This is a Scorecard review, revisiting a past LF0 research call against what actually happened.
Ticker: SKYH Rating: Sell Published: 2026-06-09 Checkpoint: 2026-08-09 Entry price: $9.37 Latest price: $11.20 as of 2026-08-07 Stock return since entry: +19.5% Signal return: -19.5% Verdict: Incorrect so far
This is the 2-month checkpoint for this call. LF0 publishes monthly Scorecard updates through month 6, using the closest available daily close on or before the checkpoint date.
Read the original LF0 analysis
What I Said
I argued that Sky Harbour’s niche infrastructure model and long-duration contracts were already priced as if scaling would go smoothly, even though the company still showed negative operating margin, negative free cash flow, and elevated leverage. My view was that the upside case depended on a cleaner earnings conversion story and less reliance on outside capital, and I thought that left the risk/reward unattractive at the entry price.
Peer Comparison
| Company | Return Since Entry |
|---|---|
| SKYH (this call) | +19.5% |
| ASR | -8.5% |
| CAAP | -5.7% |
| OMAB | +2.0% |
| PAC | -9.1% |
Why It’s Working (Or Not)
So far, that call has been wrong: if I had shorted SKYH at my entry price, I would be down about 19.5% over the review window. The stock has moved higher while the peer group has been mostly lower, with only one comparable slightly positive, so SKYH has clearly diverged from the broader group in a way that does not support my bearish setup. That means my specific concern that the equity was already discounting a successful scaling outcome has not been validated yet. I also have not seen the financial-statement weakness I cited translate into the price action I expected.
What Could Still Prove Me Wrong
Because this review is still active, I could still be proven right if SKYH starts to reflect the same operating constraints I focused on originally: persistent negative operating margin, continued negative free cash flow, or leverage that keeps the company dependent on external capital. If management shows that earnings conversion is improving and the market keeps rewarding that progress, my sell thesis would remain wrong. What would change my mind is a clear, sustained improvement in those fundamentals rather than just a short-term price pullback.
The June 2026 Cohort
Other directional calls published the same month:
| Ticker | Rating | Entry | Latest | Stock Return | Signal Return | Verdict |
|---|---|---|---|---|---|---|
| BSX | Buy | $46.76 | $47.65 | +1.9% | +1.9% | Correct so far |
| SOUN | Sell | $7.33 | $6.88 | -6.2% | +6.2% | Correct so far |
| CAR | Sell | $186.28 | $141.30 | -24.1% | +24.1% | Correct so far |
| AEHR | Sell | $115.30 | $77.08 | -33.1% | +33.1% | Correct so far |
| BW | Sell | $17.76 | $7.05 | -60.3% | +60.3% | Correct so far |
Live LF0 scorecard: The Scorecard | Research Performance dashboard
Past performance does not guarantee future results. Nothing here is investment advice or a recommendation to buy or sell securities. Returns use LF0’s daily-close scorecard methodology.
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