Mesa Air Group Q3 2024 Results & Financials

TL;DR

Mesa Air Group Q3 revenue $117.6M, aircraft-backed debt, revolving credit facility active.

AI Summary

Mesa Air Group Inc. reported its Q3 2024 results, with total revenues of $117.6 million for the nine months ended June 30, 2024. The company's financial statements reflect its ongoing operations in air transportation. Key financial instruments mentioned include a revolving credit facility and notes payable to secured parties collateralized by aircraft.

Why It Matters

This filing provides insight into Mesa Air Group's financial performance and operational status, which can impact investors and the broader airline industry.

Risk Assessment

Risk Level: medium — The company's financial structure involves significant debt collateralized by aircraft, and its performance is tied to the volatile airline industry.

Key Numbers

• $117.6M — Revenue (Total revenue for the nine months ended June 30, 2024.)
• 2028 — Maturity Year (Notes Payable to Secured Parties are collateralized by underlying aircraft through this year.)

Key Players & Entities

• Mesa Air Group Inc. (company) — Filer of the 10-Q report
• 410 NORTH 44TH STREET, SUITE 700, PHOENIX, AZ 85008 (company) — Business and mailing address
• $117.6 million (dollar_amount) — Total revenues for the nine months ended June 30, 2024
• June 30, 2024 (date) — End of the reporting period for nine-month revenues
• Archer Aviation Inc. (company) — Mentioned in relation to fair value inputs

FAQ

Key Financial Figures

• $4.5 million — t for total proceeds of $ 11.0 million, $4.5 million of which will pay down the outstanding

Filing Documents

• mesa-20240630.htm (10-Q) — 2284KB
• mesa-ex31_1.htm (EX-31.1) — 14KB
• mesa-ex31_2.htm (EX-31.2) — 14KB
• mesa-ex32_1.htm (EX-32.1) — 6KB
• mesa-ex32_2.htm (EX-32.2) — 5KB
• 0000950170-24-114741.txt ( ) — 9482KB
• mesa-20240630.xsd (EX-101.SCH) — 1654KB
• mesa-20240630_htm.xml (XML) — 1329KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 4

Financial Statements

Item 1. Financial Statements 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations and Comprehensive Loss 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 40

Controls and Procedures

Item 4. Controls and Procedures 41

– OTHER INFORMATION

PART II – OTHER INFORMATION 43

Legal Proceedings

Item 1. Legal Proceedings 43

Risk Factors

Item 1A. Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 43

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 43

Other Information

Item 5. Other Information 43

Exhibits

Item 6. Exhibits 43

SIGNATURES

SIGNATURES 45 Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements can also be identified by words such as " future, " " anticipates, " " believes, " " estimates, " " expects, " " intends, " " plans, " " predicts, " " will, " " would, " " should, " " could, " " can, " " may, " and similar terms. Forward-looking statements are not guarantees of future performance and our actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 filed with the Securities and Exchange Commission on January 26, 2024. Unless otherwise stated, references to particular years, quarters, months, or periods refer to our fiscal years ended September 30 and the associated quarters, months, and periods of those fisca

– Financi al Information

Part I – Financi al Information

Financi al Statements

Item 1. Financi al Statements MESA AIR GROUP, INC. Condensed Consolida ted Balance Sheets (In thousands, except share amounts) (June 30, 2024 is unaudited) June 30, September 30, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 16,302 $ 32,940 Restricted cash 2,983 3,132 Marketable securities 5,442 — Receivables, net ($ 1,710 and $ 4,016 from related party) 5,953 8,253 Expendable parts and supplies, net 30,652 29,245 Assets held for sale 20,151 57,722 Prepaid expenses and other current assets 3,425 7,294 Total current assets 84,908 138,586 Property and equipment, net 497,914 698,022 Lease and equipment deposits 1,289 1,630 Operating lease right-of-use assets 7,247 9,709 Deferred heavy maintenance, net 7,209 7,974 Assets held for sale 57,229 12,000 Other assets 8,569 30,546 Total assets $ 664,365 $ 898,467 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt and finance leases ($ 4,604 and $ 20,500 from related party) $ 72,769 $ 163,550 Current portion of deferred revenue 4,443 4,880 Current maturities of operating leases 2,212 3,510 Accounts payable 64,409 58,957 Accrued compensation 11,180 10,008 Other accrued expenses 32,481 27,001 Total current liabilities 187,494 267,906 Noncurrent liabilities: Long-term debt and finance leases, excluding current portion ($ 33,414 and $ 30,630 from related party) 287,749 364,728 Noncurrent operating lease liabilities 6,412 8,077 Deferred credits from related party 3,275 4,617 Deferred income taxes 8,059 8,414 Deferred revenue, net of current portion 7,963 16,167 Other noncurrent liabilities 28,526 28,522 Total noncurrent liabilities 341,984 430,525 Total liabilities 529,478 698,431 Commitments and contingencies (Note 15) Stockholders' equity: Common stock of no

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