Sky Harbour Group Corporation Q3 2026 Earnings Recap

Sky Harbour shares rose 6.2% after earnings, with revenue growth and accelerating construction likely supporting the positive reaction. The quarter also showed a near-term profitability drag: operating expenses increased ahead of new campus openings, and adjusted EBITDA remained negative at approximately $5 million.

Key Takeaways

• Consolidated Q3 revenue increased 45% year over year and 7% sequentially, driven by new campus openings, higher occupancy, and rental rates.
• Assets under construction and completed construction reached $439 million, up $111 million year to date; the company said construction activity was at a record pace.
• Operating expenses continued to rise ahead of new campus openings, including campus headcount and lease expense for sites not yet operating. Management expects margins to expand as campuses stabilize.
• Adjusted EBITDA was approximately negative $5 million, improving on higher operating margins at open campuses and slightly lower corporate overhead.
• Operating cash flow was slightly negative in Q3, which management attributed to a one-time payment of almost $1 million in accrued Yorkville loan interest; the obligated group generated $3.2 million of operating cash flow.