Friday, March 20, 2026
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q4 results. Sky Harbour reported Q4 revenue of $8.1 million and an adj. EBITDA loss of $1.0 million compared with our estimates of $8.6 million and a loss of $0.4 million, respectively. Notably, the company reached an adj. EBITDA breakeven on a run-rate exiting December.
Leasing trends. Management highlighted lease-up progress at Phoenix, Dallas, and Denver, with the former two ahead of expectations and Denver improving after a slower start. The company also emphasized growing use of pre-leasing, targeting roughly 50% of a campus leased by opening.
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