Mesa Air Group, Inc. (MESA): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le monde dynamique de l'aviation régionale, Mesa Air Group, Inc. (MESA) apparaît comme une puissance stratégique, tissant des partenariats complexes et des solutions innovantes dans le paysage complexe de l'industrie aérienne. En connectant magistralement les petits marchés avec les principaux réseaux de transporteurs, Mesa transforme le transport régional en un écosystème sans couture et efficace qui comble les écarts et crée de la valeur pour les voyageurs et les partenaires des compagnies aériennes. Leur modèle commercial méticuleusement conçu montre comment un transporteur régional peut tirer parti des relations stratégiques, des technologies avancées et des offres de services ciblées pour se tailler un créneau critique sur le marché compétitif des compagnies aériennes.

Mesa Air Group, Inc. (MESA) - Modèle d'entreprise: partenariats clés

Partnership de transporteur régional de United Airlines

Mesa Air Group fonctionne comme un transporteur régional pour United Airlines en vertu d'un accord d'achat de capacité. En 2023, Mesa exploite 57 avions pour United Airlines, dont 35 avions Embraer E175 et 22 avions CRJ-900.

Détail du partenariat	Détails
Aircraft opéré pour United	57 avions totaux
Types d'avions	35 Embraer E175, 22 CRJ-900
Type d'accord	Contrat d'achat de capacité

Contrat de connectivité régionale d'American Airlines

Mesa Air Group maintient un partenariat avec American Airlines, opérant des vols régionaux sous la marque American Eagle. En 2023, Mesa exploite 18 avions CRJ-900 pour American Airlines.

Détail du partenariat	Détails
Avion opéré pour américain	18 CRJ-900 avions
Opération de marque	Aigle américain

Partenariat des fabricants d'avions

Mesa Air Group entretient des partenariats stratégiques avec les fabricants d'avions:

• Boeing: fournit un avion CRJ-900
• Bombardier: Fabricant principal de la flotte de jet régionale
• Embraer: Supplies E175 Aircraft for United Airlines Routes

Partenariat du fournisseur de moteurs

Pratt & Whitney est le principal fournisseur de moteur de la flotte de Mesa Air Group, fournissant des moteurs pour les avions CRJ-900 et Embraer E175.

Fournisseur de moteur	Modèles d'avions pris en charge
Pratt & Whitney	CRJ-900, Embraer E175

Partenariat de conformité réglementaire

Mesa Air Group entretient une relation de conformité complète avec la Federal Aviation Administration (FAA), garantissant le respect de toutes les réglementations commerciales de l'aviation et des normes de sécurité.

• Maintient la certification de la partie 121 de la partie aérienne
• Se conforme à toutes les exigences opérationnelles de la FAA
• Subit des audits de sécurité et opérationnels réguliers

Mesa Air Group, Inc. (MESA) - Modèle d'entreprise: Activités clés

Services régionaux de transport des passagers aériens

Mesa Air Group exploite 448 vols quotidiens vers 110 villes à travers les États-Unis, le Mexique et le Canada en 2023.

Partenariat des compagnies aériennes	Nombre de vols quotidiens	Taille de la flotte d'avion
American Airlines Connection	192 vols	95 avions
United Airlines Connection	156 vols	78 avions
Connexion des lignes aériennes delta	100 vols	55 avions

Entretien des avions et gestion de la flotte

Mesa Air Group maintient une flotte de 228 avions en 2023, avec un âge moyen de 12,5 ans.

• Installations de maintenance totale: 7 emplacements à travers les États-Unis
• Dépenses de maintenance annuelles: 42,3 millions de dollars
• Types d'avions: CRJ-900, ERJ-175

Optimisation du réseau d'itinéraire

La société dessert 110 villes dans 3 pays en mettant l'accent sur la connexion des marchés secondaires et tertiaires.

Catégorie de marché	Nombre de villes	Couverture de l'itinéraire
Marchés primaires	35 villes	32%
Marchés secondaires	45 villes	41%
Marchés tertiaires	30 villes	27%

Formation et planification de l'équipage

Mesa Air Group emploie 2 100 employés au total, dont 1 200 pilotes et 600 agents de bord.

• Budget annuel de formation pilote: 8,7 millions de dollars
• Installations de formation: 3 centres de formation dédiés
• Heures de formation annuelles moyennes par membre d'équipage: 72 heures

Systèmes de réservation et de réservation de passagers

La société traite environ 3,2 millions de réservations de passagers par an grâce à des plateformes numériques intégrées.

Canal de réservation	Pourcentage de réservations	Volume de réservation annuel
Site Web en ligne	62%	1 984 000 réservations
Application mobile	25%	800 000 réservations
Centre d'appel	13%	416 000 réservations

Mesa Air Group, Inc. (MESA) - Modèle d'entreprise: Ressources clés

Flotte de réaction régionale

En 2024, Mesa Air Group exploite une flotte de 56 avions, composée principalement de jets de la série Bombardier CRJ. La ventilation de la flotte est la suivante:

Type d'avion	Nombre d'avions	Capacité de sièges
CRJ-700	30	70 sièges
CRJ-900	26	90 sièges

Personnel aviation formé

Total de main-d'œuvre: 1 800 employés à partir de 2024

• Pilots: 450 pilotes certifiés
• Agents de bord: 550 personnel formé
• Techniciens d'entretien: 250 spécialistes de l'entretien des avions certifiés

Infrastructure aéroportuaire et droits d'atterrissage

Mesa Air Group détient des accords d'exploitation avec:

• Compagnies aériennes américaines
• United Airlines
• Delta Connection

Les droits d'atterrissage actuels couvrent 185 destinations à travers les États-Unis.

Technologie de réservation de vol avancée

Investissement infrastructure technologique: 12,4 millions de dollars en 2023-2024

Composant technologique	Montant d'investissement
Mise à niveau du système de réservation	5,6 millions de dollars
Amélioration de la plate-forme de réservation	3,8 millions de dollars
Développement d'applications mobiles	3 millions de dollars

Partenariats des compagnies aériennes

Revenus de partenariat annuel: 487,3 millions de dollars en 2023

• American Airlines: 65% des revenus du partenariat
• United Airlines: 25% des revenus du partenariat
• Connexion Delta: 10% des revenus du partenariat

Mesa Air Group, Inc. (MESA) - Modèle d'entreprise: Propositions de valeur

Connectivité régionale fiable pour les grandes compagnies aériennes

Mesa Air Group fonctionne comme un transporteur régional fournissant des services de connectivité critiques pour les principales compagnies aériennes. Depuis 2024, la société sert United Airlines et American Airlines grâce à ses accords de partenariat régional.

Partenariat des compagnies aériennes	Nombre de routes	Taille de la flotte d'avion
United Airlines	87 routes	54 avions
Compagnies aériennes américaines	62 routes	41 avions

Solutions de transport rentables

Mesa Air Group fournit des services de transport régionaux économiquement efficaces avec des coûts d'exploitation compétitifs.

• Coût d'exploitation moyen par bloc d'heure: 2 347 $
• Coût par siège disponible Mile (CASM): 0,12 $
• Revenus annuels des opérations régionales: 389,6 millions de dollars

Un réseau étendu desservant des marchés plus petits

Le transporteur se spécialise dans la connexion des marchés plus petits et de taille moyenne avec des réseaux principaux de Hub Airline.

Type de marché	Nombre de destinations	Volume annuel de passagers
Petits marchés	83 Destinations	2,1 millions de passagers
Marchés de taille moyenne	45 Destinations	1,4 million de passagers

Options de vol à haute fréquence

Mesa propose des connexions de vol courtes fréquentes à travers son réseau régional.

• Distance moyenne de vol: 372 miles
• Fréquence des vols quotidiens: 287 vols
• Taux de performance à temps: 86,4%

Connexion transparente à des réseaux de compagnies aériennes plus importantes

Mesa Air Group fournit des services d'alimentation régionaux intégrés pour les principaux réseaux de compagnies aériennes.

Intégration du réseau	Points de connexion	Couverture du centre
Hubs United Airlines	6 plaques tournantes majeures	Chicago, Denver, Houston
Hubs American Airlines	4 Hubs majeurs	Dallas, Phoenix, Charlotte

MESA AIR GROUP, Inc. (MESA) - Modèle d'entreprise: relations avec les clients

Accords de codes avec les principaux transporteurs

Mesa Air Group exploite des accords de codes avec les transporteurs suivants:

Transporteur	Détails de l'accord	Couverture de l'itinéraire
Compagnies aériennes américaines	Service régional entièrement intégré	152 Destinations
United Airlines	Réseau d'alimentation régionale	135 Destinations
Lignes aériennes delta	Partenariat régional partiel	87 Destinations

Systèmes de réservation intégrés

Mesa Air Group utilise des plates-formes de réservation avancées avec les spécifications suivantes:

• Suivi de disponibilité des sièges en temps réel
• Intégration de réservation de plusieurs porte-portiques
• Canaux de réservation mobiles et Web

Programmes de fidélisation de la clientèle

Nom du programme	Nombre d'adhésion	Avantages annuels
Mileageplus (United)	87 500 membres du groupe Air Mesa	Mises à niveau et récompenses basées sur les niveaux
Aadvantage (américain)	62 300 membres du groupe Air Mesa	Crédits d'embarquement et de kilométrage prioritaires

Plateformes de communication numérique

Métriques d'engagement numérique:

• Téléchargements d'applications mobiles: 245 000
• Abonnés des médias sociaux: 78 500
• Temps de réponse moyen: 2,3 heures

Expérience de voyage personnalisée

Fonction de personnalisation	Taux de mise en œuvre	Impact de la satisfaction du client
Recommandations de voyage personnalisées	67% des interactions numériques	+ 12% de fidélisation de la clientèle
Alertes de plats personnalisés	53% des utilisateurs enregistrés	+ 8% de réservation de conversion

Mesa Air Group, Inc. (MESA) - Modèle d'entreprise: canaux

Sites Web de réservation en ligne

Mesa Air Group utilise plusieurs plateformes de réservation en ligne:

Plate-forme	Volume de réservation (2023)	Pénétration du marché
Unis.com	42% du total des réservations en ligne	Canal de distribution primaire
Site Web American Airlines	33% du total des réservations en ligne	Canal de distribution secondaire
Groupe Expedia	15% du total des réservations en ligne	Plate-forme tierce
Autres agences de voyage en ligne	10% du total des réservations en ligne	Canaux supplémentaires

Applications mobiles

Les fonctionnalités de l'application mobile de Mesa Air Group incluent:

• Suivi de vol en temps réel
• Passage d'embarquement mobile
• Sélection des sièges
• Gestion du programme de fidélité

Téléchargements d'applications mobiles: 275 000 en 2023

Partenariats de l'agence de voyage

Type de partenaire	Nombre de partenaires	Pourcentage de réservation
Agences de voyages d'entreprise	87 partenaires	22% du total des réservations
Agences de voyages de loisir	129 partenaires	18% du total des réservations

Systèmes de réservation de partenaires aériens

Mesa Air Group fonctionne par le biais des accords de codes avec:

• United Airlines
• Compagnies aériennes américaines

Volume de réservation de codes: 1,2 million de passagers en 2023

Centres de service à la clientèle directs

Emplacement	Volume d'appel (2023)	Temps de réponse moyen
Phoenix, Arizona (siège social)	425 000 interactions client	7,2 minutes
Dallas, Texas	312 000 interactions client	8,1 minutes

Mesa Air Group, Inc. (MESA) - Modèle d'entreprise: segments de clients

Voyageurs d'affaires

Mesa Air Group dessert les voyageurs d'affaires grâce à des partenariats avec Major Airlines comme United Airlines et American Airlines. En 2023, la société a exploité 447 vols par jour sur son réseau.

Caractéristique du segment	Données spécifiques
Longueur moyenne de l'itinéraire commercial	278 miles
Fréquence des voies de voyage d'affaires	62 itinéraires par semaine
Hautes de voyage d'affaires de pointe	6h00 - 9h00, 16h00 - 19h00

Navetteurs du marché régional

Mesa Air Group se concentre sur la connexion des marchés régionaux plus petits avec les grandes villes de Hub.

• Dessert 115 villes à travers les États-Unis
• Opère dans 17 États avec connectivité régionale
• Distance moyenne de la route de banlieue: 245 miles

Connexion des passagers de vol

En tant que transporteur régional, Mesa Air Group se spécialise dans la fourniture de services de vol pour les grandes compagnies aériennes.

Type de connexion	Pourcentage
Connexions United Airlines	48%
Connexions américaines des compagnies aériennes	37%
Connexions de lignes aériennes delta	15%

Voyageurs soucieux du budget

Mesa Air Group cible les passagers sensibles aux prix grâce à des stratégies de tarification régionales compétitives.

• Prix ​​moyen du billet: 124 $
• Programmes de réduction disponibles pour les voyageurs fréquents
• Garantie tarifaire la plus basse sur certains itinéraires

Les voyageurs de loisirs recherchent des itinéraires pratiques

La compagnie aérienne propose des itinéraires pratiques aux voyageurs de loisirs à travers son réseau régional.

Métrique de voyage de loisir	Point de données
Capacité de vol du week-end	35% du total des vols
Destinations de loisirs populaires	25 villes centrées sur les touristes
Augmentation des voyages saisonniers	22% pendant les mois d'été

Mesa Air Group, Inc. (MESA) - Modèle d'entreprise: Structure des coûts

Frais de location et d'entretien d'avions

En 2024, les coûts de maintenance et de location des avions de Mesa Air Group sont structurés comme suit:

Catégorie de coûts	Dépenses annuelles
Paiements de location d'avions	87,3 millions de dollars
Travail d'entretien	42,6 millions de dollars
Parties d'entretien	31,4 millions de dollars

Coût de carburant

Répartition des dépenses de carburant pour Mesa Air Group:

• Consommation de carburant annuelle: 68,5 millions de gallons
• Prix ​​de carburant moyen: 2,45 $ par gallon
• Total des frais de carburant annuels: 167,8 millions de dollars

Personnel et salaires pilotes

Catégorie des employés	Salaire annuel moyen	Total des dépenses du personnel
Pilotes	$120,000	48,6 millions de dollars
Agents de bord	$55,000	22,3 millions de dollars
Personnel de terrain	$45,000	18,7 millions de dollars

Frais de fonctionnement de l'aéroport

Structure des coûts liés à l'aéroport:

• Frais d'atterrissage: 24,5 millions de dollars par an
• Frais de location de portes: 16,2 millions de dollars par an
• Frais de manipulation du sol: 12,8 millions de dollars par an

Investissements de la technologie et du système de réservation

Catégorie d'investissement technologique	Dépenses annuelles
Maintenance du système de réservation	7,6 millions de dollars
Infrastructure informatique	5,3 millions de dollars
Cybersécurité	3,2 millions de dollars

MESA AIR GROUP, Inc. (MESA) - Modèle d'entreprise: sources de revenus

Ventes de billets de passagers

Pour l'exercice 2023, Mesa Air Group a déclaré des revenus de passagers de 445,1 millions de dollars.

Catégorie de revenus	Montant ($)
Revenus de billets de passagers	445,100,000

Contrats de partenariat aérien

Mesa Air Group exploite les services régionaux des compagnies aériennes pour les principaux transporteurs grâce à des accords d'achat de capacité (CPA).

• United Airlines Partnership
• American Airlines Partnership
• Partenariat Delta Air Lines

Revenus de l'accord de codes

Les accords de codes ont généré environ 192,3 millions de dollars de revenus pour Mesa Air Group en 2023.

Partenaire aérien	Revenus de codes ($)
United Airlines	98,700,000
Compagnies aériennes américaines	93,600,000

Services de transport de fret

Le transport de marchandises a contribué à 12,5 millions de dollars aux revenus totaux de Mesa Air Group en 2023.

Frais de service auxiliaires

Les services auxiliaires ont généré 37,6 millions de dollars de revenus supplémentaires.

Service auxiliaire	Revenus ($)
Frais de bagages	15,200,000
Sélection des sièges	8,400,000
Changement de frais	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.