Welcome to our dedicated page for Mesa Air Group news (Ticker: MESA), a resource for investors and traders seeking the latest updates and insights on Mesa Air Group stock.
Mesa Air Group (MESA), a leading regional air carrier operating under capacity purchase agreements with major airlines, provides essential passenger services across North America. This page serves as the definitive source for all official company announcements, financial updates, and operational developments.
Investors and industry professionals will find timely updates on earnings reports, fleet modernization initiatives, and strategic partnerships with carriers like United Express and American Eagle. Our curated news collection ensures access to verified information about pilot training programs, route expansions, and operational efficiency measures.
Key content categories include quarterly financial results, aircraft acquisition/retirement updates, leadership changes, and regulatory compliance developments. All materials maintain strict factual accuracy while avoiding speculative analysis or investment recommendations.
Bookmark this page for direct access to Mesa Air Group's latest press releases and news coverage. Check regularly for updates on regional aviation trends directly impacting MESA's operations and market position.
Mesa Air Group (NASDAQ: MESA) reported its second quarter fiscal 2024 results, showing significant improvements. Operating revenues reached $131.6 million, an 8% increase from Q2 2023.
The company achieved a pre-tax and net income of $11.7 million, or $0.28 per diluted share, and an adjusted net income of $6.3 million, or $0.15 per diluted share.
Mesa's adjusted EBITDAR was $28.2 million, up from $7.9 million in Q2 2023. The company reduced its total debt by $221.5 million over the past year and expects to remain cash-flow neutral for the rest of the fiscal year.
Operationally, Mesa achieved a 99.85% controllable completion factor. The fleet mix for Q2 2024 included 56 E-175s and 24 CRJ-900s.
Mesa Air Group (NASDAQ: MESA) announced the completion of the sale of six CRJ-900 airframes and ten CRJ engines from its surplus inventory. This is part of its Regional Aircraft Securitization Program (RASPRO) finance lease. Originally, Mesa faced a $50.4 million obligation to purchase these assets by March 2024. Through a series of transactions from May to September 2024, Mesa has reduced this obligation to $27.3 million as of May 31, 2024. Mesa plans to eliminate the remaining obligation by completing further sales in the near future. Mesa’s CEO Jonathan Ornstein emphasized the importance of addressing the RASPRO lease and highlighted the company’s focus on returning to profitability and executing strategic actions.
Mesa Air Group provided details on its holdings in XTI Aerospace, which is developing the TriFan 600, a VTOL aircraft that can transport up to six passengers. XTI Aerospace began trading on the Nasdaq (symbol: XTIA) on March 13, 2024, following a merger with Inpixon. Mesa received 283,734 shares of XTI Aerospace upon exercising warrants and holds additional warrants for 189,156 shares subject to vesting milestones. Mesa's obligations for purchasing 100 TriFan 600 aircraft are contingent on FAA certification and future agreements. The TriFan 600 offers a range of 700 miles and a cruising speed of 345 mph, with the potential for sustainable aviation fuel.
Mesa's chairman, Jonathan Ornstein, emphasized the aircraft's benefits for urban and rural communities and its potential impact on the Essential Air Service markets. Mesa holds investments in other innovative aviation companies like Archer Aviation and Heart Aerospace, reflecting its commitment to regional aviation innovation.
XTI Aerospace announced Mesa Airlines' investment and conditional pre-order for up to 100 TriFan 600 aircraft. The order, if fully exercised, could generate up to $1 billion in revenue for XTI Aerospace. Mesa Airlines has also taken warrants and a minority stake in common stock shares of XTI Aerospace.
Jonathan Ornstein, CEO of Mesa Air Group, highlighted the unique capabilities of the TriFan 600, including VTOL capabilities, longer range, and higher speed, which align with advancements in sustainable aviation. Scott Pomeroy, CEO of XTI Aerospace, emphasized the market potential of the TriFan 600, citing its 345 mph speed and 700-mile range as competitive advantages.
Ornstein compared the TriFan 600 to a
Mesa Air Group (NASDAQ: MESA) announced it has regained compliance with the NASDAQ's minimum bid price requirement.
On November 3, 2023, Mesa was informed by NASDAQ that its common stock had not met the minimum bid price of $1.00 per share for 30 consecutive business days.
To regain compliance, Mesa was required to maintain a closing bid price of $1.00 or more for at least 10 consecutive business days. From May 20, 2024, to June 3, 2024, Mesa achieved this criterion.
On June 4, 2024, NASDAQ confirmed that Mesa met the requirement, closing the matter.
Mesa Air Group reported Q1 fiscal 2024 results with total operating revenues at $118.8 million, down 19.3% from Q1 2023. The company posted a pre-tax loss of $57.0 million and a net loss of $57.9 million or $(1.41) per diluted share. Adjusted net loss stood at $21.8 million or $(0.53) per diluted share. Mesa paid down $39.2 million in debt through asset sales and noted a 5% increase in block hours over Q4 2023. Following the quarter, Mesa agreed to higher block-hour rates with United Airlines and terminated its cargo operation with DHL. Mesa expects to turn a net profit in Q2 2024 and break even in cash flow for the fiscal year. The company also reported a decrease in operating expenses and reduced pilot attrition.
Mesa Air Group received a notice from Nasdaq on May 16, 2024, stating non-compliance with Listing Rule 5250(c)(1) due to a failure to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2024. This delay follows a prior delinquency for the period ended December 31, 2023. The company has until August 12, 2024, to file both reports to regain compliance. The delay is not due to any financial restatement or auditor disagreements, and the notice currently has no immediate impact on the listing or trading of Mesa's securities.
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