RJETHIGH SIGNALOPERATIONAL10-K

RJET completed a major acquisition of Mesa Air Group, substantially expanding its operations as evidenced by dramatically higher capital expenditures and meaningfully increased asset base.

The acquisition of Mesa Air Group represents a transformative expansion for Republic Airways, creating a significantly larger combined entity with enhanced scale in the regional aviation market. The integration of Mesa's operations, including Bridge Air pilot development capabilities, positions RJET to better serve airline partners and address pilot training needs in a constrained labor market.

Comparing 2026-03-19 vs 2025-05-14View on EDGAR →
FINANCIAL ANALYSIS

The financial statements reflect the substantial impact of the Mesa acquisition, with total assets expanding to $3.3B and capital expenditures reaching nearly $400M as the company invested heavily in fleet and infrastructure. Operating performance remained solid with operating income growing 23% to $168M and operating cash flow increasing 42% to $322M, demonstrating the combined entity's ability to generate strong cash flows despite higher interest expenses. The balance sheet shows a healthy expansion across key metrics, with stockholders' equity growing 20% and cash position strengthening to $134M.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+75.1%
$226.7M→$396.9M

Capital expenditure jumped 75.1% — major investment cycle underway; assess returns on deployment.

Share Buybacks
Cash Flow
-69.4%
$1.5M→$455K

Buyback activity reduced 69.4% — capital being redeployed elsewhere or cash conservation underway.

Operating Cash Flow
Cash Flow
+42.4%
$226.1M→$322.0M

Operating cash flow surged 42.4% — exceptional cash generation, highest quality earnings signal.

Interest Expense
P&L
+41.5%
$35.3M→$49.9M

Interest expense surged 41.5% — significant debt increase or rising rates materially impacting earnings.

Inventory
Balance Sheet
+40.5%
$63.0M→$88.5M

Inventory surged 40.5% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Operating Income
P&L
+22.8%
$137.0M→$168.3M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Cash & Equivalents
Balance Sheet
+21.5%
$110.5M→$134.3M

Cash grew 21.5% — improving liquidity position supports investment and shareholder returns.

Stockholders Equity
Balance Sheet
+19.6%
$1.1B→$1.3B

Equity base grew 19.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+19.3%
$453.3M→$540.7M

Current assets grew 19.3% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+18.4%
$2.8B→$3.3B

Asset base grew 18.4% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-03-19
PRIOR — 2025-05-14
ADDED
Such proxy statement will be filed with the Securities and Exchange Commission not later than 120 days after the registrant s fiscal year ended December 31, 2025.
Market for Registrant s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 38 Item 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.
Security Ownership of Certain Beneficial Owners and Management and Related S hare holder Matters 98 Item 13.
( Republic Airways or Legacy Republic ), Leadership In Flight Training Academy LLC ( LIFT Academy ), and the newly acquired wholly-owned subsidiary Mesa Air Group, Inc.
( Mesa or Legacy Mesa ) which includes Bridge Air LLC ( Bridge Air ) (formerly known as Mesa Pilot Development).
Cautionary Statement Regarding Forward-Looking Statements Certain of the statements contained in this Report should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may be identified by words such as may, will, expect, intend, forecast, anticipate, believe, estimate, plan, project, could, should, hope, likely, and continue and similar terms used in connection with statements regarding our outlook, anticipated operations, the revenue environment, our contractual relationships, and our anticipated financial performance.
These statements include, but are not limited to, statements about the continued demand for our product, the effect of economic conditions on Republic s business, financial condition and results of operations, the timing of scheduled aircraft deliveries, fleet expansion, changes in aircraft seat configurations, transition and anticipated fleet size for Republic in upcoming periods, expected production levels in future periods, pilot attrition trends, Republic s coordination with American Airlines, Inc., Delta Air Lines, Inc., and United Airlines, Inc.
All forward-looking statements included in this Report are made as of the date hereof and are based on information available to Republic as of such date.
REMOVED
As of December 5, 2024, the registrant had 41,331,719 shares of common stock, no par value per share, issued and outstanding.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6.
Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116 Item 13.
Many of the forward-looking statements are located in Part II, Item 7 of this Form 10-K under the heading " Management's Discussion and Analysis of Financial Condition and Results of Operations.
" Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact.
Forward-looking statements can also be identified by words such as "future," "anticipates," "believes," "estimates," "expects", "intends," "plans," "predicts," "will," "would," "should," "could," "can," "may," and similar terms.
Forward-looking statements are not guarantees of future performance and our actual results may differ significantly from the results discussed in the forward-looking statements.
Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of this Annual Report on Form 10-K under the heading "Risk Factors." Unless otherwise stated, references to particular years, quarters, months, or periods refer to our fiscal years ended September 30 and the associated quarters, months, and periods of those fiscal years.
Each of the terms "the Company," "Mesa Airlines," "Mesa," "we," "us," and "our" as used herein refer collectively to Mesa Air Group, Inc.
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