Shares declined 1.9% following Sky Harbour’s Q2 report as investors digested continuing margin pressures and uneven leasing progress, particularly slow occupancy ramp at Denver Centennial Phase 1, signaling ongoing challenges despite revenue growth.
- Consolidated assets under construction and completed stood at $393 million, up $65 million year-to-date, marking an acceleration in new campus investments.
- Q2 revenues increased 50% year-over-year and 13% sequentially, driven by new campus openings and higher occupancy and rental rates.
- Operating expenses rose alongside expansion, notably impacted by non-cash accruals for new ground leases on unconstructed campuses.
- Adjusted EBITDA improved but remained negative at approximately -$0.9 million, reflecting continuing operating losses offset by flat expenses at active campuses.
- Leasing progress remains uneven, with notably slow economic occupancy at Denver Centennial Phase 1, contrasting with stronger cash flow development in Miami and Nashville campuses.
Community Discussion