Sky Harbour Group Reports 56% Revenue Growth to $8.7 Million in Q1 2026

Sky Harbour Group Corporation reported its financial results for the first quarter of 2026, revealing a total revenue of $8.7 million, a 56% increase from $5.6 million in the same period last year. This growth was primarily driven by a 46% rise in rental revenue, which reached $6.5 million, and a 97% increase in fuel revenue, totaling $2.2 million. The company attributed this revenue growth to the operational commencement of its DVT, APA, and ADS hangar campuses and improved occupancy rates at existing facilities.

Despite the revenue increase, Sky Harbour experienced a net loss of $9.0 million for the quarter, slightly better than the $9.1 million loss reported in the prior year. The operating loss was $7.0 million, compared to $6.8 million in the previous year, reflecting higher total expenses of $15.7 million, up from $12.4 million. Key contributors to the increased expenses included a rise in ground lease expenses, which grew by 36% to $4.0 million, and a 79% increase in depreciation and amortization costs, totaling $2.0 million.

In terms of strategic developments, Sky Harbour completed a $150 million financing through the issuance of Series 2026 Bonds in February 2026, which will be used to fund construction and operational costs for its hangar facilities. The company also drew approximately $29 million from its Term Loan Facility and issued a $10 million promissory note to Yorkville, further bolstering its financial position. As of March 31, 2026, the company had $81.1 million in cash and restricted cash, a decrease from $83.7 million at the end of 2025, largely due to increased investments in construction and securities.

Operationally, Sky Harbour's total assets increased to $764.5 million, up from $593.2 million at the end of 2025, driven by significant investments in construction and restricted investments. The company reported a total of 34.3 million shares of Class A common stock and 42.0 million shares of Class B common stock outstanding as of the end of the quarter. The company continues to focus on expanding its footprint in the aviation infrastructure sector, targeting high-demand markets for its hangar facilities.

Looking ahead, Sky Harbour remains optimistic about its growth trajectory, citing strong demand for hangar space driven by an expanding fleet of business aircraft. The company plans to leverage its recent financing to accelerate construction projects and enhance its operational capabilities, while also navigating potential challenges related to rising construction costs and market conditions.