Sky Harbour Group is converting scarce airport ground into a national network of private business-jet hangars, and the second quarter is the first time that network produced recurrent operating cash. The Home Base Operator model leases exclusive hangars rather than stacking jets in shared fixed-base operator barns. That distinction is what lets rents reset when original leases turn. The August registered-direct sale priced at $10 a share, essentially the same print as the listed stock. The investment debate is whether lease-up of newly opened campuses and the next construction vintage convert a still-lossy income statement into the guided year-end run-rate before another equity raise is required.
Stabilized campuses are already printing above plan. San Jose Phase One reached economic occupancy of 132%. Trailing twelve-month re-lease spreads averaged 19% before ordinary inflation floors. The Obligated Group, the bond-financed first vintage, grew revenue 79% from the year-ago quarter. Those prints already look like mature hangar economics rather than a development teaser. The tension sits in the unstabilized book. Denver Centennial is only 44% occupied. Phoenix Deer Valley sits at 76% leased. Miami Opa Locka is still filling Phase Two after a May opening.
Consolidated revenue rose about 50% from the year-ago quarter. Operating cash flipped to a small inflow after a nearly $4 million first-quarter use. Management reaffirmed a year-end annualized revenue band of $42 million to $46 million. The open question is whether lease-up of the open campuses plus Bradley and Addison Phase Two deliveries close that gap without another discounted share sale.