Sky Harbour Group Corp (SKYH)

Price$10.01Cached quoteAs of 2026-09-13 03:02 UTC

AI: Overvalued

Premium valuation assumes years of successful buildoutSky Harbour is valued far ahead of its current revenue and EBITDA base.

At $9.95, June economic units of 76.56m plus 5.0m newly issued Class A shares imply roughly $812m of economic equity value. Management guides to only $42-$46m of year-end 2026 annualized revenue run-rate and $4-$6m of annualized adjusted EBITDA run-rate. That is about 18x equity value to run-rate revenue before considering funded debt, leaving little margin for construction or leasing setbacks.

Leasing economics validate the private-hangar modelCompleted campuses are filling and re-leasing at materially higher rents, supporting the long-term network thesis.

June portfolio occupancy was 83.7% across 1.04m rentable square feet, with 85.8% economic occupancy. Mature Sugar Land, Nashville and Camarillo were fully occupied, San Jose reached 131.7% economic occupancy, and average revenue escalation on re-leased hangars was 19% over the trailing year. Opa-Locka reached about 80%, Dallas Addison Phase 1 subsequently 98%, while newer Denver Centennial remained only 44% occupied.

Development pipeline creates substantial growth optionalityMultiple campuses are under construction or scheduled to start, potentially multiplying operating square footage over time.

Bradley International is targeted for completion in Q4 2026, Salt Lake City in Q1 2027, and Hudson Valley and Orlando in Q3 2027. Washington Dulles, Trenton-Mercer and Chicago Executive are planned to begin construction by Q4 2026. San Jose Phase 2 was already 100% pre-leased before construction. Execution risk is high because project costs, permitting, construction schedules and future tenant demand must all remain favorable.

Official financing is much larger than standardized debt suggestsThe supplied $198.1m debt figure primarily resembles operating lease liabilities and materially understates funded project debt.

At June 30, official carrying value of bonds and loans was $410.1m, including $309.8m of bonds and $69.8m drawn under the JPM facility; operating lease liabilities were another $198.0m. Unrestricted cash was only $19.0m, although total cash, restricted cash and Treasury investments reached $206.9m, much of it dedicated to projects. First-half construction and long-lived-asset spending was about $64.7m, making continued debt and equity access central to the growth model.

AI: News

Strategic equity financing reached $50 millionSky Harbour completed two August placements at $10 per share to help fund additional hangar development.

A $40m placement closed August 12 and an additional $10m placement to M-COR closed August 26, issuing 5m Class A shares in total. Management said the initial proceeds are expected to be paired with expanded tax-exempt financing to support roughly 400,000 additional rentable square feet. The capital improves development liquidity but represents about 14.5% dilution versus June Class A shares.

Q2 delivered first recurring positive operating cash flowRevenue rose 50% year over year as recently opened campuses ramped, while management maintained year-end guidance.

Q2 revenue was $9.9m and operating cash flow was approximately $0.5m, the company's first quarter of recurring positive operating cash flow. OPF Phase 2 opened in May, Dallas Addison Phase 2 and Bradley remain targeted around year-end, and management reaffirmed a $42-$46m annualized revenue run-rate and $4-$6m adjusted EBITDA run-rate by year-end. No newer material operating release was identified through September 17.

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$27.5M	$14.8M	$7.6M	$1.8M	$1.6M
Operating expenses	$55.6M	$35.2M	$24.6M	$20.7M	$13.8M
Operating income	−$28.0M	−$20.4M	−$17.0M	−$18.9M	$2.9M
Operating margin	−101.77%	−138.30%	−224.33%	−1,022.11%	184.40%
EBITDA	−$21.6M	−$17.7M	−$14.7M	−$18.2M	$3.9M
EBITDA margin	−78.60%	−119.96%	−194.26%	−984.44%	248.34%
Net income	$18.8M	−$45.2M	−$16.2M	−$3.2M	−$13.6M
Net profit margin	68.33%	−306.42%	−213.56%	−172.57%	−862.48%
Basic EPSper basic share	$0.56	-$1.76	-$0.98	-$0.23	$0.00
Diluted EPSper diluted share	$0.09	-$1.76	-$0.98	-$0.23	$0.00

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈32.86%of listed shares

BOSTON OMAHA Corp11.34M shares · Apr 6, 2026

View holders

Top 20 reported holders of SKYH
Holder	% owned
BOSTON OMAHA Corp	≈32.86%11.34M shares
BlackRock, Inc.	6.65%2.29M shares
Caprock Group, LLC	3.82%1.32M shares
8VC Opportunities GP II, LLC	3.28%1.13M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.71%935.7K shares
Rozek Alexander Buffett	≈2.12%731.43K shares
Altai Capital Management, L.P.	2.07%715.33K shares
STATE STREET CORP	1.93%664.39K shares
Mariner, LLC	1.86%641.33K shares
GEODE CAPITAL MANAGEMENT, LLC	1.62%560.67K shares
AYAL Capital Advisors Ltd	1.23%424.59K shares
LAWSON KROEKER INVESTMENT MANAGEMENT INC/NE	0.81%280.09K shares
Meixler Investment Management, Ltd.	0.78%270.4K shares
Keinan Tal	≈0.78%269.91K shares
BANK OF AMERICA CORP /DE/	0.68%233.6K shares
UBS Group AG	0.61%210.43K shares
FIRST MANHATTAN CO. LLC.	0.55%190.57K shares
NORTHERN TRUST CORP	0.54%184.89K shares
Oasis Management Co Ltd.	0.52%178.2K shares
VANGUARD FIDUCIARY TRUST CO	0.49%169.27K shares

Percentages use 34.51M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys6$2.49M disclosed value

Sells (SEC code S)50$11.73M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 20, 2026Form 4	GESSOW ANDREW JDirector	BuyClass A Common Stock	5.0K	$8.95	$44.8K	17.9K
May 18, 2026Form 4	Keinan TalChief Executive Officer	BuyClass A Common Stock	100	$8.76	$876.00	269.9K
Apr 6, 2026Form 4	BOSTON OMAHA CorpTenPercentOwner	SellClass A common stock, par value $0.001 per share	331.5K	$9.05	$3.00M	8.67M
May 30, 2025Form 4	BOSTON OMAHA CorpTenPercentOwner	SellClass A common stock, par value $0.001 per share	52.8K	$10.30	$544.2K	9.00M
May 29, 2025Form 4	BOSTON OMAHA CorpTenPercentOwner	SellClass A common stock, par value $0.001 per share	18.3K	$10.79	$197.4K	9.05M