SKYH
The good news: the model is working
Sky Harbour Group Corporation is showing real momentum in Q2 '26. Campus profit more than doubled year over year, and occupancy climbed to 83.7%, which is basically the kind of number that makes a niche real-estate story sit up straighter in its chair.
The catch: GAAP is still the party pooper
But before anyone starts popping champagne, the company is still unprofitable on a GAAP basis. That matters because the shiny campus-level profit metric leaves out depreciation and interest — the unglamorous stuff that tends to show up later and ruin the vibe.
Why investors should care
This is the classic 'looks better on the dashboard than in the driveway' situation. Sky Harbour's hangar leasing model is clearly gaining scale, and near-breakeven adjusted profit is a step in the right direction. But long-term returns still depend on whether the business can keep filling campuses without the capital costs eating the upside.
Big picture: Sky Harbour is proving the concept, but the market usually wants more than proof — it wants durable earnings that survive contact with accounting.