Mesa Air Q1 FY2024 net loss $57.9M; revenues $118.8M down 19.3% YoY

REPUBLIC AIRWAYS HOLDINGS INC.

2024-Q2 EPS reported -$1.13 revenue$250,359,000

Net loss of $57.9M ($1.41/diluted share) vs $9.1M loss in Q1 2023; adjusted net loss $21.8M ($0.53/share).
Total operating revenues $118.8M, down 19.3% YoY from $147.2M, driven by reduced CRJ-900 block hours.
Adjusted EBITDAR of $6.3M, compared to $25.9M in prior year quarter.
Debt reduced by $39.2M during quarter; closed subsequent sale of 12 engines for $54.4M gross proceeds.
Expects adjusted net profit in Q2 FY2024 (first in ten quarters) and breakeven cash flow for remainder of fiscal year.

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