Sky Harbour Group Corporation Earnings Recaps
Q2 2026
Aug 15, 2026
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.
Key takeaways
- 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.
Q2 2025
Aug 13, 2025
Sky Harbour reported a robust second quarter with a significant 82% year-over-year revenue increase, driven by new campus openings and operational improvements, while cash flow usage saw substantial reductions.
Key takeaways
- Consolidated revenues reached $6.6 million, up 82% YoY, reflecting growth from existing campuses and the acquisition of Camarillo.
- Operating cash flow improved dramatically to under $1 million used in Q2, down from $5 million in Q1, enhancing expectations for breakeven by year-end.
- The potential annualized revenue from newly opened campuses is projected at $14 million, underscoring strong growth momentum going into Q3 and Q4.
- Sky Harbour's revenue capture potential is anticipated to approach $200 million by year-end, bolstered by an effective leasing strategy.
- Strategic leasing efforts have commenced, focusing on pre-leasing at yet-to-be-constructed campuses.