Latest news with #Ornstein
Boston Globe
06-07-2025
- General
- Boston Globe
Dr. Anna Ornstein, psychiatry professor who survived and wrote about the Holocaust, dies at 98
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up 'Empathy is a listening position,' she told The Boston Globe in 1983. Advertisement Dr. Ornstein, who years ago began sharing glimpses of her past in stories she read at Passover Seders and collected in her 2004 book A professor emerita of child psychiatry at the University of Cincinnati, she had also taught at Harvard Medical School and was prolific both as a writer of academic papers and in her Holocaust education efforts. Advertisement She and Along with him, Dr. Ornstein was a leading proponent of self-psychology, 'Self-psychology simply says, 'Get to know the other — that the skin color, the religion is not what determines a human being,' ' Dr. Ornstein told The New York Times in 2017 for her husband's obit. She emphasized the value of parents instilling self-esteem in their children. 'Acquisition of self-esteem is more than development. It's a gradual transformation to joy, to accomplishment,' she told the Globe in 1983. When her husband died, she told the Times that the self-esteem each developed growing up in Hungary played key roles in their surviving the war and later choosing an intellectual and professional path to follow. 'It was never easy to be a Jew in Hungary, but when the ultimate hell broke loose, we were extra fortunate in terms of the parenting, the care and love we had as children,' she told the Times. 'We had very sturdy self-esteem. As much as we were humiliated, we never felt demeaned because we came from a culture and emotional environment that we could be proud of. We were called 'dirty Jews,' but we knew who we really were.' As a professor, parent, grandparent, and Holocaust education proponent, Dr. Ornstein emphasized the need for empathy and understanding during the more than 80 years she lived after her time in the camps. Advertisement She cautioned against assuming there is a hierarchy of trauma. And despite what she had endured during the Holocaust, she never questioned another person's concerns by saying, 'how could you worry about that, given what I've been through,' said her daughter Miriam of Belmont. To Dr. Ornstein, Miriam added, 'every person's personal experiences and traumas and losses were extremely valid.' Anna Brunn was born on Jan. 27, 1927, in Szendro, Hungary, and grew up in the community, which she described as home to fewer than 4,000 people – a place with no electricity or municipal water supply. 'The streets were unpaved. There were no sidewalks,' she wrote in her memoir's opening chapter, 'My Favorite Memories,' adding that 'we drew water from an uncovered well in the middle of the marketplace.' A young Anna Brunn, in an undated photo from her childhood in Hungary. Paul & Anna Ornstein, via United States Holocaust Museum/NYT She was the youngest of three children born to Sophie Furth Brunn and William Brunn, who owned a lumberyard. Even as rising Nazism and antisemitism began limiting educational opportunities for Jews, she yearned to learn more and arranged to live with a relative in another community to attend a secondary school. When Germany began its occupation of Hungary in March 1944. Dr. Ornstein furtively returned to her home village. Her two brothers were sent to forced labor camps and were killed during the war. Along with Dr. Ornstein and her mother, her father and grandmother were deported to Auschwitz, where they were murdered by Nazis. Dr. Ornstein had met Paul Ornstein, a distant cousin, before the war. He initially heard she hadn't survived, then tracked her down upon learning she was still alive. They married in 1946 and eventually finished medical studies at the University of Heidelberg in Germany, escaping Hungary just before the Cold War's Iron Curtain closed the border. Advertisement Immigrating to the United States, they settled in Cincinnati for further training there and in Chicago. Both eventually became professors at the University of Cincinnati. Drs. Anna and Paul Ornstein in 1948. handout While being a mother to three children, all of whom followed their parents into the psychology profession, Dr. Ornstein carefully carved out time to launch her career in teaching and academic writing, sometimes collaborating with her husband on papers. 'She wore several hats,' said her son, Rafael of Watertown. 'Mom would wake up at 5 in the morning, do her writing, make our lunches, make sure we got off to school. She was a powerhouse in that way.' One day her oldest child, Sharone of Glen Ridge, N.J., returned home from freshman studies at Brandeis University to suggest that they all share personal stories at Passover. For the gathering, Dr. Ornstein wrote a Holocaust story that would become part of her memoir. 'Everyone responded with stunned silence – teary-eyed and appreciative that Anna shared with us a small, circumscribed slice of her camp experiences,' Paul Ornstein wrote in the preface to her book. Dr. Ornstein 'was a storyteller,' her son said. 'A lot of survivors didn't really tell their stories, and my mother needed to tell her stories.' A prayer of gratitude, meanwhile, was her constant refrain: ' 'Thank God that we're living in this moment,' ' Rafael recalled. 'That was her favorite prayer, and she would say it often. There was a way that she was so appreciative of life.' In addition to her three children, Dr. Ornstein leaves seven grandchildren. A funeral service will be held at 11 a.m. Tuesday in Beth El Temple Center in Belmont. Burial will follow in Beit Olam East Cemetery in Wayland. Advertisement Having become a doctor, professor, and writer in an era when women often faced significant barriers, Dr. Ornstein was an inspiration to her daughters and women beyond her family. 'From an early age, as a female, there was no question that I would have a career,' Miriam said. Dr. Ornstein, She criticized the treatment and demonization of immigrants, which to her recalled how Jews were treated during the Holocaust. 'Once prejudice has become state-sanctioned, fascists are ignited,' 'It's in the air,' she said. 'Do not look away. Do not get used to it. These are the early signs of how a democracy can be undermined and destroyed. It can be dismantled in a slow, methodical way.' Bryan Marquard can be reached at
Yahoo
27-06-2025
- Sport
- Yahoo
David Ornstein: Liverpool's Smart Moves Could Match 2018 Impact
Liverpool's Transfer Strategy Earns Praise from Ornstein as Slot Builds a Contender Patience Pays Off for Liverpool in Market Masterclass Liverpool's approach to the transfer window has often been defined by measured ambition rather than scattergun spending. According to a recent episode of The Athletic FC Podcast, David Ornstein – widely regarded as one of the most credible voices in football journalism – praised the Reds' calculated strategy, highlighting how their prudent planning is paying off. 'Liverpool have kept their powder dry in terms of available cash to spend in recent markets,' Ornstein explained. That patience has now yielded a series of calculated moves that could reshape the Reds' squad for years to come. Advertisement After spending last summer relatively quietly – with only Federico Chiesa arriving on a budget deal – Liverpool have entered this window with both financial flexibility and clear intent. Their headline-grabbing signing of Florian Wirtz, who many believe is the world's premier number 10 at just 22 years old, reflects a club operating with confidence and vision. Echoes of Van Dijk in Wirtz Arrival Ornstein didn't hesitate to draw comparisons between the Wirtz transfer and the game-changing arrival of Virgil van Dijk in 2018. 'They took a lot of criticism and face pressure at the time last summer when Martin Zubimendi was the main target, they didn't land him and they retained the courage of their convictions, that, unless the right player was available, they wouldn't do anything,' said Ornstein. Advertisement This strategy mirrors the van Dijk saga, when Liverpool were patient in their pursuit and only moved when the time was right. 'They've shown that in the past, like when they went for Virgil van Dijk, it didn't happen in the summer, it then became a possibility in January, [they] executed it then and to devastating effect.' A Squad Blending Youth and Experience Liverpool are now positioned as early favourites for the Premier League title, and that's no accident. With a mix of experience – including the ever-influential Van Dijk – and youth, like Wirtz and Gravenberch, Slot's Liverpool are a team balanced on the edge of greatness. The confirmed addition of Milos Kerkez strengthens their options at left-back, offering depth and a long-term prospect in the mould of previous smart signings. The squad, now evolving quickly under Slot, blends talent at all stages of development. Slot's First Real Statement of Intent This transfer window marks Arne Slot's first full opportunity to shape the team in his image, and the signs are already promising. Liverpool aren't just spending for the sake of it – they're investing in players who match their style, values, and long-term ambition. Advertisement 'Nobody seems to do that better than Liverpool,' Ornstein concluded. And based on this summer's moves, it's hard to argue otherwise. Our View – Anfield Index Analysis Liverpool fans will likely read David Ornstein's comments with a sense of vindication. Over the past few years, there has been frustration at the club's refusal to dive headfirst into high-profile bidding wars, especially when rivals like Chelsea, Arsenal & Manchester City were spending heavily. But this strategy now seems to be bearing fruit. The arrival of Florian Wirtz represents more than just a marquee signing – it symbolises the club's faith in long-term planning and squad evolution. Supporters will be encouraged by the fact that the club didn't panic when they missed out on Zubimendi last summer, instead waiting for the right fit. That kind of restraint and vision feels very much what the club was built on as the majority of signings were successes. Advertisement There's also a sense of excitement around the balance in the squad. With young stars like Wirtz, and now Kerkez joining established leaders like Salah, Alisson and Van Dijk, fans are beginning to dream again – not just about domestic dominance, but about making another deep Champions League run. For a fanbase that has always valued identity and ethos as much as silverware, Liverpool's latest moves seem to strike the perfect balance. If Slot can harness this blend of experience and youth, supporters might soon be witnessing the dawn of another special era at Anfield.
Yahoo
23-05-2025
- Business
- Yahoo
David Ornstein: Liverpool's Move for £45m Defender ‘is not Advanced'
Liverpool and Milos Kerkez: Patience, Priorities and Pragmatism in Transfer Talks Liverpool's pursuit of Bournemouth's Milos Kerkez is shaping up to be one of the more intriguing sagas of this early summer window. According to The Athletic's David Ornstein, talks between the clubs are 'not advanced', even though the Hungarian international is Liverpool's top left-back target. Ornstein, who remains a reliable barometer for Premier League transfer stories, wrote: Advertisement 'It's not done. Liverpool are his priority and he is their top target but they will have other options, too.' That sentence, while informative, also carries a slight sting for hopeful Reds fans. It suggests a transfer that is possible, plausible even, but far from guaranteed. Kerkez, who joined Bournemouth just last summer, impressed many in his debut season. His two goals and six assists in 36 league appearances were eye-catching for a defender, particularly one operating in a side that spent much of the season battling in the lower half of the table. Photo: IMAGO Valuation Dilemma and Club Caution The crux of the delay seems rooted in finances. Bournemouth are reportedly demanding £45–50 million for the 21-year-old, a valuation that has left Liverpool hesitant. For context, Andy Robertson was signed for just £8 million and Kostas Tsimikas cost £11.75 million. Advertisement 'It's not advanced club-to-club yet, but clearly that can change at any point – if Liverpool (or anyone else) are ready to offer the sort of money Bournemouth are seeking,' Ornstein explained. The club's reluctance is understandable. FSG and the Liverpool recruitment team have long prided themselves on finding value. Paying upwards of £45 million for a left-back, regardless of talent and potential, feels like a divergence from their usual model. That being said, the market has changed significantly in recent years, and the club may eventually need to embrace that reality if they wish to secure top-tier talent early in the window. Kerkez's Agent Switch: A Potential Opening Another interesting wrinkle is Kerkez's recent switch to super-agent Fali Ramadani. That same Ramadani played a key role in Federico Chiesa's move to Anfield last summer, a deal that surprised many. While not conclusive, the agent connection offers Liverpool a familiar negotiation route – one that could help bridge the valuation gap. Photo: IMAGO City and Madrid Monitoring Quietly Kerkez's performances haven't gone unnoticed. Ornstein mentions that 'the likes of Real Madrid and Man City also have him on their radars but not as the top option.' This is where Liverpool may find both comfort and urgency. Comfort in knowing they remain favourites – Kerkez reportedly sees Anfield as his priority – but urgency, because clubs like City don't linger if they sense a potential bargain or a fit for their model. Advertisement Liverpool, fresh off a Premier League title in Arne Slot's debut campaign, will be wary of missing out on a player who could secure the left flank for years to come. Looking Ahead: Robertson's Future and Squad Evolution Andrew Robertson, now 30, remains a vital part of the Liverpool setup. But with the club eyeing long-term squad evolution, Kerkez could represent both succession planning and a stylistic shift. His high-energy, attack-minded profile fits Liverpool's pressing game, while his youth would bring fresh legs to an increasingly experienced squad. 'It is expected he moves but that doesn't mean it's imminent,' Ornstein cautioned. Advertisement Which is to say, the door is open, but Liverpool must decide how much they're willing to pay to walk through it. Our View – Anfield Index Analysis From a fan's point of view, the Milos Kerkez situation feels like a test of the club's ambition under Arne Slot. Fresh off a title-winning season, the hope is that Liverpool now move proactively and assertively in the market, especially for a player who so clearly fits the profile of what the team needs next. Yes, £45–50 million is steep, but the market is what it is. If we can justify £85 million for a central midfielder or £60 million for a forward, then investing in a 21-year-old who could anchor the left flank for a decade is not only rational, it's necessary. Advertisement Andy Robertson remains a legend, but with injuries creeping in and the pace of the game showing no signs of slowing, Kerkez could be brought in not just as a backup but as a long-term starter. Moreover, with interest from clubs like City and Madrid simmering under the surface, Liverpool would be wise not to dither. Slot has earned the right to get the players he believes in. If Kerkez is the one, then it's time to act. We can't afford to let another Jude Bellingham-style saga slip away because of a few million in negotiation brinkmanship. Bring him in, let him learn from Robbo, and keep this squad not just at the top, but evolving while it's there.
Yahoo
22-05-2025
- Sport
- Yahoo
David Ornstein: SEVEN Liverpool stars face exit in squad overhaul
Liverpool Bracing for Major Squad Shake-Up as Seven Players Could Exit Elliott and Kelleher's Liverpool Futures Hang by a Thread David Ornstein has highlighted a crucial summer approaching for Liverpool, with as many as seven players potentially heading for the Anfield exit door. Central among these uncertain futures are Harvey Elliott and Caoimhin Kelleher, two promising talents now facing critical crossroads in their respective careers. Elliott's frustration surfaced following Liverpool's recent 3-2 loss to Brighton, where he candidly admitted: 'I must do what's best for my career.' At 22 years old, Elliott's limited involvement—just two Premier League starts and a total of 821 minutes in all competitions—paints a stark picture of a young player whose ambition exceeds his current role. Advertisement Meanwhile, goalkeeper Caoimhin Kelleher, despite impressing during Alisson Becker's injury periods (20 appearances with 7 clean sheets), also seems destined for a new chapter. Republic of Ireland manager Heimir Hallgrimsson openly urged Kelleher to move, stating he's 'too good not to be playing,' especially with Valencia's Giorgi Mamardashvili poised to arrive in a £29 million move. Defensive Reinforcements Prompt Robertson and Tsimikas Uncertainty Andy Robertson, a stalwart since his arrival seven years ago, could find himself displaced if Liverpool secures Bournemouth's Milos Kerkez for a reported £45 million. Kerkez's arrival could simultaneously mark the end of Kostas Tsimikas's Anfield career, as Leeds United already show interest in the Greek international, who at 29 would likely seek first-team assurances elsewhere. Nunez and Quansah Among Potential Departures Further, Ornstein adds Darwin Nunez and Jarell Quansah to his list of possible exits, players whose roles at Liverpool seem increasingly uncertain under manager Arne Slot. Slot's practical approach, markedly less sentimental than predecessor Jurgen Klopp's, suggests the Dutchman won't shy away from tough decisions to bolster Liverpool's competitiveness. Photo IMAGO Konate and Diaz Facing Contract Crossroads Adding further complexity, Ornstein also mentions Luis Diaz and Ibrahima Konate, with the latter entering the final year of his current deal. Diaz, particularly, has attracted external attention, notably from Barcelona sporting director Deco, who has openly admitted admiration for the Colombian winger. Advertisement Liverpool's willingness to sell talented assets who no longer fit their project, demonstrated by last summer's £50 million combined sales of Fabio Carvalho and Sepp van den Berg, signals potential exits are not mere rumours. Instead, they're strategic possibilities to fund essential incoming transfers. The coming months promise significant upheaval at Anfield as Liverpool braces itself for a transformative summer under Slot's ambitious rebuild. Our View – Anfield Index Analysis From a Liverpool fan's perspective, Ornstein's revelations are intriguing yet bittersweet. Seeing young talents like Harvey Elliott consider their futures elsewhere raises concerns about the club's long-term planning. Elliott's raw talent and passion for the club should arguably merit greater opportunity—losing him might be regretted down the line. Advertisement The potential departure of Kelleher is understandable but equally frustrating. His reliability as backup to Alisson has been vital in previous campaigns, but at least the club has signed Mamardashvili as a ready made replacement and fits the age profile as a successor to Alisson. Meanwhile, suggestions about Robertson being displaced could unsettle fans. The Scot's contributions at left-back, pivotal in recent successes, still resonate strongly at Anfield. However, Slot's ruthless approach, which could see fan favourites depart, also speaks positively to a renewed competitive spirit. After missing out on titles in recent seasons, tough decisions appear necessary. Ultimately, supporters will judge Slot's reshuffle by its outcomes next season. If departures fund crucial upgrades leading to silverware, doubts and discontent will fade swiftly.
Yahoo
20-05-2025
- Business
- Yahoo
Mesa Air Group Reports Second Quarter Fiscal 2025 Results
PHOENIX, May 20, 2025 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ: MESA) ('Mesa' or the 'Company') today reported second quarter fiscal 2025 financial and operating operating revenues of $94.7 million Pre-tax loss of $62.5 million, net loss of $58.6 million, or $(1.42) per diluted share Adjusted net loss1 of $2.9 million2 excludes a $53.8 million loss related to the impairment and loss on sale of assets Adjusted EBITDAR1 of $9.6 million Operated at a 99.9% controllable completion factor3 Scheduled utilization for the quarter of 9.4 block hours per day Operated our last CRJ-900 flight on February 28, 2025 'In the March 2025 quarter, Mesa posted our sixth straight quarter of positive EBITDA and EBITDAR performance, along with our third consecutive quarter of improving block-hour-per-day utilization, which is expected to be 9.8 in the June 2025 quarter,' said Jonathan Ornstein, Mesa Chairman and CEO. 'Notably, we flew our final CRJ-900 flight during February, culminating a multi-year transition of our operations. Mesa was the worldwide launch customer for the CRJ-900 and flew the first flight in 2003. Our United fleet now consists exclusively of 60 E-175 aircraft, and when combined with Republic Airways' fleet upon the closing of our announced transaction, will create one of the world's leading Embraer operators.' 'We continued to close on sales of surplus CRJ assets and repay debt obligations, and we remain focused on being the strongest possible enterprise by the time of transaction completion,' continued Ornstein. 'I want to thank our people for the dedication they have shown during this process, and we look forward to providing enhanced opportunities for them, as well as for our shareholders, as a result of the transaction.' ____________1 See Reconciliation of GAAP versus non-GAAP Disclosures2 Adjusted net loss primarily excludes a $53.8 million loss related to the impairment and loss on sale of assets3 Excludes cancellations due to weather and air traffic control Mesa Republic Merger Update Hart-Scott-Rodino (HSR) filing submitted: May 16, 2025 Merger expected to close prior to calendar year-end 2025, subject to regulatory approvals, including under the Hart-Scott-Rodino Act, shareholder approvals, and other customary closing conditions Additional details regarding the proposed merger can be found in our Form 8-K filed with the SEC on April 8, 2025 Second Quarter Fiscal 2025 Details Total operating revenues in Q2 2025 were $94.7 million, lower by $36.8 million, or 28.0%, compared to $131.6 million for Q2 2024. Contract revenue was $68.4 million, lower by $45.4 million, or 39.9%, compared to $113.8 million in Q2 2024. These decreases were driven by the reduction in contractual aircraft with United Airlines, Inc. ('United'), and higher deferred revenue. Also, Q2 2024 results included $8.8 million of revenue attributable to higher E-175 block-hour rates retroactively applied to Q1 2024 flying. Pass-through revenue increased by $8.6 million, or 48.2%, driven primarily by higher pass-through maintenance expense. Mesa's Q2 2025 results include, per GAAP, the recognition of $0.7 million of previously deferred revenue, versus the recognition of $7.9 million of previously deferred revenue in Q2 2024. The remaining deferred revenue balance of $14.6 million will be recognized as flights are completed over the remaining term of the United contract. Total operating expenses in Q2 2025 were $152.0 million, an increase of $32.1 million, or 27%, versus Q2 2024. Compared to Q2 2024, the increase primarily reflects net losses on asset sales of $46.2 million. Excluding these items, Q2 2025 operating expenses were $105.8 million, lower by $11.5 million, or 9.8%, compared to $117.3 million in Q2 2024. This decrease primarily reflects flight operations expense that was lower by $13.1 million, or 26.6%, due to fewer contracted aircraft and decreases in pilot training costs, and depreciation and amortization expense that was lower by $3.9 million, or 39.4%, primarily due to the retirement and sale of CRJ aircraft and engines. Mesa's Q2 2025 results reflect a net loss of $58.6 million, or $(1.42) per diluted share, compared to net income of $11.7 million, or $0.28 per diluted share, for Q2 2024. Mesa's Q2 2025 adjusted net loss was $2.9 million, or $(0.07) per diluted share, versus adjusted net income of $6.3 million, or $0.15 per diluted share, in Q2 2024. Mesa's adjusted EBITDA1 for Q2 2025 was $8.3 million, compared to adjusted EBITDA of $26.8 million for Q2 2024. Adjusted EBITDAR was $9.6 million for Q2 2025, compared to adjusted EBITDAR of $28.2 million for Q2 2024. Second Quarter Fiscal 2025 Operating Performance Operationally, the Company reported a controllable completion factor of 99.9% for United during Q2 2025. This is compared to a controllable completion factor of 99.9% for United during Q2 2024. Controllable completion factor excludes cancellations due to weather and air traffic control. For Q2 2025, the Company operated 60 large (70/76 seats) jets under its CPA with United, comprising 57 E-175s and three CRJ-900s. As of March 31, 2025, Mesa was flying a fleet of 60 E-175s and had wound down CRJ-900 flying. Balance Sheet and Liquidity Mesa ended the March 2025 quarter with $54.1 million in unrestricted cash and cash equivalents. As of March 31, 2025, the Company had $131.7 million in total debt, secured primarily with aircraft and engines, compared to a balance of $400.1 million as of March 31, 2024. During the quarter, the Company paid $25.6 million in debt, comprising of payments related to CRJ asset sale transactions and scheduled obligations. Based on the most recent appraisal value of spare parts, Mesa had $12.4 million in available credit under its United facility, subject to approval. 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 82 cities in 32 states, the District of Columbia, Cuba, and Mexico. As of March 31, 2025, Mesa operated a fleet of 60 aircraft, with approximately 238 daily departures. The Company had approximately 1,650 employees. Mesa operates all its flights as United Express pursuant to the terms of a capacity purchase agreement entered into with United Airlines, Inc. Important Cautions Regarding 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. These factors include, without limitation, the ability to complete the proposed merger with Republic on the proposed terms or on the anticipated timeline, or at all, including the risks and uncertainties related to securing the necessary stockholder approval and satisfaction of other closing conditions to consummate the proposed transaction, the Company's ability to respond in a timely and satisfactory matter to the inquiries by Nasdaq, the Company's ability to regain compliance with Listing Rule, the Company's ability to become current with its reports with the SEC, and the risk that the completion and filing of the Form 10-Q will take longer than expected. 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, Investor AIR GROUP, Statements of Operations and Comprehensive Income (Loss)(In thousands, except per share amounts) (Unaudited) Three months ended March 31, Six months ended March 31, 2025 2024 2025 2024 Operating revenues: Contract revenue $ 68,423 $ 113,820 $ 149,101 $ 214,920 Pass-through and other revenue 26,324 17,762 48,879 35,439 Total operating revenues 94,747 131,582 197,980 250,359 Operating expenses: Flight operations 36,197 49,329 71,470 101,147 Maintenance 43,539 44,272 90,066 92,899 Aircraft rent 1,324 1,408 2,940 2,612 General and administrative 11,484 11,133 21,003 23,142 Depreciation and amortization 5,955 9,823 13,934 23,116 Asset impairment 46,173 2,659 111,838 43,043 Loss on sale of assets 7,706 — 54,397 — (Gain) on extinguishment of debt — — — (2,954 ) Other operating expenses (379 ) 1,315 381 4,159 Total operating expenses 151,999 119,939 366,029 287,164 Operating income (loss) (57,252 ) 11,643 (168,049 ) (36,805 ) Other income (expense), net: Interest expense (5,334 ) (10,640 ) (12,398 ) (21,800 ) Interest income 24 14 41 28 Gain on investments — 7,230 — 7,230 Unrealized loss on investments, net (11 ) (6,499 ) (53 ) (4,048 ) Gain on debt forgiveness — 10,500 4,500 10,500 Other income, net 79 (516 ) (2,820 ) (359 ) Total other income (expense), net (5,242 ) 89 (10,730 ) (8,449 ) Income (loss) before taxes (62,494 ) 11,732 (178,779 ) (45,254 ) Income tax expense (benefit) (3,863 ) 72 (5,591 ) 936 Net income (loss) $ (58,631 ) $ 11,660 $ (173,188 ) $ (46,190 ) Net income (loss) per share attributable to common shareholders Basic $ (1.42 ) $ 0.28 $ (4.19 ) $ (1.13 ) Diluted $ (1.42 ) $ 0.28 $ (4.19 ) $ (1.13 ) Weighted-average common shares outstanding Basic 41,334 41,068 41,333 41,004 Diluted 41,334 41,068 41,333 41,004 MESA AIR GROUP, Balance Sheets(In thousands) (Unaudited) March 31,2025 September 30,2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 54,116 $ 15,621 Restricted cash 3,043 3,009 Receivables, net 14,674 5,263 Expendable parts and supplies, net 13,649 28,272 Assets held for sale 75,812 5,741 Prepaid expenses and other current assets 2,283 3,371 Total current assets 163,577 61,277 Property and equipment, net 36,846 426,351 Lease and equipment deposits 583 1,289 Operating lease right-of-use assets 7,050 7,231 Deferred heavy maintenance, net — 6,396 Assets held for sale — 86,605 Other assets 6,896 7,709 TOTAL ASSETS $ 214,952 $ 596,858 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt and finance leases $ 98,603 $ 50,455 Current portion of deferred revenue 5,381 3,932 Current maturities of operating leases 1,535 1,681 Accounts payable 55,972 72,096 Accrued compensation 11,498 12,797 Customer deposits 849 1,189 Other accrued expenses 28,199 32,308 Total current liabilities 202,037 174,458 NONCURRENT LIABILITIES: Long-term debt and finance leases, excluding current portion 31,652 259,816 Noncurrent operating lease liabilities 6,890 6,863 Deferred credits — 3,020 Deferred income taxes 596 8,173 Deferred revenue, net of current portion 9,209 5,707 Other noncurrent liabilities 26,973 28,579 Total noncurrent liabilities 75,320 312,158 Total liabilities 277,357 486,616 STOCKHOLDERS' EQUITY: Common stock of no par value and additional paid-in capital, 125,000,000 shares authorized; 41,334,433 (2025) and 41,331,719 (2024) shares issued and outstanding, 4,899,497 (2025) and 4,899,497 (2024) warrants issued and outstanding 272,918 272,376 Accumulated deficit (335,323 ) (162,134 ) Total stockholders' equity (62,405 ) 110,242 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 214,952 $ 596,858 MESA AIR GROUP, Highlights(Unaudited) Three months ended March 31, 2025 2024 Change Available seat miles (thousands) 890,987 961,761 (11.3 )% Block hours 39,517 43,270 (12.7 )% Average stage length (miles) 600 544 6.5 % Departures 19,894 23,691 (17.4 )% Passengers 1,174,960 1,422,702 63.3 % Controllable completion factor* United 99.88 % 99.85 % 0.0 % Total completion factor** United 97.02 % 97.15 % (0.1 )% *Controllable completion factor excludes cancellations due to weather and air traffic control**Total completion factor includes all cancellations Reconciliation of non-GAAP financial measures Although these financial statements are prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"), certain non-GAAP financial measures may provide investors with useful information regarding the underlying business trends and performance of Mesa's ongoing operations and may be useful for period-over-period comparisons of such operations. The tables below reflect supplemental financial data and reconciliations to GAAP financial statements for the three months and six months ended March 31, 2025 and March 31, 2024. Readers should consider these non-GAAP measures in addition to, not a substitute for, financial reporting measures prepared in accordance with GAAP. These non-GAAP financial measures exclude some, but not all items that may affect the Company's net income or loss. Additionally, these calculations may not be comparable with similarly titled measures of other companies. Reconciliation of GAAP versus non-GAAP Disclosures(In thousands) (Unaudited) Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 Income (Loss) Before Taxes Income Tax (Expense)Benefit Net Income (Loss) Net Income (Loss) per Diluted Share Income(Loss)Before Taxes Income Tax (Expense)Benefit Net Income(Loss) Net Income (Loss) per Diluted Share GAAP income (loss) $ (62,494 ) $ 3,863 $ (58,631 ) $ (1.42 ) $ 11,732 $ (72 ) $ 11,660 $ 0.28 Adjustments(1)(2)(3)(4)(5)(6)(7)(8)(9) 59,550 (3,681 ) 55,869 $ 1.35 (5,423 ) 33 (5,390 ) $ (0.13 ) Adjusted income (loss) (2,944 ) 182 (2,762 ) $ (0.07 ) 6,309 (39 ) 6,270 $ 0.15 Interest expense 5,334 10,640 Interest income (24 ) (14 ) Depreciation and amortization 5,955 9,823 Adjusted EBITDA 8,321 26,758 Aircraft rent 1,324 1,408 Adjusted EBITDAR $ 9,645 $ 28,166 (1) $10.5 million gain on debt forgiveness during the three months ended March 31, 2024. (2) $6.5 million loss resulting from changes in the fair value of the Company's investments in equity securities during the three months ended March 31, 2024. (3) $7.2 million gain on the transfer of investments in equity securities during the three months ended March 31, 2024. (4) $0.9 million loss for early payment fees on the retirement of debt during the three months ended March 31, 2024. (5) $46.2 million and $2.7 million impairment loss related to held for sale assets during the three months ended March 31, 2025 and March 31, 2024, respectively. (6) $1.3 million and $1.2 million loss on deferred financing costs related to the retirement of debts during the three months ended March 31, 2025 and March 31, 2024 respectively.(7) $3.6 million and $1.2 million in third party costs associated with significant, non-recurring transactions during the three months ended March 31, 2025 and March 31, 2024, respectively.(8) $7.7 million net loss and $0.2 million gain on the sale of assets during the three months ended March 31, 2025 and March 31, 2024, respectively.(9) $0.7 million in miscellaneous costs associated with the sale of assets during the three months ended March 31, 2025. Six Months Ended March 31, 2025 Six Months Ended March 31, 2024 Income (Loss) Before Taxes Income Tax (Expense)Benefit Net Income (Loss) Net Income (Loss) per Diluted Share Income(Loss)Before Taxes Income Tax (Expense)Benefit Net Income(Loss) Net Income (Loss) per Diluted Share GAAP income (loss) $ (178,779 ) $ 5,591 $ (173,188 ) $ (4.19 ) $ (45,254 ) $ (936 ) $ (46,190 ) $ (1.13 ) Adjustments(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12) 171,816 (5,373 ) 166,433 $ 4.03 32,217 666 32,883 $ 0.80 Adjusted income (loss) (6,963 ) 218 (6,745 ) $ (0.16 ) (13,037 ) (270 ) (13,307 ) $ (0.32 ) Interest expense 12,398 21,800 Interest income (41 ) (28 ) Depreciation and amortization 13,934 23,116 Adjusted EBITDA 19,328 31,851 Aircraft rent 2,940 2,612 Adjusted EBITDAR $ 22,268 $ 34,463 (1) $3.0 million gain on extinguishment of debt the six months ended March 31, 2024. (2) $7.2 million gain on the transfer of investments in equity securities during the six months ended March 31, 2024. (3) $0.9 million loss for early payment fees on the retirement of debt during the six months ended March 31, 2024.(4) $4.5 million and $10.5 million gain on debt forgiveness during the six months ended March 31, 2025 and March 31, 2024, respectively. (5) $0.1 million and $4.0 million loss resulting from changes in the fair value of the Company's investments in equity securities during the six months ended March 31, 2025 and March 31, 2024, respectively. (6) $51.1 million and $43.0 million impairment loss related to held for sale assets during the six months ended March 31, 2025 and March 31, 2024, respectively.(7) $2.0 million and $1.3 million loss on deferred financing costs related to the retirement of debts during the six months ended March 31, 2025 and March 31, 2024 respectively.(8) $4.3 million and $3.2 million in third party costs associated with significant, non-recurring transactions during the six months ended March 31, 2025 and March 31, 2024, respectively.(9) $54.4 million and $0.2 million net loss on the sale of assets during the six months ended March 31, 2025 and March 31, 2024, respectively.(10) $0.7 million in miscellaneous costs associated with the sale of assets during the six months ended March 31, 2025.(11) $2.9 million loss on the write off of interest related to the sale of aircraft during the six months ended March 31, 2025.(12) $60.7 million impairment loss related to the write down of net book value of certain aircraft during the six months ended March 31, 2025. 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