Mesa Air Group Inc. reported a net loss of $51.9 million for the quarter ending September 30, 2025, primarily due to an impairment expense of $53.4 million related to held-for-sale assets. Nearly all consolidated contract revenues for the period were derived from operations associated with the Capacity Purchase Agreement with United. During the quarter, United requested the accelerated removal of CRJ-900 aircraft and the transition of pilots to the Embraer 175 fleet, resulting in increased costs and impacting block hour capabilities while pilots were in training. As of September 30, 2025, Mesa operated 60 Embraer 175 aircraft with approximately 234 daily departures and had $10.7 million in borrowing capacity under the United Revolving Credit Facility. The company indicated substantial doubt about its ability to continue as a going concern and to meet debt obligations over the next twelve months.