Sky Harbour Group Reports 47% Revenue Growth but Net Loss in Q2 2026

Sky Harbour Group Corporation reported its financial results for the second quarter of 2026, revealing a total revenue of $9.855 million, a 47% increase from $6.588 million in the same period last year. The growth was primarily driven by a 35% rise in rental revenue, which reached $7.030 million, and a 100% increase in fuel revenue, totaling $2.825 million. Despite this revenue growth, the company recorded a net loss of $4.368 million, compared to a net income of $14.356 million in the prior year, largely due to significant unrealized losses on warrants and increased interest expenses.

In terms of operational metrics, Sky Harbour's total expenses rose to $16.623 million from $14.116 million year-over-year. The increase in expenses was attributed to higher campus operating costs, fuel expenses, and depreciation, reflecting the company's ongoing expansion and operational activities. The operating loss for the quarter improved slightly to $6.768 million from $7.528 million in the previous year, indicating a marginally better performance despite the overall loss.

Strategically, Sky Harbour has been active in expanding its footprint, with ongoing construction projects and the completion of the OPF Phase II campus contributing to increased occupancy rates across its hangar campuses. The company reported an occupancy rate of 83.7% across its facilities as of June 30, 2026. Additionally, the company has been leveraging its At-the-Market (ATM) facility, raising approximately $226.4 million in financing activities during the first half of 2026, which included proceeds from the issuance of Series 2026 Bonds and loans.

As of June 30, 2026, Sky Harbour's total assets increased to $822.9 million, up from $593.2 million at the end of 2025, driven by significant investments in construction and restricted cash. The company reported a total cash and restricted cash balance of $164.026 million, a substantial increase from $32.105 million at the end of the previous year. This liquidity position is expected to support ongoing and future development projects, as the company aims to capitalize on the growing demand for hangar space in the U.S. business aviation market.

Looking ahead, Sky Harbour remains focused on its growth strategy, which includes expanding its network of Home Base Operator campuses and enhancing its service offerings. The company anticipates continued investment in construction projects and aims to maintain its competitive edge in the aviation infrastructure sector. However, it acknowledges potential challenges related to market conditions, including fluctuations in fuel prices and construction costs, which could impact its operational performance and financial results in the future.