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Mesa Air Group (MESA) investor relations material
Mesa Air Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income of $20.9 million for the quarter ended June 30, 2025, reversing a prior year loss; nine-month net loss of $152.3 million due to asset sales and impairments.
Operating loss of $0.1 million for the quarter, improved from $9.0 million loss year-over-year; nine-month operating loss worsened to $168.2 million from $48.8 million.
Achieved single-fleet E-175 operation, retraining 160 pilots, and increased daily block hour utilization by 15.4% year-over-year.
Closed asset sales totaling $17.2 million in Q3 and $11.7 million post-quarter, using proceeds to repay U.S. Treasury debt.
Merger with Republic Airways progressing, with regulatory waiting period expired and stockholder consents obtained.
Financial highlights
Q3 2025 operating revenue decreased 16.3% year-over-year to $92.8 million, driven by reduced contractual aircraft with United and asset dispositions.
For the nine months, total operating revenue fell 19.5% to $290.8 million; contract revenue down 29.5%, pass-through and other revenue up 41.6%.
Adjusted EBITDA for the quarter was $6.0 million, down from $6.1 million year-over-year; nine-month Adjusted EBITDA was $25.3 million, down from $40.8 million.
Cash and cash equivalents at June 30, 2025 were $42.5 million, up from $15.6 million at September 30, 2024.
Ended Q3 with $113.7 million in total debt, down from $366.4 million a year earlier.
Outlook and guidance
Management implemented measures to address liquidity, including asset sales, debt reduction, and cost deferrals, and believes these will allow the company to meet obligations for the next twelve months.
Combined company post-merger expected to generate $1.8B–$2.0B in annual revenue and over $300M in pro forma cash, with $1.1B in debt.
60 E-175 aircraft to be supported by a new 10-year capacity purchase agreement with United Airlines post-merger.
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