Sky Harbour Group (SKYH) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues rose 56% year-over-year to $8.7 million, driven by new campus operations, higher occupancy, and expanded asset base, with constructed assets surpassing $352 million, a $75 million increase year-over-year.

• OPF Phase 2 campus delivered at $39.2 million cost, 68% leased at premium rates above underwriting, with cost per square foot trending lower.

• Leasing momentum continued, with re-leasing step-ups averaging 23% over prior leases and economic occupancy at stabilized campuses exceeding 100%.

• Net loss narrowed to $9.0 million from $9.1 million in Q1 2025, reflecting higher revenues offset by increased operating and financing costs.

• Cash and equivalents, restricted cash, and investments totaled $187.6 million at quarter-end, up from $48.5 million at year-end 2025.

Financial highlights

• Obligated Group revenues grew 76% year-over-year and 15% sequentially, with consolidated revenues reaching $34.9 million annualized run rate in Q1 2026 and guidance for $42–$46 million by year-end.

• Adjusted EBITDA improved to $(1.5) million from $(3.3) million in Q1 2025, with year-end guidance of $4–$6 million annualized run rate.

• Operating expenses rose due to new campus openings, increased headcount, and ground lease accruals, with more than half of the increase being non-cash.

• Net cash used in operating activities was $3.9 million, improving from $5.1 million in Q1 2025.

• Cost per square foot for new construction is $244.37, down from $253 previously.

Outlook and guidance

• 2026 annualized revenue run rate is projected between $42 million and $46 million, up from $34.9 million in Q1.

• Adjusted EBITDA is expected to reach an annualized run rate of $4 million–$6 million by year-end, up from -$6 million in Q1.

• 390,000 square feet under construction, with 684,000 additional planned by year-end.

• Major revenue and cash flow growth anticipated in 2027 and 2028 as current projects come online.

• Guidance excludes contributions from Bradley and Addison 2 campuses, which will open at year-end.