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, supporting revenue growth and positive cash flow.

• Site acquisition expanded, including Dulles and San Jose, with over 4 million square feet in the development pipeline across 22-23 airports.

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

• Guidance for year-end 2026 was reaffirmed, with expectations for continued revenue and EBITDA growth.

Financial highlights

• Consolidated Q2 2026 revenues rose 50% year-over-year and 13% sequentially; Obligated Group revenues up 79% year-over-year and 22% sequentially.

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

• Constructed assets and construction in progress totaled over $393 million, up $65 million year-to-date.

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

• Consolidated 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.

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

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

• Continued focus on maximizing NOI, expanding in Tier 1 markets, and driving cost per square foot lower.