Mesa Air Group has released its third-quarter fiscal 2022 financial and operating results.
The Group reported total operating revenues in Q3 2022 was US$134.4 million, an increase of US$9.2 million (7.4%) from US$125.2 million for Q3 2021. Contract revenue increased US$9.2 million, or 8.4%. This was due to the return to normal rates from its partners, which were temporarily reduced last year owing to the PSP programme. These were partially offset by a reduction in block hours. Mesa's Q3 2022 results include, per GAAP, the recognition of US$6.8 million of previously deferred revenue, versus the deferral of US$1.9 million of revenue in Q3 2021. The remaining deferred revenue balance of US$22.7 million will be recognised as flights are completed over the remaining terms of the contracts.
Mesa's Adjusted EBITDA for Q3 2022 was US$20.1 million, compared to US$35.3 million in Q3 2021 and adjusted EBITDAR was US$29.4 million for Q3 2022, compared to US$44.9 million in Q3 2021.
Mesa's Q3 FY22 results reflect a net loss of US$10.0 million, compared to net income of US$4.3 million for Q3 FY21. Mesa's Q3 FY22 adjusted pre-tax loss was US$8.7 million versus an adjusted pre-tax income of US$5.8 million in Q3 FY21. The year-over-year decrease in adjusted pre-tax income of US$14.5 million was primarily due to lower block hours, the net impact of the PSP programme and the change in deferred revenue. (£1.00 = US$1.18 at time of publication).
