Sky Harbour reported 3Q26 revenue of $10.6M, up 45% y/y and 7% q/q, while adjusted EBITDA losses narrowed to $0.5M as higher rental revenue and increased fueling supported operating performance. Leasing continued to improve across established campuses, with Opa-Locka reaching 92% combined occupancy by November and stabilized properties generating 20% re-leasing spreads over the trailing twelve months. Management raised year-end annualized revenue guidance to $44M–$48M but reduced its annualized adjusted EBITDA outlook to breakeven–$4M, reflecting opening costs at Bradley and the delayed opening of Addison Phase II. Looking ahead, several additional campuses are scheduled to open in 2027, while more than $38M in expected third-party construction contracts provide an additional revenue opportunity. The pace of lease-up, construction spending, and operating leverage as new campuses open remain key factors in Sky Harbour’s growth outlook.