Sky Harbour Group (SKYH) Financials

Sky Harbour Group’s financial profile shows strong revenue and asset growth, but profitability remains elusive and expansion has been increasingly supported by debt and external financing. The company’s Q2 2026 revenue reached $9.9 million, up from $6.6 million in Q2 2025 and $3.6 million in Q2 2024. This represents a sizable multi-year growth trend, although the company continues to report operating losses.

• Revenue growth remains strong. Q2 revenue increased approximately 50% year over year and was more than double the Q2 2024 level, indicating continued expansion of Sky Harbour’s operating platform.
• Gross margins have improved materially. Gross profit rose to $3.4 million in Q2 2026 from $1.4 million in Q2 2025 and $121,000 in Q2 2024. The gross margin improved to roughly 34% from 21% and 3%, respectively.
• Operating performance improved sequentially. The Q2 2026 operating loss narrowed to $6.8 million from $7.0 million in Q1 2026, while the net loss attributable to common shareholders improved to $1.2 million from $5.6 million.
• Operating cash flow turned positive in Q2 2026. Sky Harbour generated $485,000 of cash from operations, compared with a $3.9 million use of cash in Q1 2026 and a $944,000 use in Q2 2025.
• The company continues to expand its asset base. Net property, plant and equipment increased to $415.6 million at June 30, 2026, from $314.5 million one year earlier. Total assets rose approximately 45% year over year to $822.9 million.
• Cash increased, but the improvement was financing-driven. Cash and equivalents rose to $19.0 million from $12.1 million at the end of Q1 2026 and $8.6 million a year earlier. However, Q2 cash flow included $49.8 million of debt issuance and $2.1 million of equity issuance.
• Investing cash flow was volatile. Q2 2026 investing activities provided $30.9 million, primarily because of $63.5 million in investment sales and maturities. This is not the same as recurring cash generation from the company’s core operations.
• Sky Harbour remains unprofitable at the operating level. Operating expenses totaled $10.1 million in Q2 2026, exceeding gross profit by $6.8 million. Depreciation, other operating expenses, selling and administrative costs, and marketing expenses continue to weigh on results.
• Leverage has increased substantially. Long-term debt climbed to $410.1 million at June 30, 2026, from $359.3 million at the end of Q1 and $162.7 million at the end of Q2 2025. Total liabilities reached $658.9 million, or about 80% of total assets.
• Liquidity remains tight relative to current obligations. Current assets of $35.7 million were below current liabilities of $43.6 million, producing a current ratio of approximately 0.82. Cash alone covered less than half of current liabilities, while prepaid expenses represented nearly half of current assets.

For investors, the central question is whether revenue growth and improving gross margins can eventually outpace the company’s large fixed-cost base. The recent improvement in operating cash flow and gross margin is encouraging, but recurring profitability has not yet been established. Investors should also monitor interest expense, additional borrowing, potential equity dilution and whether cash flow remains positive without relying on investment sales or new financing.

The financial comparisons also include restated historical income statements, and some quarterly cash flow statements are calculated rather than directly reported. As a result, individual quarter-to-quarter figures may be affected by accounting adjustments and should be evaluated alongside future filings.