Mesa Air Group Inc. has announced its financial results for the third quarter of fiscal 2025. The company reported total operating revenues of $92.8 million, marking a decrease of $18 million, or 16.3%, compared to $110.8 million in the same quarter of 2024. This decline was attributed to a reduction in contractual aircraft with United Airlines and the disposal of certain Embraer 175 aircraft, which impacted aircraft ownership revenue. In terms of profitability, Mesa recorded a net income of $20.9 million, or $0.50 per diluted share, a significant turnaround from a net loss of $19.9 million, or $(0.48) per diluted share, in the third quarter of 2024. The adjusted net loss for Q3 2025 was $0.6 million, or $(0.01) per diluted share, compared to an adjusted net loss of $9.4 million, or $(0.23) per diluted share, in the prior year. Total operating expenses for Q3 2025 were $92.9 million, reflecting a decrease of $26.9 million, or 22.4%, from Q3 2024. This decrease was primarily due to reductions in flight operations expenses, lower pilot training costs, and decreased depreciation and amortization expenses due to the retirement and sale of CRJ aircraft and engines. The company also provided an update on its proposed merger with Republic Airways Holdings Inc. The waiting period under the HSR Act with respect to filings by Mesa and Republic expired on June 16, 2025. Following the declaration of the effectiveness of the previously filed registration statement by the SEC, Mesa will file a definitive proxy statement/prospectus with the SEC, which will be mailed to Mesa stockholders for a vote.