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Sky Harbour Announces Record Q3 Results and Updates on Leasing, Construction, New Ground Leases and Other Activities

SKYH
  • Sky Harbour Group Corporation (SHG) announced revised year-end 2026 financial guidance & unaudited results for the three & nine months ended September 30, 2026.
  • Consolidated constructed assets & construction in progress reached $439 million, representing a year-to-date increase of over $111 million.
  • Q3 2026 consolidated revenues grew approximately 45% year-over-year & 7% sequentially.
  • Q3 2026 net cash used by operating activities was approximately $0.7 million, driven by a $1.0 million interest payment on Yorkville Loans.
  • Consolidated liquidity includes $199.4 million in cash & US Treasuries plus $129.2 million in available capacity under the JPM Facility.
  • Obligated Group revenues increased 87% year-over-year & 13% sequentially in Q3 2026, with $25.2 million in cash & US Treasuries.
  • ADS Phase 2 is expected to complete in Q1 2027, financed by Series 2026 Bonds proceeds, with $13 million in remaining capital expenditures.
  • Stabilized campuses saw an average revenue escalation of 20% upon re-lease for the trailing 12 months ending November 1, 2026.
  • Miami–Opa Locka (OPF) occupancy reached 92%, while San Jose (SJC) Phase 1 hit 132% economic occupancy & Phase 2 is 100% pre-leased.
  • Bradley International (BDL) is on schedule for December 4, 2026 completion, while Salt Lake City (SLC), Hudson Valley (POU), & Orlando (ORL) are scheduled for 2027.
  • Washington Dulles (IAD), Trenton-Mercer (TTN), & Chicago Executive (PWK) are scheduled to begin construction in late Q4 2026.
  • Subsidiaries Stratus Building Systems & Ascend Aviation Services secured contracts totaling over $38 million for third-party hangar campuses.
  • The Los Angeles City Council approved two new ground leases at Van Nuys Airport for over 25 acres & approximately 300,000 rentable square feet.
  • The Metropolitan Washington Airport Authority approved an option for a third ground lease at Dulles International Airport for 15 acres.
  • Revised 2026 revenue guidance is raised to $44-48 million due to increased occupancy & fueling at existing campuses.
  • Revised 2026 Adjusted EBITDA guidance is lowered to $0-4 million due to BDL opening costs & ADS2 delays.
  • CEO Tal Keinan highlighted the standardized process for development, leasing, & operations driving predictable revenue growth.