Mesa Air Group, Inc. (Mesa): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da aviação regional, o Mesa Air Group, Inc. (MESA) surge como uma potência estratégica, tecendo parcerias intrincadas e soluções inovadoras em todo o cenário complexo da indústria aérea. Ao conectar magistralmente mercados menores às principais redes de transportadoras, a Mesa transforma o transporte regional em um ecossistema perfeito e eficiente que preenche lacunas e cria valor para viajantes e parceiros de companhias aéreas. Seu modelo de negócios meticulosamente criado demonstra como uma transportadora regional pode alavancar relacionamentos estratégicos, tecnologias avançadas e ofertas de serviços direcionadas para criar um nicho crítico no mercado de companhias aéreas competitivas.

Mesa Air Group, Inc. (Mesa) - Modelo de negócios: Parcerias -chave

Parceria da transportadora regional da United Airlines

O Mesa Air Group opera como transportadora regional da United Airlines sob um contrato de compra de capacidade. A partir de 2023, a Mesa opera 57 aeronaves da United Airlines, incluindo 35 aeronaves Embraer E175 e 22 aeronaves CRJ-900.

Detalhes da parceria	Especificidades
Aeronaves operadas para United	57 Aeronaves totais
Tipos de aeronaves	35 Embraer E175, 22 CRJ-900
Tipo de contrato	Contrato de compra de capacidade

Acordo de conectividade regional da American Airlines

O Mesa Air Group mantém uma parceria com a American Airlines, operando vôos regionais da American Eagle Brand. A partir de 2023, a Mesa opera 18 aeronaves CRJ-900 para a American Airlines.

Detalhes da parceria	Especificidades
Aeronaves operadas para americanos	18 aeronaves CRJ-900
Operação da marca	Águia americana

Parceria dos fabricantes de aeronaves

O Mesa Air Group mantém parcerias estratégicas com fabricantes de aeronaves:

• Boeing: fornece aeronaves CRJ-900
• Bombardier: Fabricante Primário de Frota Regional de Jato
• Embraer: suprimentos aeronaves E175 para rotas da United Airlines

Parceria para fornecedores de motores

Pratt & Whitney atua como fornecedor de motores primários da frota do Mesa Air Group, fornecendo motores para aeronaves CRJ-900 e Embraer E175.

Fornecedor de motores	Modelos de aeronaves suportados
Pratt & Whitney	CRJ-900, Embraer E175

Parceria de conformidade regulatória

O Mesa Air Group mantém uma relação de conformidade abrangente com a Administração Federal de Aviação (FAA), garantindo a adesão a todos os regulamentos de aviação comercial e padrões de segurança.

• Mantém a Certificação da Transportadora Aérea da Parte 121
• Está em conformidade com todos os requisitos operacionais da FAA
• Passa por auditorias regulares de segurança e operacional

Mesa Air Group, Inc. (Mesa) - Modelo de negócios: Atividades -chave

Serviços regionais de transporte de passageiros da companhia aérea

O Mesa Air Group opera 448 vôos diários para 110 cidades nos Estados Unidos, México e Canadá a partir de 2023. A empresa atua como transportadora regional para grandes companhias aéreas, incluindo American Airlines, United Airlines e Delta Air Lines.

Parceria aérea	Número de voos diários	Tamanho da frota de aeronaves
American Airlines Connection	192 voos	95 aeronaves
United Airlines Connection	156 voos	78 aeronaves
Conexão Delta Air Lines	100 vôos	55 aeronaves

Manutenção de aeronaves e gerenciamento de frota

O Mesa Air Group mantém uma frota de 228 aeronaves a partir de 2023, com uma idade média da frota de 12,5 anos.

• Facilidades totais de manutenção: 7 locais nos Estados Unidos
• Despesas anuais de manutenção: US $ 42,3 milhões
• Tipos de aeronaves: CRJ-900, ERJ-175

Otimização de rede de rota

A empresa atende 110 cidades em três países, com foco na conexão de mercados secundários e terciários.

Categoria de mercado	Número de cidades	Cobertura de rota
Mercados primários	35 cidades	32%
Mercados secundários	45 cidades	41%
Mercados terciários	30 cidades	27%

Treinamento e agendamento da tripulação

O Mesa Air Group emprega 2.100 funcionários totais, incluindo 1.200 pilotos e 600 comissários de bordo.

• Orçamento anual de treinamento piloto: US $ 8,7 milhões
• Instalações de treinamento: 3 centros de treinamento dedicados
• Horário médio de treinamento anual por tripulação Membro: 72 horas

Sistemas de reserva e reserva de passageiros

A empresa processa aproximadamente 3,2 milhões de reservas de passageiros anualmente por meio de plataformas digitais integradas.

Canal de reserva	Porcentagem de reservas	Volume anual de reserva
Site online	62%	1.984.000 reservas
Aplicativo móvel	25%	800.000 reservas
Call center	13%	416.000 reservas

Mesa Air Group, Inc. (MESA) - Modelo de negócios: Recursos -chave

Frota de jato regional

A partir de 2024, o Mesa Air Group opera uma frota de 56 aeronaves, composta principalmente pelos jatos da série Bombardier CRJ. O colapso da frota é o seguinte:

Tipo de aeronave	Número de aeronaves	Capacidade de assento
CRJ-700	30	70 assentos
CRJ-900	26	90 assentos

Pessoal de aviação treinado

Força de trabalho total: 1.800 funcionários a partir de 2024

• Pilotos: 450 pilotos certificados
• Comissários de bordo: 550 pessoal treinado
• Técnicos de manutenção: 250 especialistas em manutenção de aeronaves certificadas

Infraestrutura aeroportuária e direitos de aterrissagem

O Mesa Air Group possui acordos operacionais com:

• American Airlines
• United Airlines
• Conexão delta

Os direitos de desembarque atuais cobrem 185 destinos nos Estados Unidos.

Tecnologia avançada de reserva de vôo

Investimento de infraestrutura tecnológica: US $ 12,4 milhões em 2023-2024

Componente de tecnologia	Valor do investimento
Atualização do sistema de reserva	US $ 5,6 milhões
Aprimoramento da plataforma de reserva	US $ 3,8 milhões
Desenvolvimento de aplicativos móveis	US $ 3 milhões

Parcerias aéreas

Receita anual de parceria: US $ 487,3 milhões em 2023

• American Airlines: 65% da receita de parceria
• United Airlines: 25% da receita de parceria
• Conexão Delta: 10% da receita de parceria

Mesa Air Group, Inc. (MESA) - Modelo de negócios: proposições de valor

Conectividade regional confiável para grandes companhias aéreas

O Mesa Air Group opera como uma transportadora regional que fornece serviços críticos de conectividade para as principais companhias aéreas. A partir de 2024, a empresa serve United Airlines e American Airlines por meio de seus acordos de parceria regional.

Parceria aérea	Número de rotas	Tamanho da frota de aeronaves
United Airlines	87 rotas	54 aeronaves
American Airlines	62 rotas	41 aeronaves

Soluções de transporte econômicas

O Mesa Air Group fornece serviços de transporte regional economicamente eficientes com custos operacionais competitivos.

• Custo médio de operação por hora da hora: US $ 2.347
• Custo por Milha de Seat Disponível (CASM): $ 0,12
• Receita anual de operações regionais: US $ 389,6 milhões

Extensa rede que atende mercados menores

A transportadora é especializada em conectar mercados menores e de médio porte com as principais redes de hub de companhias aéreas.

Tipo de mercado	Número de destinos	Volume anual de passageiros
Pequenos mercados	83 destinos	2,1 milhões de passageiros
Mercados de tamanho médio	45 destinos	1,4 milhão de passageiros

Opções de voo de alta frequência de alta frequência

A Mesa oferece frequentes conexões de vôo de curto-curso em toda a sua rede regional.

• Distância média do vôo: 372 milhas
• Frequência diária de vôo: 287 voos
• Taxa de desempenho pontual: 86,4%

Conexão perfeita para redes de companhias aéreas maiores

O Mesa Air Group fornece serviços de alimentação regional integrados para as principais redes de companhias aéreas.

Integração de rede	Pontos de conexão	Cobertura do cubo
Hubs da United Airlines	6 grandes hubs	Chicago, Denver, Houston
American Airlines Hubs	4 hubs principais	Dallas, Phoenix, Charlotte

Mesa Air Group, Inc. (Mesa) - Modelo de negócios: Relacionamentos do cliente

Acordos de codeshare com grandes operadoras

O Mesa Air Group opera acordos de código de código com as seguintes operadoras:

Operadora	Detalhes do acordo	Cobertura de rota
American Airlines	Serviço regional totalmente integrado	152 destinos
United Airlines	Rede Regional de alimentador	135 destinos
Delta Air Lines	Parceria regional parcial	87 destinos

Sistemas de reserva integrados

O Mesa Air Group utiliza plataformas avançadas de reserva com as seguintes especificações:

• Rastreamento de disponibilidade de assentos em tempo real
• Integração de reservas de várias portadoras
• Canais de reserva móveis e baseados na Web

Programas de fidelidade do cliente

Nome do programa	Contagem de membros	Benefícios anuais
MILEGELUS (United)	87.500 membros do Grupo Aéreo Mesa	Atualizações e recompensas baseadas em camadas
Aadvantage (americano)	62.300 membros do Grupo Aéreo Mesa	Créditos prioritários de embarque e quilometragem

Plataformas de comunicação digital

Métricas de engajamento digital:

• Downloads de aplicativos móveis: 245.000
• Seguidores de mídia social: 78.500
• Tempo médio de resposta: 2,3 horas

Experiência de viagem personalizada

Recurso de personalização	Taxa de implementação	Impacto de satisfação do cliente
Recomendações de viagem personalizadas	67% das interações digitais	+12% de retenção de clientes
Alertas de tarifa personalizados	53% dos usuários registrados	+8% de conversão de reserva

Mesa Air Group, Inc. (Mesa) - Modelo de negócios: canais

Sites de reserva on -line

O Mesa Air Group utiliza várias plataformas de reserva on -line:

Plataforma	Volume de reserva (2023)	Penetração de mercado
United.com	42% do total de reservas online	Canal de distribuição primária
Site da American Airlines	33% do total de reservas online	Canal de distribuição secundária
Grupo Expedia	15% do total de reservas online	Plataforma de terceiros
Outras agências de viagens online	10% do total de reservas online	Canais suplementares

Aplicativos móveis

Os recursos do aplicativo móvel do Mesa Air Group incluem:

• Rastreamento de voo em tempo real
• Passes de embarque móvel
• Seleção de assentos
• Gerenciamento de programas de fidelidade

Downloads de aplicativos móveis: 275.000 em 2023

Parcerias da agência de viagens

Tipo de parceiro	Número de parceiros	Porcentagem de reserva
Agências de viagens corporativas	87 parceiros	22% do total de reservas
Agências de viagens de lazer	129 parceiros	18% do total de reservas

Sistemas de reserva de parceiros aéreos

O Mesa Air Group opera através de acordos de codeshare com:

• United Airlines
• American Airlines

Volume de reserva de codeshare: 1,2 milhão de passageiros em 2023

Centros diretos de atendimento ao cliente

Localização	Volume de chamada (2023)	Tempo médio de resposta
Phoenix, Arizona (sede)	425.000 interações com os clientes	7,2 minutos
Dallas, Texas	312.000 interações com os clientes	8,1 minutos

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

Viajantes de negócios

O Mesa Air Group atende a viajantes de negócios através de parcerias com grandes companhias aéreas como a United Airlines e a American Airlines. A partir de 2023, a empresa operava 447 voos diariamente em toda a sua rede.

Característica do segmento	Dados específicos
Comprimento médio da rota comercial	278 milhas
Frequência de rotas de viagem de negócios	62 rotas por semana
Horário de viagem de pico de negócios	6:00 - 9:00, 16:00 - 19:00

Passageiros regionais do mercado

O Mesa Air Group se concentra na conexão de mercados regionais menores às principais cidades do centro.

• Serve 115 cidades nos Estados Unidos
• Opera em 17 estados com conectividade regional
• Distância média da rota do passageiro: 245 milhas

Conectando passageiros de vôo

Como transportadora regional, o Mesa Air Group é especializado em fornecer serviços de voo de conexão para as principais companhias aéreas.

Tipo de conexão	Percentagem
Conexões da United Airlines	48%
Conexões da American Airlines	37%
Conexões de linhas de ar delta	15%

Viajantes conscientes do orçamento

O Mesa Air Group tem como alvo os passageiros sensíveis ao preço por meio de estratégias competitivas de preços regionais.

• Preço médio do bilhete: US $ 124
• Programas de desconto disponíveis para viajantes frequentes
• Garantia de tarifa mais baixa em rotas selecionadas

Viajantes de lazer que buscam rotas convenientes

A companhia aérea fornece rotas convenientes para viajantes de lazer em toda a sua rede regional.

Métrica de viagem de lazer	Data Point
Capacidade de voo de fim de semana	35% do total de vôos
Destinos de lazer populares	25 cidades centradas em turistas
Aumento da viagem sazonal	22% durante os meses de verão

Mesa Air Group, Inc. (Mesa) - Modelo de negócios: estrutura de custos

Despesas de leasing e manutenção de aeronaves

A partir de 2024, os custos de manutenção e leasing do Mesa Air Group são estruturados da seguinte forma:

Categoria de custo	Despesa anual
Pagamentos de arrendamento de aeronaves	US $ 87,3 milhões
Trabalho de manutenção	US $ 42,6 milhões
Peças de manutenção	US $ 31,4 milhões

Custos de combustível

A quebra de gastos com combustível para o Mesa Air Group:

• Consumo anual de combustível: 68,5 milhões de galões
• Preço médio de combustível: US $ 2,45 por galão
• Despesa anual total do combustível: US $ 167,8 milhões

Salários de pessoal e piloto

Categoria de funcionários	Salário médio anual	Despesa total do pessoal
Pilotos	$120,000	US $ 48,6 milhões
Comissários de bordo	$55,000	US $ 22,3 milhões
Funcionário do solo	$45,000	US $ 18,7 milhões

Taxas operacionais aeroportuárias

Estrutura de custo relacionada ao aeroporto:

• Taxas de desembarque: US $ 24,5 milhões anualmente
• Taxas de aluguel de portão: US $ 16,2 milhões anualmente
• Taxas de manuseio do solo: US $ 12,8 milhões anualmente

Investimentos do Sistema de Tecnologia e Reserva

Categoria de investimento em tecnologia	Despesa anual
Manutenção do sistema de reserva	US $ 7,6 milhões
Infraestrutura de TI	US $ 5,3 milhões
Segurança cibernética	US $ 3,2 milhões

Mesa Air Group, Inc. (Mesa) - Modelo de negócios: fluxos de receita

Vendas de ingressos para passageiros

Para o ano fiscal de 2023, o Mesa Air Group registrou receita de passageiros de US $ 445,1 milhões.

Categoria de receita	Valor ($)
Receita de ingressos para passageiros	445,100,000

Contratos de parceria aérea

O Mesa Air Group opera serviços de companhias aéreas regionais para grandes operadoras por meio de acordos de compra de capacidade (CPAs).

• Parceria da United Airlines
• American Airlines Partnership
• Parceria Delta Air Lines

Receita de contrato de codeshare

Os acordos de codeshare geraram aproximadamente US $ 192,3 milhões em receita para o Mesa Air Group em 2023.

Parceiro da companhia aérea	Receita de codeshare ($)
United Airlines	98,700,000
American Airlines	93,600,000

Serviços de transporte de carga

O transporte de carga contribuiu com US $ 12,5 milhões para a receita total do Mesa Air Group em 2023.

Taxas de serviço auxiliares

Os serviços auxiliares geraram US $ 37,6 milhões em receita adicional.

Serviço auxiliar	Receita ($)
Taxas de bagagem	15,200,000
Seleção de assentos	8,400,000
Alterar taxas	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.