Sky Harbour Group (SKYH) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw significant revenue growth, positive operating cash flow for the first time, and strong liquidity, with major construction and leasing milestones achieved across multiple airport campuses.

• Construction activity accelerated, with multiple projects on schedule and on budget, and site acquisition expanding to over 4 million square feet in the pipeline across 22-23 airports.

• Leasing momentum continued, with occupancy optimization and re-lease revenue step-ups of 19% over the last twelve months.

• Operations benefited from efficiency gains, leveraging Phase II completions and cost reduction programs.

• Net loss attributable to shareholders was $1.2 million for Q2 2026, primarily due to lower unrealized gains on warrant liabilities and higher interest expense.

Financial highlights

• Q2 2026 revenues rose 50% year-over-year and 13% sequentially, with annualized revenue run rate at $39.4 million; Obligated Group revenues up 79% year-over-year and 22% sequentially.

• Rental revenue rose 35% year-over-year to $7.0 million, and fuel revenue doubled to $2.8 million.

• Adjusted EBITDA for Q2 2026 was negative $0.9 million, an improvement from negative $3.0 million in Q2 2025.

• Net cash from operating activities reached $0.5 million, reversing prior negative cash flow; Obligated Group net cash from operations was $2.9 million.

• Cash and US Treasuries at quarter-end were $206.9 million, with $130.2 million additional capacity under the JPM Facility.

Outlook and guidance

• Annualized consolidated revenue run rate expected to reach $42–46 million by year-end 2026, up from $39.4 million in Q2.

• Annualized consolidated Adjusted EBITDA projected at $4–6 million by year-end 2026.

• 609,000 square feet under construction, with an additional 611,000 expected by year-end.

• Continued revenue growth anticipated from new campus lease-ups and expansions, especially at Opa-locka and Addison.