SKAS Plunges into Loss as Heliport Operations Cease

TL;DR

**SKAS is now a cash shell after losing its heliport contract, making it a speculative play on future capital deployment, not an operating business.**

AI Summary

Saker Aviation Services, Inc. (SKAS) reported a significant decline in financial performance for the nine months ended September 30, 2025, primarily due to the termination of its concession agreement for the Downtown Manhattan Heliport. Revenue plummeted to $1,260,756 for the nine months ended September 30, 2025, a substantial decrease from $6,466,973 in the same period of 2024. This led to a net loss of $(944,870) for the nine months ended September 30, 2025, a stark contrast to the net income of $736,868 reported in the prior year. The company ceased all operations at the heliport on March 29, 2025, resulting in zero revenue for the three months ended September 30, 2025, compared to $2,505,488 in the same quarter of 2024. Operating loss for the nine months widened to $(1,129,323) from an operating income of $1,900,270 year-over-year. Cash and cash equivalents decreased to $4,790,773 as of September 30, 2025, from $5,298,722 at December 31, 2024, with net cash used in operating activities totaling $423,345. The company also incurred a write-off of relinquished assets, net of depreciation, amounting to $104,339 in the first quarter of 2025 related to the heliport termination. Despite the operational cessation, SKAS maintains a working capital surplus of $8,812,218 and has invested excess capital in high-yield savings and government-backed securities with UBS Financial Services Inc.

Why It Matters

This filing reveals a critical turning point for Saker Aviation Services, Inc., as the loss of its Downtown Manhattan Heliport concession agreement has effectively halted its primary revenue stream. For investors, this signifies a complete shift in the company's operational landscape, moving from an active service provider to a holding company managing its remaining capital. Employees previously associated with the heliport operations are directly impacted by the cessation of business. Customers who relied on the heliport services will need to find alternative providers, impacting the competitive landscape of New York City's aviation services. The broader market will observe how SKAS navigates this transition, particularly its strategy for utilizing its $8.8 million working capital surplus and $4.79 million in cash.

Risk Assessment

Risk Level: high — The company reported zero revenue for the three months ended September 30, 2025, and a net loss of $(944,870) for the nine months ended September 30, 2025, directly attributable to the termination of its primary business operation, the Downtown Manhattan Heliport concession. This complete cessation of revenue-generating activities presents a high risk, as the company's future is uncertain without a clear new business strategy.

Analyst Insight

Investors should consider SKAS a speculative investment, focusing on its cash position and potential future strategic moves rather than its past operational performance. Monitor for announcements regarding new business ventures or capital allocation strategies, as the company currently lacks an active revenue stream.

Financial Highlights

debt To Equity

N/A

revenue

$1,260,756

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

$(944,870)

eps

N/A

gross Margin

N/A

cash Position

$4,790,773

revenue Growth

-80.5%

Revenue Breakdown

Key Numbers

• $0 — Revenue for Q3 2025 (Represents complete cessation of operations at the Downtown Manhattan Heliport, down from $2,505,488 in Q3 2024.)
• $1,260,756 — Revenue for nine months ended Sep 30, 2025 (Significant decrease from $6,466,973 in the prior year, reflecting the loss of the heliport concession.)
• $(944,870) — Net loss for nine months ended Sep 30, 2025 (Shift from a net income of $736,868 in the same period of 2024, driven by revenue loss.)
• $4,790,773 — Cash and cash equivalents as of Sep 30, 2025 (Decreased from $5,298,722 at December 31, 2024, indicating cash burn from operating activities.)
• $8,812,218 — Total stockholders' equity as of Sep 30, 2025 (Reduced from $9,675,796 at December 31, 2024, reflecting the net loss.)
• $(423,345) — Net cash used in operating activities for nine months ended Sep 30, 2025 (Indicates ongoing cash outflow despite cessation of primary operations.)
• $104,339 — Write-off of relinquished assets (Incurred in Q1 2025 due to vacating the Downtown Manhattan Heliport.)
• $276,923 — Covenant Not To Compete payments (Total payments over 18 months starting April 2025 to Brian Tolbert.)
• 997,182 — Shares of common stock outstanding as of Nov 7, 2025 (Reflects a slight increase from 995,939 shares at Dec 31, 2024.)
• $81,292 — Stock-based compensation for nine months ended Sep 30, 2025 (Consistent expense, slightly up from $76,081 in the prior year.)

Key Players & Entities

• Saker Aviation Services, Inc. (company) — Registrant and parent company
• Downtown Manhattan Heliport (company) — Primary operational asset until March 29, 2025
• City of New York (regulator) — Grantor of the concession agreement for the heliport
• New York City Department of Small Business Services (DSBS) (regulator) — Government agency involved in heliport concession agreements
• UBS Financial Services Inc. (company) — Financial institution holding SKAS's excess working capital
• Brian Tolbert (person) — Manager of the Downtown Manhattan Heliport and party to a Covenant Not To Compete agreement
• Wachtel & Missry, LLP (company) — Law firm providing legal services to SKAS
• William B. Wachtel (person) — Chairman of SKAS's Board of Directors and managing partner of Wachtel & Missry, LLP
• FirstFlight Heliports, LLC (company) — Wholly-owned subsidiary of SKAS
• Empire Aviation (company) — Related party through a management agreement

FAQ

Risk Factors

• Cessation of Key Heliport Operations [high — operational]: The company ceased all operations at the Downtown Manhattan Heliport on March 29, 2025, following the termination of its concession agreement. This resulted in zero revenue for Q3 2025 and a significant year-over-year revenue decline for the nine months ended September 30, 2025, from $6,466,973 to $1,260,756.
• Shift to Net Loss and Cash Burn [high — financial]: The loss of the heliport revenue led to a net loss of $(944,870) for the nine months ended September 30, 2025, a stark contrast to the $736,868 net income in the prior year. Net cash used in operating activities was $(423,345) for the same period.
• Asset Write-off [medium — financial]: The company incurred a write-off of relinquished assets, net of depreciation, amounting to $104,339 in Q1 2025 due to vacating the Downtown Manhattan Heliport.
• Dependence on Future Business Activities [high — financial]: The company is currently reviewing alternative business activities for revenue generation after the cessation of its primary operations. The success of these future ventures is uncertain and poses a significant financial risk.
• Concession Agreement Termination [high — legal]: The termination of the Concession Agreement with the City of New York by NYCEDC on March 4, 2025, effective March 29, 2025, directly led to the cessation of operations and the resulting financial downturn.
• Ongoing Covenant Not To Compete Payments [low — financial]: The company is obligated to make Covenant Not To Compete payments totaling $276,923 over 18 months starting April 2025 to Brian Tolbert, adding to ongoing expenses.

Industry Context

The aviation services industry, particularly heliport operations in major urban centers, is highly dependent on specific contracts and concessions. Competition can be intense, and regulatory environments are often stringent. The recent cessation of operations at the Downtown Manhattan Heliport highlights the vulnerability of businesses reliant on single, high-value contracts.

Regulatory Implications

The termination of the concession agreement by NYCEDC underscores the regulatory and contractual risks inherent in operating in city-managed infrastructure. Companies must navigate complex agreements and potential changes in municipal policy, which can have immediate and severe financial consequences.

What Investors Should Do

1. Monitor the company's strategy for identifying and securing new revenue streams.
2. Evaluate the company's cash burn rate and runway.
3. Assess the impact of the asset write-off and ongoing covenant payments on future profitability.

Key Dates

• 2025-03-04: Notification of Concession Agreement Termination — NYC Economic Development Corporation notified Saker Aviation Services of the termination of the Downtown Manhattan Heliport concession agreement.
• 2025-03-29: Cessation of Heliport Operations — Saker Aviation Services vacated and ceased all operations at the Downtown Manhattan Heliport, marking the end of its primary revenue-generating activity.
• 2025-09-30: End of Third Quarter and Nine-Month Period — Financial results for this period reflect the full impact of the heliport operations cessation, showing zero revenue for Q3 and a significant net loss for the nine months.
• 2025-11-07: Shares Outstanding Date — Reported 997,182 shares of common stock outstanding, a slight increase from year-end 2024.

Glossary

Concession Agreement

A contract granting permission to operate a business or service in a specific location, often involving fees or revenue sharing with the grantor. (The termination of this agreement with the City of New York for the Downtown Manhattan Heliport was the primary driver of the company's recent financial distress.)

Write-off of relinquished assets

The accounting recognition of the loss in value or disposal of assets that are no longer usable or owned, often due to lease termination or operational changes. (This represents a direct cost incurred by the company as a result of vacating the heliport, impacting its net income.)

Covenant Not To Compete

A contractual agreement where one party agrees not to enter into or start a similar profession or trade in competition against another party. (Saker Aviation Services is making payments under such an agreement, which represents an ongoing expense.)

Net cash used in operating activities

The net amount of cash spent or generated by a company's normal business operations over a period. (A negative figure indicates that the company's core operations are consuming cash, which is a concern given the loss of its main revenue source.)

Year-Over-Year Comparison

Saker Aviation Services has experienced a dramatic downturn in financial performance compared to the prior year. Revenue for the nine months ended September 30, 2025, plummeted by 80.5% to $1,260,756 from $6,466,973 in the same period of 2024, driven by the termination of its Downtown Manhattan Heliport concession. This revenue collapse has led to a significant shift from a net income of $736,868 to a net loss of $(944,870). Operating results have worsened considerably, with an operating loss of $(1,129,323) compared to prior year operating income of $1,900,270. While cash reserves have decreased, the company still maintains a working capital surplus, though net cash used in operating activities indicates ongoing cash outflow.

Key Financial Figures

• $0.03 — had 997,182 shares of its common stock, $0.03 par value, issued and outstanding. EXP
• $0 — ree months ended September 30, 2025 was $0. We had no operations in the three mont
• $1,260,756 — ine months ended September 30, 2025 was $1,260,756 as compared with corresponding prior-ye
• $6,466,973 — responding prior-year period revenue of $6,466,973. For the nine months ended September 30
• $297,000 — uel and related items was approximately $297,000 as compared to approximately $1,604,000
• $1,604,000 — y $297,000 as compared to approximately $1,604,000 in the nine months ended September 30,
• $937,000 — ices and supply items was approximately $937,000 as compared to approximately $4,568,000
• $4,568,000 — y $937,000 as compared to approximately $4,568,000 in the nine months ended September 30,
• $27,000 — 25, all other revenue was approximately $27,000 as compared to approximately $295,000 i
• $295,000 — ly $27,000 as compared to approximately $295,000 in the nine months ended September 30,
• $1,245,862 — ended September 30, 2025 as compared to $1,245,862 in the three months ended September 30,
• $749,396 — ber 30, 2024. Total cost of revenue was $749,396 in the nine months ended September 30,
• $3,183,418 — ended September 30, 2025 as compared to $3,183,418 in the nine months ended September 30,
• $1,259,626 — ded September 30, 2025 as compared with $1,259,626 in the three months ended September 30,
• $511,360 — tember 30, 2024. Total gross profit was $511,360 in the nine months ended September 30,

Filing Documents

• skas20250930_10qa.htm (10-Q/A) — 517KB
• ex_882333.htm (EX-31.1) — 10KB
• ex_882334.htm (EX-31.2) — 10KB
• ex_882335.htm (EX-32.1) — 6KB
• 0001437749-25-033765.txt ( ) — 2221KB
• skas-20250930.xsd (EX-101.SCH) — 21KB
• skas-20250930_def.xml (EX-101.DEF) — 126KB
• skas-20250930_lab.xml (EX-101.LAB) — 140KB
• skas-20250930_pre.xml (EX-101.PRE) — 144KB
• skas-20250930_cal.xml (EX-101.CAL) — 25KB
• skas20250930_10qa_htm.xml (XML) — 164KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024 3 4 5 6

Notes to Financial Statements (unaudited)

Notes to Financial Statements (unaudited) 7 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 10 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 13 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 14

- OTHER INFORMATION

PART II - OTHER INFORMATION ITEM 1A.

RISK FACTORS

RISK FACTORS 15 ITEM 6. EXHIBITS 15

SIGNATURES

SIGNATURES 16 ii SAKER AVIATION SERVICES, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2025 (unaudited) December 31, 2024 (audited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 4,790,773 $ 5,298,722 Investments 3,669,746 3,553,000 Accounts receivable 0 316,027 Inventories 0 6,647 Prepaid expenses 626,089 1,607,476 Total current assets 9,086,608 10,781,872 PROPERTY AND EQUIPMENT , net of accumulated depreciation 0 102,073 TOTAL ASSETS $ 9,086,608 $ 10,883,945 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 79,831 $ 227,050 Customer deposits 0 263,032 Deferred liability 184,613 0 Accrued expenses 9,946 718,067 Total current liabilities 274,390 1,208,149 TOTAL LIABILITIES 274,390 1,208,149 STOCKHOLDERS ' EQUITY Preferred stock - $ 0.03 par value; authorized 333,306 ; none issued and outstanding Common stock - $ 0.03 par value; authorized 3,333,334 ; 997,182 and 995,939 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 29,916 29,878 Additional paid-in capital 20,085,463 20,004,209 Accumulated deficit ( 11,303,161 ) ( 10,358,291 ) TOTAL STOCKHOLDERS' EQUITY 8,812,218 9,675,796 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 9,086,608 $ 10,883,945 See accompanying notes to consolidated financial statements. 3 SAKER AVIATION SERVICES, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 REVENUE $ 0 $ 2,505,488 $ 1,260,756 $ 6,466,973 COST OF REVENUE 0 1,245,862 749,396 3,183,418 GROSS PROFIT 0 1,259,626 511,360 3,283,555 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 264,319 456,132 1,640,683 1,383,285 OPERATING (LOSS) INCOME ( 264,319 ) 803,494 ( 1,129,323 ) 1,900

- Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2 - Management ' s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read together with the accompanying unaudited condensed consolidated financial statements and related notes in this report. This Item 2 contains forward-looking statements that involve risks and uncertainties. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date of this report. Actual results may differ materially from those expressed or implied in such forward-looking statements. Factors which could cause actual results to differ materially are discussed throughout this report and include, but are not limited to, those set forth at the end of this Item 2 under the heading "Cautionary Statement Regarding Forward Looking Statements." Additional factors are under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The terms "we", "us", and "our" are used below to refer collectively to the Company and its subsidiary through which our businesses was conducted. Overview Saker Aviation Services, Inc. is a Nevada corporation. Our common stock, $0.03 par value per share (the "common stock"), is quoted on the OTCID Basic Market ("OTCID") under the symbol "SKAS". We were formed on January 17, 2003 as a proprietorship and were incorporated in Arizona on January 2, 2004. We became a public company as a result of a reverse merger transaction on August 20, 2004 with Shadows Bend Development, Inc., an inactive public Nevada corporation, and subsequently changed our name to FBO Air, Inc. On December 12, 2006, we changed our name to FirstFlight, Inc. On September 2, 2009, we changed our name to Saker Aviation Services, Inc. Our business activities were carried out by FirstFlight Heliports, LLC d/b/a Saker Aviation Services ("FFH"), a wholly-owned subsidiary, as the operator of the Downtown Manhattan Heliport via a concession agreement (the

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