Purchase Agreement, on any trading day selected by the Company, the Company has the right, in its sole discretion, to present B. Riley with a purchase notice (each, a "VWAP Purchase Notice"), directing B. Riley (as principal) to purchase a specified amount of shares not one million no In consideration for entering into the Stock Purchase Agreement and concurrently with the execution of the Stock Purchase Agreement, the Company issued to B. Riley 25,000 shares of Class A Common Stock as initial commitment shares and will issue up to an aggregate of 75,000 shares of its Class A Common Stock as additional commitment shares if certain conditions and milestones are met. The Company recognized expense associated with the issuance of such commitment shares of $112 during the year ended December 31, 2022 December 31, 2023, not Private Placement and Securities Purchase Agreement On November 1, 2023, second The closing of the Initial Financing occurred on November 2, 2023 ( November 9, 2023 ( The Private Placement Purchase Agreement includes certain covenants, including a limitation on the Company’s use of the net proceeds from the Financing, certain customary standstill restrictions for a period of 90 eighteen six Non-controlling interests The LLC Interests’ ownership in Sky is presented as non-controlling interests within the Equity section of the consolidated balance sheet as of December 31, 2023 may not December 31, 2023 The former majority shareholder's ownership in Overflow is presented as a non-controlling interest within the Equity section of the consolidated balance sheet. As of December 31, 2023, |
Note 13 - Equity Compensation
Note 13 - Equity Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 13. Equity Compensation Restricted Stock Units ( RSUs ) On January 25, 2022, 2022 “2022 2022 2022 2022 On an annual basis, the Company grants RSUs which have time-based conditions and are classified as equity awards. During the year ended December 31, 2023, 2022 four first fourth The following tables presents a summary of RSU activity for the year ended December 31, 2023: Number of Shares Weighted-Average Grant Date Fair Value Unvested as of January 1, 2023 645,000 $ 7.64 Granted 545,522 5.75 Vested (191,317 ) 7.65 Forfeited (68,500 ) 5.97 Unvested as of December 31, 2023 930,705 $ 6.65 During the years ended December 31, 2023 December 31, 2022, December 31, 2023 Sky Incentive Units In May 2021, 12 — Equity and Redeemable Equity may no The Sky Incentive Units were valued as of the date of grant using the Option-Pricing Method described in the AICPA Accounting and Valuation Guide entitled Valuation of Privately Held Company Equity Securities Issued as Compensation. 3 Fair value of total equity $ 62,287,970 Term (in years) 5 Risk-free interest rate 0.84 % Volatility 57 % Below is a summary of activity related to the Sky Incentive Units for the Year ended December 31, 2023 Sky Incentive Units Weighted-average grant date fair value Sky units outstanding as of December 31, 2022 (as previously presented) 3,951 $ 318.44 Sky units outstanding as of December 31, 2022 (recast for recapitalization) 2,807,750 $ 0.45 Granted - $ - Forfeitures - $ - Sky units outstanding as of December 31, 2023 2,807,750 $ 0.45 Vested Units outstanding as of December 31, 2023 2,232,735 $ 0.45 Non-vested Units outstanding as of December 31, 2023 575,015 $ 0.45 The Company recognized equity-based compensation expense on a straight-line basis over the requisite service period and has elected to account for forfeitures of Sky Incentive Units if and when they occur. The Company recorded equity-based compensation expense relating to Sky Incentive Units of $444 and $341 for the years ended December 31, 2023, December 31, 2022, December 31, 2023 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Income Taxes Effective Tax Rate Reconciliation We are subject to taxation in all jurisdictions in which we operate that impose an income tax on our business activities. The components of the income tax expense for the years ended December 31, December 31, Year Ended December 31, 2023 2022 Income tax benefit: Deferred federal income tax benefit (1,382 ) (1,558 ) Deferred state income tax benefit (37 ) (285 ) Total income tax benefit before valuation allowance (1,419 ) (1,843 ) Valuation allowance 1,419 1,843 Total income tax benefit $ - $ - A reconciliation of the statutory federal income tax expense to the income tax expense (benefit) from continuing operations provided at December 31, 2023 December 31, 2022 For the Year Ended December 31, 2023 2022 Income tax benefit at the federal statutory rate of 21% (3,698 ) $ (554 ) State income tax benefit, net of federal benefit (133 ) (225 ) Unrealized gain on warrants 1,815 (1,067 ) Stock-based compensation 105 - Other, net 492 3 Change in valuation allowance 1,419 1,843 Total income tax benefit $ - $ - The Company recorded income tax expense of $0 and the effective tax rate was 0.0% December 31, 2023 2022. December 31, 2023 not not Components of the Company’s deferred tax assets at December 31, 2023 December 31, 2022 For the Year Ended December 31, 2023 2022 Deferred tax assets: Amortization 27 $ 470 Difference between book and tax capital accounts 485 90 Stock-based compensation 139 179 Lease liability 14 - Net operating loss carryforwards 4,146 1,923 Valuation allowance (4,080 ) (2,661 ) Total deferred tax assets $ 731 $ 1 Deferred tax liabilities: Unrealized Gain/Loss on investments $ (1 ) $ (1 ) Long-lived assets (716 ) - Right-of-use assets (14 ) $ - Total deferred tax liabilities $ (731 ) $ (1 ) Total $ - $ - The realization of deferred tax assets, including net operating loss carryforwards ("NOLs"), is dependent on the generation of future taxable income sufficient to realize the tax deductions, carryforwards, and credits. Valuation allowances on deferred tax assets are recognized if it is determined that it is more likely than not not December 31, 2023 As of December 31, 2023 2017. 2017 may 80% 2040 may 382 Uncertain Tax Positions We believe that there are no 12 The federal and state statutes of limitation for assessment of tax liability generally lapse within three may December 31, 2023 not |
Note 15 - Earnings (Loss) Per S
Note 15 - Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 15. Earnings (loss) per Share Basic earnings (loss) per share of Class A Common Stock is computed by dividing net income (loss) attributable to SHG by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted net income (loss) per share of Class A Common Stock is computed by dividing net income (loss) attributable to SHG, adjusted for the assumed exchange of all potentially dilutive securities, by the weighted-average number of shares of Class A Common Stock outstanding adjusted to give effect to potentially dilutive shares using the treasury stock or if-converted method as appropriate. Shares of the Company’s Class B Common Stock do not not two not Year Ended December 31, 2023 December 31, 2022 Numerator: Net loss $ (25,441 ) $ (13,678 ) Less: Net loss attributable to non-controlling interests (9,264 ) (10,494 ) Basic and diluted net loss attributable to Sky Harbour Group Corporation shareholders (16,177 ) (3,184 ) Denominator: Based and diluted weighted average shares of Class A Common Stock outstanding 16,456 13,965 Loss per share of Class A Common Stock – Basic and diluted $ (0.98 ) $ (0.23 ) Potentially dilutive shares excluded from the weighted-average shares used to calculate the diluted net loss per common share due the Company's net loss position were as follows (in thousands): Year Ended December 31, 2023 December 31, 2022 Shares subject to unvested restricted stock units 931 645 Shares issuable upon the exercise of Warrants 16,061 14,519 Shares issuable upon the exchange of Class B Common Stock 42,046 42,192 Shares issuable upon the exercise and exchange of Sky Incentive Units 2,808 2,808 |
Note 16 - Accumulated Other Com
Note 16 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 16. Accumulated Other Comprehensive Income (Loss) The following table summarizes the components of Accumulated other comprehensive income (loss): Unrealized gain (loss) on Available-for-sale Securities Total Balance as of December 31, 2021 $ - $ - Other comprehensive loss before reclassifications (81 ) (81 ) Amounts reclassified to other (income) expense (21 ) (21 ) Balance as of December 31, 2022 $ (102 ) $ (102 ) Other comprehensive income before reclassifications 684 684 Amounts reclassified to other (income) expense (270 ) (270 ) Balance as of December 31, 2023 $ 312 $ 312 During the years ended December 31, 2023 December 31, 2022, |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. Commitments and Contingencies In addition to the lease payment commitments discussed in Note 9 Leases The APA Lease requires the Company to improve the property in accordance with a development plan included in the lease and to complete such improvements within 24-months of the issuance of permitting documents. Construction began on the APA Phase I project in October 2022. The DVT Lease requires approximately $15.3 million and $14.6 million of improvements to be made for Phase I and for Phase II, if such option is exercised, respectively, within 12 no May 2026. December 2022. The Company has committed to spend $10.0 million in capital improvements on the ADS construction project. If this amount is not The PWK Lease contains a requirement that the Company must commence construction within six 18 The Company has contracts for construction of the APA Phase I, DVT Phase I, and ADS Phase I projects. The Company may |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 18. Related Party Transactions On September 20, 2021, G58 September 8, 2021 35 December 31, 2023 December 31, 2022, December 31, 2023 For the year ended December 31, 2023 July 1, 2021 December 31, 2022 |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. Subsequent Events On March 23, 2024, 7 May 1, 2024, On March 27, 2024, 24 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. OTHER INFORMATION None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements and the related notes (the “Financial Statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission. These Financial Statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain historical amounts have been reclassified to conform to the current year’s presentation. Notwithstanding the legal form of the Yellowstone Transaction pursuant to the terms therein, the Yellowstone Transaction was accounted for as a reverse recapitalization in accordance with GAAP (the “Reverse Recapitalization”). Under this method of accounting, YAC was treated as the acquired company for financial reporting purposes, and Sky was treated as the accounting acquirer. In accordance with this accounting method, the Yellowstone Transaction was treated as the equivalent of Sky issuing stock for the net assets of YAC, accompanied by a recapitalization. Sky was deemed the accounting acquirer for purposes of the Yellowstone Transaction based on an evaluation of the following facts and circumstances: • The LLC Interests, through their ownership of the Class B Common Stock, hold a majority voting interest in the Company; • The LLC Interests have the ability to nominate and elect the majority of the Company’s Board of Directors; • Sky’s senior management team comprises the senior management of the Company; and • Sky’s assets were larger in relative size compared to YAC’s assets prior to the Yellowstone Transaction. Thus, the financial statements included in this Report reflect (i) the historical operating results of Sky prior to the Yellowstone Transaction; (ii) the combined results of Sky and SHG from the date of the Yellowstone Transaction; and (iii) the net assets of SHG (formerly YAC) were stated at historical cost, with no |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include assumptions used within impairment analyses, estimated useful lives of depreciable assets and amortizable costs, estimates of inputs utilized in determining the fair value of financial instruments such as warrants, estimates and assumptions related to right-of-use assets and operating lease liabilities, and estimates and assumptions used in the determination of the fair value of assets acquired and liabilities assumed in business combinations. Actual results could differ materially from those estimates. |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties The Company’s operations have been limited to-date. For most of its history, the Company was engaged in securing access to land through ground leases, and developing and constructing aviation hangars. The major risks faced by the Company is its future ability to obtain additional tenants for the facilities that it constructs, and to contract with such tenants for rental income in an amount that is sufficient to meet the Company’s financial obligations, including increasing construction costs due to inflation and increased borrowing costs to the extent that the Company incurs additional indebtedness. |
Liquidity and Capital Resources [Policy Text Block] | Liquidity and Capital Resources As a result of ongoing construction projects and business development activities, including the development of aircraft hangars and the leasing of available hangar space, the Company has incurred recurring losses and negative cash flows from operating activities since its inception. The Company expects to continue to invest in such activities and generate operating losses in the near future. The Company obtained long-term financing through bond and equity offerings to fund its construction, lease, and operational commitments, and believes its liquidity is sufficient to allow continued operations for more than one |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation SHG is deemed to have a controlling interest of Sky through its appointment as the Managing Member of Sky, in which SHG has control over the affairs and decision-making of Sky. The interests in Sky not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Restricted Cash The Company’s cash is held at a major commercial bank, which cash balance may not one Pursuant to the Company’s bond offering described in Note 10 — Bonds Payable, Loans Payable, and Interest December 31, 2023 December 31, 2022 |
Investment, Policy [Policy Text Block] | Investments Investments of the Company's cash in various U.S. Treasury securities have been classified as available-for-sale and are carried at estimated fair value utilizing Level 1 Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive income (loss). The Company periodically evaluates whether declines in fair values of its available-for-sale securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company's ability and intent to hold the available-for-sale security until a forecasted recovery occurs or its contractual maturity. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not Restricted Investments Held-to-Maturity Pursuant to provisions within the Master Indenture of the Series 2021 10 — Bonds Payable, Loans Payable, and Interest 1 Unrealized losses on certain of the Company's investments and restricted investments are primarily attributable to changes in interest rates. The Company does not not not December 31, 2023 December 31, 2022. not |
Cost of Construction [Policy Text Block] | Cost of Construction Cost of construction on the consolidated balance sheets is carried at cost. The cost of acquiring an asset includes the costs necessary to bring a capital project to the condition necessary for its intended use. Costs are capitalized once the construction of a specific capital project is probable. Construction labor and other direct costs of construction are capitalized. Professional fees for engineering, procurement, consulting, and other soft costs that are directly identifiable with the project and are considered an incremental direct cost are capitalized. Activities associated with internally manufactured hangar buildings, including materials, direct manufacturing labor, and manufacturing overhead directly identifiable with such activities are allocated to our construction projects and capitalized. The Company allocates a portion of its internal salaries to both capitalized cost of construction and to general and administrative expense based on the percentage of time certain employees worked in the related areas. Interest, net of the amortization of debt issuance costs and premiums, and net of interest income earned on bond proceeds, is also capitalized until the capital project is completed. |
Constructed Assets, Net [Policy Text Block] | Constructed assets, net Constructed assets on the consolidated balance sheets consists of developed aircraft hangar buildings and are carried at cost less accumulated depreciation. Once a capital project is complete, the Company begins to depreciate the constructed asset on a straight-line basis over the lesser of the life of the asset or the remaining term of the related ground lease, including expected renewal terms. |
Property, Plant and Equipment, Policy [Policy Text Block] | Other long-lived assets Long-lived assets on the consolidated balance sheets consists principally of land, buildings, machinery and equipment, ground support equipment, software, and computer equipment. Long-lived assets are carried at cost less accumulated depreciation. Maintenance and repair expenses are charged to expense as incurred. Depreciation is recognized on a straight-line basis over 3 to 20 years, based on the estimated useful life of the assets. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets The Company’s assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not may |
Lessee, Leases [Policy Text Block] | Leases The Company accounts for leases under Accounting Standards Codification (“ASC”) Topic 842, Leases 842 12 not 12 The Company has lease agreements with lease and non-lease components; the Company has elected the accounting policy to not not All of the Company’s ground leases at airports are classified as operating leases under ASC Topic 842. not The Company has operating leases that contain variable payments, most commonly in the form of common area maintenance and operating expense charges, which are based on actual costs incurred. These variable payments were excluded from the calculation of the ROU asset and operating lease liability balances since they are not not December 31, 2023 2022 one 17 — Commitments and Contingencies. |
Derivatives, Policy [Policy Text Block] | Warrants liability The Company accounts for the warrants assumed in the Yellowstone Transaction and the warrants sold and issued in connection with the Private Placement Purchase Agreement (as defined in Note 12 Equity and Redeemable Equity 815, 815” not |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement and Disclosures, 820 three 1 2 not 3 no 1 3 2 3 may may |
Business Combinations Policy [Policy Text Block] | Business Combinations The Company accounts for business combinations using the acquisition method of accounting under ASC Topic 805, Business Combinations |
Revenue [Policy Text Block] | Revenue recognition The Company leases the hangar facilities that it constructs to third may no Rental revenue is recognized in accordance with ASC 842 not 842 Variable lease payments consist of tenant reimbursements for common area maintenance, utilities, and operating expenses of the property, and various other fees, including fees associated with the delivery of aircraft fuel, late fees, and lease termination fees. Variable lease payments are charged based on the terms and conditions included in the respective tenant leases and are recognized in the same period as the expenses are incurred. For the years ended December 31, 2023 December 31, 2022, December 31, 2023 two As of December 31, 2023 December 31, 2022, December 31, 2023 December 31, 2022, For the year ended December 31, 2023 2022 two |
Advertising Cost [Policy Text Block] | Advertising Costs The Company expenses the cost of advertising and marketing as incurred. Advertising and marketing costs recognized as general and administrative expenses totaled $279 for the year ended December 31, 2023 December 31, 2022 |
Income Tax, Policy [Policy Text Block] | Income Taxes SHG is classified as a corporation for Federal income tax purposes and is subject to U.S. Federal and state income taxes. SHG includes in income, for U.S. Federal income tax purposes, its allocable portion of income from the “pass-through” entities in which it holds an interest, including Sky. The “pass-through” entities, are not not The Company follows the asset and liability method of accounting for income taxes. This method gives consideration to the future tax consequences associated with the differences between the financial accounting and tax basis of the assets and liabilities as well as the ultimate realization of any deferred tax asset resulting from such differences, as well as from net operating losses and other tax-basis carryforwards. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not Amounts payable under the Tax Receivable Agreement, as defined in Note 3 — Yellowstone Transaction |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements Credit Losses (Topic 326 In June 2016, No. 2016 13, Financial Instruments - Credit Losses (Topic 326 2016 13” 2016 13, 326 first 2023. not Recently Issued Accounting Pronouncements Segment Reporting (Topic 280 In November 2023, No. 2023 07, Segment Reporting (Topic 280 No. 2023 07 No. 2023 07 December 15, 2023, December 15, 2024, Income Taxes (Topic 740 In December 2023, No. 2023 09, Income Taxes (Topic 740 740, Income Taxes December 15, 2024. |
Note 3 - Yellowstone Transact_2
Note 3 - Yellowstone Transaction (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Yellowstone Transaction Cash - Yellowstone trust and cash, net of redemptions $ 15,691 Cash - BOC PIPE investment 45,000 Less: transaction costs and advisory fees (12,731 ) Net proceeds from the Yellowstone Transaction $ 47,960 Conversion of Sky Series B preferred units to Class A Common Stock 54,029 Less: Initial fair value of Warrants liability assumed on 1/25/2022 (7,986 ) Net adjustment to total equity from the Yellowstone Transaction $ 94,003 Number of shares Yellowstone Common stock, outstanding prior to Yellowstone Transaction 13,598,898 Less: redemption of Yellowstone Common Stock (12,061,041 ) Common stock of Yellowstone, net of redemptions 1,537,857 Shares held by Sponsor 3,399,724 Conversion of Sky Series B units to Class A Common Stock 5,500,000 Shares issued in BOC PIPE investment 4,500,000 Class A Common Stock outstanding after the Yellowstone Transaction 14,937,581 Class B Common Stock issued to LLC Interests 42,192,250 Total shares of common stock following the Yellowstone Transaction 57,129,831 |
Note 4 - Rapidbuilt Acquisiti_2
Note 4 - Rapidbuilt Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | May 12, 2023 Cash $ 293 Restricted Cash 1,500 Long-lived assets 10,752 Total assets 12,545 Accounts payable, accrued expenses and other liabilities 1,427 Loans payable and finance lease liabilities 11,074 Total liabilities 12,501 Total fair value of net assets acquired 44 Effective settlement of net receivable from Rapidbuilt 44 Total consideration transferred $ 44 |
Note 5 - Investments and Rest_2
Note 5 - Investments and Restricted Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Available for Sale Securities, and Held to Maturity [Table Text Block] | December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments, available for sale: U.S. Treasuries $ 11,554 $ 312 $ - $ 11,866 Total investments $ 11,554 $ 312 $ - $ 11,866 Restricted investments, held-to-maturity: U.S. Treasuries 88,213 105 (694 ) 87,624 Total restricted investments $ 88,213 $ 105 $ (694 ) $ 87.624 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments, available for sale: U.S. Treasuries $ 24,997 $ 65 $ (167 ) $ 24,895 Total investments $ 24,997 $ 65 $ (167 ) $ 24,895 Restricted investments, held-to-maturity: U.S. Treasuries 114,648 299 (1,991 ) 112,956 Total restricted investments $ 114,648 $ 299 $ (1,991 ) $ 112,956 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Investments Restricted Investments Due within one year $ 11,866 $ 74,390 Due one year through five years - 13,823 Total $ 11,866 $ 88,213 |
Note 6 - Cost of Construction_2
Note 6 - Cost of Construction and Constructed Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Constructed Assets, Net and Cost of Construction [Table Text Block] | December 31, 2023 December 31, 2022 Constructed assets, net of accumulated depreciation: Buildings, SGR, BNA, and OPF (Phase I) $ 80,232 $ 40,921 Accumulated depreciation (2,949 ) (1,212 ) $ 77,283 $ 39,709 Cost of construction: OPF (Phase II); APA (Phase I); DVT (Phase I); and ADS (Phase I & II) $ 64,212 $ 48,242 |
Note 7 - Long-lived Assets (Tab
Note 7 - Long-lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 December 31, 2022 Ground support equipment $ 1,051 $ 485 Machinery and equipment 3,783 - Buildings 5,380 - Land 1,620 - Other equipment and fixtures 596 110 Purchase deposits and construction in progress 362 650 12,792 1,245 Accumulated depreciation (963 ) (95 ) $ 11,829 $ 1,150 |
Note 8 - Supplemental Balance_2
Note 8 - Supplemental Balance Sheet and Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2023 December 31, 2022 Costs of construction $ 7,022 $ 6,098 Employee compensation and benefits 2,438 2,047 Interest 3,474 3,470 Professional Fees 1,154 1,621 Other 2,652 948 $ 16,740 $ 14,184 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year ended December 31, 2023 December 31, 2022 Accrued costs of construction, including capitalized interest $ 9,875 $ 8,164 Accrued costs of long-lived assets 32 - Accrued equity issuance costs 1,000 1,500 Debt issuance costs and premium amortized to cost of construction 210 282 Year ended December 31, 2023 December 31, 2022 Right-of-use assets obtained in exchange for operating lease liabilities $ 16,870 $ 3,260 Net decrease in right-of-use assets and operating lease liabilities due to lease remeasurement (1,639 ) (11,500 ) Year ended December 31, 2023 December 31, 2022 Interest paid $ 7,481 $ 5,533 Year ended December 31, 2023 December 31, 2022 Cash, beginning of year $ 2,174 $ 6,805 Restricted cash, beginning of year 39,222 197,130 Cash and restricted cash, beginning of year $ 41,396 $ 203,935 Cash, end of year $ 60,257 $ 2,174 Restricted cash, end of year 12,009 39,222 Cash and restricted cash, end of year $ 72,266 $ 41,396 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, 2023 December 31, 2022 Operating expenses $ 4,047 $ 3,735 General and administrative expenses 96 81 Total operating lease expense $ 4,143 $ 3,816 |
Supplemental Information of Leases [Table Text Block] | Year ended December 31, 2023 December 31, 2022 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 1,971 $ 1,822 Operating cash flows from finance leases 2 - Financing cash flows from finance leases 18 - Weighted Average Remaining Lease Term in years December 31, 2023 December 31, 2022 Operating leases 53.40 55.30 Finance leases 2.70 - Weighted Average Discount Rate Operating leases 5.08 % 4.62 % Finance leases 5.00 % - |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year Ending December 31, Operating Leases Finance Leases 2024 $ 2,080 $ 29 2025 2,323 24 2026 3,296 17 2027 3,727 2 2028 3,634 - Thereafter 249,683 - Total lease payments 264,743 72 Less imputed interest (195,306 ) (5 ) Total $ 69,437 $ 67 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Year Ending December 31, Operating Leases 2024 $ 7,428 2025 6,313 2026 4,012 2027 2,834 2028 1,203 Thereafter 2,257 Total lease payments 24,047 Less rent concessions to be applied at Company’s discretion (214 ) Total $ 23,833 |
Note 10 - Bonds Payable, Loan_2
Note 10 - Bonds Payable, Loans Payable and Interest (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, 2023 December 31, 2022 Bonds payable: Series 2021 Bonds Principal $ 166,340 $ 166,340 Premium on bonds 249 249 Bond proceeds 166,589 166,589 Debt issuance costs (4,753 ) (4,753 ) Accumulated amortization of debt issuance costs and accretion bond premium 584 374 Total Bonds payable, net $ 162,420 $ 162,210 |
Debt and Finance Lease Obligation [Table Text Block] | December 31, 2023 December 31, 2022 Maturity Dates Weighted-Average Interest Rates Balance Weighted-Average Interest Rates Balance Vista Loan December 2025 8.53 % $ 8,768 $ - $ - Equipment loans August 2026 - September 2028 8.09 % 475 - - Finance leases September 2024 - July 2027 5.00 % 67 - - Total Loans payable and finance leases 8.47 % $ 9,310 - $ - |
Interest Expense, Debt [Table Text Block] | Year ended December 31, 2023 December 31, 2022 Interest $ 7,481 $ 6,941 Accretion of bond premium and amortization debt issuance costs 210 282 Total interest incurred 7,691 7,223 Less: capitalized interest (7,150 ) (7,223 ) Interest expense $ 541 $ - |
Note 13 - Equity Compensation (
Note 13 - Equity Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Shares Weighted-Average Grant Date Fair Value Unvested as of January 1, 2023 645,000 $ 7.64 Granted 545,522 5.75 Vested (191,317 ) 7.65 Forfeited (68,500 ) 5.97 Unvested as of December 31, 2023 930,705 $ 6.65 |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Fair value of total equity $ 62,287,970 Term (in years) 5 Risk-free interest rate 0.84 % Volatility 57 % |
Share-Based Payment Arrangement, Activity [Table Text Block] | Sky Incentive Units Weighted-average grant date fair value Sky units outstanding as of December 31, 2022 (as previously presented) 3,951 $ 318.44 Sky units outstanding as of December 31, 2022 (recast for recapitalization) 2,807,750 $ 0.45 Granted - $ - Forfeitures - $ - Sky units outstanding as of December 31, 2023 2,807,750 $ 0.45 Vested Units outstanding as of December 31, 2023 2,232,735 $ 0.45 Non-vested Units outstanding as of December 31, 2023 575,015 $ 0.45 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2023 2022 Income tax benefit: Deferred federal income tax benefit (1,382 ) (1,558 ) Deferred state income tax benefit (37 ) (285 ) Total income tax benefit before valuation allowance (1,419 ) (1,843 ) Valuation allowance 1,419 1,843 Total income tax benefit $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Year Ended December 31, 2023 2022 Income tax benefit at the federal statutory rate of 21% (3,698 ) $ (554 ) State income tax benefit, net of federal benefit (133 ) (225 ) Unrealized gain on warrants 1,815 (1,067 ) Stock-based compensation 105 - Other, net 492 3 Change in valuation allowance 1,419 1,843 Total income tax benefit $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | For the Year Ended December 31, 2023 2022 Deferred tax assets: Amortization 27 $ 470 Difference between book and tax capital accounts 485 90 Stock-based compensation 139 179 Lease liability 14 - Net operating loss carryforwards 4,146 1,923 Valuation allowance (4,080 ) (2,661 ) Total deferred tax assets $ 731 $ 1 Deferred tax liabilities: Unrealized Gain/Loss on investments $ (1 ) $ (1 ) Long-lived assets (716 ) - Right-of-use assets (14 ) $ - Total deferred tax liabilities $ (731 ) $ (1 ) Total $ - $ - |
Note 15 - Earnings (Loss) Per_2
Note 15 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2023 December 31, 2022 Numerator: Net loss $ (25,441 ) $ (13,678 ) Less: Net loss attributable to non-controlling interests (9,264 ) (10,494 ) Basic and diluted net loss attributable to Sky Harbour Group Corporation shareholders (16,177 ) (3,184 ) Denominator: Based and diluted weighted average shares of Class A Common Stock outstanding 16,456 13,965 Loss per share of Class A Common Stock – Basic and diluted $ (0.98 ) $ (0.23 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2023 December 31, 2022 Shares subject to unvested restricted stock units 931 645 Shares issuable upon the exercise of Warrants 16,061 14,519 Shares issuable upon the exchange of Class B Common Stock 42,046 42,192 Shares issuable upon the exercise and exchange of Sky Incentive Units 2,808 2,808 |
Note 16 - Accumulated Other C_2
Note 16 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized gain (loss) on Available-for-sale Securities Total Balance as of December 31, 2021 $ - $ - Other comprehensive loss before reclassifications (81 ) (81 ) Amounts reclassified to other (income) expense (21 ) (21 ) Balance as of December 31, 2022 $ (102 ) $ (102 ) Other comprehensive income before reclassifications 684 684 Amounts reclassified to other (income) expense (270 ) (270 ) Balance as of December 31, 2023 $ 312 $ 312 |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business Operations (Details Textual) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 25, 2022 |
Common Class B [Member] | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Sky Harbour LLC [Member] | Common Class B [Member] | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | ||
Sky Harbour LLC [Member] | |||
Subsidiary, Ownership Percentage, Parent | 26.10% | ||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 36.50% | ||
Sky Harbour LLC [Member] | LLC Interests and TRA Holders [Member] | |||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 63.50% | 73.90% |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Operating Lease, Variable Lease Income | $ 1,565 | $ 156 |
Operating Lease, Termination, Period of Additional Rent Payments (Month) | 8 months 15 days | |
Advance Rent | $ 241 | 95 |
General and Administrative Expense [Member] | ||
Advertising Expense | $ 279 | $ 340 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Major Tenants | 2 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Tenants [Member] | ||
Concentration Risk, Percentage | 30% | 78% |
Prepaid Expenses and Other Assets [Member] | ||
Deferred Rent Asset, Net, Current | $ 367 | $ 83 |
Minimum [Member] | Equipment and Software [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Maximum [Member] | Equipment and Software [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |
Consolidated Subsidiaries [Member] | Sky Harbour LLC [Member] | ||
Subsidiary, Ownership Percentage, Parent | 100% |
Note 3 - Yellowstone Transact_3
Note 3 - Yellowstone Transaction (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 25, 2022 | Dec. 31, 2023 | |
Tax Receivable Agreement, Percentage of Savings as a Result of Certain Tax Attibutes | 85% | |
Cash Savings Tax Benefit | $ 0 | |
Sky’s Series B Preferred Units Converted Into Class A Common Stock [Member] | ||
Conversion of Stock, Shares Issued (in shares) | 5,500,000 | |
LLC Interests [Member] | Sky Common Unit Converted into Class B Common Stock [Member] | ||
Stock Conversion, Share Per Unit Rate (in dollars per share) | $ 1 | |
Common Class A [Member] | Sky Harbour LLC [Member] | Sky Harbour Group Corporation (SHG) [Member] | ||
Stock Issued During Period, Shares, New Issues (in shares) | 14,937,581 |
Note 3 - Yellowstone Transact_4
Note 3 - Yellowstone Transaction - Reconciliation to Consolidated Statements of Changes in Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 25, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash - Yellowstone trust and cash, net of redemptions | $ 0 | $ 15,691 | |
Cash - BOC PIPE investment | $ 57,312 | 45,000 | |
Net adjustment to total equity from the Yellowstone Transaction | 94,003 | ||
Common Class B [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 42,192,250 | ||
Common Stock [Member] | Common Class A [Member] | |||
Net adjustment to total equity from the Yellowstone Transaction | $ 1 | ||
Common stock, outstanding (in shares) | 14,962,831 | 0 | |
Common stock, outstanding (in shares) | 24,165,523 | 14,962,831 | |
Conversion of Sky Series B units to Class A Common Stock (in shares) | 145,894 | ||
Stock Issued During Period, Shares, New Issues (in shares) | 8,893,846 | ||
Common stock, outstanding (in shares) | 24,165,523 | 14,962,831 | |
Common Stock [Member] | Common Class B [Member] | |||
Net adjustment to total equity from the Yellowstone Transaction | $ 4 | ||
Common stock, outstanding (in shares) | 42,192,250 | 0 | |
Common stock, outstanding (in shares) | 42,046,356 | 42,192,250 | |
Conversion of Sky Series B units to Class A Common Stock (in shares) | 145,894 | ||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | ||
Common stock, outstanding (in shares) | 42,046,356 | 42,192,250 | |
Yellowstone Transaction [Member] | |||
Cash - Yellowstone trust and cash, net of redemptions | $ 15,691 | ||
Cash - BOC PIPE investment | 45,000 | ||
Less: transaction costs and advisory fees | (12,731) | ||
Net proceeds from the Yellowstone Transaction | 47,960 | ||
Conversion of Sky Series B preferred units to Class A Common Stock | 54,029 | ||
Less: Initial fair value of Warrants liability assumed on 1/25/2022 | (7,986) | ||
Net adjustment to total equity from the Yellowstone Transaction | $ 94,003 | ||
Yellowstone Transaction [Member] | Common Stock [Member] | |||
Common stock, outstanding (in shares) | 13,598,898 | ||
Less: redemption of Yellowstone Common Stock (in shares) | (12,061,041) | ||
Common stock of Yellowstone, net of redemptions (in shares) | 1,537,857 | ||
Common stock, outstanding (in shares) | 57,129,831 | 13,598,898 | |
Common stock, outstanding (in shares) | 57,129,831 | 13,598,898 | |
Yellowstone Transaction [Member] | Common Stock [Member] | Common Class A [Member] | |||
Common stock, outstanding (in shares) | 14,937,581 | ||
Common stock, outstanding (in shares) | 14,937,581 | ||
Yellowstone Transaction [Member] | Common Stock [Member] | Common Class B [Member] | |||
Common stock, outstanding (in shares) | 42,192,250 | ||
Common stock, outstanding (in shares) | 42,192,250 | ||
Yellowstone Transaction [Member] | Common Stock [Member] | BOC PIPE [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 4,500,000 | ||
Yellowstone Transaction [Member] | Common Stock [Member] | Sky’s Series B Preferred Units Converted Into Class A Common Stock [Member] | |||
Conversion of Sky Series B units to Class A Common Stock (in shares) | 5,500,000 | ||
Yellowstone Transaction [Member] | Common Stock [Member] | Sponsor [Member] | |||
Common stock, outstanding (in shares) | 3,399,724 | ||
Common stock, outstanding (in shares) | 3,399,724 |
Note 4 - Rapidbuilt Acquisiti_3
Note 4 - Rapidbuilt Acquisition (Details Textual) $ in Thousands | May 12, 2023 USD ($) |
Overflow Ltd [Member] | Weathorford Steel Buildings Holdings LLC [Member] | |
Subsidiary, Ownership Percentage, Parent | 50% |
Subsidiary, Ownership Percentage, Noncontrolling Owner | 1% |
Overflow Ltd [Member] | |
Business Acquisition, Percentage of Voting Interests Acquired | 51% |
Rapidbuilt [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 44 |
Note 4 - Rapidbuilt Acquisiti_4
Note 4 - Rapidbuilt Acquisition - Reconciliation to Consolidated Balance Sheets (Details) - Rapidbuilt [Member] $ in Thousands | May 12, 2023 USD ($) |
Cash | $ 293 |
Restricted Cash | 1,500 |
Long-lived assets | 10,752 |
Total assets | 12,545 |
Accounts payable, accrued expenses and other liabilities | 1,427 |
Loans payable and finance lease liabilities | 11,074 |
Total liabilities | 12,501 |
Total fair value of net assets acquired | 44 |
Effective settlement of net receivable from Rapidbuilt | 44 |
Total consideration transferred | $ 44 |
Note 5 - Investments and Rest_3
Note 5 - Investments and Restricted Investments - Summaries of the Amortized Cost, Unrealized Gains, Unrealized Losses, and Fair Value by Investment Type (Details) - USD ($) | Dec. 31, 2023 | Dec. 13, 2022 |
Investments, available for sale, amortized cost | $ 11,554,000 | $ 24,997,000 |
Investments, available for sale, gross unrealized gains | 312,000 | 65,000 |
Investments, available for sale, gross unrealized losses | 0 | (167,000) |
Investments, available for sale, estimated fair value | 11,866,000 | 24,895,000 |
Restricted investments, held-to-maturity, amortized cost | 88,213,000 | 114,648,000 |
Restricted investments, gross unrealized gains | 105,000 | 299,000 |
Restricted investments, gross unrealized losses | (694,000) | (1,991,000) |
Restricted investments, estimated fair value | 87,624 | 112,956,000 |
US Treasury Securities [Member] | ||
Investments, available for sale, amortized cost | 11,554,000 | 24,997,000 |
Investments, available for sale, gross unrealized gains | 312,000 | 65,000 |
Investments, available for sale, gross unrealized losses | 0 | (167,000) |
Investments, available for sale, estimated fair value | 11,866,000 | 24,895,000 |
Restricted investments, held-to-maturity, amortized cost | 88,213,000 | 114,648,000 |
Restricted investments, gross unrealized gains | 105,000 | 299,000 |
Restricted investments, gross unrealized losses | (694,000) | (1,991,000) |
Restricted investments, estimated fair value | $ 87,624,000 | $ 112,956,000 |
Note 5 - Investments and Rest_4
Note 5 - Investments and Restricted Investments - Investments and Restricted Investments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Investments, due within one year | $ 11,866 |
Restricted investments, due within one year | 74,390 |
Investments,due on year through five years | 0 |
Restricted investments, due on year through five years | 13,823 |
Investments, total | 11,866 |
Restricted investments, total | $ 88,213 |
Note 6 - Cost of Construction_3
Note 6 - Cost of Construction and Constructed Assets (Details Textual) - Asset under Construction [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation | $ 1,737 | $ 633 |
Weighted Average [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 47 years |
Note 6 - Cost of Construction_4
Note 6 - Cost of Construction and Constructed Assets - Constructed Assets, Net and Cost of Construction (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Asset under Construction [Member] | ||
Property, Plant and Equipment, Gross | $ 80,232 | $ 40,921 |
Accumulated depreciation | (2,949) | (1,212) |
Property, Plant and Equipment, Net | 77,283 | 39,709 |
OPF (Phase II); APA (Phase I); DVT (Phase I); and ADS (Phase I & II) | 77,283 | 39,709 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Net | 64,212 | 48,242 |
OPF (Phase II); APA (Phase I); DVT (Phase I); and ADS (Phase I & II) | $ 64,212 | $ 48,242 |
Note 7 - Long-lived Assets (Det
Note 7 - Long-lived Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Asset Impairment Charges | $ 0 | $ 248 |
Equipment and Software [Member] | ||
Depreciation | $ 541 | 61 |
Equipment and Software [Member] | Weighted Average [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 11 years 2 months 12 days | |
Construction in Progress [Member] | ||
Depreciation | $ 331 | 0 |
Equipment [Member] | ||
Property, Plant, and Equipment, Not in Service | $ 362 | $ 650 |
Note 7 - Long-lived Assets - Lo
Note 7 - Long-lived Assets - Long-lived Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 1,051 | $ 485 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment, Gross | 3,783 | 0 |
Building [Member] | ||
Property, Plant and Equipment, Gross | 5,380 | 0 |
Land [Member] | ||
Property, Plant and Equipment, Gross | 1,620 | 0 |
Other Equipment and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | 596 | 110 |
Purchase deposits and Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | 362 | 650 |
Equipment and Software [Member] | ||
Property, Plant and Equipment, Gross | 12,792 | 1,245 |
Accumulated depreciation | (963) | (95) |
Property, Plant and Equipment, Net | $ 11,829 | $ 1,150 |
Note 8 - Supplemental Balance_3
Note 8 - Supplemental Balance Sheet and Cash Flow Information - Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Costs of construction | $ 7,022 | $ 6,098 |
Employee compensation and benefits | 2,438 | 2,047 |
Interest | 3,474 | 3,470 |
Professional Fees | 1,154 | 1,621 |
Other | 2,652 | 948 |
Accounts Payable and Accrued Liabilities | $ 16,740 | $ 14,184 |
Note 8 - Supplemental Balance_4
Note 8 - Supplemental Balance Sheet and Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accrued costs of construction, including capitalized interest | $ 9,875 | $ 8,164 |
Accrued costs of long-lived assets | 32 | 0 |
Accrued equity issuance costs | 1,000 | 1,500 |
Debt issuance costs and premium amortized to cost of construction | 210 | 282 |
Right-of-use assets obtained in exchange for operating lease liabilities | 16,870 | 3,260 |
Net decrease in right-of-use assets and operating lease liabilities due to lease remeasurement | (1,639) | (11,500) |
Interest paid | 7,481 | 5,533 |
Cash, beginning of year | 2,174 | 6,805 |
Restricted cash, beginning of year | 39,222 | 197,130 |
Cash and restricted cash, beginning of year | 41,396 | 203,935 |
Cash, end of year | 60,257 | 2,174 |
Restricted cash, end of year | 12,009 | 39,222 |
Cash and restricted cash, end of year | $ 72,266 | $ 41,396 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) | 1 Months Ended | 12 Months Ended | ||||
Apr. 29, 2022 USD ($) | Jan. 31, 2023 | Apr. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 31, 2023 USD ($) | |
Change in Right of Use Assets and Operating Lease Liabilities From Lease Remeasurement | $ (1,639,000) | $ (11,500,000) | ||||
Ground Leases at SGR, OPF, and BNA [Member] | Minimum [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 26 years | |||||
Ground Leases at SGR, OPF, and BNA [Member] | Maximum [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 73 years | |||||
Lease at OPF [Member] | ||||||
Payment to Purchase Ground Lease | $ 8,500,000 | |||||
Payments of Assignment Fees | $ 1,000,000 | |||||
Lessee, Operating Lease, Extension of Term (Year) | 57 years | |||||
Change in Right of Use Assets and Operating Lease Liabilities From Lease Remeasurement | $ 12,289 | |||||
ADS Expansion Parcels, Lease Agreement[Member] | ||||||
Number of Additional Parcels of Land | 2 | |||||
DVT Lease [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 40 years | |||||
PWK Lease [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 50 years | |||||
SGR Loan [Member] | Minimum [Member] | ||||||
Improvement Amount | $ 2,000,000 | |||||
BDL Lease [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 30 years | |||||
POU Lease [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 15 years | |||||
Number of Parcels | 2 |
Note 9 - Leases - Lease Cost (D
Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease expense | $ 4,143 | $ 3,816 |
Operating Expense [Member] | ||
Operating lease expense | 4,047 | 3,735 |
General and Administrative Expense [Member] | ||
Operating lease expense | $ 96 | $ 81 |
Note 9 - Leases - Supplemental
Note 9 - Leases - Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating cash flows from operating leases | $ 1,971 | $ 1,822 |
Operating cash flows from finance leases | 2 | 0 |
Financing cash flows from finance leases | $ 18 | $ 0 |
Operating leases (Year) | 53 years 4 months 24 days | 55 years 3 months 18 days |
Finance leases (Year) | 2 years 8 months 12 days | |
Operating leases | 5.08% | 4.62% |
Finance leases | 5% | 0% |
Note 9 - Leases - Future Minimu
Note 9 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024, Operating Lease | $ 2,080 | |
2024, Finance Lease | 29 | |
2025, Operating Lease | 2,323 | |
2025, Finance Lease | 24 | |
2026, Operating Lease | 3,296 | |
2026, Finance Lease | 17 | |
2027, Operating Lease | 3,727 | |
2027, Finance Lease | 2 | |
2028, Operating Lease | 3,634 | |
2028, Finance Lease | 0 | |
Thereafter, Operating Lease | 249,683 | |
Thereafter, Finance Lease | 0 | |
Total lease payments, Operating Lease | 264,743 | |
Total lease payments, Finance Lease | 72 | |
Less imputed interest, Operating Lease | (195,306) | |
Less imputed interest, Finance Lease | (5) | |
Total, Operating Lease | 69,437 | $ 53,531 |
Other Liabilities [Member] | ||
Total, Finance Lease | $ 67 |
Note 9 - Leases - Non-cancelabl
Note 9 - Leases - Non-cancelable Future Minimum Lease Payments from Tenants (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 7,428 |
2025 | 6,313 |
2026 | 4,012 |
2027 | 2,834 |
2028 | 1,203 |
Thereafter | 2,257 |
Total lease payments | 24,047 |
Less rent concessions to be applied at Company’s discretion | (214) |
Total | $ 23,833 |
Note 10 - Bonds Payable, Loan_3
Note 10 - Bonds Payable, Loans Payable and Interest (Details Textual) $ in Thousands | 12 Months Ended | |||
May 12, 2023 USD ($) | May 20, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Funds to Pay Debt Service and Reserve Funds | $ 98,800 | |||
Refund of Financing Costs | 0 | $ (1,249) | ||
Long-Term Debt | 162,420 | 162,210 | ||
Restricted Cash [Member] | ||||
Funds to Pay Debt Service and Reserve Funds | 10,600 | |||
Restricted Investments [Member] | ||||
Funds to Pay Debt Service and Reserve Funds | 88,200 | |||
Maximum [Member] | ||||
Restricted Fund for Construction Expenditures | 25,000 | |||
Series 2021 Bonds [Member] | ||||
Long-Term Debt, Gross | $ 166,300 | 166,340 | 166,340 | |
Debt Service Coverage Ratio | 1.25 | |||
Debt Instrument, Unamortized Premium, Total | $ 200 | 249 | 249 | |
Debt Issuance Costs, Net, Total | 6,000 | 4,753 | 4,753 | |
Refund of Financing Costs | 1,200 | |||
Long-Term Debt | 162,420 | 162,210 | ||
Series 2021 Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Long-Term Debt, Fair Value | $ 116,500 | $ 119,500 | ||
Series 2021 Bonds [Member] | Tranche One [Member] | ||||
Long-Term Debt, Gross | $ 21,100 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4% | |||
Series 2021 Bonds [Member] | Tranche Two [Member] | ||||
Long-Term Debt, Gross | $ 30,400 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4% | |||
Series 2021 Bonds [Member] | Tranche Three [Member] | ||||
Long-Term Debt, Gross | $ 114,800 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||
Overflow Loan [Member] | ||||
Long-Term Debt | $ 10,300 | |||
Overflow Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3% |
Note 10 - Bonds Payable, Loan_4
Note 10 - Bonds Payable, Loans Payable and Interest - Bonds Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | May 20, 2021 |
Total Bonds payable, net | $ 162,420 | $ 162,210 | |
Series 2021 Bonds [Member] | |||
Series 2021 Bonds Principal | 166,340 | 166,340 | $ 166,300 |
Premium on bonds | 249 | 249 | 200 |
Bond proceeds | 166,589 | 166,589 | |
Debt issuance costs | (4,753) | (4,753) | $ (6,000) |
Accumulated amortization of debt issuance costs and accretion bond premium | 584 | 374 | |
Total Bonds payable, net | $ 162,420 | $ 162,210 |
Note 10 - Bonds Payable, Loan_5
Note 10 - Bonds Payable, Loans Payable and Interest - Loans Payable and Finance Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 13, 2022 |
Weighted average interest rate | 8.47% | 0% |
Balance | $ 9,310 | $ 0 |
Vista Loan [Member] | ||
Weighted average interest rate | 8.53% | 0% |
Balance | $ 8,768 | $ 0 |
Equipment Loan [Member] | ||
Weighted average interest rate | 8.09% | 0% |
Balance | $ 475 | $ 0 |
Finance Lease [Member] | ||
Weighted average interest rate | 5% | 0% |
Balance | $ 67 | $ 0 |
Note 10 - Bonds Payable, Loan_6
Note 10 - Bonds Payable, Loans Payable and Interest - Interest Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest | $ 7,481 | $ 6,941 |
Accretion of bond premium and amortization debt issuance costs | 210 | 282 |
Total interest incurred | 7,691 | 7,223 |
Less: capitalized interest | (7,150) | (7,223) |
Interest expense | $ 541 | $ 0 |
Note 11 - Warrants (Details Tex
Note 11 - Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Oct. 26, 2020 | |
Fair Value Adjustment of Warrants | $ 8,644 | $ (5,082) | |
Public Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 6,799,439 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.5 | ||
Class of Warrant or Right, Outstanding (in shares) | 6,798,974 | ||
Private Placement Warrant [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,719,779 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.5 | $ 11.5 | |
Class of Warrants and Rights Outsanding, Price (in dollars per share) | $ 0.75 | $ 0.2 | |
Warrants and Rights Outstanding | $ 12,000 | $ 2,900 | |
Fair Value Adjustment of Warrants | $ 8,600 | $ 5,100 | |
PIPE Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,541,600 | ||
Class of Warrant or Right, Outstanding (in shares) | 1,541,600 | ||
Private Warrants [Member] | |||
Class of Warrant or Right, Outstanding (in shares) | 7,719,779 |
Note 12 - Equity and Redeemab_2
Note 12 - Equity and Redeemable Equity (Details Textual) - USD ($) | 12 Months Ended | |||||||||
Nov. 09, 2023 | Nov. 01, 2023 | Mar. 07, 2022 | Jan. 25, 2022 | Jan. 17, 2022 | Sep. 14, 2021 | Dec. 31, 2022 | Dec. 31, 2023 | Aug. 18, 2022 | Dec. 31, 2021 | |
Stock Issued During Period, Value, Initial Commitment Issuance | $ 112,000 | |||||||||
Sky Harbour LLC [Member] | ||||||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 36.50% | |||||||||
Securities Purchase Agreement with Certain Investors [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 6,586,154 | |||||||||
Proceeds from Issuance or Sale of Equity | $ 42,800,000 | |||||||||
Securities Purchase Agreement with Certain Investors [Member] | Initial PIPE Warrants [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,141,600 | |||||||||
Securities Purchase Agreement with Certain Investors, Second Closing [Member | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,307,692 | |||||||||
Proceeds from Issuance or Sale of Equity | $ 15,000,000 | |||||||||
Securities Purchase Agreement with Certain Investors, Second Closing [Member | Additional PIPE Warrants [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 400,000 | |||||||||
Price Private Placement Agreement [Member] | ||||||||||
Proceeds from Issuance or Sale of Equity | $ 57,810,000 | |||||||||
Common Class B [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 42,192,250 | |||||||||
Common Stock, Shares, Outstanding (in shares) | 42,192,250 | 42,046,356 | ||||||||
Common Stock, Shares, Issued (in shares) | 42,192,250 | 42,046,356 | ||||||||
Common Class A [Member] | ||||||||||
Common Stock, Shares, Outstanding (in shares) | 14,962,831 | 24,165,523 | ||||||||
Common Stock, Shares, Issued (in shares) | 14,962,831 | 24,165,523 | ||||||||
Common Class A [Member] | Common Stock Purchase Agreement [Member] | ||||||||||
Share Purchase Right, Shares to be Purchased (in shares) | 10,000,000 | |||||||||
Share Purchase Right, Price Modifier | 0.97 | |||||||||
Common Stock, Shares, Issued (in shares) | 25,000 | |||||||||
Share Purchase Right, Contingent Commitment Shares (in shares) | 75,000 | |||||||||
Stock Issued During Period, Value, Initial Commitment Issuance | $ 112,000 | |||||||||
Common Class A [Member] | Common Stock Purchase Agreement [Member] | Minimum [Member] | ||||||||||
Share Purchase Right, Shares to be Purchased (in shares) | 1,000,000 | |||||||||
Share Purchase Right, Total Aggregate Number of Shares | 20% | |||||||||
Common Class A [Member] | ACM ARRT VII E LLC [Member] | ||||||||||
Forward Purchase Agreement, Number of Shares (in shares) | 7,000,000 | |||||||||
Forward Purchase Agreement, Shares Purchased by Counterparty (in shares) | 664,909 | |||||||||
Forward Purchase Agreement, Payments to Counterparty | $ 6,700,000 | |||||||||
Forward Purchase Agreement, Term (Month) | 18 months | |||||||||
Forward Purchase Agreement, Counterparty Shares Sold (in shares) | 664,909 | |||||||||
Forward Purchase Agreement, Payment Remitted | $ 6,700,000 | |||||||||
Series B Preferred Units Converted into Class A Common Stock [Member] | ||||||||||
Conversion of Stock, Shares Issued (in shares) | 5,500,000 | |||||||||
Sky Harbour LLC and Subsidiaries (Sky) [Member] | Capital Unit, Class A [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 14,937,581 | |||||||||
Sky Harbour LLC and Subsidiaries (Sky) [Member] | Series A Preferred Units and Founder Units Converted into Common Units [Member] | ||||||||||
Conversion of Stock, Shares Issued (in shares) | 42,192,250 | |||||||||
Sky Harbour LLC and Subsidiaries (Sky) [Member] | Redeemable Series B Preferred Units [Member] | ||||||||||
Stock Issued During Period, Value, New Issues | $ 55,000,000 | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 8,049 | |||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 10 | |||||||||
Preferred Units, Outstanding (in shares) | 8,049 | |||||||||
Sky Harbour LLC and Subsidiaries (Sky) [Member] | Series A Preferred Units [Member] | ||||||||||
Preferred Units, Outstanding (in shares) | 31,250 | |||||||||
Sky Harbour LLC and Subsidiaries (Sky) [Member] | Founder Units [Member] | ||||||||||
Preferred Units, Outstanding (in shares) | 27,035 | |||||||||
LLC Interests and TRA Holders [Member] | Sky Harbour LLC [Member] | ||||||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 73.90% | 63.50% | ||||||||
Former Majority Shareholder [Member] | Overflow [Member] | ||||||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 49% |
Note 13 - Equity Compensation_2
Note 13 - Equity Compensation (Details Textual) - USD ($) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Feb. 28, 2023 | May 31, 2021 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 545,522 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 7.64 | $ 6.65 | $ 7.64 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 645,000 | 930,705 | 645,000 | ||
Sky Incentive Units [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0.45 | $ 0.45 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 575,015 | ||||
Sky Incentive Units [Member] | Sky Harbour LLC and Subsidiaries (Sky) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 3,951 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 257,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 2,807,750 | ||||
Sky Incentive Units [Member] | Sky Harbour LLC and Subsidiaries (Sky) [Member] | General and Administrative Expense [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 444,000 | $ 341,000 | |||
The 2022 Incentive Award Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Payment Arrangement, Expense | 1,816,000 | $ 764,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 5,070 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 8 months 12 days | ||||
The 2022 Incentive Award Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 545,522 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5.75 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | ||||
The 2022 Incentive Award Plan [Member] | Common Class A [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 5,200,000 | 5,200,000 |
Note 13 - Equity Compensation -
Note 13 - Equity Compensation - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Unvested (in shares) | shares | 645,000 |
Unvested, weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 7.64 |
Granted, number of shares (in shares) | shares | 545,522 |
Granted, weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 5.75 |
Vested (in shares) | shares | (191,317) |
Vested, weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 7.65 |
Forfeited (in shares) | shares | (68,500) |
Forfeited, weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 5.97 |
Unvested (in shares) | shares | 930,705 |
Unvested, weighted-average Grant Date Fair Value (in dollars per share) | $ / shares | $ 6.65 |
Note 13 - Equity Compensation_3
Note 13 - Equity Compensation - Assumptions (Details) - Sky Incentive Units [Member] - Sky Harbour LLC and Subsidiaries (Sky) [Member] | 1 Months Ended |
May 31, 2021 USD ($) | |
Fair value of total equity | $ 62,287,970 |
Term (Year) | 5 years |
Risk-free interest rate | 0.84% |
Volatility | 57% |
Note 13 - Equity Compensation_4
Note 13 - Equity Compensation - Summary of Activity Related to Incentive Units (Details) - Sky Incentive Units [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Sky units outstanding, weighted average grant date fair value (in dollars per share) | $ 0.45 | |
Granted (in shares) | 0 | |
Granted, weighted-average Grant Date Fair Value (in dollars per share) | $ 0 | |
Forfeitures (in shares) | 0 | |
Forfeited, weighted-average Grant Date Fair Value (in dollars per share) | 0 | |
Sky units outstanding (in shares) | 2,807,750 | |
Sky units outstanding, weighted average grant date fair value (in dollars per share) | 0.45 | |
Vested Units outstanding (in shares) | 2,232,735 | |
Vested Units outstanding, weighted average grant date fair value (in dollars per share) | 0.45 | |
Non-vested Units outstanding (in shares) | 575,015 | |
Non-vested Units outstanding, weighted average grant date fair value (in dollars per share) | 0.45 | |
Prior to Recapitalization [Member] | ||
Sky units outstanding (in shares) | 3,951 | |
Sky units outstanding, weighted average grant date fair value (in dollars per share) | $ 318.44 | |
Sky units outstanding (in shares) | 3,951 | |
After Recapitalization [Member] | ||
Sky units outstanding (in shares) | 2,807,750 | |
Sky units outstanding, weighted average grant date fair value (in dollars per share) | $ 0.45 | |
Sky units outstanding (in shares) | 2,807,750 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Percent, Total | 0% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Yellowstone Acquisition Company [Member] | ||
Operating Loss Carryforwards | $ 14,400 | $ 1,700 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | $ 14,400 |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred federal income tax benefit | $ (1,382) | $ (1,558) |
Deferred state income tax benefit | (37) | (285) |
Total income tax benefit before valuation allowance | (1,419) | (1,843) |
Valuation allowance | 1,419 | 1,843 |
Total income tax benefit | $ 0 | $ 0 |
Note 14 - Income Taxes - Effect
Note 14 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income tax benefit at the federal statutory rate of 21% | $ (3,698) | $ (554) |
State income tax benefit, net of federal benefit | (133) | (225) |
Unrealized gain on warrants | 1,815 | (1,067) |
Stock-based compensation | 105 | 0 |
Other, net | 492 | 3 |
Change in valuation allowance | (1,419) | (1,843) |
Total income tax benefit | $ 0 | $ 0 |
Note 14 - Income Taxes - Compon
Note 14 - Income Taxes - Components of Deferred Tax Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortization | $ 27 | $ 470 |
Difference between book and tax capital accounts | 485 | 90 |
Stock-based compensation | 139 | 179 |
Lease liability | 14 | 0 |
Net operating loss carryforwards | 4,146 | 1,923 |
Valuation allowance | (4,080) | (2,661) |
Total deferred tax assets | 731 | 1 |
Unrealized Gain/Loss on investments | (1) | (1) |
Long-lived assets | (716) | 0 |
Right-of-use assets | (14) | 0 |
Total deferred tax liabilities | (731) | (1) |
Total | $ 0 | $ 0 |
Note 15 - Earnings (Loss) Per_3
Note 15 - Earnings (Loss) Per Share - Schedule of Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net loss | $ (25,441) | $ (13,678) |
Less: Net loss attributable to non-controlling interests | (9,264) | (10,494) |
Basic and diluted net loss attributable to Sky Harbour Group Corporation shareholders | $ (16,177) | $ (3,184) |
Based and diluted weighted average shares of Class A Common Stock outstanding (in shares) | 16,456 | 13,965 |
Loss per share of Class A Common Stock – Basic and diluted (in dollars per share) | $ (0.98) | $ (0.23) |
Note 15 - Earnings (Loss) Per_4
Note 15 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities (in shares) | 931 | 645 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 16,061 | 14,519 |
Class B Common Stock [Member] | ||
Antidilutive securities (in shares) | 42,046 | 42,192 |
Sky Incentive Units [Member] | ||
Antidilutive securities (in shares) | 2,808 | 2,808 |
Note 16 - Accumulated Other C_3
Note 16 - Accumulated Other Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | $ 270 | $ 21 |
Note 16 - Accumulated Other C_4
Note 16 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 98,375 | $ 16,931 |
Balance | 132,246 | 98,375 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Including Noncontrolling Interest [Member] | ||
Balance | (102) | 0 |
Other comprehensive loss before reclassifications | 684 | (81) |
Amounts reclassified to other (income) expense | (270) | (21) |
Amounts reclassified to other (income) expense | (270) | (21) |
Balance | 312 | (102) |
AOCI Attributable to Parent [Member] | ||
Balance | (102) | 0 |
Other comprehensive loss before reclassifications | 684 | (81) |
Amounts reclassified to other (income) expense | (270) | (21) |
Amounts reclassified to other (income) expense | (270) | (21) |
Balance | $ 312 | $ (102) |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
BNA Construction Project [Member] | |
Termination Penalty | $ 0 |
APA Lease [Member] | |
Lease Improvement Plan, Period Limitation (Month) | 24 months |
DVT Lease [Member] | |
Lease Improvement Requirement, Phase I Requirement | $ 15,300 |
Lease Improvement Requirement, Phase II Requirement | 14,600 |
ADS Construction Project [Member] | |
Capital Improvement, Comment To Spend | $ 10,000 |
Note 18 - Related Party Trans_2
Note 18 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Employee Service [Member] | Company That Employed The Chief Financial Officer [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 105 | $ 108 |
Non-exclusive Agreement [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 215 | $ 194 |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Millions | Mar. 27, 2024 USD ($) a | Mar. 23, 2024 ft² |
SJC Lease [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 20 years | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |
SJC Lease [Member] | Hanger [Member] | ||
Area of Real Estate Property (Square Foot) | 38,000 | |
SJC Lease [Member] | Office Space [Member] | ||
Area of Real Estate Property (Square Foot) | 19,000 | |
SJC Lease [Member] | Apron and Ramp Space [Member] | ||
Area of Real Estate Property (Square Foot) | 108,000 | |
SJC Lease [Member] | Additional Land to Develop [Member] | ||
Area of Real Estate Property (Square Foot) | 28,000 | |
ORL Lease [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 30 years | |
Lessee, Operating Lease, Renewal Term (Year) | 20 years | |
Area of Land (Acre) | a | 20 | |
Lessee, Operating Lease, Capital Improvement Requirement, Value | $ | $ 30 |