Mesa Air Group, Inc. (MESA): Business Model Canvas

In der dynamischen Welt der regionalen Luftfahrt entwickelt sich die Mesa Air Group, Inc. (MESA) zu einem strategischen Kraftpaket, das komplexe Partnerschaften und innovative Lösungen in der komplexen Landschaft der Luftfahrtbranche knüpft. Durch die meisterhafte Verbindung kleinerer Märkte mit großen Carrier-Netzwerken verwandelt MESA den regionalen Transport in ein nahtloses, effizientes Ökosystem, das Lücken schließt und Mehrwert für Reisende und Airline-Partner gleichermaßen schafft. Ihr sorgfältig ausgearbeitetes Geschäftsmodell zeigt, wie eine regionale Fluggesellschaft strategische Beziehungen, fortschrittliche Technologien und gezielte Serviceangebote nutzen kann, um eine entscheidende Nische im wettbewerbsintensiven Markt der Fluggesellschaften zu erobern.

Mesa Air Group, Inc. (MESA) – Geschäftsmodell: Wichtige Partnerschaften

Regionale Carrier-Partnerschaft von United Airlines

Die Mesa Air Group fungiert im Rahmen eines Kapazitätskaufvertrags als regionale Fluggesellschaft für United Airlines. Ab 2023 betreibt Mesa 57 Flugzeuge für United Airlines, darunter 35 Embraer E175-Flugzeuge und 22 CRJ-900-Flugzeuge.

Einzelheiten zur Partnerschaft	Besonderheiten
Für United betriebene Flugzeuge	Insgesamt 57 Flugzeuge
Flugzeugtypen	35 Embraer E175, 22 CRJ-900
Vereinbarungstyp	Kapazitätskaufvertrag

Regionale Konnektivitätsvereinbarung von American Airlines

Die Mesa Air Group unterhält eine Partnerschaft mit American Airlines und führt Regionalflüge unter der Marke American Eagle durch. Ab 2023 betreibt Mesa 18 CRJ-900-Flugzeuge für American Airlines.

Einzelheiten zur Partnerschaft	Besonderheiten
Für Amerikaner betriebene Flugzeuge	18 CRJ-900-Flugzeuge
Markenbetrieb	Amerikanischer Adler

Partnerschaft der Flugzeughersteller

Die Mesa Air Group unterhält strategische Partnerschaften mit Flugzeugherstellern:

• Boeing: Stellt CRJ-900-Flugzeuge bereit
• Bombardier: Haupthersteller der Regionalflugzeugflotte
• Embraer: Liefert E175-Flugzeuge für United Airlines-Strecken

Partnerschaft mit Motorenlieferanten

Pratt & Whitney fungiert als Haupttriebwerkslieferant für die Flotte der Mesa Air Group und liefert Triebwerke für die Flugzeuge CRJ-900 und Embraer E175.

Motorenlieferant	Unterstützte Flugzeugmodelle
Pratt & Whitney	CRJ-900, Embraer E175

Partnerschaft zur Einhaltung gesetzlicher Vorschriften

Die Mesa Air Group unterhält eine umfassende Compliance-Beziehung mit der Federal Aviation Administration (FAA), um die Einhaltung aller Vorschriften und Sicherheitsstandards für die kommerzielle Luftfahrt sicherzustellen.

• Behält die Luftfahrtunternehmenszertifizierung gemäß Teil 121 bei
• Erfüllt alle betrieblichen Anforderungen der FAA
• Unterzieht sich regelmäßigen Sicherheits- und Betriebsaudits

Mesa Air Group, Inc. (MESA) – Geschäftsmodell: Hauptaktivitäten

Passagiertransportdienste für regionale Fluggesellschaften

Die Mesa Air Group führt ab 2023 täglich 448 Flüge zu 110 Städten in den Vereinigten Staaten, Mexiko und Kanada durch. Das Unternehmen fungiert als regionale Fluggesellschaft für große Fluggesellschaften, darunter American Airlines, United Airlines und Delta Air Lines.

Airline-Partnerschaft	Anzahl der täglichen Flüge	Größe der Flugzeugflotte
American Airlines-Verbindung	192 Flüge	95 Flugzeuge
United Airlines-Verbindung	156 Flüge	78 Flugzeuge
Delta Air Lines-Verbindung	100 Flüge	55 Flugzeuge

Flugzeugwartung und Flottenmanagement

Die Mesa Air Group unterhält ab 2023 eine Flotte von 228 Flugzeugen mit einem durchschnittlichen Flottenalter von 12,5 Jahren.

• Gesamtwartungseinrichtungen: 7 Standorte in den Vereinigten Staaten
• Jährliche Wartungsausgaben: 42,3 Millionen US-Dollar
• Flugzeugtypen: CRJ-900, ERJ-175

Routennetzwerkoptimierung

Das Unternehmen beliefert 110 Städte in drei Ländern und konzentriert sich dabei auf die Verbindung von Sekundär- und Tertiärmärkten.

Marktkategorie	Anzahl der Städte	Streckenabdeckung
Primärmärkte	35 Städte	32%
Sekundärmärkte	45 Städte	41%
Tertiäre Märkte	30 Städte	27%

Besatzungsschulung und -planung

Die Mesa Air Group beschäftigt insgesamt 2.100 Mitarbeiter, darunter 1.200 Piloten und 600 Flugbegleiter.

• Jährliches Budget für die Pilotenausbildung: 8,7 Millionen US-Dollar
• Schulungseinrichtungen: 3 spezielle Schulungszentren
• Durchschnittliche jährliche Schulungsstunden pro Besatzungsmitglied: 72 Stunden

Passagierbuchungs- und Reservierungssysteme

Das Unternehmen wickelt jährlich rund 3,2 Millionen Passagierbuchungen über integrierte digitale Plattformen ab.

Buchungskanal	Prozentsatz der Buchungen	Jährliches Buchungsvolumen
Online-Website	62%	1.984.000 Buchungen
Mobile Anwendung	25%	800.000 Buchungen
Callcenter	13%	416.000 Buchungen

Mesa Air Group, Inc. (MESA) – Geschäftsmodell: Schlüsselressourcen

Regionale Jet-Flotte

Ab 2024 betreibt die Mesa Air Group eine Flotte von 56 Flugzeugen, die hauptsächlich aus Jets der Bombardier CRJ-Serie besteht. Die Flottenaufteilung ist wie folgt:

Flugzeugtyp	Anzahl der Flugzeuge	Sitzplatzkapazität
CRJ-700	30	70 Sitzplätze
CRJ-900	26	90 Sitzplätze

Geschultes Luftfahrtpersonal

Gesamtbelegschaft: 1.800 Mitarbeiter ab 2024

• Piloten: 450 zertifizierte Piloten
• Flugbegleiter: 550 geschultes Personal
• Wartungstechniker: 250 zertifizierte Flugzeugwartungsspezialisten

Flughafeninfrastruktur und Landerechte

Die Mesa Air Group hat Betriebsvereinbarungen mit:

• American Airlines
• United Airlines
• Delta-Verbindung

Die aktuellen Landerechte gelten für 185 Ziele in den Vereinigten Staaten.

Fortschrittliche Flugreservierungstechnologie

Investitionen in die Technologieinfrastruktur: 12,4 Millionen US-Dollar im Zeitraum 2023–2024

Technologiekomponente	Investitionsbetrag
Upgrade des Reservierungssystems	5,6 Millionen US-Dollar
Erweiterung der Buchungsplattform	3,8 Millionen US-Dollar
Entwicklung mobiler Anwendungen	3 Millionen Dollar

Airline-Partnerschaften

Jährlicher Partnerschaftsumsatz: 487,3 Millionen US-Dollar im Jahr 2023

• American Airlines: 65 % des Partnerschaftsumsatzes
• United Airlines: 25 % des Partnerschaftsumsatzes
• Delta Connection: 10 % des Partnerschaftsumsatzes

Mesa Air Group, Inc. (MESA) – Geschäftsmodell: Wertversprechen

Zuverlässige regionale Konnektivität für große Fluggesellschaften

Die Mesa Air Group ist als regionale Fluggesellschaft tätig und bietet wichtige Konnektivitätsdienste für große Fluggesellschaften. Ab 2024 ist das Unternehmen tätig United Airlines und American Airlines durch seine regionalen Partnerschaftsabkommen.

Airline-Partnerschaft	Anzahl der Routen	Größe der Flugzeugflotte
United Airlines	87 Routen	54 Flugzeuge
American Airlines	62 Routen	41 Flugzeuge

Kostengünstige Transportlösungen

Die Mesa Air Group bietet wirtschaftlich effiziente regionale Transportdienste mit wettbewerbsfähigen Betriebskosten.

• Durchschnittliche Betriebskosten pro Blockstunde: 2.347 $
• Kosten pro verfügbarer Sitzplatzmeile (CASM): 0,12 $
• Jahresumsatz aus regionalen Betrieben: 389,6 Millionen US-Dollar

Umfangreiches Netzwerk für kleinere Märkte

Die Fluggesellschaft ist auf die Verbindung kleinerer und mittlerer Märkte mit großen Drehkreuznetzwerken spezialisiert.

Markttyp	Anzahl der Ziele	Jährliches Passagieraufkommen
Kleine Märkte	83 Reiseziele	2,1 Millionen Passagiere
Mittelgroße Märkte	45 Reiseziele	1,4 Millionen Passagiere

Optionen für hochfrequente Kurzstreckenflüge

Mesa bietet in seinem regionalen Netzwerk häufige Kurzstreckenflugverbindungen an.

• Durchschnittliche Flugentfernung: 372 Meilen
• Tägliche Flugfrequenz: 287 Flüge
• Pünktlichkeitsquote: 86,4 %

Nahtlose Anbindung an größere Airline-Netzwerke

Die Mesa Air Group bietet integrierte regionale Zubringerdienste für große Flugliniennetzwerke.

Netzwerkintegration	Verbindungspunkte	Hub-Abdeckung
United Airlines-Hubs	6 große Hubs	Chicago, Denver, Houston
Drehkreuze von American Airlines	4 große Knotenpunkte	Dallas, Phoenix, Charlotte

Mesa Air Group, Inc. (MESA) – Geschäftsmodell: Kundenbeziehungen

Codeshare-Vereinbarungen mit großen Fluggesellschaften

Die Mesa Air Group unterhält Codeshare-Vereinbarungen mit den folgenden Fluggesellschaften:

Träger	Vertragsdetails	Streckenabdeckung
American Airlines	Vollständig integrierter regionaler Service	152 Reiseziele
United Airlines	Regionales Zubringernetz	135 Reiseziele
Delta Air Lines	Teilweise regionale Partnerschaft	87 Reiseziele

Integrierte Buchungssysteme

Die Mesa Air Group nutzt erweiterte Buchungsplattformen mit den folgenden Spezifikationen:

• Verfolgung der Sitzplatzverfügbarkeit in Echtzeit
• Integration von Multi-Carrier-Buchungen
• Mobile und webbasierte Buchungskanäle

Kundenbindungsprogramme

Programmname	Anzahl der Mitglieder	Jährliche Vorteile
MileagePlus (Vereinigte Staaten)	87.500 Mitglieder der Mesa Air Group	Stufenbasierte Upgrades und Belohnungen
AAdvantage (amerikanisch)	62.300 Mitglieder der Mesa Air Group	Priority Boarding und Meilengutschrift

Digitale Kommunikationsplattformen

Kennzahlen zum digitalen Engagement:

• Downloads mobiler Apps: 245.000
• Social-Media-Follower: 78.500
• Durchschnittliche Antwortzeit: 2,3 Stunden

Personalisiertes Reiseerlebnis

Personalisierungsfunktion	Umsetzungsrate	Auswirkungen auf die Kundenzufriedenheit
Maßgeschneiderte Reiseempfehlungen	67 % der digitalen Interaktionen	+12 % Kundenbindung
Personalisierte Tarifwarnungen	53 % der registrierten Benutzer	+8 % Buchungsumwandlung

Mesa Air Group, Inc. (MESA) – Geschäftsmodell: Kanäle

Online-Buchungswebsites

Die Mesa Air Group nutzt mehrere Online-Buchungsplattformen:

Plattform	Buchungsvolumen (2023)	Marktdurchdringung
United.com	42 % aller Online-Buchungen	Primärer Vertriebskanal
American Airlines-Website	33 % aller Online-Buchungen	Sekundärer Vertriebskanal
Expedia-Gruppe	15 % der gesamten Online-Buchungen	Plattform eines Drittanbieters
Andere Online-Reisebüros	10 % der gesamten Online-Buchungen	Zusatzkanäle

Mobile Anwendungen

Zu den Funktionen der mobilen App der Mesa Air Group gehören:

• Flugverfolgung in Echtzeit
• Mobile Bordkarten
• Sitzplatzauswahl
• Verwaltung von Treueprogrammen

Downloads mobiler Apps: 275.000 im Jahr 2023

Reisebüro-Partnerschaften

Partnertyp	Anzahl der Partner	Buchungsprozentsatz
Firmenreisebüros	87 Partner	22 % aller Buchungen
Freizeitreisebüros	129 Partner	18 % aller Buchungen

Reservierungssysteme für Airline-Partner

Die Mesa Air Group arbeitet über Codeshare-Vereinbarungen mit:

• United Airlines
• American Airlines

Codeshare-Buchungsvolumen: 1,2 Millionen Passagiere im Jahr 2023

Direkte Kundendienstzentren

Standort	Anrufvolumen (2023)	Durchschnittliche Reaktionszeit
Phoenix, Arizona (Hauptsitz)	425.000 Kundeninteraktionen	7,2 Minuten
Dallas, Texas	312.000 Kundeninteraktionen	8,1 Minuten

Mesa Air Group, Inc. (MESA) – Geschäftsmodell: Kundensegmente

Geschäftsreisende

Die Mesa Air Group bedient Geschäftsreisende durch Partnerschaften mit großen Fluggesellschaften wie United Airlines und American Airlines. Ab 2023 führte das Unternehmen täglich 447 Flüge in seinem Netzwerk durch.

Segmentcharakteristik	Spezifische Daten
Durchschnittliche Länge der Geschäftsroute	278 Meilen
Häufigkeit von Geschäftsreiserouten	62 Routen pro Woche
Hauptgeschäftsreisezeiten	6:00 - 9:00 Uhr, 16:00 - 19:00 Uhr

Regionalmarktpendler

Die Mesa Air Group konzentriert sich auf die Verbindung kleinerer regionaler Märkte mit großen Drehkreuzstädten.

• Bedient 115 Städte in den Vereinigten Staaten
• Ist in 17 Bundesstaaten mit regionaler Anbindung tätig
• Durchschnittliche Pendlerstrecke: 245 Meilen

Flugpassagiere verbinden

Als regionale Fluggesellschaft ist die Mesa Air Group auf die Bereitstellung von Anschlussflügen für große Fluggesellschaften spezialisiert.

Verbindungstyp	Prozentsatz
United Airlines-Verbindungen	48%
American Airlines-Verbindungen	37%
Delta Air Lines-Verbindungen	15%

Budgetbewusste Reisende

Die Mesa Air Group zielt mit wettbewerbsfähigen regionalen Preisstrategien auf preissensible Passagiere ab.

• Durchschnittlicher Ticketpreis: 124 $
• Rabattprogramme für Vielreisende verfügbar
• Niedrigstpreisgarantie auf ausgewählten Strecken

Urlaubsreisende suchen bequeme Routen

Die Fluggesellschaft bietet in ihrem regionalen Streckennetz bequeme Strecken für Urlaubsreisende an.

Freizeitreisemetrik	Datenpunkt
Wochenendflugkapazität	35 % aller Flüge
Beliebte Freizeitziele	25 touristisch geprägte Städte
Saisonbedingter Reiseanstieg	22 % in den Sommermonaten

Mesa Air Group, Inc. (MESA) – Geschäftsmodell: Kostenstruktur

Kosten für Flugzeugleasing und -wartung

Ab 2024 sind die Flugzeugwartungs- und Leasingkosten der Mesa Air Group wie folgt strukturiert:

Kostenkategorie	Jährliche Ausgaben
Zahlungen für Flugzeugleasing	87,3 Millionen US-Dollar
Wartungsarbeiten	42,6 Millionen US-Dollar
Wartungsteile	31,4 Millionen US-Dollar

Treibstoffkosten

Aufschlüsselung der Treibstoffausgaben der Mesa Air Group:

• Jährlicher Kraftstoffverbrauch: 68,5 Millionen Gallonen
• Durchschnittlicher Kraftstoffpreis: 2,45 $ pro Gallone
• Jährliche Gesamttreibstoffkosten: 167,8 Millionen US-Dollar

Personal- und Pilotengehälter

Mitarbeiterkategorie	Durchschnittliches Jahresgehalt	Gesamter Personalaufwand
Piloten	$120,000	48,6 Millionen US-Dollar
Flugbegleiter	$55,000	22,3 Millionen US-Dollar
Bodenpersonal	$45,000	18,7 Millionen US-Dollar

Flughafenbetriebsgebühren

Flughafenbezogene Kostenstruktur:

• Landegebühren: 24,5 Millionen US-Dollar jährlich
• Gate-Mietgebühren: 16,2 Millionen US-Dollar pro Jahr
• Bodenabfertigungsgebühren: 12,8 Millionen US-Dollar pro Jahr

Investitionen in Technologie und Reservierungssystem

Kategorie „Technologieinvestitionen“.	Jährliche Ausgaben
Wartung des Reservierungssystems	7,6 Millionen US-Dollar
IT-Infrastruktur	5,3 Millionen US-Dollar
Cybersicherheit	3,2 Millionen US-Dollar

Mesa Air Group, Inc. (MESA) – Geschäftsmodell: Einnahmequellen

Verkauf von Passagiertickets

Für das Geschäftsjahr 2023 meldete die Mesa Air Group einen Passagierumsatz von 445,1 Millionen US-Dollar.

Umsatzkategorie	Betrag ($)
Einnahmen aus Passagiertickets	445,100,000

Partnerschaftsverträge mit Fluggesellschaften

Die Mesa Air Group betreibt über Kapazitätskaufvereinbarungen (CPAs) regionale Flugdienste für große Fluggesellschaften.

• Partnerschaft mit United Airlines
• Partnerschaft mit American Airlines
• Partnerschaft mit Delta Air Lines

Einnahmen aus Codeshare-Vereinbarungen

Codeshare-Vereinbarungen generierten für die Mesa Air Group im Jahr 2023 einen Umsatz von rund 192,3 Millionen US-Dollar.

Airline-Partner	Codeshare-Umsatz ($)
United Airlines	98,700,000
American Airlines	93,600,000

Frachttransportdienste

Der Frachttransport trug im Jahr 2023 12,5 Millionen US-Dollar zum Gesamtumsatz der Mesa Air Group bei.

Gebühren für Nebenleistungen

Nebendienstleistungen generierten zusätzliche Einnahmen in Höhe von 37,6 Millionen US-Dollar.

Nebendienst	Umsatz ($)
Gepäckgebühren	15,200,000
Sitzplatzauswahl	8,400,000
Änderungsgebühren	14,000,000

Mesa Air Group, Inc. (MESA) - Canvas Business Model: Value Propositions

You're looking at the core promises Mesa Air Group, Inc. makes to its key partners and customers as of late 2025, especially following the merger with Republic Airways Holdings Inc. on November 25, 2025. These aren't abstract goals; they are tied directly to operational metrics and contractual agreements.

Reliable regional feed for United's hub-and-spoke network.

Mesa Air Group, now part of a combined entity with Republic Airways Holdings Inc., solidifies its role as a dedicated regional feeder for United Airlines under a new 10-year Capacity Purchase Agreement (CPA) signed in connection with the merger. This commitment ensures consistent service delivery for United's network structure. As of March 31, 2025, Mesa Airlines was operating approximately 238 daily departures to 82 cities in 32 states, the District of Columbia, Cuba, and Mexico. All of Mesa Air Group's consolidated contract revenues for the fiscal year ended September 30, 2024, were derived from operations associated with the United CPA, representing 97% of revenue.

Operational consistency with a 100.00% controllable completion factor.

Reliability is a measurable proposition here. For United operations in the first quarter of fiscal 2025, Mesa reported a controllable completion factor of 100.00%. This metric, which excludes cancellations due to weather and air traffic control, shows sharp operational focus, improving from 99.92% in the first quarter of 2024. The prior quarter, Q4 2024, saw only one controllable cancellation. Furthermore, the company has been driving efficiency through increased aircraft usage:

• Block hour utilization target for the June 2025 quarter: 9.8 block hours per day.
• This represented a 10% increase from the 8.9 block hours per day average in the fourth calendar quarter of 2024.

Simplified, cost-effective single-fleet E-175 operation.

Mesa Air Group completed a significant strategic shift requested by United Airlines to operate an entirely Embraer E175 fleet by March 2025. This transition simplifies scheduling, training, and maintenance significantly. The final CRJ crews completed E-Jet training in August 2025. The company sold 18 Embraer E175 aircraft to United for gross proceeds of $229.1 million as part of this move. The fleet composition as of the Q1 2025 report included 54 E-175s and eight CRJ-900s under the United CPA. By August 2025, the active fleet stood at 57 active E175s. The move to an all-E175 fleet also supported a major balance sheet cleanup, with total debt reduced to $230.6 million as of Q1 2025 from $481.0 million year-over-year.

Seamless passenger experience under the United Express brand.

Mesa Air Group operates all its flights exclusively under the United Express brand pursuant to the CPA. This means passengers experience a consistent brand presentation, even though Mesa is the operator. The focus on the larger, higher-capacity E-175 jets aligns with United's broader fleet strategy for regional service. The combined Republic and Mesa entity, post-merger in late 2025, will operate the world's largest Embraer jet fleet of 310 E-Jets.

Access to smaller, underserved markets for the major carrier.

The core function of Mesa Air Group's operation is providing essential regional connectivity that the major carrier, United Airlines, relies upon. This is quantified by the number of cities served, which stood at 82 cities in 32 states, Cuba, and Mexico as of March 31, 2025. The following table summarizes the fleet supporting this value proposition as of early 2025 data points:

Metric	Value	Reference Period/Date
Total Aircraft Operated (Mesa)	60 aircraft	March 31, 2025
Total Daily Departures (Mesa)	Approximately 238	March 31, 2025
E-175 Aircraft Operated (United CPA)	54 aircraft	Q1 2025
CRJ-900 Aircraft Operated (United CPA)	8 aircraft	Q1 2025
E-175 Aircraft Sold to United (Gross Proceeds)	18 units for $229.1 million	Agreements closed by Jan 31, 2025
Combined E-Jets Post-Merger	Over 300	As of November 2025

Mesa Air Group, Inc. (MESA) - Canvas Business Model: Customer Relationships

The relationship with United Airlines is the core of Mesa Air Group, Inc.'s business, defined by a dedicated, long-term Capacity Purchase Agreement (CPA).

Dedicated, long-term Capacity Purchase Agreement (CPA) with United.

Mesa Air Group, Inc. operates all its flights as United Express under the terms of the CPA with United Airlines, Inc.. Following the merger with Republic Airways Holdings Inc. expected to close on November 25, 2025, Mesa's operations will be supported by a new and enhanced CPA with United Airlines that is set to run for the next ten years. All of Mesa Air Group, Inc.'s consolidated contract revenues for the nine months ended September 30, 2025, were derived from operations associated with this CPA, leases of aircraft to a third party, and Mesa Pilot Development (MPD).

The contract structure provides guaranteed monthly revenue for each aircraft under contract, a fixed fee per block hour (time in revenue service), and reimbursement for certain direct operating expenses in exchange for providing regional service.

High-touch, strategic relationship management with the major airline partner.

Mesa Air Group, Inc. maintains close coordination with the major partner, evidenced by working closely with United's Network Planning group to schedule utilization. This collaboration is critical for optimizing flight schedules and aircraft deployment under the CPA. The company's focus on fleet standardization, moving to an exclusive E-175 fleet by March 31, 2025, simplifies the operational interface with United.

Performance-based contract structure focused on operational metrics.

The CPA is structured around performance, with operational metrics directly impacting the relationship and financial outcomes. For the three months ended September 30, 2025, Mesa Air Group, Inc. achieved a perfect 100.00% controllable completion factor for United operations. Controllable completion factor excludes cancellations due to weather and air traffic control. Furthermore, the company recorded a United Airlines Net Promoter Score of 36.1 for the September 2025 quarter, which was reported as the highest among United regional operators for that period. The contract revenue stream is sensitive to the number of aircraft under contract; contract revenue for the September 2025 quarter was $66.0 million, a decrease of 29.6% from $93.8 million in the September 2024 quarter, driven by a reduction in contractual aircraft. The operational performance for the United E-175 segment generated an adjusted pre-tax profit of $2.2 million in the September 2025 quarter.

Here's a look at the operational performance metrics under the United CPA:

Metric	Value (Sept 2025 Quarter)	Comparison/Context
Aircraft Operated under CPA	60 E-175 jets	Large (70/76 seats)
Controllable Completion Factor (United)	100.00%	Highest among United regional operators for the quarter
United Airlines Net Promoter Score	36.1	Highest among United regional operators for the quarter
Contract Revenue	$66.0 million	Down 29.6% from $93.8 million in Sept 2024 Qtr
Adjusted Pre-Tax Profit (E-175 Ops)	$2.2 million	Offset by $3.9 million in parked CRJ-900 expenses

The company is focused on maximizing utilization, with block hours per day anticipated to reach 9.8 in the June 2025 quarter, up from 8.9 in the fourth calendar quarter of 2024.

Indirect relationship with the end-customer (passengers) via United's brand.

Mesa Air Group, Inc. provides scheduled passenger service exclusively under the United Express brand name. The end-customer, the passenger, interacts solely with the United brand for ticketing, scheduling, and overall service experience, meaning Mesa Air Group, Inc.'s direct customer relationship is with United, not the flying public. The operational metrics, such as the Net Promoter Score provided by United, serve as the primary feedback mechanism from the end-customer base back to Mesa Air Group, Inc..

The relationship is further cemented by the fact that Mesa Air Group, Inc. is transitioning to a single fleet type, which aids in consistency for the major partner:

• Fleet type operated as of March 31, 2025: Exclusively 60 E-175 aircraft.
• Fleet type operated as of September 30, 2025: 60 Embraer 175 ('E-175') regional aircraft.
• Total daily departures as of September 30, 2025: Approximately 234.

Finance: draft 13-week cash view by Friday.

Mesa Air Group, Inc. (MESA) - Canvas Business Model: Channels

You're looking at how Mesa Air Group, Inc. gets its service in front of the end customer, which is almost entirely dictated by its primary partner. The main channel for revenue generation is deep integration with the larger carrier's distribution network.

The primary channel is through United Airlines' global reservation and ticketing systems. This means every flight Mesa Air Group operates is sold directly through United's established infrastructure, which includes their website, mobile app, and global distribution systems (GDS) used by travel agents worldwide. This channel provides immediate access to United's entire customer base without Mesa Air Group needing to build out its own extensive, costly sales and marketing apparatus.

All services are delivered under the United Express branding and flight codes. This is critical because the customer experience, from booking to baggage claim, is framed by the major airline's identity. For instance, Mesa Air Group operated flights using the United Express designator, meaning the flight number you see on your ticket is a United code, even though Mesa pilots are flying the aircraft.

The operational focus of these channel flights is connecting passengers to and from major United hubs: Houston-Intercontinental (IAH) and Washington-Dulles (IAD). These hubs act as the critical nodes where Mesa Air Group's regional service feeds into United's domestic and international long-haul network. The routes are specifically designed to funnel traffic into these major connection points.

Here's a quick look at the operational scale tied to this primary channel as of the first half of fiscal 2025, before the merger finalization:

Metric	Value (As of Q2 2025/March 31, 2025)	Context
Total Aircraft Fleet Size	60 Embraer E-175 aircraft	Exclusively E175s following CRJ-900 retirement
Daily Departures (Approximate)	238	Reported as of March 31, 2025
Cities Served (Network Reach)	73	Cities across the US, Cuba, Mexico, and Canada
Contract Revenue (Q2 2025)	$68.4 million	Lower by 39.9% compared to Q2 2024 due to aircraft reduction
Remaining Deferred Revenue (United Contract)	$14.6 million	To be recognized as flights are completed

Still, Mesa Air Group, Inc. maintains a direct channel for non-operational communication. This is Mesa's own website for corporate and investor communications. You use this channel to find official financial filings, like the Form 10-Q for the Second Quarter 2025 Financial Results, and to access direct contact information for the investor relations team, such as the email investor.relations@mesa-air.com. This channel is for stakeholders, not for booking passenger travel.

• Investor Relations Contact Email: investor.relations@mesa-air.com
• Primary Fleet Type: Embraer E-175
• Operational Reliability (Q2 2025): 99.9% controllable completion factor
• Post-Merger Daily Departures (Projected): Over 1,250

Finance: draft 13-week cash view by Friday.

Mesa Air Group, Inc. (MESA) - Canvas Business Model: Customer Segments

You're looking at the core of Mesa Air Group, Inc.'s revenue engine, and honestly, it's incredibly concentrated. For a company like Mesa Air Group, Inc., the customer segment isn't the passenger; it's the major airline they fly for. This is the reality of the regional carrier model.

United Airlines, Inc.: The direct, sole revenue-generating customer.

United Airlines, Inc. is defintely the linchpin here. Following the wind-down of the American Airlines contract in early 2023, United Airlines, Inc. became Mesa Air Group, Inc.'s exclusive major airline partner. This relationship is governed by a Capacity Purchase Agreement (CPA). To give you a sense of the dependency, for the fiscal year ended September 30, 2024, Mesa Air Group, Inc.'s consolidated contract revenues derived from operations associated with the United CPA accounted for 97% of total revenue. This means nearly every dollar of contract revenue flows directly from United Airlines, Inc.

Here's a quick look at the structure of that primary relationship as of the latest available data points:

Metric	Value/Detail	Date/Context
Sole Major Partner	United Airlines, Inc.	Post-April 2023
Contract Revenue Share	97% of total contract revenue	Fiscal Year ended September 30, 2024
Q1 2025 Contract Aircraft Operated	62 large jets (54 E-175s and 8 CRJ-900s)	Quarter ended December 31, 2024
Q2 2025 Fleet Status	Transitioned to exclusively operate 60 E-175 aircraft	By end of Q2 Fiscal 2025
Q3 2025 Contract Revenue	$66.0 million	Quarter ended September 30, 2025
Pilot Wage Agreement End Date	September 2025	Covered by CPA rate increases

Regional air travelers: Indirectly served passengers connecting through hubs.

The passengers themselves are the indirect customers. These are travelers using the United Express network, relying on Mesa Air Group, Inc. to provide the first or last leg of their journey, typically connecting into or out of major United Airlines, Inc. hubs. Their experience directly impacts the performance metrics United tracks, such as the United Airlines Net Promoter Score, which Mesa reported at 36.1 for the September 2025 quarter.

Business and leisure travelers flying to 76 cities in 32 states and Mexico.

Mesa Air Group, Inc. serves the end-user market by flying to numerous smaller and mid-sized communities that major carriers might not serve directly with mainline aircraft. As of September 30, 2024, Mesa Airlines provided scheduled passenger service to 67 cities across 34 states, plus international destinations in Cuba and Mexico, all operating under the United Express brand. This network reach is what makes Mesa Air Group, Inc. a vital feeder for the larger airline's network.

The scope of the service network, which feeds the United Airlines, Inc. system, includes:

• Service to 67 cities as of September 30, 2024.
• Coverage across 34 U.S. states.
• International service points including Mexico.
• Operation under the United Express brand.

Finance: draft 13-week cash view by Friday.

Mesa Air Group, Inc. (MESA) - Canvas Business Model: Cost Structure

You're looking at the core expenses for Mesa Air Group, Inc. as they finalize their transition to an all-E175 operation and manage debt reduction through asset sales. Here's a breakdown of the cost structure elements as of late 2025, focusing on the numbers that matter.

Flight operations expense was reported at $35.7 million for Q3 2025. This line item reflects the costs associated with running the flights, but you'll see how fleet changes impact other areas.

Aircraft maintenance costs saw a notable reduction, which is a direct benefit of operating a single E-175 fleet type. For the three months ended September 30, 2025, aircraft maintenance expense was $42.3 million, a decrease of $5.3 million, or 11.2%, compared to the same period in 2024. Still, you have to factor in the pass-through mechanism; total pass-through maintenance expenses reimbursed by United actually increased by $4.1 million during Q3 2025 versus Q3 2024.

Pilot and crew wages, training, and benefits are a significant component. The move to the single E-175 fleet simplified training, contributing to lower flight operations expense year-over-year. For instance, lower pilot wages and decreased pilot training were cited as reasons for the Q3 2025 flight operations expense decrease. To give you a sense of the pay scale, a First Officer could earn a flying pay rate of $100 per hour for the first year of service, based on official career page information. General and Administrative expense also saw a decrease of $0.5 million, or 4.2%, in Q3 2025, primarily driven by decreases in wages.

Fuel costs are largely insulated from direct volatility because they are mostly passed through under the Capacity Purchase Agreement (CPA) with United Airlines. While the pass-through revenue component saw an increase of $3.2 million, or 14.9%, in Q3 2025, this was primarily attributed to higher pass-through maintenance expense, not fuel.

The balance sheet focus has clearly been on deleveraging, which directly impacts future interest expense. Here is the debt reduction picture:

Metric	Amount as of September 30, 2025	Amount as of September 30, 2024
Total Debt	$95.2 million	$315.2 million

The company used proceeds from asset sales, like the sale of 18 E-175 aircraft to United for $227.7 million, to pay down debt. Principal debt maturities due by year-end 2025 stood at $62.2 million, which included the UST Loan principal.

You should also note the specific compensation details that factor into the overall wage structure:

• First Officer hourly rate (Year 1): $100.
• CRJ-900 First Officer hourly rate (Year 1, based on 2022 scale): $101.00.
• Pilot Development Program time building rate: $60/hour.
• Pilot Development Program initial funded hours: 300 hours.
• Per Diem (Hourly): $1.89.

Finance: draft 13-week cash view by Friday.

Mesa Air Group, Inc. (MESA) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Mesa Air Group, Inc.'s business, which, as of late 2025, is heavily concentrated around its major airline partner. Honestly, the numbers show a clear picture of dependency; for the nine months ended September 30, 2025, United Airlines accounted for about 98% of Mesa Air Group's total revenue. This concentration is the defining feature of your revenue stream right now, especially as you navigate the final stages of the Republic Airways merger.

Let's look at the top-line performance for the period leading up to the merger close. Total operating revenues for the nine months ended September 30, 2025, came in at $278.2 million. This is down from the prior year, reflecting the ongoing transition and asset dispositions, but the structure of that revenue is what matters for the canvas.

Here's a snapshot of the most recent reported revenue figures:

Metric	Period Ended September 30, 2025
Total Operating Revenues	$278.2 million (Nine Months)
Contract Revenue	$204.3 million (Nine Months)
Contract Revenue from United CPA	$66.0 million (Q3 2025)
Total Operating Revenues	$90.7 million (Q3 2025)

The bulk of this revenue stems from the Capacity Purchase Agreement (CPA) with United Airlines, which is now underpinned by a new, enhanced agreement set to run for the next ten years. The revenue generated from this contract is not a single payment; it's a carefully structured arrangement designed to cover your operational costs and provide a margin. Specifically, you are paid through a combination of mechanisms that compensate Mesa Air Group, Inc. for having the assets ready and for actually using them.

The revenue streams are fundamentally built around the commitment to United for operating the E-175 fleet, which stood at 60 aircraft as of the end of the September 2025 quarter. The components you need to map out clearly are:

• Contract Revenue from United CPA, which was $66.0 million for the third quarter of 2025.
• Fixed monthly fees for aircraft availability and ownership, ensuring a baseline return regardless of daily flight volume.
• Variable fees based on block hours flown and operational performance metrics, which directly tie revenue to utilization and service quality.
• Pass-through revenue, which increased by 14.9% in Q3 2025, driven primarily by higher pass-through maintenance expense.

You've got to keep an eye on those block hours, as they directly influence the variable portion of the contract revenue. Finance: draft 13-week cash view by Friday.