Sky Harbour Group Corp has rapidly expanded its footprint in the niche market of business aircraft hangar infrastructure, capitalizing on a structural shortage of suitably sized hangars driven by the growth of large private jets with taller tail heights and winglets. Despite strong top-line growth reaching $27.54 million in 2025, operating losses remain elevated due to aggressive capital expenditures required for development of new HBO campuses. The company maintains a diversified tenant base with long-term leases providing steady revenue visibility but faces liquidity and execution risks given its dependence on bond financing and bank debt. Monitoring project completions, occupancy stabilization near current ~78%, and capital market conditions will be critical to assess Sky Harbour's path toward positive operating cash flow and sustainable returns.