Sky Harbour Group Corporation (NYSE: SKYH) delivered strong operational and financial results for Q2 2026, reporting quarterly losses of $(0.04) per share. This figure beat the analyst consensus estimate of $(0.14) by 71.43%, representing a significant improvement over the $0.18 per share earnings from the same period last year. The company’s consolidated revenue reached $9.855 million, beating the analyst estimate of $9.438 million by 4.42% and marking a 50% year-on-year increase from $6.588 million in Q2 2025.

The aviation infrastructure developer also achieved a key operational milestone, generating $0.5 million in operating cash flow during Q2 2026. This marks the first quarter of recurrent positive operating cash flow in the company’s history, compared to a net cash use of $3.9 million in Q1 2026. This improvement coincided with accelerated leasing activity and construction progress across its Home Base Operator campuses.

Financial Performance

Consolidated revenues grew 13% sequentially from Q1 2026. At the Sky Harbour Capital LLC ("Obligated Group") level, which holds the Series 2021 bonds, revenue growth was even sharper, increasing 79% year-on-year and 22% quarter-on-quarter. The Obligated Group generated operating cash flow of $2.9 million, up 32% year-on-year from $2.2 million.

Constructed assets and construction in progress reached over $393 million at quarter-end, representing a year-to-date increase of $65 million. The company’s consolidated liquidity position remains strong, with cash and US Treasuries totaling $206.9 million as of June 30, 2026. This figure excludes the recent $40 million equity proceeds from a registered direct common stock issuance at $10.00 per share. Additionally, the company has access to $130.2 million in undrawn capacity under its committed JP Morgan construction bank facility.

What the Numbers Show

The divergence between consolidated and Obligated Group metrics highlights the capital structure dynamics. While consolidated operating cash flow turned slightly positive ($0.5 million), the Obligated Group generated significantly higher operating cash flow of $2.9 million. This suggests that the core bond-backed assets are generating robust cash flows, while corporate-level expenses or financing costs are absorbing much of the remaining liquidity before it reaches the consolidated bottom line. The beat on both EPS and revenue estimates indicates stronger-than-expected execution in leasing and cost management during the quarter.

Leasing and Construction Updates

Leasing momentum continues across the portfolio. San Jose Mineta International Airport (SJC) Phase 1 reached 132% economic occupancy, while SJC Phase 2 is fully pre-leased despite not yet being constructed. Miami-Opa Locka Executive Airport (OPF) combined occupancy stands at 80%, with all 2026 leases signed at Tier-1 rates.

Revenue per square foot at stabilized campuses is exceeding forecasts, with an average escalation of 19% upon re-lease over the trailing 12 months, excluding standard CPI escalations.

Construction timelines remain on track:

• Dallas Addison Airport (ADS) Phase 2: Expected to open by year-end 2026.
• Bradley International Airport (BDL): Completion expected by December 2026.
• Salt Lake City International Airport (SLC): Completion expected in Q1 2027.
• Hudson Valley (POU) and Orlando Executive (ORL): Both expected by Q3 2027.

New development sites at Washington Dulles (IAD), Trenton-Mercer (TTN), and Chicago Executive (PWK) are scheduled to begin construction by Q4 2026.

Guidance Reaffirmation

Sky Harbour reaffirmed its full-year 2026 guidance, targeting:

• Consolidated revenues of $42-46 million on an annualized run-rate basis by year-end, up from $39.4 million in Q2 2026.
• Consolidated Adjusted EBITDA of $4-6 million on an annualized run-rate basis by year-end.

Sky Harbour Group Corporation (NYSE: SKYH) will report its second quarter 2026 financial results and file its quarterly report on Form 10-Q with the Securities and Exchange Commission (SEC) after market close on Wednesday, August 12, 2026. The aviation infrastructure company, which is building the first nationwide network of Home-Basing campuses for business aircraft, will also host an investor webcast at 5:00 pm ET on the same day. This filing marks the next step in the company’s regular reporting cycle, providing investors with updated insights into its development and leasing operations across the United States.

The investor call will feature a review of the quarterly financial results alongside a general business update from Sky Harbour leadership. A question-and-answer session will follow the presentation, allowing participants to engage directly with management regarding the company’s progress in developing general aviation hangars. Both the live call and the webcast are open to the general public, ensuring broad access to the information.

Webcast and Conference Details

The webcast will be publicly available via the Upcoming Events section of Sky Harbour’s investor relations website at https://ir.skyharbour.group . A replay of the event will be accessible on the company’s website following the conclusion of the live broadcast. Participants can join the webcast using the dedicated link provided by the company.

For those preferring audio-only access, Sky Harbour has provided specific dial-in numbers and a conference ID. The details for joining the conference call are as follows:

About Sky Harbour Group Corporation

Sky Harbour Group Corporation operates as an aviation infrastructure company focused on developing, leasing, and managing general aviation hangars across the United States. The company’s Home-Basing offering is designed to provide private and corporate customers with dedicated service tailored to based aircraft. The goal is to deliver the best physical infrastructure in business aviation while offering the shortest time to wheels-up for its clients.

Forward-Looking Statements

Certain statements in this release constitute forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements include expectations regarding future operations at Sky Harbour Corporation and its subsidiaries. Words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," and "would" are intended to identify these forward-looking statements.

These statements are based on the current expectations of management and are subject to uncertainties and changes in circumstances. Actual results may differ materially from those expressed or implied. Investors are advised to review the risks facing the company as detailed in its annual report on Form 10-K for the year ended December 31, 2025, and other SEC filings. The company undertakes no obligation to update or revise any forward-looking statements except as required by law.