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MESA

Mesa Air Group, Inc.

MESA

Mesa Air Group, Inc. • NASDAQ
$1.40 ▲ 0.72% (+0.01)
Market Cap $260586
52w High $25.80
52w Low $1.35
Dividend Yield 0%
P/E -0.02
Volume 264.15K
Outstanding Shares 186.13K

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $90.676M ▼ $11.963M ▲ $-14.124M ▼ -15.576% ▼ $-76.5 ▼ $-6.494M ▼
Q3-2025 $92.784M ▼ $11.487M ▼ $20.856M ▲ 22.478% ▲ $112.5 ▲ $27.251M ▲
Q2-2025 $94.747M ▼ $64.984M ▼ $-58.631M ▲ -61.882% ▲ $-319.5 ▲ $-51.205M ▲
Q1-2025 $103.233M ▼ $122.635M ▲ $-114.558M ▼ -110.97% ▼ $-623.25 ▼ $-101.243M ▼
Q4-2024 $115.257M $36.166M $-24.918M -21.62% $-135 $-9.707M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $41.78M ▼ $158.933M ▼ $211.571M ▼ $-52.638M ▼
Q3-2025 $42.472M ▼ $178.649M ▼ $219.933M ▼ $-41.284M ▲
Q2-2025 $54.116M ▲ $214.952M ▼ $277.357M ▼ $-62.405M ▼
Q1-2025 $39.98M ▲ $383.565M ▼ $387.602M ▼ $-4.037M ▼
Q4-2024 $15.621M $596.858M $486.616M $110.242M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-14.124M ▼ $-2.827M ▲ $17.625M ▲ $-18.538M ▼ $-3.74M ▲ $-4.504M ▲
Q3-2025 $20.856M ▲ $-9.395M ▲ $15.693M ▼ $-17.937M ▲ $-11.639M ▼ $-10.499M ▲
Q2-2025 $-58.63M ▲ $-22.39M ▼ $62.135M ▼ $-25.57M ▲ $14.175M ▼ $-24.632M ▼
Q1-2025 $-114.558M ▼ $-11.561M ▼ $115.834M ▲ $-79.919M ▼ $24.354M ▲ $-13.626M ▼
Q4-2024 $-24.918M $14.648M $35.87M $-51.173M $-655K $11.243M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Contract Revenue
Contract Revenue
 $80.00M ▲$70.00M ▼$70.00M ▲$70.00M ▲
Pass Through And Other Revenue
Pass Through And Other Revenue
 $20.00M ▲$30.00M ▲$20.00M ▼$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Mesa’s sales have been fairly steady over the last few years, but profits have been under real pressure. The company moved from a small profit a few years ago to meaningful, recurring losses more recently. Operating performance did hit a low point and then improved somewhat in the most recent year, but the business is still losing money overall. Margins are thin, and even small cost or revenue swings have a big impact on the bottom line, which signals a fragile income statement that is still in turnaround mode rather than on solid footing.

Balance Sheet

Balance Sheet The balance sheet shows a company that has shrunk and de‑risked somewhat, but at a cost. Total assets have come down noticeably, which likely reflects aircraft sales, impairments, or reduced investment. Debt has been paid down from earlier peaks but still sits high relative to the company’s size, while shareholders’ equity has eroded as losses have accumulated. Cash on hand is modest, suggesting limited cushion and making access to external funding and the support of larger partners especially important. Overall, financial flexibility looks constrained.

Cash Flow

Cash Flow Cash generation has been choppy. A few years ago, the business produced healthy cash from operations, but this deteriorated and even turned negative before recovering to only modestly positive levels most recently. Free cash flow has swung between positive and negative as well, helped recently by lower spending on new assets. In simple terms, the company is hovering around cash break‑even rather than consistently generating surplus cash to comfortably pay down debt or reinvest for growth.

Competitive Edge

Competitive Edge Mesa’s competitive model is built around flying regional routes under contract for major airlines, which can provide more predictable revenue than selling tickets directly but creates heavy dependence on a few partners. Historically, its strength has been long‑term agreements with large carriers and the ability to operate efficiently at regional scale. The announced merger with Republic, if fully realized as described, would greatly expand that scale, deepen relationships with big airline partners, and improve bargaining power. At the same time, the regional airline market remains tough, with pilot availability, contract terms, and cost control all critical. Execution on integration and maintaining high reliability for partner airlines will be central to preserving and improving Mesa’s position.

Innovation and R&D

Innovation and R&D Innovation at Mesa is focused on operations and fleet strategy rather than traditional lab‑style research. The move toward a single aircraft type is a practical efficiency play, helping to simplify training, maintenance, and scheduling. This kind of standardization can lower costs and improve reliability, which matters a lot to major airline partners. On the more forward‑looking side, Mesa’s commitment to electric regional aircraft through its investment and large order with Heart Aerospace signals an early bet on lower‑emission, potentially lower‑cost flying. This could become a meaningful differentiator if the technology proves out and regulators certify these planes on a reasonable timeline, but there is substantial execution and technology risk along the way.

Summary

Overall, Mesa’s historical financials tell the story of a regional airline under strain: stable revenue but persistent losses, a thinner balance sheet, and uneven cash generation. At the same time, management has been actively restructuring the business—reducing capital spending, slimming the asset base, and pursuing a merger that would fold Mesa into a much larger regional platform. The strategic direction emphasizes scale, standardization of the fleet, and a long‑term bet on electric aircraft. The key uncertainties are whether the combined business can translate these strategies into durable profitability, manage its debt load, and turn early‑stage electric aviation plans into commercially viable operations, all while maintaining strong service levels for its major airline partners.

NEWS

November 21, 2025 · 7:00 AM UTC

Mesa Air Group Reports Results for the Three and Nine Months Ended September 30, 2025

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November 18, 2025 · 7:00 AM UTC

Mesa Air Group Shareholders Approve Merger with Republic Airways

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October 31, 2025 · 7:00 AM UTC

Mesa Air Group enters into an Amendment to its Loan Agreement with the United States Treasury and Provides Update to its Pending Merger with Republic Airways

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October 14, 2025 · 1:19 PM UTC

Mesa Air Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Merger of Mesa Air Group, Inc. - MESA

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