Core Insights - Mesa Air Group is nearing the completion of its merger with Republic Airways Holdings, with the merger expected to close on November 25, 2025 [2][6][8] - The company reported total operating revenues of $90.7 million for the quarter ended September 30, 2025, a decrease of 21.3% compared to $115.3 million in the same quarter of 2024 [9][12] - Mesa's net loss for the September 2025 quarter was $14.1 million, or $0.34 per diluted share, an improvement from a net loss of $24.9 million, or $0.60 per diluted share, in the September 2024 quarter [12][34] Financial Performance - Total operating revenues for the September 2025 quarter were $90.7 million, down by $24.6 million, or 21.3%, compared to the same quarter in 2024 [9][11] - Contract revenue decreased by $27.8 million, or 29.6%, to $66.0 million, primarily due to a reduction in contractual aircraft with United Airlines [9][10] - Total operating expenses for the September 2025 quarter were $99.9 million, a decrease of 24.5% compared to the September 2024 quarter, mainly due to lower asset impairment expenses and reduced depreciation [11][12] Operational Highlights - Mesa achieved a controllable completion factor of 100.00% for the September 2025 quarter, compared to 99.88% in the same quarter of 2024 [14][25] - The company operated 60 large E-175 jets under its capacity purchase agreement with United Airlines during the quarter [14] - Passengers carried decreased by 8.3% to 1,316,088 compared to 1,435,580 in the September 2024 quarter [25] Debt and Asset Management - Mesa repaid over two-thirds of its debt principal over the past year, reducing total debt from $315.2 million in September 2024 to $95.2 million in September 2025 [15][6] - The company closed on the sales of surplus assets, generating gross proceeds of $19.6 million from the sale of 13 spare GE-34 engines and 9 surplus CRJ-900 airframes [8][11] - Following the merger, Mesa authorized a 15-for-1 reverse stock split, expected to take effect after market close on November 24, 2025 [8][12] Merger Details - The merger with Republic Airways is anticipated to create long-term value, supported by a new capacity purchase agreement with United Airlines that will last for ten years [6][8] - Mesa stockholders approved all proposals related to the merger at a special meeting on November 17, 2025 [8][12] - Post-merger, Mesa's common stock will trade under the Nasdaq symbol "RJET" [8][12]