Mesa Air Group, Inc. (MESA): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la aviación regional, Mesa Air Group, Inc. (MESA) surge como una potencia estratégica, tejiendo asociaciones intrincadas y soluciones innovadoras en el complejo panorama de la industria de las aerolíneas. Al conectar magistralmente los mercados más pequeños con las principales redes de operadores, MESA transforma el transporte regional en un ecosistema perfecto y eficiente que une brechas y crea valor para viajeros y socios aéreos por igual. Su modelo de negocio meticulosamente elaborado demuestra cómo un transportista regional puede aprovechar las relaciones estratégicas, las tecnologías avanzadas y las ofertas de servicios dirigidos para forjar un nicho crítico en el mercado de la aerolínea competitiva.

Mesa Air Group, Inc. (MESA) - Modelo de negocios: asociaciones clave

Asociación de transportistas regionales de United Airlines

Mesa Air Group opera como transportista regional para United Airlines bajo un acuerdo de compra de capacidad. A partir de 2023, MESA opera 57 aviones para United Airlines, incluidos 35 aviones Embraer E175 y 22 aviones CRJ-900.

Detalle de la asociación	Detalles específicos
Avión operado para United	57 aviones totales
Tipos de aeronaves	35 Embraer E175, 22 CRJ-900
Tipo de acuerdo	Acuerdo de compra de capacidad

Acuerdo de conectividad regional de American Airlines

Mesa Air Group mantiene una asociación con American Airlines, operando vuelos regionales bajo la marca American Eagle. A partir de 2023, Mesa opera 18 aviones CRJ-900 para American Airlines.

Detalle de la asociación	Detalles específicos
Avión operado para estadounidense	18 aviones CRJ-900
Operación de marca	Águila americana

Asociación de fabricantes de aeronaves

Mesa Air Group mantiene asociaciones estratégicas con fabricantes de aviones:

• Boeing: proporciona aviones CRJ-900
• Bombardier: Fabricante principal de la flota regional de chorro
• Embraer: suministra aviones E175 para rutas de United Airlines

Asociación de proveedores de motores

Pratt & Whitney sirve como el proveedor principal del motor para la flota del Grupo Air Mesa, proporcionando motores para los aviones CRJ-900 y Embraer E175.

Proveedor de motores	Modelos de aeronaves admitidos
Pratt & Whitney	CRJ-900, Embraer E175

Asociación de cumplimiento regulatorio

Mesa Air Group mantiene una relación de cumplimiento integral con la Administración Federal de Aviación (FAA), asegurando el cumplimiento de todas las regulaciones de aviación comercial y los estándares de seguridad.

• Mantiene la parte 121 Certificación de transportista aéreo
• Cumple con todos los requisitos operativos de la FAA
• Sufre auditorías operativas y de seguridad regulares

Mesa Air Group, Inc. (MESA) - Modelo de negocio: actividades clave

Servicios de transporte de pasajeros aerolíneas regionales

Mesa Air Group opera 448 vuelos diarios a 110 ciudades en los Estados Unidos, México y Canadá a partir de 2023. La compañía sirve como transportista regional para las principales aerolíneas, incluidas American Airlines, United Airlines y Delta Air Lines.

Asociación aérea	Número de vuelos diarios	Tamaño de la flota de aviones
Conexión de American Airlines	192 vuelos	95 aviones
Conexión de United Airlines	156 vuelos	78 aviones
Conexión de líneas de aire delta	100 vuelos	55 aviones

Mantenimiento de aeronaves y gestión de flotas

Mesa Air Group mantiene una flota de 228 aviones a partir de 2023, con una flota promedio de 12.5 años.

• Instalaciones de mantenimiento total: 7 ubicaciones en los Estados Unidos
• Gastos de mantenimiento anual: $ 42.3 millones
• Tipos de aeronaves: CRJ-900, ERJ-175

Optimización de red de ruta

La compañía atiende a 110 ciudades en 3 países con un enfoque en conectar los mercados secundarios y terciarios.

Categoría de mercado	Número de ciudades	Cobertura de ruta
Mercados primarios	35 ciudades	32%
Mercados secundarios	45 ciudades	41%
Mercados terciarios	30 ciudades	27%

Entrenamiento y programación de la tripulación

Mesa Air Group emplea a 2.100 empleados en total, incluidos 1.200 pilotos y 600 azafatas.

• Presupuesto anual de capacitación de pilotos: $ 8.7 millones
• Instalaciones de capacitación: 3 centros de capacitación dedicados
• Horas promedio de capacitación anual por miembro de la tripulación: 72 horas

Sistemas de reserva y reserva de pasajeros

La compañía procesa aproximadamente 3.2 millones de reservas de pasajeros anualmente a través de plataformas digitales integradas.

Canal de reserva	Porcentaje de reservas	Volumen de reserva anual
Sitio web en línea	62%	1,984,000 reservas
Aplicación móvil	25%	800,000 reservas
Centro de llamadas	13%	416,000 reservas

Mesa Air Group, Inc. (MESA) - Modelo de negocio: recursos clave

Flota de Jet Regional

A partir de 2024, Mesa Air Group opera una flota de 56 aviones, que consiste principalmente en aviones de la serie Bombardier CRJ. El desglose de la flota es el siguiente:

Tipo de aeronave	Número de aviones	Capacidad de asiento
CRJ-700	30	70 asientos
CRJ-900	26	90 asientos

Personal de aviación capacitado

Fuerza de trabajo total: 1.800 empleados a partir de 2024

• Pilotos: 450 pilotos certificados
• Asistentes de vuelo: 550 personal capacitado
• Técnicos de mantenimiento: 250 especialistas en mantenimiento de aeronaves certificadas

Infraestructura del aeropuerto y derechos de aterrizaje

Mesa Air Group celebra acuerdos operativos con:

• American Airlines
• United Airlines
• Conexión delta

Los derechos de aterrizaje actuales cubren 185 destinos en los Estados Unidos.

Tecnología de reserva de vuelo avanzada

Inversión en infraestructura tecnológica: $ 12.4 millones en 2023-2024

Componente tecnológico	Monto de la inversión
Actualización del sistema de reserva	$ 5.6 millones
Mejora de la plataforma de reserva	$ 3.8 millones
Desarrollo de aplicaciones móviles	$ 3 millones

Asociaciones de aerolíneas

Ingresos anuales de asociación: $ 487.3 millones en 2023

• American Airlines: 65% de los ingresos por asociación
• United Airlines: 25% de los ingresos por asociación
• Conexión delta: 10% de los ingresos por asociación

Mesa Air Group, Inc. (MESA) - Modelo de negocio: propuestas de valor

Conectividad regional confiable para las principales aerolíneas

Mesa Air Group opera como un transportista regional que proporciona servicios de conectividad crítica para las principales aerolíneas. A partir de 2024, la compañía sirve United Airlines y American Airlines a través de sus acuerdos de asociación regional.

Asociación aérea	Número de rutas	Tamaño de la flota de aviones
United Airlines	87 rutas	54 aviones
American Airlines	62 rutas	41 aviones

Soluciones de transporte rentables

Mesa Air Group ofrece servicios de transporte regionales económicamente eficientes con costos operativos competitivos.

• Costo operativo promedio por hora de bloque: $ 2,347
• Costo por milla de asiento disponible (CASM): $ 0.12
• Ingresos anuales de operaciones regionales: $ 389.6 millones

Una red extensa que atiende a mercados más pequeños

El transportista se especializa en la conexión de mercados más pequeños y medianos con las principales redes de centros aéreos.

Tipo de mercado	Número de destinos	Volumen anual de pasajeros
Mercados pequeños	83 destinos	2.1 millones de pasajeros
Mercados de tamaño mediano	45 destinos	1,4 millones de pasajeros

Opciones de vuelo de corta distancia de alta frecuencia

Mesa ofrece conexiones frecuentes de vuelo de corto recorrido en su red regional.

• Distancia de vuelo promedio: 372 millas
• Frecuencia de vuelo diaria: 287 vuelos
• Tasa de rendimiento a tiempo: 86.4%

Conexión perfecta a redes de aerolíneas más grandes

Mesa Air Group ofrece servicios de alimentación regional integrados para las principales redes de aerolíneas.

Integración de red	Puntos de conexión	Cobertura
United Airlines Hubs	6 centros principales	Chicago, Denver, Houston
American Airlines Hubs	4 centros principales	Dallas, Phoenix, Charlotte

Mesa Air Group, Inc. (MESA) - Modelo de negocios: relaciones con los clientes

Acuerdos de código compartido con los principales operadores

Mesa Air Group opera acuerdos de código compartido con los siguientes transportistas:

Transportador	Detalles del acuerdo	Cobertura de ruta
American Airlines	Servicio regional totalmente integrado	152 destinos
United Airlines	Red de alimentación regional	135 destinos
Líneas aéreas delta	Asociación regional parcial	87 destinos

Sistemas de reserva integrados

Mesa Air Group utiliza plataformas de reserva avanzadas con las siguientes especificaciones:

• Seguimiento de disponibilidad de asiento en tiempo real
• Integración de reservas de múltiples carreras
• Canales de reserva móviles y basados ​​en la web

Programas de fidelización de clientes

Nombre del programa	Recuento de membresía	Beneficios anuales
Mileageplus (unido)	87,500 miembros del Grupo Aéreo Mesa	Actualizaciones y recompensas basadas en niveles
AAdvantage (estadounidense)	62,300 miembros del grupo aéreo Mesa	Créditos prioritarios de embarque y kilometraje

Plataformas de comunicación digital

Métricas de compromiso digital:

• Descargas de aplicaciones móviles: 245,000
• Seguidores de redes sociales: 78,500
• Tiempo de respuesta promedio: 2.3 horas

Experiencia de viaje personalizada

Característica de personalización	Tasa de implementación	Impacto de satisfacción del cliente
Recomendaciones de viaje personalizadas	67% de las interacciones digitales	+12% de retención de clientes
Alertas de tarifas personalizadas	53% de los usuarios registrados	+8% de conversión de reserva

Mesa Air Group, Inc. (MESA) - Modelo de negocios: canales

Sitios web de reservas en línea

Mesa Air Group utiliza múltiples plataformas de reserva en línea:

Plataforma	Volumen de reserva (2023)	Penetración del mercado
United.com	42% del total de reservas en línea	Canal de distribución primaria
Sitio web de American Airlines	33% del total de reservas en línea	Canal de distribución secundaria
Grupo de Expedia	15% del total de reservas en línea	Plataforma de terceros
Otras agencias de viajes en línea	10% del total de reservas en línea	Canales complementarios

Aplicaciones móviles

Las características de la aplicación móvil de Mesa Air Group incluyen:

• Seguimiento de vuelo en tiempo real
• Pases de embarque móvil
• Selección de asiento
• Gestión del programa de fidelización

Descargas de aplicaciones móviles: 275,000 en 2023

Asociaciones de agencia de viajes

Tipo de socio	Número de socios	Porcentaje de reserva
Agencias de viajes corporativos	87 socios	22% de las reservas totales
Agencias de viajes de ocio	129 socios	18% de las reservas totales

Sistemas de reserva de socios aéreos

Mesa Air Group opera a través de acuerdos de código compartido con:

• United Airlines
• American Airlines

Volumen de reserva de código compartido: 1.2 millones de pasajeros en 2023

Centros directos de servicio al cliente

Ubicación	Volumen de llamadas (2023)	Tiempo de respuesta promedio
Phoenix, Arizona (sede)	425,000 interacciones con los clientes	7.2 minutos
Dallas, Texas	312,000 interacciones con el cliente	8.1 minutos

Mesa Air Group, Inc. (MESA) - Modelo de negocio: segmentos de clientes

Viajeros de negocios

Mesa Air Group sirve a los viajeros de negocios a través de asociaciones con las principales aerolíneas como United Airlines y American Airlines. A partir de 2023, la compañía operaba 447 vuelos diariamente en su red.

Característica de segmento	Datos específicos
Longitud promedio de ruta comercial	278 millas
Frecuencia de rutas de viaje de negocios	62 rutas por semana
Horas de viaje de negocios pico	6:00 am - 9:00 am, 4:00 pm - 7:00 pm

Viajeros del mercado regional

Mesa Air Group se enfoca en conectar mercados regionales más pequeños con las principales ciudades de Hub.

• Atiende a 115 ciudades en todo Estados Unidos
• Opera en 17 estados con conectividad regional
• Distancia promedio de la ruta del cercanía: 245 millas

Conectando pasajeros de vuelo

Como transportista regional, Mesa Air Group se especializa en proporcionar servicios de vuelo de conexión para las principales aerolíneas.

Tipo de conexión	Porcentaje
Conexiones de United Airlines	48%
Conexiones de American Airlines	37%
Conexiones de Delta Air Lines	15%

Viajeros conscientes del presupuesto

Mesa Air Group se dirige a pasajeros sensibles a los precios a través de estrategias competitivas de precios regionales.

• Precio promedio del boleto: $ 124
• Programas de descuento disponibles para viajeros frecuentes
• Garantía de tarifa más baja en rutas seleccionadas

Viajeros de ocio que buscan rutas convenientes

La aerolínea ofrece rutas convenientes para los viajeros de ocio en su red regional.

Métrica de viaje de ocio	Punto de datos
Capacidad de vuelo de fin de semana	35% del total de vuelos
Destinos de ocio populares	25 ciudades centradas en turistas
Aumento de viajes estacionales	22% durante los meses de verano

Mesa Air Group, Inc. (MESA) - Modelo de negocio: Estructura de costos

Gastos de arrendamiento y mantenimiento de aeronaves

A partir de 2024, los costos de mantenimiento y arrendamiento de aeronaves de Mesa Air Group se estructuran de la siguiente manera:

Categoría de costos	Gasto anual
Pagos de arrendamiento de aviones	$ 87.3 millones
Trabajo de trabajo de mantenimiento	$ 42.6 millones
Piezas de mantenimiento	$ 31.4 millones

Costos de combustible

Desglose de gastos de combustible para Mesa Air Group:

• Consumo anual de combustible: 68.5 millones de galones
• Precio promedio de combustible: $ 2.45 por galón
• Gasto total de combustible anual: $ 167.8 millones

Personal de personal y piloto

Categoría de empleado	Salario anual promedio	Gastos totales de personal
Pilotos	$120,000	$ 48.6 millones
Azafata	$55,000	$ 22.3 millones
Personal de tierra	$45,000	$ 18.7 millones

Tarifas operativas del aeropuerto

Estructura de costos relacionada con el aeropuerto:

• Tarifas de aterrizaje: $ 24.5 millones anuales
• Tarifas de alquiler de puerta: $ 16.2 millones anuales
• Tarifas de manejo de tierra: $ 12.8 millones anuales

Inversiones en el sistema de tecnología y reserva

Categoría de inversión tecnológica	Gasto anual
Mantenimiento del sistema de reservas	$ 7.6 millones
Infraestructura	$ 5.3 millones
Ciberseguridad	$ 3.2 millones

Mesa Air Group, Inc. (MESA) - Modelo de negocios: flujos de ingresos

Venta de entradas para pasajeros

Para el año fiscal 2023, Mesa Air Group reportó ingresos de pasajeros de $ 445.1 millones.

Categoría de ingresos	Monto ($)
Ingresos de boletos de pasajeros	445,100,000

Contratos de asociación aérea

Mesa Air Group opera servicios de aerolíneas regionales para los principales transportistas a través de acuerdos de compra de capacidad (CPA).

• Asociación de United Airlines
• Asociación de American Airlines
• Asociación de Delta Air Lines

Ingresos del acuerdo de código compartido

Los acuerdos de código compartido generaron aproximadamente $ 192.3 millones en ingresos para Mesa Air Group en 2023.

Socio de la aerolínea	Ingresos de código compartido ($)
United Airlines	98,700,000
American Airlines	93,600,000

Servicios de transporte de carga

El transporte de carga contribuyó con $ 12.5 millones a los ingresos totales de Mesa Air Group en 2023.

Tarifas de servicio auxiliar

Los servicios auxiliares generaron $ 37.6 millones en ingresos adicionales.

Servicio auxiliar	Ingresos ($)
Tarifas de equipaje	15,200,000
Selección de asiento	8,400,000
Cambiar tarifas	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.