Sky Harbour Group Corp

On a consolidated basis, assets under construction and completed construction reached over $393 million at quarter end, up $65 million year to date. Q2 revenues increased 50% year over year and 13% sequentially. Cash flow provided by operating activities was roughly $0.5 million, a first positive quarter for the company, and the obligated group generated almost $3 million of operating cash flow, up from $2.2 million a year ago. Adjusted EBITDA improved to approximately negative $0.9 million in Q2 2026. Management reiterated full-year guidance for an annualized revenue run rate of $42 million to $46 million and an adjusted EBITDA annualized run rate of $4 million to $6 million by year-end. Liquidity ended the quarter with over $207 million in cash and U.S. treasuries and about $130 million available from the committed JPMorgan construction loan, excluding the additional $40 million equity proceeds received today.

Tal Keinan framed the quarter as evidence that the business is scaling into its next phase, with more emphasis on Tier 1 airports, larger same-field expansions, and stronger operating leverage from Phase 2 campuses. He said Miami-Opa Locka Phase 2 and later Addison Phase 2 should expand gross margins because the company can serve doubled campuses with roughly the same people and equipment. His tone was confident and expansionary, stressing that ground leases remain the most important value-creation step and that the company is increasingly focused on building a national brand in business aviation.

Francisco Gonzalez emphasized the improvement in cash generation, noting roughly $0.5 million of operating cash flow at the company level and almost $3 million at the obligated group level, which he described as 10 consecutive quarters of positive operating cash flow for the obligated group. He also highlighted liquidity of over $207 million in cash and U.S. treasuries plus about $130 million of committed construction loan capacity, before the $40 million direct equity raise. He said the company expects the current raise and potential public warrant proceeds of around $94 million to cover equity needs for the foreseeable future, while reaffirming year-end targets of $42 million to $46 million in annualized revenue run rate and $4 million to $6 million in adjusted EBITDA run rate.

Analysts pressed on pre-leasing, lease-up timing, Denver's slower progress, and how the company can reach its EBITDA target despite Q2 adjusted EBITDA remaining negative. Management said pre-leasing is becoming standard across new campuses, with Opa Locka Phase 2 as the first example and Bradley, Dallas Phase 2, and Salt Lake City next, though they may adjust pre-leasing targets over time. On Denver, Tal said slower lease-up was a disappointment and a surprise, but not a change in thesis. On EBITDA, Francisco and Mike Schmitt said the key driver is operating leverage from Phase 2 expansions, where revenues rise faster than OpEx, and he also clarified that adjusted EBITDA should improve as Opa Locka Phase 2 and future openings contribute more fully.