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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.Q3 2025 earnings summary21 Nov, 2025
Executive summary
Operated 60 E-175 aircraft under a capacity purchase agreement with United, serving 76 cities as of September 30, 2025, and reported total operating revenues of $90.7 million for the quarter with a net loss of $14.1 million, reflecting asset impairments and lower contract revenue due to reduced United Airlines fleet size.
All contract revenue for the quarter derived from the United CPA, with prior DHL contract terminated in March 2024.
Entered into a merger agreement with Republic Airways Holdings, expected to close November 25, 2025, with Republic shareholders to own 88% of the combined entity; stockholders approved all related proposals and a new Nasdaq symbol, RJET, will be used post-merger.
Authorized a 15-for-1 reverse stock split effective November 24, 2025.
Financial highlights
Q3 2025 operating revenue was $90.7M, down 21.3% year-over-year, primarily due to a reduction in contractual aircraft with United Airlines and asset dispositions.
Q3 2025 net loss was $14.1M, improved from $24.9M net loss in Q3 2024; adjusted net loss was $2.1M.
Adjusted EBITDA for Q3 2025 was $3.3M; Adjusted EBITDAR was $3.7M, both down significantly year-over-year.
For the nine months ended September 30, 2025: operating revenue $278.2M (down 22.2%), net loss $51.9M (vs. $33.2M loss prior year), and adjusted EBITDA of $18M for Mesa and $227M for Republic.
Net loss per diluted share was $(0.34) for the quarter, compared to $(0.60) in the prior year.
Outlook and guidance
Merger with Republic expected to improve financial position, support long-term value creation, and alleviate going concern doubts.
All regulatory, shareholder, and contractual conditions for the merger have been satisfied as of November 20, 2025.
Management anticipates operational and financial stabilization post-merger, with enhanced utilization and block-hour production.
Company expects to meet cash obligations for the next twelve months post-merger.
New United CPA's impact on combined value?
Combined fleet strategy post-merger?
Combined entity's debt reduction plan?
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Next Mesa Air Group earnings date
Q4 202512 Jan, 2026
Next Mesa Air Group earnings date
Q4 202512 Jan, 2026
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Frequently asked questions
The Company operates through three segments: Mesa Airlines, ManaAir and Other. The Company’s subsidiaries operate as separate airlines, including but not limited to, Mesa Airlines and ManaAir. The Mesa Airlines segment is engaged in providing regional air carrier services under agreements with the United and US Airways pursuant to which it operates as a brand of one of their wholly owned subsidiaries. The ManaAir segment is engaged in providing regional air carrier services under agreements with American pursuant to which it operates as a brand of one of its wholly owned subsidiaries. It provides all scheduled passenger flights for American Eagle through its contracts.
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