Mesa Air Group has reported that its fiscal full-year 2023 results reflect a net loss of US$120.1 million, compared to a net loss of US$182.7 million for fiscal full-year 2022. Mesa’s fiscal full-year 2023 adjusted net loss was US$79.5 million versus adjusted net loss of US$40.2 million in fiscal full-year 2022.
Total operating revenues for the full-year were US$498.1 million, a decrease of US$32.9 million, or 6.2%, from US$531.0 million for fiscal full-year 2022. Contract revenue decreased US$57.2 million, or 12%. This was primarily driven by a reduction in block hours and fewer aircraft under contract, partially offset by higher United Airlines block-hour rates for new pilot pay scales. Pass-through revenue, driven by higher pass-through maintenance expense, increased by US$24.3 million, or 46.2%. Mesa’s fiscal full-year 2023 results include, per GAAP, the recognition of US$3.0 million of previously deferred revenue, versus the recognition of US$10.4 million of previously deferred revenue in fiscal full-year 2022.
Operating revenues in Q4 2023 were US$114.4 million, a decrease of US$11.3 million, or 9.0%, from US$125.6 million for Q4 2022. Contract revenue decreased US$16.0 million, or 14.4%. These decreases were primarily driven by a reduction in CRJ-900 block hours and fewer aircraft under contract, partially offset by higher United Airlines block-hour rates for new pilot pay scales. Pass-through revenue, driven by higher pass-through maintenance expense, increased by US$4.7 million, or 31.6%. Mesa’s Q4 2023 results include, per GAAP, the recognition of US$1.7 million of previously deferred revenue, versus the deferral of US$1.3 million in Q4 2022. The remaining deferred revenue balance of US$21.0 million will be recognised as flights are completed over the remaining term of the United Airlines contract.
Mesa’s Q4 2023 results reflect a net loss of US$28.3 million, compared to a net loss of US$115.6 million for Q4 2022. Mesa’s Q4 2023 adjusted net loss was US$26.4 million versus an adjusted net loss of US$13.5 million in Q4 2022. (£1.00 = US$1.27 at time of publication).
