Sky Harbour Group Corp (NYSE:SKYH)

Q2 2026 Sky Harbour Group Corp Earnings Call Transcript

Aug 12, 2026 / 09:00 PM GMT

Release Date Price: $11.49 (+2.50%)

Transcript 8-K10-Q

Key Points

Positve

Sky Harbour Group Corp (SKYH) reported a 50% year-over-year increase in Q2 revenues, driven by new campus openings and higher occupancy and rental rates.
The company achieved positive cash flow from operations of approximately $0.5 million, a significant milestone, with 10 consecutive quarters of positive cash flow at the obligated group.
Sky Harbour Group Corp (SKYH) has a strong liquidity position with over $207 million in cash and US treasuries, plus $130 million available from a committed construction loan, and an additional $40 million raised via a direct equity placement.
The company is on track with all developments, on budget and on time, and expects to double its square footage under construction to over 1.2 million by year-end, leveraging vertical integration and a new prototype to lower costs.
Pre-leasing efforts are proving successful, with San Jose Phase 2 fully leased before construction, and the company is expanding its SkyKey network access program to drive additional revenue.

Negative

Leasing has been slow at Denver Centennial Phase 1, with relatively low economic occupancy, which has been a disappointment and a surprise.
Adjusted EBITDA remained negative at approximately -$0.9 million in Q2, though improving, and the company expects to reach a positive annualized run rate of $4-6 million only by year-end.
Operating expenses continue to increase in tandem with new campus openings, including non-cash accruals for ground leases not yet operational, which pressures margins.
The company's release rate (rent step-up on renewals) declined to 19% from 23% last quarter, partly due to third-turn leases, which may indicate slower rent growth.
Sky Harbour Group Corp (SKYH) faces potential macro headwinds from construction inflation, which could impact cost reduction targets, and the company has not yet set a new cost-per-square-foot target.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SKYH.N - Sky Harbour Group Corporation
Q2 2026 Sky Harbour Group Corp Earnings Call
Aug 12, 2026 / 09:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello, and thank you for standing by. My name is Lacey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sky Harbor 2026 Second Quarter Earnings Call and Webinar.

All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again.

Thank you. I would now like to turn the call over to Francisco Gonzalez, CFO. Please go ahead.

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