Revenue surged 86.6% year-over-year to $9.9M in 2026Q2, with gross margin swinging to 53.2% from -10.6% in the prior quarter, yet net margin remained negative at -12.6% due to non-operating items.
Sky Harbour Group Corp (SKYH) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 33.94M | 27.54M | 14.76M | 7.58M | 1.84M | 1.58M | 685.6K | 0 |
| Revenue Growth % | 62.23% | 86.57% | 94.86% | 310.57% | 16.92% | 130.16% | - | - |
| Cost of Goods Sold | 28.93M | 31.75M | 9.12M | 7.17M | 5.74M | 5.04M | 1.94M | 0 |
| COGS % of Revenue | - | 115.29% | 61.78% | 94.63% | 311.17% | 319.45% | 283.15% | - |
| Gross Profit | 5.01M | -4.21M | 5.64M | 407K | -3.9M | -3.46M | -1.26M | 0 |
| Gross Margin % | 14.77% | -15.29% | 38.22% | 5.37% | -211.17% | -219.46% | -183.15% | - |
| Gross Profit Growth % | - | -174.62% | 1286.24% | 110.45% | -12.5% | -175.79% | - | - |
| Operating Expenses | 32.43M | 23.82M | 26.06M | 17.4M | 14.71M | 8.74M | 837.34K | 1.56M |
| OpEx % of Revenue | - | 86.48% | 176.52% | 229.7% | 797.51% | 553.68% | 122.13% | - |
| Selling, General & Admin | 14.1M | 6.56M | 19.4M | 15.12M | 14.71M | 8.74M | 837.34K | 993.5K |
| SG&A % of Revenue | - | 23.83% | 131.41% | 199.63% | 797.51% | 553.68% | 122.13% | - |
| Research & Development | 0 | 0 | 0 | 0 | 248K | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | 13.44% | - | - | - |
| Other Operating Expenses | 4M | 17.25M | 6.66M | 2.28M | -248K | 0 | 0 | 564.34K |
| Operating Income | -27.41M | -28.03M | -20.41M | -16.99M | -18.61M | -12.2M | -2.09M | -1.56M |
| Operating Margin % | -80.78% | -101.77% | -138.3% | -224.33% | -1008.67% | -773.13% | -305.28% | - |
| Operating Income Growth % | - | -37.29% | -20.13% | 8.69% | -52.54% | -482.89% | -34.35% | - |
| EBITDA | -19.59M | -21.65M | -17.71M | -14.71M | -15.96M | -9M | -2M | -1.39M |
| EBITDA Margin % | -57.71% | -78.6% | -119.96% | -194.26% | -864.77% | -570.15% | -291.65% | - |
| EBITDA Growth % | -37.7% | -22.24% | -20.34% | 7.77% | -77.34% | -349.95% | -44.27% | - |
| D&A (Non-Cash Add-back) | 7.83M | 6.38M | 2.71M | 2.28M | 2.65M | 3.2M | 93.46K | 171.86K |
| EBIT | -11.62M | 8.32M | -52.97M | -24.9M | -13.68M | -12.45M | -2.14M | 0 |
| Net Interest Income | -3.36M | -1.36M | -715K | -541K | 0 | -1.16M | -395.7K | -198.5K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.36M | 1.36M | 715K | 541K | 0 | 1.16M | 395.7K | 198.5K |
| Other Income/Expense | 16.17M | 35.35M | -33.27M | -8.45M | 4.93M | -1.41M | -442.72K | -198.5K |
| Pretax Income | -11.25M | 7.32M | -53.68M | -25.44M | -13.68M | -13.61M | -2.54M | -1.76M |
| Pretax Margin % | -33.14% | 26.58% | -363.68% | -335.85% | -741.36% | -862.48% | -369.86% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 198.5K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -11.3% |
| Net Income | 926K | 18.82M | -45.23M | -16.18M | -3.18M | -13.61M | -2.54M | -1.95M |
| Net Margin % | 2.73% | 68.33% | -306.42% | -213.56% | -172.57% | -862.48% | -369.86% | - |
| Net Income Growth % | 104.41% | 141.6% | -179.6% | -408.07% | 76.61% | -436.73% | -29.72% | - |
| Net Income (Continuing) | -11.25M | 7.32M | -53.68M | -25.44M | -13.68M | -13.61M | -2.54M | -1.95M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 37.69M | 44.22M | 55.72M | 63.09M | 72.1M | 0 | 0 | 0 |
| EPS (Diluted) | 0.03 | 0.22 | -1.76 | -0.98 | -0.23 | -0.91 | -0.18 | -0.14 |
| EPS Growth % | 92.97% | 112.5% | -79.59% | -326.09% | 74.73% | -405.56% | -28.57% | - |
| EPS (Basic) | - | 0.56 | -1.76 | -0.98 | -0.23 | -0.91 | -0.18 | -0.14 |
| Diluted Shares Outstanding | 34.46M | 34.03M | 25.74M | 16.46M | 13.96M | 14.96M | 17M | 13.6M |
| Basic Shares Outstanding | 34.46M | 33.83M | 25.74M | 16.46M | 13.96M | 14.96M | 17M | 13.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SKYH stock.
For fiscal year 2025, Sky Harbour Group Corp (SKYH) reported total revenue of $27.5M.
Sky Harbour Group Corp (SKYH) is profitable, generating $18.8M in net income for the fiscal year ending 2025 with a net profit margin of 68.3%.
Sky Harbour Group Corp (SKYH) reported an operating income of $-28.0M, resulting in an operating profit margin of -101.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Sky Harbour Group Corp (SKYH) generated $-4.2M in gross profit for the year, representing a gross profit margin of -15.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Negative gross margins persist
Metrics are mathematically derived from official filings.
Revenue Ramp Accelerates on Campus Completions
Sky Harbour's revenue surged 86.6% year-over-year in 2026Q2, reaching $9.9M, according to the latest income statement, signaling continued execution in transitioning development projects to operational campuses.
The 49.6% sequential growth in 2026Q2, following a 56.0% increase in 2026Q1, indicates an accelerating revenue trajectory. This appears driven by newly commissioned hangar campuses, as the company's model shifts from development to recurring rental income. However, the sustainability of this growth depends on the pace of future campus completions and the ability to maintain occupancy, which remains unproven given the early stage.
Negative Gross Margin Reflects Ramp-Up Costs
Despite revenue growth, gross margin swung to 53.2% in 2026Q2 from -10.6% in 2026Q1, per reported figures, yet the trailing quarters show volatility, indicating the company has not achieved stable site-level profitability.
The gross margin improvement in 2026Q2 is notable, but the prior quarters' negative margins (e.g., -10.8% in 2025Q3) highlight the high fixed-cost structure and negative carry from underutilized hangars. The company appears to be carrying ground lease and depreciation costs before reaching full occupancy. Investors should monitor whether this margin expansion is sustainable as new campuses come online, or if it will remain lumpy.
Operating Leverage Still Elusive
Operating income turned positive at $2.9M in 2026Q2, a stark contrast to the -$7.0M loss in 2026Q1, based on the income statement, but the operating margin of 29.0% is inconsistent with prior deep losses.
The positive operating income in 2026Q2 appears to be a significant inflection, yet it is likely driven by a one-time gain or accounting adjustment, given the historical pattern of operating losses. SG&A expenses have been volatile, with 2025Q4 showing $8.7M versus $1.8M in 2026Q2, suggesting a lack of cost discipline. The company has not demonstrated consistent operating leverage, and the negative operating margins in most quarters indicate that overhead and development costs are outpacing revenue scale.
Net Income Distorted by Non-Operating Items
Net margin of -12.6% in 2026Q2 contrasts sharply with the 68.3% net margin reported in 2025Q4, per financial statements, highlighting the impact of non-cash gains and losses on reported profitability.
The wide gap between operating and net margins (e.g., -101.8% operating vs. 68.3% net in 2025Q4) suggests significant non-operating items, likely fair value changes in warrant liabilities or other derivatives. These paper gains and losses create volatility in EPS, as seen with EPS swinging from $0.52 in 2025Q2 to -$0.04 in 2026Q2. Investors should adjust for these items to assess underlying operational performance, which remains loss-making.
COGS and SG&A Volatility Masks Cost Structure
COGS fluctuated from $9.6M in 2026Q1 to $4.6M in 2026Q2, while SG&A ranged from $8.7M to $1.7M, as reported, indicating inconsistent expense recognition and a high fixed-cost base.
The volatility in COGS and SG&A suggests that the company's cost structure is not yet stable, with some quarters reflecting development costs and others operational expenses. The absence of R&D is consistent with a real estate developer, but the high SG&A relative to revenue in many quarters (e.g., $8.7M on $8.1M revenue in 2025Q4) implies overhead is not scaling efficiently. Management's expense discipline appears weak, and the negative gross margins in several quarters indicate that site-level costs are not yet covered by rental income.
2026Q2 Marks Potential Turning Point
The 2026Q2 quarter stands out as a potential inflection, with revenue of $9.9M and positive operating income of $2.9M, according to the income statement, breaking a streak of operating losses.
This quarter's positive operating income, if sustainable, could signal the beginning of operating leverage as newly completed campuses contribute rental income. However, the prior quarters' deep losses (e.g., -$7.7M in 2025Q3) and the volatile net income suggest that this may be an anomaly. The lasting impact depends on whether the company can maintain this profitability as it continues to develop new campuses, which will add fixed costs and depreciation.
What Could Invalidate the Base Case
Despite the revenue surge, negative gross margins in most quarters and a net margin of 68.3% versus -101.8% operating margin in 2025Q4, per reported figures, suggest profitability is not yet operational.
Short-sellers would likely focus on the persistent negative gross margins, which indicate that site-level costs are not covered by rental income even as revenue grows. The massive gap between operating and net margins, driven by non-cash items, raises questions about earnings quality and sustainability. If the 2026Q2 positive operating income is a one-time event, the company may continue to require external funding, and the high fixed-cost base could lead to liquidity strain if construction delays occur.