Mesa Airlines(MESA) - 2025 Q2 - Quarterly Results

Financial Performance - Total operating revenues for Q4 2024 were $115.3 million, an increase of$0.9 million from Q4 2023[5] - Net loss for Q4 2024 was $24.9 million, or$(0.60) per diluted share, compared to a net loss of $28.3 million, or$(0.69) per diluted share, for Q4 2023[8] - Adjusted EBITDAR for Q4 2024 was $18.2 million, compared to an adjusted EBITDAR loss of$2.4 million for Q4 2023[9] - For fiscal full-year 2024, total operating revenues were $476.4 million, a decrease of$21.7 million, or 4.3%, from fiscal full-year 2023[11] - Fiscal full-year 2024 adjusted net loss was $23.0 million, or$(0.56) per diluted share, compared to an adjusted net loss of $79.5 million, or$(2.01) per diluted share, in fiscal full-year 2023[14] - The net loss for the twelve months ended September 30, 2024, was $91,015,000, compared to a net loss of$120,116,000 for the same period in 2023, indicating a 24.2% improvement[23] - GAAP net loss for the fiscal year ended September 30, 2024, was $91.015 million, translating to a loss of$2.21 per diluted share[33] - The adjusted loss for the fiscal year ended September 30, 2024, was $23.045 million, or$0.56 per diluted share, compared to an adjusted loss of $79.472 million, or$2.01 per diluted share, in 2023[33] Operating Expenses - Total operating expenses for Q4 2024 were $132.3 million, a decrease of$2.3 million, or 1.7%, versus Q4 2023[7] - Operating expenses decreased to $132,290,000 for the three months ended September 30, 2024, down from$134,608,000 in 2023, a reduction of 1.7%[23] - Aircraft rent expenses for the fiscal year ended September 30, 2024, were $7.797 million, compared to$6.200 million in 2023, indicating rising operational costs[33] Cash and Assets - As of March 31, 2025, Mesa had $54.1 million in unrestricted cash and cash equivalents[17] - Cash and cash equivalents decreased to$15,621,000 as of September 30, 2024, from $32,940,000 in 2023, a decline of 52.7$596,858,000 as of September 30, 2024, from $898,467,000 in 2023, a decline of 33.6$174,458,000 as of September 30, 2024, from $267,906,000 in 2023, a reduction of 34.9$17,033,000, compared to a loss of $20,242,000 in the same period of 2023, reflecting a 15.5$227.7 million, with net proceeds of $84.7 million[4] - The company reported a$10.5 million gain on debt forgiveness during the fiscal year ended September 30, 2024[37] - Asset impairment related to held-for-sale assets was $73.7 million for the fiscal year ended September 30, 2024, compared to$50.6 million in 2023, indicating increased asset write-downs[34] - The company experienced a $6.1 million loss on changes in the fair value of investments in equity securities for the fiscal year ended September 30, 2024[35] Non-Recurring Costs - The company incurred$6.0 million in third-party costs associated with non-recurring transactions during the fiscal year ended September 30, 2024[36] - The company reported a $1.2 million non-recurring cost associated with transactions during the three months ended September 30, 2024[32] Adjusted Performance Metrics - Adjusted EBITDA for the fiscal year ended September 30, 2024, was$55.514 million, compared to $24.222 million in the previous year, representing a significant increase[33] - Adjusted EBITDAR for the fiscal year ended September 30, 2024, was$63.311 million, up from $30.422 million in the previous year, reflecting improved operational performance[33]