Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 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 | |
Entity Shell Company | false | |
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 | NYSEAMER | |
Entity Common Stock, Shares Outstanding | 24,638,948 | |
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 $11.50 per share | |
Trading Symbol | SKYH WS | |
Security Exchange Name | NYSEAMER |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash | $ 2,556 | $ 60,257 |
Restricted cash | 99,453 | 12,009 |
Investments | 36,990 | 11,866 |
Restricted investments | 20,213 | 88,213 |
Prepaid expenses and other assets | 8,157 | 6,003 |
Right-of-use assets | 116,651 | 70,527 |
Total assets | 444,389 | 402,199 |
Liabilities and equity | ||
Accounts payable, accrued expenses and other liabilities | 13,816 | 16,740 |
Operating lease liabilities | 116,357 | 69,437 |
Loans payable and finance lease liabilities | 8,865 | 9,311 |
Bonds payable, net of debt issuance costs and premiums | 162,471 | 162,420 |
Warrants liability | 27,820 | 12,045 |
Total liabilities | 329,329 | 269,953 |
Commitments and contingencies (Note 15) | ||
Stockholders’ equity | ||
Preferred stock; $0.0001 par value; 10,000,000 shares authorized as of March 31, 2024; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 91,788 | 88,198 |
Accumulated deficit | (38,301) | (19,361) |
Accumulated other comprehensive income | 690 | 312 |
Total Sky Harbour Group Corporation stockholders’ equity | 54,183 | 69,155 |
Non-controlling interests | 60,877 | 63,091 |
Total equity | 115,060 | 132,246 |
Total liabilities and equity | 444,389 | 402,199 |
Common Class A [Member] | ||
Stockholders’ equity | ||
Common stock | 2 | 2 |
Common Class B [Member] | ||
Stockholders’ equity | ||
Common stock | 4 | 4 |
Construction in Progress [Member] | ||
Assets | ||
Property, Plant and Equipment, Net | 71,695 | 64,212 |
Asset under Construction [Member] | ||
Assets | ||
Property, Plant and Equipment, Net | 76,835 | 77,283 |
Equipment and Software [Member] | ||
Assets | ||
Property, Plant and Equipment, Net | $ 11,839 | $ 11,829 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 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) | 24,537,559 | 24,165,523 |
Common stock, shares outstanding (in shares) | 24,537,559 | 24,165,523 |
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 | 42,046,356 |
Common stock, shares outstanding (in shares) | 42,046,356 | 42,046,356 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue: | ||
Rental revenue | $ 2,404 | $ 1,107 |
Total revenue | 2,404 | 1,107 |
Expenses: | ||
Operating | 2,083 | 1,792 |
Depreciation | 629 | 450 |
General and administrative | 4,916 | 3,549 |
Total expenses | 7,628 | 5,791 |
Operating loss | (5,224) | (4,684) |
Other (income) expense: | ||
Interest expense | 194 | 0 |
Unrealized loss on warrants | 16,188 | 4,210 |
Other income | (407) | (133) |
Total other (income) expense | 15,975 | 4,077 |
Net loss | (21,199) | (8,761) |
Net loss attributable to non-controlling interests | (2,259) | (2,565) |
Net loss attributable to Sky Harbour Group Corporation shareholders | $ (18,940) | $ (6,196) |
Loss per share | ||
Basic (in dollars per share) | $ (0.78) | $ (0.41) |
Diluted (in dollars per share) | $ (0.78) | $ (0.41) |
Weighted average shares | ||
Basic (in shares) | 24,274 | 14,983 |
Diluted (in shares) | 24,274 | 14,983 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net loss | $ (21,199) | $ (8,761) |
Other comprehensive income (loss), before related income taxes: | ||
Unrealized gain (loss) on available-for-sale securities | 395 | 223 |
Total comprehensive loss | $ (20,804) | $ (8,538) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | 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] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 14,962,831 | 42,192,250 | ||||||
Balance at Dec. 31, 2022 | $ 1 | $ 4 | $ 29,560 | $ (3,184) | $ (102) | $ 26,279 | $ 72,096 | $ 98,375 |
Share-based compensation | 0 | 0 | 393 | 0 | 0 | 393 | 85 | 478 |
Other comprehensive income | 0 | 0 | 0 | 0 | 177 | 177 | 0 | 177 |
Net loss | $ 0 | $ 0 | 0 | (6,196) | 0 | (6,196) | (2,565) | (8,761) |
Exchange of Class B Common Stock (in shares) | 145,894 | (145,894) | ||||||
Exchange of Class B Common Stock | $ 0 | $ 0 | 184 | 0 | 0 | 184 | (184) | 0 |
Balance (in shares) at Mar. 31, 2023 | 15,108,725 | 42,046,356 | ||||||
Balance at Mar. 31, 2023 | $ 1 | $ 4 | 30,137 | (9,380) | 75 | 20,837 | 69,432 | 90,269 |
Balance (in shares) at Dec. 31, 2023 | 24,165,523 | 42,046,356 | ||||||
Balance at Dec. 31, 2023 | $ 2 | $ 4 | 88,198 | (19,361) | 312 | 69,155 | 63,091 | 132,246 |
Share-based compensation | $ 0 | $ 0 | 987 | 0 | 0 | 987 | 45 | 1,032 |
Vesting of restricted stock units (in shares) | 176,166 | 0 | ||||||
Shares withheld for payment of employee taxes (in shares) | (57,833) | 0 | ||||||
Shares withheld for payment of employee taxes | $ 0 | $ 0 | (686) | 0 | 0 | (686) | 0 | (686) |
Exercise of warrants (in shares) | 253,703 | 0 | ||||||
Exercise of warrants | $ 0 | $ 0 | 3,332 | 0 | 0 | 3,332 | 0 | 3,332 |
Payment of equity issuance costs | 0 | 0 | (43) | 0 | 0 | (43) | 0 | (43) |
Other comprehensive income | 0 | 0 | 0 | 0 | 378 | 378 | 0 | 378 |
Net loss | $ 0 | $ 0 | 0 | (18,940) | 0 | (18,940) | (2,259) | (21,199) |
Balance (in shares) at Mar. 31, 2024 | 24,537,559 | 42,046,356 | ||||||
Balance at Mar. 31, 2024 | $ 2 | $ 4 | $ 91,788 | $ (38,301) | $ 690 | $ 54,183 | $ 60,877 | $ 115,060 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (21,199) | $ (8,761) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 629 | 450 |
Straight-line rent adjustments, net | (19) | (25) |
Equity-based compensation | 1,032 | 478 |
Non-cash operating lease expense | 799 | 485 |
Unrealized loss on warrants | 16,188 | 4,210 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (703) | (705) |
Right-of-use asset initial direct costs | (3) | (9) |
Accounts payable, accrued expenses and other liabilities | (1,154) | (676) |
Net cash used in operating activities | (4,430) | (4,553) |
Cash flows from investing activities: | ||
Purchases of long-lived assets | (326) | (175) |
Payments for cost of construction | (9,068) | (8,948) |
Investment in notes receivable, net | 0 | (1,321) |
Purchases of available for sale investments | (95,790) | 0 |
Proceeds from available for sale investments | 71,061 | 6,713 |
Proceeds from held-to-maturity investments | 67,997 | 40,044 |
Net cash provided by investing activities | 33,874 | 36,313 |
Cash flows from financing activities: | ||
Proceeds from exercise of warrants | 1,474 | 0 |
Principal payments for loans payable and finance leases | (446) | 0 |
Payments for equity issuance costs | (43) | 0 |
Payments of employee taxes related to vested equity awards | (686) | 0 |
Net cash provided by financing activities | 299 | 0 |
Net increase in cash and restricted cash | 29,743 | 31,760 |
Cash and restricted cash, beginning of year | 72,266 | 41,396 |
Cash and restricted cash, end of period | $ 102,009 | $ 73,156 |
Note 1 - Organization and Busin
Note 1 - Organization and Business Operations | 3 Months Ended |
Mar. 31, 2024 | |
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.” The Company is organized 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 “Sky Common Units”). As of March 31, 2024 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements and the related notes (the “Financial Statements”) have been prepared in conformity with the U.S. Securities and Exchange Commission (the “SEC”) requirements for quarterly reports on Form 10 10 December 31, 2023, Certain historical amounts have been reclassified to conform to the current year’s presentation. 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 the business combination. 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 has been 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 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. 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. Leases The Company accounts for leases under Accounting Standards Codification (“ASC”) Topic 842, 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 Warrants liability The Company accounts for its Warrants (as defined in Note 10 Warrants 815, 815” not Revenue recognition The Company leases the hangar facilities that it constructs to third may no 842, 8 Leases 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 three March 31, 2024, three March 31, 2023, As of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 For the three March 31, 2024 one three March 31, 2023 three 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 The Company recorded income tax expense of $0 and the effective tax rate was 0.0% for the three March 31, 2024 2023. three March 31, 2024 2023 not 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, December 15, 2024. |
Note 3 - Rapidbuilt Acquisition
Note 3 - Rapidbuilt Acquisition | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. 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 |
Note 4 - Investments and Restri
Note 4 - Investments and Restricted Investments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Investments and Restricted 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 Pursuant to provisions within the Master Indenture of the Series 2021 9 Bonds payable, loans payable, and interest not not not three March 31, 2024. March 31, 2024, not 1 The following tables are summaries of the amortized cost, unrealized gains, unrealized losses, and fair value by investment type as of March 31, 2024 December 31, 2023: March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments, available for sale: U.S. Treasuries $ 36,300 $ 690 $ - $ 36,990 Total investments $ 36,300 $ 690 $ - $ 36,990 Restricted investments, held-to-maturity: U.S. Treasuries 20,213 88 (722 ) 19,579 Total restricted investments $ 20,213 $ 88 $ (722 ) $ 19,579 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 The following table sets forth the maturity profile of the Company's investments and restricted investments as of March 31, 2024: Investments Restricted Investments Due within one year $ 36,990 $ 6,392 Due one year through five years - 13,821 Total $ 36,990 $ 20,213 |
Note 5 - Cost of Construction a
Note 5 - Cost of Construction and Constructed Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Cost of Construction and Constructed Assets [Text Block] | 5. Cost of Construction and Constructed Assets The Company’s portfolio as of March 31, 2024 ● 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; ● Orlando Executive Airport (“ORL”), Orlando, FL; ● Phoenix Deer Valley Airport (“DVT”), Phoenix, AZ; ● San José Mineta International Airport (“SJC”), San Jose, CA; and ● Sugar Land Regional Airport (“SGR”), Sugar Land, TX (Houston area). Constructed assets, net, and cost of construction, consists of the following: March 31, 2024 December 31, 2023 Constructed assets, net of accumulated depreciation: Buildings, SGR, BNA, and OPF (Phase I) $ 80,232 $ 80,232 Accumulated depreciation (3,397 ) (2,949 ) $ 76,835 $ 77,283 Cost of construction: OPF (Phase II), APA (Phase I), DVT (Phase I), and ADS (Phase I & II) $ 71,695 $ 64,212 Depreciation expense for the three March 31, 2024 2023 |
Note 6 - Long-lived Assets
Note 6 - Long-lived Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Long-lived Assets Long-lived assets, net, consists of the following: March 31, 2024 December 31, 2023 Ground support equipment $ 1,057 $ 1,051 Machinery and equipment 3,783 3,783 Buildings 5,380 5,380 Land 1,620 1,620 Other equipment and fixtures 614 596 Purchase deposits and construction in progress 665 362 13,119 12,792 Accumulated depreciation (1,280 ) (963 ) $ 11,839 $ 11,829 Depreciation expense for the three March 31, 2024 2023 three March 31, 2024 2023, March 31, 2024 December 31, 2023, not not |
Note 7 - Supplemental Balance S
Note 7 - Supplemental Balance Sheet and Cash Flow Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Supplemental Balance Sheet and Cash Flow Disclosure [Text Block] | 7. 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: March 31, 2024 December 31, 2023 Costs of construction $ 6,987 $ 7,022 Employee compensation and benefits 929 2,438 Interest 1,739 3,474 Professional fees 1,303 1,154 Tenant security deposits 748 614 Other 2,110 2,038 $ 13,816 $ 16,740 Supplemental Cash Flow Information The following table summarizes non-cash investing and financing activities: Three months ended March 31, 2024 March 31, 2023 Accrued costs of construction, including capitalized interest $ 5,769 $ 5,542 Accrued costs of long-lived assets - 29 Proceeds receivable from exercise of Warrants 1,444 - Debt issuance costs and premium amortized to cost of construction 51 53 The following table summarizes non-cash activities associated with the Company’s operating leases: Three months ended March 31, 2024 March 31, 2023 Right-of-use assets obtained in exchange for operating lease liabilities $ 46,422 $ 168 Net increase in right-of-use assets and operating lease liabilities due to lease remeasurement $ 70 $ - The following table summarizes interest paid: Three months ended March 31, 2024 March 31, 2023 Interest paid $ 3,664 $ 3,470 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: Three months ended March 31, 2024 March 31, 2023 Cash, beginning of year $ 60,257 $ 2,174 Restricted cash, beginning of year 12,009 39,222 Cash and restricted cash, beginning of year $ 72,266 $ 41,396 Cash, end of period $ 2,556 $ 2,853 Restricted cash, end of period 99,453 70,303 Cash and restricted cash, end of period $ 102,009 $ 73,156 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee and Lessor, Operating Lease [Text Block] | 8. Leases Lessee The table below summarizes operating lease expense for the three March 31, 2024 March 31, 2023 Three months ended March 31, 2024 March 31, 2023 Operating expenses $ 1,275 $ 939 General and administrative expenses 27 24 Total operating lease expense $ 1,302 $ 963 The Company’s ground leases at airports are classified as operating leases under ASC Topic 842. not The Company’s lease population does not not not three March 31, 2024 2023 one 15 Commitments and Contingencies The Company’s ground leases have remaining terms ranging between 16 to 73 years, including options for the Company to extend the terms. These leases expire between 2040 2097, On March 23, 2024, 7 May 1, 2024, On March 27, 2024, Supplemental consolidated cash flow information related to the Company’s leases was as follows: Three months ended March 31, March 31, 2024 2023 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 482 $ 466 Operating cash flows from finance leases 1 - Operating cash flows from operating leases as lessee 7 - Supplemental consolidated balance sheet information related to the Company’s leases was as follows: Weighted Average Remaining Lease Term (in years) March 31, 2024 December 31, 2023 Operating leases 42.7 53.4 Finance leases 2.5 2.7 Weighted Average Discount Rate Operating leases 5.16 % 5.08 % Finance leases 4.99 % 5.00 % The Company’s future minimum lease payments required under leases as of March 31, 2024 Year Ending December 31, Operating Leases Finance Leases 2024 (remainder of year) $ 3,705 $ 21 2025 5,342 24 2026 6,545 17 2027 7,075 2 2028 6,997 - Thereafter 339,478 - Total lease payments 369,142 64 Less imputed interest (252,785 ) (4 ) Total $ 116,357 $ 60 Lessor The Company leases the hangar facilities that it constructs to third not one ten no The leases may not not Tenant leases to which the Company is the lessor require the following non-cancelable future minimum lease payments from tenants as of March 31, 2024 Year Ending December 31, Operating Leases 2024 (remainder of year) $ 8,092 2025 9,864 2026 7,479 2027 5,144 2028 3,500 Thereafter 2,775 Total lease payments 36,854 Less rent concessions to be applied at Company’s discretion (214 ) Total $ 36,640 |
Note 9 - Bonds Payable, Loans P
Note 9 - Bonds Payable, Loans Payable, and Interest | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Bonds payable, loans payable, and interest Bonds payable On May 20, 2021, September 2021 2021 2021 not no The Series 2021 September 1, 2021 2021 1 first 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. On March 22, 2023 , 2021 2021 2021 2021 2021 As of March 31, 2024 December 31, 2023, 2021 1 March 31, 2024 December 31, 2023, 2 The following table summarizes the Company’s Bonds payable as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 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 of bond premium 635 584 Total Bonds payable, net $ 162,471 $ 162,420 Loans Payable and Finance Leases The following table summarizes the Company's loans payable and finance lease liabilities as of March 31, 2024 December 31, 2023: March 31, 2024 December 31, 2023 Maturity Dates Weighted-Average Interest Rates Balance Weighted-Average Interest Rates Balance Vista Loan December 2025 8.65 % $ 8,383 8.53 % $ 8,768 Equipment loans August 2026 - September 2028 8.03 % 422 8.09 % 475 Finance leases September 2024 - July 2027 4.99 % 60 5.00 % 67 Total Loans payable and finance leases 8.59 % $ 8,865 8.47 % $ 9,311 Interest The following table sets forth the details of interest expense: Three months ended March 31, 2024 March 31, 2023 Interest $ 1,929 $ 1,735 Accretion of bond premium and amortization of debt issuance costs 51 53 Total interest incurred 1,980 1,788 Less: capitalized interest (1,786 ) (1,788 ) Interest expense $ 194 $ - |
Note 10 - Warrants
Note 10 - Warrants | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Warrants [Text Block] | 10. Warrants SHG's legal predecessor, Yellowstone Acquisition Company (“YAC”), issued to third one one may In connection with the Securities Purchase Agreement (the “Private Placement Purchase Agreement”) entered into on November 1, 2023 third The Warrants contain an exercise price of $11.50 per share and expire on January 25, 2027. 1 2 During the three March 31, 2024 March 31, 2024. March 31, 2024 The closing price of the Warrants was $1.76 and $0.75 per warrant on March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 three March 31 2024 March 31, 2023, |
Note 11 - Equity and Redeemable
Note 11 - Equity and Redeemable Equity | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 11. Equity and Redeemable Equity Common Equity As of March 31, 2024 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 At-the-Market Facility On March 27, 2024, may, may 415 1933, may no The Company is not In connection with entering into the ATM Agreement, on March 27, 2024, August 18, 2022. August 18, 2022 March 27, 2024, not 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 March 31, 2024 may not March 31, 2024 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 March 31, 2024 |
Note 12 - Equity Compensation
Note 12 - Equity Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. Equity Compensation Restricted Stock Units (“RSUs”) In February 2024, 2022 four first February 15, 2028. During the three March 31, 2024 three March 31, 2023, March 31 2024, March 31, 2024 Non-qualified Stock Options (“NSOs”) In February 2024, 2022 four sixth 10 three March 31, 2024, March 31, 2024 Sky Incentive Units The Company recognized equity-based compensation expense relating to awarded equity units of Sky (the “Sky Incentive Units”) of $45 and $85 for the three March 31, 2024 March 31, 2023 March 31, 2024 |
Note 13 - Earnings (Loss) Per S
Note 13 - Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. 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 Three Months Ended March 31, 2024 March 31, 2023 Numerator: Net loss $ (21,199 ) $ (8,761 ) Less: Net loss attributable to non-controlling interests (2,259 ) (2,565 ) Basic and diluted net loss attributable to Sky Harbour Group Corporation shareholders (18,940 ) (6,196 ) Denominator: Based and diluted weighted average shares of Class A Common Stock outstanding 24,274 14,983 Loss per share of Class A Common Stock – Basic and diluted $ (0.78 ) $ (0.41 ) 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): Three Months Ended March 31, 2024 March 31, 2023 Shares subject to unvested restricted stock units 1,130 1,183 Shares subject to unvested stock options 439 - Shares issuable upon the exercise of Warrants 15,807 14,519 Shares issuable upon the exchange of Class B Common Stock 42,046 42,046 Shares issuable upon the exercise and exchange of Sky Incentive Units 2,808 2,808 |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. Accumulated Other Comprehensive Income The following table summarizes the components of Accumulated other comprehensive income: Unrealized gain on Available-for-sale Securities Total Balance as of December 31, 2023 $ 312 $ 312 Other comprehensive income before reclassifications 395 395 Amounts reclassified to other (income) expense (17 ) (17 ) Balance as of March 31, 2024 $ 690 $ 690 Unrealized gain on Available-for-sale Securities Total Balance as of December 31, 2022 $ (102 ) $ (102 ) Other comprehensive income before reclassifications 223 223 Amounts reclassified to other (income) expense (46 ) (46 ) Balance as of March 31, 2023 $ 75 $ 75 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. Commitments and Contingencies In addition to the lease payment commitments discussed in Note 8 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 SJC Lease contains customary milestones by which the Company must complete additional construction. The ORL Lease requires that the Company construct $30 million of improvements in its initial phase of construction within 24 The Company has contracts for construction of the APA Phase I, DVT Phase I, and ADS Phase I projects. The Company may In addition to the matters described in this note, the Company is involved is various legal proceedings and claims in the ordinary course of its business. Although the Company cannot predict with certainty the ultimate resolution of these matters, which involve judgements that are inherently subjective, the Company does not |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16. Related Party Transactions On September 20, 2021, G58 September 8, 2021 35 three March 31, 2024 three March 31, 2023, March 31, 2024 For the three March 31, 2024 July 1, 2021. three March 31, 2023 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. OTHER INFORMATION During the three March 31, 2024, no 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements and the related notes (the “Financial Statements”) have been prepared in conformity with the U.S. Securities and Exchange Commission (the “SEC”) requirements for quarterly reports on Form 10 10 December 31, 2023, Certain historical amounts have been reclassified to conform to the current year’s presentation. |
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 the business combination. 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 has been 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 |
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. 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. |
Lessee, Leases [Policy Text Block] | Leases The Company accounts for leases under Accounting Standards Codification (“ASC”) Topic 842, 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 |
Derivatives, Policy [Policy Text Block] | Warrants liability The Company accounts for its Warrants (as defined in Note 10 Warrants 815, 815” not |
Revenue [Policy Text Block] | Revenue recognition The Company leases the hangar facilities that it constructs to third may no 842, 8 Leases 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 three March 31, 2024, three March 31, 2023, As of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 For the three March 31, 2024 one three March 31, 2023 three |
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 The Company recorded income tax expense of $0 and the effective tax rate was 0.0% for the three March 31, 2024 2023. three March 31, 2024 2023 not not |
New Accounting Pronouncements, Policy [Policy Text Block] | 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, December 15, 2024. |
Note 3 - Rapidbuilt Acquisiti_2
Note 3 - Rapidbuilt Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [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 4 - Investments and Rest_2
Note 4 - Investments and Restricted Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Available for Sale Securities, and Held to Maturity [Table Text Block] | March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investments, available for sale: U.S. Treasuries $ 36,300 $ 690 $ - $ 36,990 Total investments $ 36,300 $ 690 $ - $ 36,990 Restricted investments, held-to-maturity: U.S. Treasuries 20,213 88 (722 ) 19,579 Total restricted investments $ 20,213 $ 88 $ (722 ) $ 19,579 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Investments Restricted Investments Due within one year $ 36,990 $ 6,392 Due one year through five years - 13,821 Total $ 36,990 $ 20,213 |
Note 5 - Cost of Construction_2
Note 5 - Cost of Construction and Constructed Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Constructed Assets, Net and Cost of Construction [Table Text Block] | March 31, 2024 December 31, 2023 Constructed assets, net of accumulated depreciation: Buildings, SGR, BNA, and OPF (Phase I) $ 80,232 $ 80,232 Accumulated depreciation (3,397 ) (2,949 ) $ 76,835 $ 77,283 Cost of construction: OPF (Phase II), APA (Phase I), DVT (Phase I), and ADS (Phase I & II) $ 71,695 $ 64,212 |
Note 6 - Long-lived Assets (Tab
Note 6 - Long-lived Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2024 December 31, 2023 Ground support equipment $ 1,057 $ 1,051 Machinery and equipment 3,783 3,783 Buildings 5,380 5,380 Land 1,620 1,620 Other equipment and fixtures 614 596 Purchase deposits and construction in progress 665 362 13,119 12,792 Accumulated depreciation (1,280 ) (963 ) $ 11,839 $ 11,829 |
Note 7 - Supplemental Balance_2
Note 7 - Supplemental Balance Sheet and Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 2024 December 31, 2023 Costs of construction $ 6,987 $ 7,022 Employee compensation and benefits 929 2,438 Interest 1,739 3,474 Professional fees 1,303 1,154 Tenant security deposits 748 614 Other 2,110 2,038 $ 13,816 $ 16,740 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three months ended March 31, 2024 March 31, 2023 Accrued costs of construction, including capitalized interest $ 5,769 $ 5,542 Accrued costs of long-lived assets - 29 Proceeds receivable from exercise of Warrants 1,444 - Debt issuance costs and premium amortized to cost of construction 51 53 Three months ended March 31, 2024 March 31, 2023 Right-of-use assets obtained in exchange for operating lease liabilities $ 46,422 $ 168 Net increase in right-of-use assets and operating lease liabilities due to lease remeasurement $ 70 $ - Three months ended March 31, 2024 March 31, 2023 Interest paid $ 3,664 $ 3,470 Three months ended March 31, 2024 March 31, 2023 Cash, beginning of year $ 60,257 $ 2,174 Restricted cash, beginning of year 12,009 39,222 Cash and restricted cash, beginning of year $ 72,266 $ 41,396 Cash, end of period $ 2,556 $ 2,853 Restricted cash, end of period 99,453 70,303 Cash and restricted cash, end of period $ 102,009 $ 73,156 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended March 31, 2024 March 31, 2023 Operating expenses $ 1,275 $ 939 General and administrative expenses 27 24 Total operating lease expense $ 1,302 $ 963 |
Supplemental Information of Leases [Table Text Block] | Three months ended March 31, March 31, 2024 2023 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 482 $ 466 Operating cash flows from finance leases 1 - Operating cash flows from operating leases as lessee 7 - Weighted Average Remaining Lease Term (in years) March 31, 2024 December 31, 2023 Operating leases 42.7 53.4 Finance leases 2.5 2.7 Weighted Average Discount Rate Operating leases 5.16 % 5.08 % Finance leases 4.99 % 5.00 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year Ending December 31, Operating Leases Finance Leases 2024 (remainder of year) $ 3,705 $ 21 2025 5,342 24 2026 6,545 17 2027 7,075 2 2028 6,997 - Thereafter 339,478 - Total lease payments 369,142 64 Less imputed interest (252,785 ) (4 ) Total $ 116,357 $ 60 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Year Ending December 31, Operating Leases 2024 (remainder of year) $ 8,092 2025 9,864 2026 7,479 2027 5,144 2028 3,500 Thereafter 2,775 Total lease payments 36,854 Less rent concessions to be applied at Company’s discretion (214 ) Total $ 36,640 |
Note 9 - Bonds Payable, Loans_2
Note 9 - Bonds Payable, Loans Payable, and Interest (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, 2024 December 31, 2023 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 of bond premium 635 584 Total Bonds payable, net $ 162,471 $ 162,420 |
Debt and Finance Lease Obligation [Table Text Block] | March 31, 2024 December 31, 2023 Maturity Dates Weighted-Average Interest Rates Balance Weighted-Average Interest Rates Balance Vista Loan December 2025 8.65 % $ 8,383 8.53 % $ 8,768 Equipment loans August 2026 - September 2028 8.03 % 422 8.09 % 475 Finance leases September 2024 - July 2027 4.99 % 60 5.00 % 67 Total Loans payable and finance leases 8.59 % $ 8,865 8.47 % $ 9,311 |
Interest Expense, Debt [Table Text Block] | Three months ended March 31, 2024 March 31, 2023 Interest $ 1,929 $ 1,735 Accretion of bond premium and amortization of debt issuance costs 51 53 Total interest incurred 1,980 1,788 Less: capitalized interest (1,786 ) (1,788 ) Interest expense $ 194 $ - |
Note 13 - Earnings (Loss) Per_2
Note 13 - Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 March 31, 2023 Numerator: Net loss $ (21,199 ) $ (8,761 ) Less: Net loss attributable to non-controlling interests (2,259 ) (2,565 ) Basic and diluted net loss attributable to Sky Harbour Group Corporation shareholders (18,940 ) (6,196 ) Denominator: Based and diluted weighted average shares of Class A Common Stock outstanding 24,274 14,983 Loss per share of Class A Common Stock – Basic and diluted $ (0.78 ) $ (0.41 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2024 March 31, 2023 Shares subject to unvested restricted stock units 1,130 1,183 Shares subject to unvested stock options 439 - Shares issuable upon the exercise of Warrants 15,807 14,519 Shares issuable upon the exchange of Class B Common Stock 42,046 42,046 Shares issuable upon the exercise and exchange of Sky Incentive Units 2,808 2,808 |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized gain on Available-for-sale Securities Total Balance as of December 31, 2023 $ 312 $ 312 Other comprehensive income before reclassifications 395 395 Amounts reclassified to other (income) expense (17 ) (17 ) Balance as of March 31, 2024 $ 690 $ 690 Unrealized gain on Available-for-sale Securities Total Balance as of December 31, 2022 $ (102 ) $ (102 ) Other comprehensive income before reclassifications 223 223 Amounts reclassified to other (income) expense (46 ) (46 ) Balance as of March 31, 2023 $ 75 $ 75 |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business Operations (Details Textual) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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 | 36.90% | |
Sky Harbour LLC [Member] | LLC Interests and TRA Holders [Member] | ||
Subsidiary, Ownership Percentage, Parent | 63.10% |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Operating Lease, Variable Lease Income | $ 379 | $ 117 | |
Advance Rent | 359 | $ 241 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 | |
Effective Income Tax Rate Reconciliation, Percent | 0% | 0% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number of Major Tenants | 1 | 3 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Tenant [Member] | |||
Concentration Risk, Percentage | 10% | 20% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Three Tenants [Member] | |||
Concentration Risk, Percentage | 45% | ||
Prepaid Expenses and Other Assets [Member] | |||
Deferred Rent Asset, Net, Current | $ 403 | $ 367 | |
Consolidated Subsidiaries [Member] | Sky Harbour LLC [Member] | |||
Subsidiary, Ownership Percentage, Parent | 100% |
Note 3 - Rapidbuilt Acquisiti_3
Note 3 - 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 3 - Rapidbuilt Acquisiti_4
Note 3 - Rapidbuilt Acquisition - Schedule of Business Acquisition (Details) - Rapidbuilt Acquisition [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 4 - Investments and Rest_3
Note 4 - Investments and Restricted Investments - Summaries of the Amortized Cost, Unrealized Gains, Unrealized Losses, and Fair Value by Investment Type (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, available for sale, amortized cost | $ 36,300 | $ 11,554 |
Investments, available for sale, gross unrealized gains | 690 | 312 |
Investments, available for sale, gross unrealized losses | 0 | 0 |
Investments, available for sale, estimated fair value | 36,990 | 11,866 |
Restricted investments, held-to-maturity, amortized cost | 20,213 | 88,213 |
Restricted investments, gross unrealized gains | 88 | 105 |
Restricted investments, gross unrealized losses | (722) | (694) |
Restricted investments, estimated fair value | 19,579 | 87,624 |
US Treasury Securities [Member] | ||
Investments, available for sale, amortized cost | 36,300 | 11,554 |
Investments, available for sale, gross unrealized gains | 690 | 312 |
Investments, available for sale, gross unrealized losses | 0 | 0 |
Investments, available for sale, estimated fair value | 36,990 | 11,866 |
Restricted investments, held-to-maturity, amortized cost | 20,213 | 88,213 |
Restricted investments, gross unrealized gains | 88 | 105 |
Restricted investments, gross unrealized losses | (722) | (694) |
Restricted investments, estimated fair value | $ 19,579 | $ 87,624 |
Note 4 - Investments and Rest_4
Note 4 - Investments and Restricted Investments - Investments and Restricted Investments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Investments, due within one year | $ 36,990 |
Restricted investments, due within one year | 6,392 |
Investments,due on year through five years | 0 |
Restricted investments, due on year through five years | 13,821 |
Investments, total | 36,990 |
Restricted investments, total | $ 20,213 |
Note 5 - Cost of Construction_3
Note 5 - Cost of Construction and Constructed Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Asset under Construction [Member] | ||
Depreciation | $ 448 | $ 392 |
Note 5 - Cost of Construction_4
Note 5 - Cost of Construction and Constructed Assets - Constructed Assets, Net and Cost of Construction (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Asset under Construction [Member] | ||
Property, Plant and Equipment, Gross | $ 80,232 | $ 80,232 |
Accumulated depreciation | (3,397) | (2,949) |
Property, Plant and Equipment, Net | 76,835 | 77,283 |
OPF (Phase II), APA (Phase I), DVT (Phase I), and ADS (Phase I & II) | 76,835 | 77,283 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Net | 71,695 | 64,212 |
OPF (Phase II), APA (Phase I), DVT (Phase I), and ADS (Phase I & II) | $ 71,695 | $ 64,212 |
Note 6 - Long-lived Assets (Det
Note 6 - Long-lived Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Equipment and Software [Member] | |||
Depreciation | $ 181 | $ 58 | |
Construction in Progress [Member] | |||
Depreciation | 136 | $ 0 | |
Equipment [Member] | |||
Property, Plant, and Equipment, Not in Service | $ 665 | $ 362 |
Note 6 - Long-lived Assets - Lo
Note 6 - Long-lived Assets - Long-lived Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 1,057 | $ 1,051 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment, Gross | 3,783 | 3,783 |
Building [Member] | ||
Property, Plant and Equipment, Gross | 5,380 | 5,380 |
Land [Member] | ||
Property, Plant and Equipment, Gross | 1,620 | 1,620 |
Other Equipment and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | 614 | 596 |
Purchase deposits and Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | 665 | 362 |
Equipment and Software [Member] | ||
Property, Plant and Equipment, Gross | 13,119 | 12,792 |
Accumulated depreciation | (1,280) | (963) |
Property, Plant and Equipment, Net | $ 11,839 | $ 11,829 |
Note 7 - Supplemental Balance_3
Note 7 - Supplemental Balance Sheet and Cash Flow Information - Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Costs of construction | $ 6,987 | $ 7,022 |
Employee compensation and benefits | 929 | 2,438 |
Interest | 1,739 | 3,474 |
Professional fees | 1,303 | 1,154 |
Tenant security deposits | 748 | 614 |
Other | 2,110 | 2,038 |
Accounts Payable and Accrued Liabilities | $ 13,816 | $ 16,740 |
Note 7 - Supplemental Balance_4
Note 7 - Supplemental Balance Sheet and Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accrued costs of construction, including capitalized interest | $ 5,769 | $ 5,542 |
Accrued costs of long-lived assets | 0 | 29 |
Proceeds receivable from exercise of Warrants | 1,444 | 0 |
Debt issuance costs and premium amortized to cost of construction | 51 | 53 |
Right-of-use assets obtained in exchange for operating lease liabilities | 46,422 | 168 |
Net increase in right-of-use assets and operating lease liabilities due to lease remeasurement | 70 | 0 |
Interest paid | 3,664 | 3,470 |
Cash, beginning of year | 60,257 | 2,174 |
Restricted cash, beginning of year | 12,009 | 39,222 |
Cash and restricted cash, beginning of year | 72,266 | 41,396 |
Cash, end of period | 2,556 | 2,853 |
Restricted cash, end of period | 99,453 | 70,303 |
Cash and restricted cash, end of period | $ 102,009 | $ 73,156 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | Mar. 31, 2024 | Mar. 27, 2024 a | Mar. 23, 2024 ft² |
Minimum [Member] | |||
Lessor, Operating Lease, Term of Contract (Year) | 1 year | ||
Maximum [Member] | |||
Lessor, Operating Lease, Term of Contract (Year) | 10 years | ||
Ground Leases at SGR, OPF, and BNA [Member] | Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 16 years | ||
Ground Leases at SGR, OPF, and BNA [Member] | Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 73 years | ||
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 |
Note 8 - Leases - Lease Cost (D
Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating lease expense | $ 1,302 | $ 963 |
Operating Expense [Member] | ||
Operating lease expense | 1,275 | 939 |
General and Administrative Expense [Member] | ||
Operating lease expense | $ 27 | $ 24 |
Note 8 - Leases - Supplemental
Note 8 - Leases - Supplemental Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Operating cash flows from operating leases | $ 482 | $ 466 | |
Operating cash flows from finance leases | 1 | 0 | |
Operating cash flows from operating leases as lessee | $ 7 | $ 0 | |
Operating leases (Year) | 42 years 8 months 12 days | 53 years 4 months 24 days | |
Finance leases (Year) | 2 years 6 months | 2 years 8 months 12 days | |
Operating leases | 5.16% | 5.08% | |
Finance leases | 4.99% | 5% |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
2023 (remainder of year), Operating Lease | $ 3,705 | |
2023 (remainder of year), Finance Lease | 21 | |
2025, Operating Lease | 5,342 | |
2025, Finance Lease | 24 | |
2026, Operating Lease | 6,545 | |
2026, Finance Lease | 17 | |
2027, Operating Lease | 7,075 | |
2027, Finance Lease | 2 | |
2028, Operating Lease | 6,997 | |
2028, Finance Lease | 0 | |
Thereafter, Operating Lease | 339,478 | |
Thereafter, Finance Lease | 0 | |
Total lease payments, Operating Lease | 369,142 | |
Total lease payments, Finance Lease | 64 | |
Less imputed interest, Operating Lease | (252,785) | |
Less imputed interest, Finance Lease | (4) | |
Total, Operating Lease | 116,357 | $ 69,437 |
Total, Finance Lease | $ 60 |
Note 8 - Leases - Non-cancelabl
Note 8 - Leases - Non-cancelable Future Minimum Lease Payments from Tenants (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2024 (remainder of year) | $ 8,092 |
2025 | 9,864 |
2026 | 7,479 |
2027 | 5,144 |
2028 | 3,500 |
Thereafter | 2,775 |
Total lease payments | 36,854 |
Less rent concessions to be applied at Company’s discretion | (214) |
Total | $ 36,640 |
Note 9 - Bonds Payable, Loans_3
Note 9 - Bonds Payable, Loans Payable, and Interest (Details Textual) - Series 2021 Bonds [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | May 20, 2021 |
Long-Term Debt, Gross | $ 166,340 | $ 166,340 | $ 166,300 |
Debt Instrument, Unamortized Premium, Total | 249 | 249 | 200 |
Fair Value, Inputs, Level 2 [Member] | |||
Long-Term Debt, Fair Value | $ 125,900 | $ 116,500 | |
Tranche One [Member] | |||
Long-Term Debt, Gross | $ 21,100 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4% | ||
Tranche Two [Member] | |||
Long-Term Debt, Gross | $ 30,400 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4% | ||
Tranche Three [Member] | |||
Long-Term Debt, Gross | $ 114,800 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% |
Note 9 - Bonds Payable, Loans_4
Note 9 - Bonds Payable, Loans Payable, and Interest - Bonds Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | May 20, 2021 |
Total Bonds payable, net | $ 162,471 | $ 162,420 | |
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) | |
Accumulated amortization of debt issuance costs and accretion of bond premium | 635 | 584 | |
Total Bonds payable, net | $ 162,471 | $ 162,420 |
Note 9 - Bonds Payable, Loans_5
Note 9 - Bonds Payable, Loans Payable and Interest - Loans Payable and Finance Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 13, 2023 |
Weighted average interest rate | 8.59% | 8.47% |
Balance | $ 8,865 | $ 9,311 |
Vista Loan [Member] | ||
Weighted average interest rate | 8.65% | 8.53% |
Balance | $ 8,383 | $ 8,768 |
Equipment Loan [Member] | ||
Weighted average interest rate | 8.03% | 8.09% |
Balance | $ 422 | $ 475 |
Finance Lease [Member] | ||
Weighted average interest rate | 4.99% | 5% |
Balance | $ 60 | $ 67 |
Note 9 - Bonds Payable, Loans_6
Note 9 - Bonds Payable, Loans Payable, and Interest - Interest Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest | $ 1,929 | $ 1,735 |
Accretion of bond premium and amortization of debt issuance costs | 51 | 53 |
Total interest incurred | 1,980 | 1,788 |
Less: capitalized interest | (1,786) | (1,788) |
Interest expense | $ 194 | $ 0 |
Note 10 - Warrants (Details Tex
Note 10 - Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Nov. 01, 2023 | Oct. 26, 2020 | |
Proceeds from Warrant Exercises | $ 1,474 | $ 0 | |||
Fair Value Adjustment of Warrants | $ 16,188 | 4,210 | |||
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 | ||||
Private Placement Warrant [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,541,600 | 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 or Rights, Exercised During Period (in shares) | 253,703 | ||||
Proceeds from Warrant Exercises | $ 2,900 | ||||
Warrants and Rights, Proceeds Receivable | $ 1,400 | ||||
Class of Warrant or Right, Outstanding (in shares) | 15,806,640 | ||||
Class of Warrants and Rights Outsanding, Price (in dollars per share) | $ 1.76 | $ 0.75 | |||
Warrants and Rights Outstanding | $ 27,800 | $ 12,000 | |||
Fair Value Adjustment of Warrants | $ 16,200 | $ 4,200 |
Note 11 - Equity and Redeemab_2
Note 11 - Equity and Redeemable Equity (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 27, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Payments of Stock Issuance Costs | $ 43 | $ 0 | ||
Sky Harbour LLC [Member] | LLC Interests and TRA Holders [Member] | ||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 63.10% | |||
Overflow [Member] | Former Majority Shareholder [Member] | ||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 49% | |||
At Market Issuance Sales Agreement [Member] | ||||
Sale of Stock, Maximum Amount Issuable | $ 100,000 | |||
Sale of Stock, Commission Percentage | 3% | |||
Payments of Stock Issuance Costs | $ 100 | |||
Common Class A [Member] | ||||
Common Stock, Shares, Outstanding (in shares) | 24,537,559 | 24,165,523 | ||
Common Class B [Member] | ||||
Common Stock, Shares, Outstanding (in shares) | 42,046,356 | 42,046,356 |
Note 12 - Equity Compensation (
Note 12 - Equity Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Feb. 29, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Sky Incentive Units [Member] | Sky Harbour LLC and Subsidiaries (Sky) [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 200 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 2 months 12 days | ||
Sky Incentive Units [Member] | Sky Harbour LLC and Subsidiaries (Sky) [Member] | General and Administrative Expense [Member] | |||
Share-Based Payment Arrangement, Expense | $ 45 | $ 85 | |
The 2022 Incentive Award Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 438,781 | ||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 11.63 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 7.32 | ||
The 2022 Incentive Award Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-Based Payment Arrangement, Expense | $ 900 | $ 400 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 1,189,636 | ||
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) | $ 9.78 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 9,400 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 2 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) | 430,002 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 12.33 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | ||
The 2022 Incentive Award Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | ||
Share-Based Payment Arrangement, Expense | $ 100 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,200 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 8 years 10 months 24 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years |
Note 13 - Earnings (Loss) Per_3
Note 13 - Earnings (Loss) Per Share - Schedule of Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net loss | $ (21,199) | $ (8,761) |
Less: Net loss attributable to non-controlling interests | (2,259) | (2,565) |
Basic and diluted net loss attributable to Sky Harbour Group Corporation shareholders | $ (18,940) | $ (6,196) |
Based and diluted weighted average shares of Class A Common Stock outstanding (in shares) | 24,274 | 14,983 |
Loss per share of Class A Common Stock – Basic and diluted (in dollars per share) | $ (0.78) | $ (0.41) |
Note 13 - Earnings (Loss) Per_4
Note 13 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities (in shares) | 1,130 | 1,183 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 439 | 0 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 15,807 | 14,519 |
Class B Common Stock [Member] | ||
Antidilutive securities (in shares) | 42,046 | 42,046 |
Sky Incentive Units [Member] | ||
Antidilutive securities (in shares) | 2,808 | 2,808 |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance | $ 132,246 | $ 98,375 |
Balance | 115,060 | 90,269 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Including Noncontrolling Interest [Member] | ||
Balance | 312 | (102) |
Other comprehensive income before reclassifications | 395 | 223 |
Amounts reclassified to other (income) expense | (17) | (46) |
Balance | 690 | 75 |
AOCI Attributable to Parent [Member] | ||
Balance | 312 | (102) |
Other comprehensive income before reclassifications | 395 | 223 |
Amounts reclassified to other (income) expense | (17) | (46) |
Balance | $ 690 | $ 75 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 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 |
ORL Lease [Member] | |
Lease Improvement Requirement, Phase I Requirement | $ 30,000 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Employee Service [Member] | Company That Employed The Chief Financial Officer [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 88 |
Non-exclusive Agreement [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 69 | $ 62 |