Sky Harbour Group Corp (SKYH): Results of Operations and Financial Condition
Sky Harbour Group Corp (SKYH) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Sky Harbour Announces Q2 Results and Updates on Leasing, Construction, Funding and Other Activities Reaffirms Guidance for Year End 2026 WEST HARRISON, N.Y.--( BUSINESS WIRE )--Sky Harbour Group Corporation (NYSE: SKYH, SKYH WS) (“SHG” or the “Company”), an aviation
How this was made
The 30-second read
Why it matters
Traders can reassess SKYH’s execution trajectory using disclosed liquidity, operating cash flow turning positive, and specific occupancy/revenue metrics, while also pricing dilution and construction completion timing.
Market read
The filing combines a same-day $40M equity raise with improved cash-flow/liquidity and reaffirmed 2026 guidance, creating a near-term catalyst for positioning.
What to watch
Key sensitivities are covenant compliance, construction schedule risk for Phase 2 openings (ADS by year-end), and whether revenue per square foot and occupancy metrics sustain through lease rollovers.
Sky Harbour Announces Q2 Results and Updates on Leasing, Construction, Funding and Other Activities Reaffirms Guidance for Year End 2026
The release reported approximately 50% consolidated revenue growth year over year, 13% sequential growth, the first quarter of recurrent positive operating cash flow, high occupancy and leasing activity, and reaffirmed year-end run-rate guidance. The filing text did not include the underlying GAAP income-statement amounts, margins, or per-share results.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Consolidated revenue growthother | increased approximately 50% as compared to Q2 2025 | – | approximately 50% |
| Consolidated revenue growthother | 13% as compared to Q1 2026 | 13% | – |
| Constructed assets and construction in progressother | over $393 million | – | – |
| Year-to-date increase in constructed assets and construction in progressother | $65 million | – | – |
| Net cash provided by operating activitiesGAAP | approximately $0.5 million | – | – |
| Obligated Group revenue growthother | increased 79% as compared to Q2 2025 | – | 79% |
| Obligated Group revenue growthother | 22% as compared to Q1 2026 | 22% | – |
| Obligated Group net cash provided by operating activitiesGAAP | approximately $2.9 million | – | – |
| Consolidated annualized revenue run rateother | $39.4 million | – | – |
year end 2026 outlook
- Revenue$42-46 million on an annualized run-rate basis
- NoteConsolidated Adjusted EBITDA of $4-6 million on an annualized run rate basis by year end.
What drove it
- Stabilized campuses had higher-than-forecast revenue per square foot, and average revenue escalation upon re-lease was 19% for the trailing 12 months as of 8/1/2026, excluding typical annual escalations of CPI with a floor of 4%.
- OPF combined occupancy was 80%, with high leasing velocity, and all leases in 2026 were signed at Tier-1 rates.
- ADS Phase 1, DVT Phase 1 and APA achieved 98%, 76% and 44% occupancy, respectively.
- SJC Phase 1 reached 132% economic occupancy, and SJC Phase 2 was 100% pre-leased despite not yet being constructed.
- The Company operated 1.04 million square feet of hangar and associated office and support space, with approximately 2 million square feet of aviation ramp and vehicle parking.
- The campus-level OPEX-Efficiency Program had initial cost savings realized at pilot campuses.
- OPF Phase 2 opened for operations in May.
Concerns
- The release did not provide the dollar amount of Q2 consolidated revenue despite reporting percentage growth.
- The release did not provide GAAP net income, adjusted EBITDA, operating income, gross margin, or EPS figures, instead referring readers to the Form 10-Q.
- APA occupancy was 44%, below the other specifically disclosed campus occupancy figures.
- ADS Phase 2, BDL, SLC, POU and ORL remained under construction or scheduled for future completion.
- The $40 million registered direct common stock issuance was completed at $10.00 per share.
What to watch
- Completion and opening of ADS Phase 2 by year-end.
- Completion of BDL by December 2026 and SLC in Q1 2027.
- Scheduled construction starts at IAD, TTN and PWK by Q4 2026.
- Completion schedules for POU and ORL in Q3 2027.
- Leasing progress at OPF, ADS Phase 1, DVT Phase 1 and APA.
- Execution against year-end annualized run-rate revenue guidance of $42-46 million and Adjusted EBITDA guidance of $4-6 million.
- Deployment of the $40 million common stock issuance proceeds and additional tax-exempt debt toward approximately 400,000 rentable square feet of new hangar projects.
Balance sheet and cash flow
- Consolidated cash and US Treasuries totaling $206.9 million.
- Access to an additional $130.2 million of capacity under the committed JP Morgan drawdown construction bank facility (“JPM Facility”).
- These figures exclude $40 million in proceeds from a registered direct common stock issuance that settled earlier today.
- Cash and US Treasuries at the Obligated Group totaled $26.2 million as of June 30th, 2026.
- The Company contributed $20.0 million as equity to the Obligated Group to reimburse past cash advances from the Company to partially fund certain expenditures associated with the construction of Phase 2 at Miami–Opa Locka Executive Airport (“OPF”).
- The Company contributed $7.3 million to the Obligated Group from the Series 2026 Bonds for construction expenditures at Phase 2 at ADS.
- The Company closed a $40 million common stock issuance at $10.00 per share through a registered direct placement.
- As of June 30th, 2026, the Company has drawn nearly $70 million from the JPM Facility for capital expenditures and reimbursement of prior advances related to projects at BDL, SLC and OPF Phase 2.
- As of today, there is an additional $130 million of committed undrawn capacity under the JPM Facility.
Analysis
Sky Harbour reported approximately 50% consolidated revenue growth versus Q2 2025 and 13% growth versus Q1 2026. The release also identified approximately $0.5 million of consolidated net cash provided by operating activities, compared with net cash used of approximately $3.9 million in Q1 2026. Management characterized this as the first quarter of recurrent positive operating cash flow in the Company’s history. The release did not state the dollar amount of consolidated revenue or other core GAAP income-statement results.
Leasing indicators support the reported growth. Stabilized campuses generated higher-than-forecast revenue per square foot, and average revenue escalation upon re-lease was 19% for the trailing 12 months as of 8/1/2026, excluding typical annual CPI escalations with a floor of 4%. SJC Phase 1 reached 132% economic occupancy and its unconstructed Phase 2 was 100% pre-leased. OPF combined occupancy was 80%, ADS Phase 1 was 98%, DVT Phase 1 was 76%, and APA was 44%.
The asset base and development pipeline continued to expand. Constructed assets and construction in progress reached over $393 million, a year-to-date increase of $65 million. OPF Phase 2 opened in May, while ADS Phase 2 is expected to open by year-end. BDL is expected to be completed by December 2026, SLC in Q1 2027, and POU and ORL in Q3 2027. IAD, TTN and PWK are scheduled to begin construction by Q4 2026. The Company is operating 1.04 million square feet of hangar and associated office and support space.
Liquidity included consolidated cash and US Treasuries totaling $206.9 million and access to an additional $130.2 million under the JPM Facility, excluding the $40 million common stock issuance that settled on the release date. As of June 30th, 2026, the Company had drawn nearly $70 million from the JPM Facility. The equity raise was priced at $10.00 per share and is expected to be paired with additional tax-exempt debt for projects totaling approximately 400,000 rentable square feet.
Management reaffirmed year-end 2026 annualized run-rate targets of $42-46 million in consolidated revenue and $4-6 million in consolidated Adjusted EBITDA. The stated Q2 2026 annualized revenue run rate was $39.4 million. The key execution items are occupancy conversion, scheduled campus completions, and delivery of the stated run-rate improvement while the Company funds further construction.
Management, verbatim
The Sky Harbour HBO model is an increasingly established triple-win, aligning the interests of Airports, the Business Aviation Community, and Sky Harbour shareholders. This drives the Site Acquisition pipeline, which is at its most robust to date. The Sky Harbour Development team is meeting its construction-pace and quality targets, while continuing to lower development costs. Per-square-foot revenue is exceeding forecasts. And the Sky Harbour Operations team continues delivering the safest, fastest and most secure service offering in Business Aviation.
Tal Keinan, CEO
We welcome two long-term strategic investors to the Sky Harbour shareholder family. The $40 million (raised with minimal transaction costs given existing shelf and without banker fees) will be paired with additional tax-exempt debt to fund approximately 400,000 new square feet of hangar, an accretive exercise for our shareholders. At $10 a share, it represents a relatively small discount to our last 30-day VWAP of $10.49, a very efficient execution.
Francisco Gonzalez, CFO
Not in the filing
stated, not guessed- Dollar amount of Q2 2026 consolidated revenue.
- Dollar amount of Q2 2025 and Q1 2026 consolidated revenue.
- GAAP gross profit and gross margin.
- GAAP operating income or loss and operating margin.
- GAAP net income or loss.
- GAAP diluted EPS and weighted-average diluted shares.
- Adjusted EBITDA amount for Q2 2026 and comparative periods.
- Non-GAAP EPS.
- Free cash flow.
- Cash flow from investing activities and financing activities.
- Total debt, debt maturities, interest expense, and net debt.
- Share repurchases and dividends.
- Reportable segment revenue and profit.
- Prior quarterly outlook, which is required for comparison with prior guidance.
- Numerical debt-service coverage covenant ratios.
- Quantitative operating-expense guidance, gross-margin guidance, and tax-rate guidance.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K (Item 2.02) with Q2 2026 unaudited results and an update on leasing, construction, funding, and 2026 year-end guidance.
Ticker impact
Sky Harbour reports Q2 results, first recurrent positive operating cash flow, and reaffirms 2026 guidance alongside a $40M registered direct stock issuance.
Likely positive bias for the next session as guidance and liquidity/cash-flow improvements offset dilution risk.
Fresh primary disclosures include Q2 operating cash flow turning positive, $206.9M cash and $130.2M undrawn JPM capacity, and a same-day $40M issuance at $10.00 per share, all of which directly affect forward funding and execution confidence.
Market effects
Reinforces demand and pricing power in business aviation infrastructure/HBO campus leasing, potentially supporting sentiment for similarly positioned REIT-like developers.
No direct regional macro linkage beyond project-specific airport footprints (Dallas Addison, Miami Opa Locka, etc.).
Limited global spillover; primarily company-specific financing and execution updates.
Counterpoint
The $40M registered direct issuance at $10.00 per share may signal near-term funding needs, and operating cash flow improvement could be lumpy as construction ramps.
Key entities
- issuerSky Harbour Group Corporation
Aviation infrastructure company building Home Base Operator campuses for business aircraft.
- financingJP Morgan drawdown construction bank facility (JPM Facility)
Committed undrawn capacity of $130.2M disclosed as of quarter-end, used for capital expenditures and reimbursements.
- financing vehicleObligated Group (Sky Harbour Capital LLC)
Reports separate obligated-group financial highlights and receives proceeds from Series 2026 Bonds for Phase 2 construction.
- financing instrumentSeries 2026 Bonds
Proceeds available for construction completion of Phase 2 at Dallas Addison Airport (ADS).
