Mesa Provides Additional Detail on Holdings in XTI Aerospace

$MESA
Air Freight/Delivery Services
Consumer Discretionary
Get the next $MESA alert in real time by email

PHOENIX, June 05, 2024 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ: MESA) ("Mesa" or the "Company") today provided additional detail around its holdings in XTI Aerospace, Inc. ("XTI Aerospace"), which is developing the TriFan 600, a unique, fixed-wing vertical lift crossover airplane (VLCA) that can take off and land like a helicopter and is configurable to transport up to six passengers.

XTI Aerospace began publicly trading on the Nasdaq (symbol: XTIA) on March 13, 2024, following the closing of the merger between XTI Aircraft Company ("XTI") and Inpixon, a provider of real-time location systems, on March 12, 2024 (the "Merger"). In connection with the closing of the Merger, Mesa received 283,734 shares of XTI Aerospace common stock upon exercising certain warrants for XTI common stock (the "XTI Warrants") that were assumed by XTI Aerospace in the Merger.

Mesa initially received the XTI Warrants in February 2022 in connection with entering into an Aircraft Purchase Agreement with XTI for 100 TriFan 600 aircraft. Mesa's obligations under the Aircraft Purchase Agreement are subject to customary conditions for transactions of this nature, including FAA certification of the aircraft and future agreement between the parties on a number of terms and conditions, which may or may not be met. Mesa currently holds warrants to purchase another 189,156 shares of XTI Aerospace common stock, which are subject to certain vesting milestones.

"We are pleased to support XTI Aerospace as it seeks to bring an unprecedented level of versatility to commercial and private aviation," said Jonathan Ornstein, Mesa Chairman and CEO. "Passengers in urban environments and smaller or rural communities across the United States that Mesa had served historically have been relatively disadvantaged by larger jets, which need substantial infrastructure and obligate passengers to find last-several-miles' transportation, and by other expensive options like helicopters, which are limited by the distances, speeds, and altitudes that they can fly. One opportunity of particular interest is the Essential Air Service markets, in which Mesa was a large participant. XTI Aerospace is working on not just a future solution, but one that is expected to be more efficient than existing business-jet or vertical take-off-and-landing (VTOL) alternatives."

The TriFan 600 platform would be capable of vertical takeoff, conventional runway takeoff, or short runway takeoff, enabling it to operate from helipads, airports, or any improved surface without new infrastructure or airspace regulations. With a vertical takeoff and landing, the TriFan 600 is expected to have a range of 700 miles, twice the range of most helicopters and seven times the range of most battery-only VTOL aircraft under development. The TriFan 600 is projected to cruise at 345 miles per hour, powered by two turboshaft engines that can be operated on 100% sustainable aviation fuel. XTI Aerospace will continue to evaluate hybrid-electric or all-electric propulsion as the technology matures, regulations are defined, and charging infrastructure develops.

"Our position in XTIA enhances our commitment to the next wave of innovation in the regional aviation industry," Ornstein said. "We look forward to providing the XTI Aerospace team with our understanding of regional and local air markets and knowledge of commercial aviation dynamics."

Ornstein continued, "Along with XTI Aerospace, we are pleased with our holdings in Archer Aviation, Inc. and Heart Aerospace Incorporated and in ventures like REGENT and Elroy Air. Mesa is proud to be an early investor in these companies as they gain momentum with customers, regulators, and the investment community and achieve milestones toward commercialization."

About Mesa Air Group, Inc.

Headquartered in Phoenix, Arizona, Mesa Air Group, Inc. is the holding company of Mesa Airlines, a regional air carrier providing scheduled passenger service to 79 cities in 36 states, the District of Columbia, Canada, Cuba, and Mexico. As of March 31, 2024, Mesa operated a fleet of 80 aircraft, with approximately 263 daily departures. The Company had approximately 2,110 employees. Mesa operates all its flights as United Express pursuant to the terms of a capacity purchase agreement entered into with United Airlines, Inc.

Forward-Looking Statements

This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipate", "estimate", "expect", "project", "plan", "intend", "believe", "may", "might", "will", "should", "can have", "likely" and similar expressions are used to identify forward-looking statements. These forward-looking statements are based on the Company's current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the Company's filings with the SEC, including the risk factors contained in its most recent Annual Report on Form 10-K and the Company's other subsequent filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

Contact:

Mesa Air Group, Inc.

Media

media@mesa-air.com



Investor Relations

investor.relations@mesa-air.com



Primary Logo

Get the next $MESA alert in real time by email

Chat with this insight

Save time and jump to the most important pieces.

Recent Analyst Ratings for
$MESA

DatePrice TargetRatingAnalyst
2/4/2022Outperform → Market Perform
Raymond James
1/7/2022$12.00 → $8.00Buy → Neutral
BofA Securities
12/10/2021$13.00 → $12.50Outperform
Raymond James
12/10/2021$15.00 → $7.00Buy → Hold
Deutsche Bank
11/29/2021$14.00 → $13.00Outperform
Raymond James
More analyst ratings

$MESA
Press Releases

Fastest customizable press release news feed in the world

See more
  • Mesa Air Group Discloses Notice from Nasdaq

    PHOENIX, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ:MESA) ("Mesa" or the "Company") today announced that it received a notice ("Notice") on February 21, 2025 from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") indicating that, as a result of (i) the Company's delay in filing its Quarterly Report on Form 10-Q for the period ended December 31, 2024 (the "Form 10-Q") with the Securities and Exchange Commission (the "SEC"), and (ii) the Company's continued delay in filing its Annual Report on Form 10-K for the period ended September 30, 2024 (the "Form 10-K" or the "Initial Delinquent Filing"), as first reported in that notification letter (the

    $MESA
    Air Freight/Delivery Services
    Consumer Discretionary
  • Mesa Air Group Discloses Notice from Nasdaq

    PHOENIX, Jan. 21, 2025 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ:MESA) ("Mesa" or the "Company") today announced that it received a notice ("Notice") on January 15, 2025 from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") because the Company failed to timely file its Annual Report on Form 10-K for the fiscal year ended September 30, 2024 (the "Form 10-K") with the Securities and Exchange Commission. The filing delay is not the result of a forthcoming restatement of the Company's financial statements or any disagreement with the Company's auditors. The

    $MESA
    Air Freight/Delivery Services
    Consumer Discretionary
  • Mesa Air Group Announces Increased Utilization from Fourth Calendar Quarter 2024 to First Calendar Quarter 2025

    PHOENIX, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ: MESA) ("Mesa" or the "Company") today announced the Company will significantly increase daily aircraft utilization rates beginning in January 2025. After working closely with United's Network Planning group, Mesa is scheduled to increase utilization from an average of 8.9 block hours per day in the fourth calendar quarter of 2024 to an average of 9.5 block hours per day, or a 7% increase in the first calendar quarter of 2025. Utilization is planned to reach 9.8 block hours per day by March 2025, or a 10% increase from the fourth calendar quarter of 2024. Further improvement in aircraft utilization is anticipated in t

    $MESA
    Air Freight/Delivery Services
    Consumer Discretionary

$MESA
Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

See more

$MESA
Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

See more

$MESA
SEC Filings

See more

$MESA
Leadership Updates

Live Leadership Updates

See more
  • Mesa Airlines Launches Independent Pilot Time Building Program for Aspiring Pilots

    PHOENIX, Oct. 09, 2023 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ: MESA) - Mesa Airlines, announced today the launch of its Independent Pilot Development program (IPD), which will offer pilots "pay as you go" opportunity to build required flight time quickly, economically, and efficiently in brand new Pipistrel Alpha 2 aircraft. Unlike traditional time building programs, IPD offers airline training materials, advanced computerized based training, and pilot mentors, giving pilots a competitive advantage in the commercial aviation job market. IPD is designed to accelerate the time needed to achieve the required hours under the FAA's mandated "1,500-hour rule". IPD gives pilots a

    $MESA
    Air Freight/Delivery Services
    Consumer Discretionary
  • Mesa Airlines Names Andrew Lotter as Vice President of Flight Operations

    PHOENIX, June 06, 2023 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ: MESA) - Mesa Airlines Inc., a wholly-owned subsidiary of Mesa Air Group, is pleased to announce the appointment of Andrew Lotter as the new Vice President of Flight Operations. Lotter will succeed John Hornibrook who is retiring from the Company. Lotter brings over 25 years of aviation industry experience and has held several executive positions in operations including Chief Operating Officer at Avelo Airlines, President of Ameriflight and most recently Vice President of Operations at Omni Air International. He has also held positions as Chief Pilot, Check Airman/Pilot, Simulator Instructor and holds numerous type ra

    $MESA
    Air Freight/Delivery Services
    Consumer Discretionary
  • Mesa Airlines Names Lorraine Dimarco as Vice President of Maintenance

    PHOENIX, May 11, 2023 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ: MESA) - Mesa Airlines, a leading regional airline, is pleased to announce the appointment of Lorraine "Lori" DiMarco as its new Vice President of Maintenance. DiMarco will be responsible for overseeing all aspects of Mesa Airlines' maintenance operations and replaces Christian Daoud who has resigned from the company.             With over 33 years of experience in the aviation industry, DiMarco brings a wealth of knowledge and expertise to Mesa Airlines. She began her maintenance career as a hangar and line mechanic at JFK airport in New York for Trans World Airlines, working on the Boeing 747 aircraft. Most recentl

    $MESA
    Air Freight/Delivery Services
    Consumer Discretionary

$MESA
Financials

Live finance-specific insights

See more
  • Mesa Air Group Reports Fourth Quarter and Fiscal Full-Year 2023 Results

    PHOENIX, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ: MESA) ("Mesa" or the "Company") today reported fourth quarter and fiscal full-year 2023 financial and operating results. Fiscal Fourth Quarter Financial Update: Total operating revenues of $114.4 millionPre-tax loss of $31.3 million, net loss of $28.3 million or $(0.69) per diluted shareAdjusted net loss1 of $26.4 million2 or $(0.64) per diluted share Developments Subsequent to Fourth Quarter End: Entered into agreements with United Airlines for amendments to CPA and credit agreements Increased block-hour rates in CPA projected to generate approximately $63.5 million in incremental revenue over next twelv

    $MESA
    Air Freight/Delivery Services
    Consumer Discretionary
  • Mesa Air Group Enters New Agreements with United Airlines for Improved Operating and Financing Terms and Provides Update on CRJ-900 Asset Sale Program

    PHOENIX, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ: MESA) ("Mesa" or the "Company") today announced agreements with United Airlines ("United") to amend its capacity purchase agreement and certain credit agreements between the parties to significantly improve Mesa's operating income and liquidity over the next twelve months. The Company also issued an update on its efforts to sell excess CRJ-900 assets to reduce debt and bolster liquidity. United Agreements Highlights: Increased block-hour rate in United CPA, retroactive to October 1, 2023 through December 31, 2024, projected to generate approximately $63.5 million in incremental revenue over next twelve monthsExtingu

    $MESA
    Air Freight/Delivery Services
    Consumer Discretionary
  • Mesa Air Group Announces Intent to File Form 12b-25 and Delay Its Fourth Quarter and Fiscal Year 2023 Earnings Release and Conference Call

    PHOENIX, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ:MESA) ("Mesa" or the "Company") today announced that it will file a Form 12b-25, Notification of Late Filing, with the U.S. Securities and Exchange Commission with regard to its annual report on Form 10-K (the "2023 10-K") for the fiscal year ended September 30, 2023. Form 12b-25 will allow the Company an automatic extension of fifteen additional calendar days to file the 2023 10-K, which is due on December 14, 2023. In accordance with today's announcement, the Company is canceling its previously announced earnings release and call scheduled for after market close on December 14, 2023. The Company expects to file th

    $MESA
    Air Freight/Delivery Services
    Consumer Discretionary

$MESA
Large Ownership Changes

This live feed shows all institutional transactions in real time.

See more