Thursday, November 12, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. Sky Harbour continued to make progress during the third quarter. Currently operating campuses are benefiting from attractive renewal economics, while progress is being made on leasing at new sites. The development pipeline remains robust, with an increasing tilt towards Tier 1 locations. We believe the pace of investment and new construction at Sky Harbor continues to accelerate, which will drive operating results going forward.
3Q26 Results. Revenue increased 44.8% y-o-y to $10.6 million. We had projected $10.5 million. Adjusted EBITDA came in at a loss of $0.53 million versus $2.3 million in 3Q25. We were at a $0.1 million loss. Sky Harbour reported a net loss of $72,000, or breakeven on a per-share basis, compared to a net loss of $1.9 million, or a loss of $0.06/sh last year. We had projected a net loss of $5.1 million, or $0.14/sh.
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