2024 Q2 - Quarterly Report

(MarkOne) UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION WASHINGTON,D.C.20549 FORM10-Q oQUARTERLYREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 ForthequarterlyperiodendedDecember31,2023OR ☐TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 FORTHETRANSITIONPERIODFROMTO CommissionFileNumber001-38626 MESAAIRGROUP,INC. (Exactnameofregistrantasspecifiedinitscharter) Nevada85-0302351 (Stateorotherjurisdictionofincorporationororganization)(I.R.S.EmployerIdentificationNo.) 410North44thStreet,Suite700 Phoenix,Arizona8500885008 (Addressofprincipalexecutiveoffices)(ZipCode) Registrant'stelephonenumber,includingareacode:(602)685-4000 SecuritiesregisteredpursuanttoSection12(b)oftheAct: TitleofeachclassTradingSymbol(s)NameofeachexchangeonwhichregisteredCommonStock,noparvalueMESANasdaqGlobalSelectMarket Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.Yes☒No☐ IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuchfiles).Yes☒No☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,asmallerreportingcompanyoranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct. Largeacceleratedfiler☐Acceleratedfiler☒ Non-acceleratedfiler☐Smallerreportingcompany☐ Emerginggrowthcompany☐ Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐ Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct).Yes☐No☒ AsofFebruary1,2024,theregistranthad40,940,326sharesofcommonstock,noparvaluepershare,issuedandoutstanding. TABLEOFCONTENTS PARTI–FINANCIALINFORMATION4 Item1.FinancialStatements4 CondensedConsolidatedBalanceSheets4 CondensedConsolidatedStatementsofOperationsandComprehensiveLoss5 CondensedConsolidatedStatementsofStockholders'Equity6 CondensedConsolidatedStatementsofCashFlows7 NotestoCondensedConsolidatedFinancialStatements8 Item2.Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations31 Item3.QuantitativeandQualitativeDisclosuresAboutMarketRisk41 Item4.ControlsandProcedures42 PARTII–OTHERINFORMATION44 Item1.LegalProceedings44 Item1A.RiskFactors44 Item2.UnregisteredSalesofEquitySecuritiesandUseofProceeds44 Item3.DefaultsUponSeniorSecurities44 Item4.MineSafetyDisclosures44 Item5.OtherInformation44 Item6.Exhibits44 SIGNATURES46 CautionaryNoteRegardingForward-LookingStatements ThisQuarterlyReportonForm10-Qcontainsforward-lookingstatementswithinthemeaningofSection27AoftheSecuritiesActof1933,asamended,andSection21EoftheSecuritiesExchangeActof1934,asamended(the“ExchangeAct”).AllstatementsotherthanstatementsofhistoricalfactcontainedinthisQuarterlyReportonForm10-Q,includingstatementsregardingourfutureresultsofoperationsandfinancialposition,businessstrategyandplans,andobjectivesofmanagementforfutureoperations,areforward-lookingstatements.Thesestatementsinvolveknownandunknownrisks,uncertainties,andotherimportantfactorsthatmaycauseouractualresults,performance,orachievementstobemateriallydifferentfromanyfutureresults,performance,orachievementsexpressedorimpliedbytheforward-lookingstatements. Forward-lookingstatementsprovidecurrentexpectationsoffutureeventsbasedoncertainassumptionsandincludeanystatementthatdoesnotdirectlyrelatetoanyhistoricalorcurrentfact.Forward-lookingstatementscanalsobeidentifiedbywordssuchas"future,""anticipates,""believes,""estimates,""expects,""intends,""plans,""predicts,""will,""would,"“should,”"could,""can,""may,"andsimilarterms.Forward-lookingstatementsarenotguaranteesoffutureperformanceandouractualresultsmaydiffersignificantlyfromtheresultsdiscussedintheforward-lookingstatements.Factorsthatmightcausesuchdifferencesinclude,butarenotlimitedto,thosediscussedinItem1A.RiskFactorsofourAnnualReportonForm10-KforthefiscalyearendedSeptember30,2023filedwiththeSecuritiesandExchangeCommissiononJanuary26,2024.Unlessotherwisestated,referencestoparticularyears,quarters,months,orperiodsrefertoourfiscalyearsendedSeptember30andtheassociatedquarters,months,andperiodsofthosefiscalyears.Eachoftheterms"theCompany,""MesaAirlines,""Mesa,""we,""us"and"our"asusedhereinreferscollectivelytoMesaAirGroup,Inc.anditswhollyownedsubsidiaries,unlessotherwisestated.Wedonotassumeanyobligationtoreviseorupdateanyforward-lookingstatements. Theeventsandcircumstancesreflectedinourforward-lookingstatementsmaynotbeachievedo