Sky Harbour Q2 2026 slides: positive cash flow, $40M raise fuel growth

Sky Harbour Group Corporation (NYSE:SKYH) released its Q2 2026 results on August 12, showcasing several noteworthy achievements. The company reported positive consolidated operating cash flow for the first time, beating analyst expectations on both earnings and revenue. Sky Harbour completed a $40 million registered direct equity placement to fuel further expansion.

Shares were up 2.5% at the regular session close, trading near the top of their 52-week range of $8.22 to $11.70. The company's revenue grew nearly 20-fold from $0.5 million in Q1 2022 to approximately $9.5 million in Q2 2026. Operating cash flow turned positive at roughly $3 million in Q2 2026, a drastic improvement from $18 million in Q1 2022.

Construction costs reached approximately $370 million by Q2 2026, up from around $50 million at the beginning of 2022. Operating expenses increased to around $7.5 million, while selling, general, and administrative expenses remained stable at approximately $5 million. CFO Francisco Gonzalez highlighted the company's accelerating construction momentum, with assets under construction and completed reaching over $393 million at the end of Q2 2026.

The obligated group, Sky Harbour Capital, posted positive operating cash flow for 10 consecutive quarters, with quarterly revenues reaching approximately $5.5 million in Q2 2026 and operating cash flow at about $1.5 million. Adjusted EBITDA improved to negative $947,000 for Q2 2026, a significant change from negative $1.49 million in Q1 2026 and negative $9.64 million for full-year 2025.

The company's operational performance showed strong momentum across its portfolio, with stabilized campuses achieving exceptional performance, such as Sugar Land Regional (SGR) generating $1.4 million in revenue at 100% occupancy. Pre-leasing activity at upcoming projects showed an average rent of $68.70 per square foot. Sky Harbour's development pipeline spans 4,067,949 square feet across 22-23 airports, with significant concentration in high-value coastal and Sun Belt markets.