Aug 12, 2026 earnings call — Expansion of hangar campuses and leasing strategy
Reaffirmed year-end annualized revenue run rate between $42 million and $46 million.
Revenue $0.0B (est $0.0B) · EPS $-0.04 · Next-quarter revenue outlook $0.0B–$0.0B
Key quotes
"So we are on track both on budget and on time with all of the developments in this plan."
"Our leasing strategy on specifically these 3 airports includes offering short-term leases at introductory rates just to get to full occupancy as quickly as possible."
"We have closed the quarter with significant liquidity with over $207 million in cash and U.S. treasuries, and about $130 million still available from J.P. Morgan committed construction loan."
Analyst Q&A 7
no question
Q (Michael Diana · Maxim Group): The analyst said he did not intend to ask a question.
A: There was no management answer; the analyst said he didn't signal for a question.
pre-leasing and pricing
Q (William Catherwood · BTIG): Progress on pre-leasing at San Jose and Dallas, and whether you use the introductory rate strategy used at ADS, DVT, APA.
A: Pre-leasing in places with an existing Phase 1 is much easier because of national recognition and pent-up demand, and FOMO drives leases. For San Jose, Bradley and Dallas, management said there is no introductory rate in those three airports.
"I should say, for all 3 of those airports, there is no introductory rate." — Tal Keinan (CEO·CHAIR)
re-lease rent growth and cash flow
Q (Timothy D'Agostino · B. Riley): How should we think about revenue escalation from re-leases over 2–3 years and whether the first positive quarterly operating cash flow had any one-time items or is sustainable?
A: On re-leases, introductory-rate campuses should see a bigger bump on the first re-lease while pre-lease campuses probably see less of a bump; all leases include annual CPI escalators with a 4% floor and management is not making predictions on inflation. On cash flow, management said the positive operating cash flow is recurrent and will improve as leasing of Opa Locka Phase 2, APA and DVT continues, and openings of Bradley and ADS Dallas 2 should push cash much higher into next year.
"Of course, in the next 2 quarters, we're going to continue benefiting from increased revenues, as I mentioned earlier, from the leasing -- or the finished leasing of Opa Locka Phase 2 and then continued leasing at APA and DVT." — Francisco Gonzalez (CFO)
EBITDA drivers and construction costs
Q (Ryan Meyers · Lake Street): What drives reaching the $4–6 million adjusted EBITDA run rate by year-end, and what is current construction cost per square foot and remaining savings from vertical integration?
A: The main driver is operating leverage: more leasing (notably Opa Locka Phase 2) brings revenue while OpEx does not rise in step, which is accretive to adjusted EBITDA. Construction costs are down versus prior levels — management noted a previous $250 target and said they are at about $242 now — and they expect further savings from prototype improvements, national procurement, and manufacturing scale as more campuses build.
"When we were up above $300, we set $250 as a target." — Tal Keinan (CEO·CHAIR)
pre-leasing policy and ground lease metric
Q (Gaurav Mehta · Alliance Global Partners): Will pre-leasing be standard across new construction and how many new ground leases will you add this year? Also, comment on slow leasing in Denver.
A: Pre-leasing will be standard going forward (Opa Locka Phase 2 first, then Bradley, Dallas Phase 2, Salt Lake City) and the target is roughly half to two-thirds leased by opening though they may adjust that goal. They now count new sites by square footage rather than number of ground leases and plan to focus on NOI; Denver has been slower than expected and was a disappointment.
"Opa Locka Phase 2 was the first campus we did with that. You'll see Bradley is next and then Dallas Phase 2 is the one after that, and then Salt Lake City." — Tal Keinan (CEO·CHAIR)
occupancy mix and pre-leasing speed
Q (Maximus Alexander-Nino · Stonegate Capital Partners): Why is economic occupancy below reported occupancy at Sugar Land and Opa Locka? And will pre-leasing speed up lease-up (from ~3 quarters to ~2)?
A: The difference is largely private versus semi-private mix: Sugar Land is 100% private so it is capped and Miami has more semi-private in Phase 2 which should increase economic occupancy. Pre-leasing may accelerate lease-up; management said to watch Opa Locka Phase 2 at the next earnings call for evidence of faster lease-up.
"So yes, I'd say on the next earnings call, look to see where Opa Locka Phase 2 stands." — Tal Keinan (CEO·CHAIR)
site competition and share sale detail
Q (Joseph Gomes · NOBLE): Are you getting more aggressive on Tier 1 airport land grabs, and please clarify the registered direct placement and Boston Omaha share sale.
A: They remain aggressive, creative and patient on site acquisition; many wins are the result of multi-year efforts and they are accelerating site activity with no plans to slow. On the share transactions, management said they asked legacy investors if they wanted to sell and Boston Omaha was willing to sell shares; separately, Boston Omaha sold 360,000 shares to certain investors in a transaction coordinated with the company, and legacy investors reaffirmed long-term interest.
"Boston Omaha said that they will, if there was an opportunity, they would like to sell 300,000 shares." — Francisco Gonzalez (CFO)