SKYH-WT · Sky Harbour Group Corporation

Sky Harbour Group Corporation reported its Q1 2026 financial results, highlighting strong revenue growth driven by leasing momentum and campus expansions. Consolidated revenue increased 56% year-over-year and 8.3% sequentially, while Obligated Group revenue grew 76.2% YoY and 15.1% sequentially. The company opened OPF Phase 2 on May 11 with 68% occupancy at rents exceeding Phase 1, demonstrating pent-up demand and the success of its Ascend Integrated Construction Program. Stabilized campuses achieved 103% economic occupancy, with revenue per square foot growing as legacy leases turn over. The company introduced year-end 2026 guidance, expecting consolidated annualized revenue run rate of $42-46 million and Adjusted EBITDA run rate of $4-6 million, up from Q1 2026 run rates of $34.9 million and negative $6.0 million, respectively. Management emphasized the replicability of the model at scale across top U.S. airports. The company maintains strong liquidity with $187.6 million in consolidated cash and US Treasuries and $180.6 million available under the JPM Facility. Net cash used in operating activities improved to $3.9 million from $5.1 million in Q1 2025, while Obligated Group generated $2.9 million in operating cash flow. The results reflect accelerating lease-up, construction progress, and a clear path to profitability.