Revenue: As of FY2026 Q1, the actual value is USD 8.725 M, missing the estimate of USD 9.955 M.

EPS: As of FY2026 Q1, the actual value is USD -0.16, missing the estimate of USD -0.1333.

EBIT: As of FY2026 Q1, the actual value is USD -5.76 M.

Sky Harbour Group Corporation operates as a single consolidated reportable segment.

Segment Revenue

• Rental Revenue: Increased by $2.0 million, or 46%, to $6.493 million for the three months ended March 31, 2026, from $4.461 million for the same period in 2025, primarily due to operations at DVT, APA, and ADS hangar campuses and increased occupancy at BNA, OPF, and SJC.
• Fuel Revenue: Increased by $1.1 million, or 97%, to $2.232 million for the three months ended March 31, 2026, from $1.132 million for the same period in 2025, mainly driven by increased fuel sales and higher fuel gallons uplifted due to increased occupancy.
• Total Revenue: Increased to $8.725 million for the three months ended March 31, 2026, from $5.593 million for the same period in 2025.

Operational Metrics

• Campus Operating Expenses: Increased by $0.7 million, or 37%, to $2.574 million for the three months ended March 31, 2026, from $1.884 million in the prior year, due to headcount increases and other operating expenses.
• Fuel Expenses: Increased by $0.4 million, or 57%, to $1.154 million for the three months ended March 31, 2026, from $0.734 million in the prior year, primarily due to higher fuel costs and gross recognition of fuel revenue and expenses.
• Ground Lease Expenses: Increased by $1.1 million, or 36%, to $3.953 million for the three months ended March 31, 2026, from $2.904 million in the prior year, driven by new ground leases.
• Depreciation and Amortization: Increased by $0.9 million, or 79%, to $1.967 million for the three months ended March 31, 2026, from $1.099 million in the prior year, primarily due to the commencement of operations at DVT, ADS, and APA campuses.
• Pursuit and Marketing Expenses: Increased by $0.042 million, or 7%, to $0.622 million for the three months ended March 31, 2026, from $0.580 million in the prior year, due to increased marketing spend and investment in growth strategy.
• Employee Compensation and Benefits: Increased by $0.1 million, or 3%, to $4.343 million for the three months ended March 31, 2026, from $4.239 million in the prior year, mainly due to an increase in equity compensation programs.
• General and Administrative Expenses: Increased by $0.1 million, or 11%, to $1.083 million for the three months ended March 31, 2026, from $0.976 million in the prior year, driven by professional fees and technology costs due to business expansion and headcount.
• Total Expenses: Increased to $15.696 million for the three months ended March 31, 2026, from $12.416 million for the same period in 2025.
• Operating Loss: Was - $6.971 million for the three months ended March 31, 2026, compared to - $6.823 million for the same period in 2025.
• Interest Expense: Increased by $1.158 million to $1.296 million for the three months ended March 31, 2026, from $0.138 million in the prior year, due to higher indebtedness.
• Unrealized Loss on Warrants: Was $0.790 million for the three months ended March 31, 2026, compared to $2.528 million for the same period in 2025.
• Other Income: Was - $0.085 million for the three months ended March 31, 2026, compared to - $0.363 million for the same period in 2025.
• Total Other (Income) Expense: Was $2.001 million for the three months ended March 31, 2026, compared to $2.303 million for the same period in 2025.
• Net Loss: Was - $8.972 million for the three months ended March 31, 2026, compared to - $9.126 million for the same period in 2025.
• Adjusted EBITDA: Was - $1.490 million for the three months ended March 31, 2026, compared to - $3.313 million for the same period in 2025.

Cash Flow

• Net Cash Used in Operating Activities: Was - $3.918 million for the three months ended March 31, 2026, an improvement from - $5.050 million for the same period in 2025, primarily due to increased revenue.
• Net Cash Used in Investing Activities: Was - $126.933 million for the three months ended March 31, 2026, significantly higher than - $4.497 million for the same period in 2025, driven by increased purchases of available-for-sale and held-to-maturity securities and higher capital expenditures.
• Net Cash Provided by (Used in) Financing Activities: Was $174.910 million for the three months ended March 31, 2026, compared to - $1.162 million for the same period in 2025, largely due to $150.0 million from Series 2026 Bonds and $29.0 million from the Term Loan Facility and 2026 Yorkville Promissory Note.
• Cash and Restricted Cash at End of Period: Totaled $81.083 million as of March 31, 2026, compared to $83.650 million as of March 31, 2025.

Unique Metrics

• Properties in Operation (as of March 31, 2026):
  • Total Hangars: 57
  • Total Rentable Square Footage: 931,139 square feet
  • Occupancy: 84.6%
  • Economic Occupancy: 86.9%
• Properties in Development (as of March 31, 2026):
  • Total Hangars: 74
  • Total Rentable Square Footage: 2,695,973 square feet
  • Estimated Total Project Cost: $694.0 million - $767.8 million
• Weighted Average Remaining Lease Term (as of March 31, 2026):
  • All operating leases: 44.7 years
  • Finance leases: 2.3 years
• Weighted Average Discount Rate (as of March 31, 2026):
  • All operating leases: 5.73%
  • Finance leases: 6.82%
• Future Minimum Lease Payments (as of March 31, 2026):
  • Operating Leases: $697.224 million (total lease payments), $196.624 million (total after imputed interest).
  • Finance Leases: $0.120 million (total lease payments), $0.111 million (total after imputed interest).

Future Outlook and Strategy

Sky Harbour Group Corporation aims to expand its nationwide network of home base operator (HBO) campuses by attracting and retaining tenants at its uniquely designed hangars for business aircraft. The company plans to fund its growth through long-term rental agreements, which provide stable revenues, and by leveraging the public bond market and bank debt for capital efficiency. The long-term business strategy involves identifying suitable new ground leases at airports with high hangar demand, with a cumulative 50-airport site business plan estimated to cost approximately $3.0 billion, 80% or more of which is anticipated from private activity bonds and the remainder from equity financing.