Revenue growth of 56.0% in 2026Q1 is currently offset by structural margin pressure, resulting in a negative operating margin of -79.9%.
| Sales/Revenue | 30.67M | 27.54M | 14.76M | 7.58M | 1.84M | 1.58M | 685.6K | 0 |
| Revenue Growth % | 70.87% | 86.57% | 94.86% | 310.57% | 16.92% | 130.16% | - | - |
| Cost of Goods Sold | 23.2M | 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 | 7.48M | -4.21M | 5.64M | 407K | -3.9M | -3.46M | -1.26M | 0 |
| Gross Margin % | 24.38% | -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 | 35.65M | 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 | 18.23M | 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 | -28.18M | -28.03M | -20.41M | -16.99M | -18.61M | -12.2M | -2.09M | -1.56M |
| Operating Margin % | -91.86% | -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 | -20.93M | -21.65M | -17.71M | -14.71M | -15.96M | -9M | -2M | -1.39M |
| EBITDA Margin % | -68.25% | -78.6% | -119.96% | -194.26% | -864.77% | -570.15% | -291.65% | - |
| EBITDA Growth % | -66.88% | -22.24% | -20.34% | 7.77% | -77.34% | -349.95% | -44.27% | - |
| D&A (Non-Cash Add-back) | 7.24M | 6.38M | 2.71M | 2.28M | 2.65M | 3.2M | 93.46K | 171.86K |
| EBIT | 7.03M | 8.32M | -52.97M | -24.9M | -13.68M | -12.45M | -2.14M | 0 |
| Net Interest Income | -2.16M | -1.36M | -715K | -541K | 0 | -1.16M | -395.7K | -198.5K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.16M | 1.36M | 715K | 541K | 0 | 1.16M | 395.7K | 198.5K |
| Other Income/Expense | 35.65M | 35.35M | -33.27M | -8.45M | 4.93M | -1.41M | -442.72K | -198.5K |
| Pretax Income | 7.47M | 7.32M | -53.68M | -25.44M | -13.68M | -13.61M | -2.54M | -1.76M |
| Pretax Margin % | 24.37% | 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 | 19.62M | 18.82M | -45.23M | -16.18M | -3.18M | -13.61M | -2.54M | -1.95M |
| Net Margin % | 63.95% | 68.33% | -306.42% | -213.56% | -172.57% | -862.48% | -369.86% | - |
| Net Income Growth % | 160.05% | 141.6% | -179.6% | -408.07% | 76.61% | -436.73% | -29.72% | - |
| Net Income (Continuing) | 7.47M | 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 | 40.83M | 44.22M | 55.72M | 63.09M | 72.1M | 0 | 0 | 0 |
| EPS (Diluted) | 0.58 | 0.22 | -1.76 | -0.98 | -0.23 | -0.91 | -0.18 | -0.14 |
| EPS Growth % | 143.24% | 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 | 34.07M | 34.03M | 25.74M | 16.46M | 13.96M | 14.96M | 17M | 13.6M |
| Basic Shares Outstanding | 34.07M | 33.83M | 25.74M | 16.46M | 13.96M | 14.96M | 17M | 13.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
High Fixed Cost Leverage
According to the provided quarterly income statements, Sky Harbour has maintained a robust revenue growth trajectory, with the most recent period showing a 56.0% year-over-year increase, reflecting the successful commissioning of new hangar campuses and the transition of development projects into active, revenue-generating operational assets.
The company's top-line expansion is fundamentally tied to the pace of new hangar construction rather than organic rental escalations. Investors should monitor whether this growth rate can be sustained as the company exhausts its current pipeline of shovel-ready airport sites.
As reported in financial statements, Sky Harbour's gross margin remains volatile and recently dipped to -10.6% in 2026Q1, highlighting the significant burden of fixed ground lease payments and facility overhead that currently outpace the rental income generated by the company's nascent operational footprint.
The negative gross margin suggests that the company is currently in a capital-intensive ramp-up phase where site-level costs are not yet covered by occupancy. Achieving positive margins will likely require a shift toward a stabilized portfolio where rental yields exceed the fixed contractual obligations of the ground leases.
Based on the reported figures, there is a stark divergence between the operating margin of -79.9% and the net margin of -63.9% in 2026Q1, indicating that headline net income is heavily influenced by non-operating items rather than core business performance or sustainable operational profitability.
The presence of significant non-cash gains in prior periods suggests that investors should focus exclusively on operating income and cash flow metrics to gauge performance. Relying on net income figures may lead to a misinterpretation of the company's underlying ability to generate profit from its core hangar operations.
Analysis of the income statement reveals that SG&A expenses remain a persistent drag on profitability, with the company consistently reporting operating losses that underscore the high fixed-cost nature of managing specialized aviation infrastructure across multiple geographic locations without yet achieving sufficient scale.
The company's cost structure is dominated by non-discretionary expenses, which limits management's ability to pivot during periods of lower occupancy. Future profitability appears contingent on the company's ability to spread these corporate overhead costs over a significantly larger base of operational hangar square footage.
While the company emphasizes the scarcity of airport land, the income statement data suggests that the business model is highly vulnerable to construction delays and interest rate sensitivity, as evidenced by the persistent operating losses and the reliance on external financing to fund ongoing development.
Short-term investors may focus on the potential for liquidity strain if the timeline for campus stabilization extends beyond current projections. The reliance on debt to fund long-term infrastructure projects creates a high-stakes environment where any disruption to the construction schedule could severely impact the company's financial health.
Quick answers to the most common questions about buying SKYH stock.
For fiscal year 2025, Sky Harbour Group Corporation (SKYH) reported total revenue of $27.5M.
Sky Harbour Group Corporation (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 Corporation (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 Corporation (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.