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Results of Operations
Year ended December 31, 2022 Compared to the Year ended December 31, 2021
The following table sets forth a summary of our consolidated results of operations for the periods indicated below and the changes between the periods (in thousands).
Year ended |
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December 31, 2022 |
December 31, 2021 |
Change |
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Revenue: |
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Rental revenue |
$ | 1,845 | $ | 1,578 | $ | 267 | |||
Total revenue |
1,845 | 1,578 | 267 | ||||||
Expenses: |
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Operating |
5,046 | 4,471 | 575 | ||||||
Depreciation |
695 | 570 | 125 | ||||||
Loss on impairment of long-lived assets |
248 | - | 248 | ||||||
General and administrative |
14,714 | 8,737 | 5,977 | ||||||
Total expenses |
20,703 | 13,778 | 6,925 | ||||||
Other (income) expense: |
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Interest expense, net of capitalized interest |
- | 1,160 | (1,160 | ) | |||||
Other (income) expense |
(98 | ) | - | (98 | ) | ||||
Unrealized (gain) loss on warrants |
(5,082 | ) | - | (5,082 | ) | ||||
Loss on extinguishment of note payable to related party |
- | 250 | (250 | ) | |||||
Total other (income) expense |
(5,180 | ) | 1,410 | (6,590 | ) | ||||
Net loss |
$ | (13,678 | ) | $ | (13,610 | ) | $ | (68 | ) |
Revenues
Revenues for the year ended December 31, 2022 were approximately $1.8 million, compared to approximately $1.6 million for the year ended December 31, 2021. The 17% increase primarily resulted from additional tenant leases commencing at SGR during the second and third quarters of 2022 and BNA during late 2022.
Operating Expenses
Operating expenses increased approximately $0.6 million, or 13%, from approximately $4.5 million for the year ended December 31, 2021 to approximately $5.0 million for the year ended December 31, 2022. This increase was primarily driven by an approximately $0.4 million increase in salaries, wages, and benefits associated with our campus personnel. The increase was reflective of a headcount increase at BNA associated with the opening of the BNA campus in the three months ended December 31, 2022, an increase at OPF as we prepare to commence operations in the three months ending March 31, 2023, and a headcount increase at SGR to accommodate increased tenant activity. Repair and maintenance expense associated with our hangars and related ground service equipment increased approximately $0.1 million, primarily driven by increased operations at our BNA and SGR campuses.
Depreciation Expense
Depreciation increased approximately $0.1 million, or 18%, for the year ended December 31, 2022, as compared to the year ended December 31, 2021. The increase reflects the opening of our BNA campus during the three months ended December 31, 2022 and the placement of additional ground support equipment into service throughout 2022.
General and Administrative Expenses
For the years ended December 31, 2022, and 2021, general and administrative expenses were approximately $14.7 million and approximately $8.7 million, respectively. The approximately $6.0 million increase was primarily driven by an approximately $2.5 million increase in salaries, wages, and benefits, which reflects an increase in full-time and contracted employees. The increase also reflects the implementation of stock and cash incentive compensation programs instituted to attract and retain employees. Other administrative expenses increased approximately $2.2 million driven primarily by insurance, franchise taxes, and computer and software expenses. Marketing and pursuit costs increased approximately $0.6 million in the year ended December 31, 2022, compared to the year ended December 31, 2021, reflecting our growth strategy in securing airport site acquisitions and potential tenants. Professional fees increased approximately $0.7 million due to an increase in legal, accounting, and consulting costs as compared to the prior year primarily as a result of becoming a public company.
Other (Income) Expenses
Other (income) expenses increased from approximately $1.4 million of other expense to approximately $5.2 million of other income for the year ended December 31, 2022 as compared to the year ended December 31, 2021. This increase was primarily due to an approximately $5.1 million mark-to-market gain of the outstanding warrants at December 31, 2022. These warrants were issued by YAC as part of its initial public offering. As a result, the warrants were not reflected in Sky’s financial statements for the Year ended December 31, 2021.
Posted In: SKYH