Mesa Air appoints CBIZ as new accounting firm

Published 07/03/2025, 22:12
Mesa Air appoints CBIZ as new accounting firm

Mesa Air Group Inc . (NASDAQ:MESA), currently trading at $1.03 and showing signs of undervaluation according to InvestingPro Fair Value metrics, has engaged CBIZ (NYSE:CBZ) CPAs P.C. as its new independent registered public accounting firm for the fiscal year ending September 30, 2025, following the resignation of its previous accountant, Marcum LLP. The change, effective immediately upon the filing of Mesa Air’s Form 10-K for the fiscal year ended September 30, 2024, was announced on Monday.

The transition comes after CBIZ acquired the attest business of Marcum on November 1, 2024. Marcum’s resignation and CBIZ’s appointment were both confirmed on March 4, 2025, with the approval of the Audit Committee of Mesa Air’s Board of Directors. The company faces significant financial challenges, with InvestingPro data showing a debt-to-equity ratio of 2.74 and concerning liquidity metrics.

Throughout the period from April 12, 2024, to March 4, 2025, Mesa Air reported no disagreements with Marcum on accounting principles, financial statement disclosure, or auditing scope or procedure. Additionally, there were no reportable events, which include items such as disagreements or issues that could materially impact the financial statements.

The company also stated that during the same period, there were no consultations with CBIZ regarding the application of accounting principles to any transactions, audit opinions on the company’s financial statements, or any matters that could be construed as a disagreement or reportable event.

Mesa Air provided Marcum with a copy of the report filed with the U.S. Securities and Exchange Commission and has included a letter from Marcum, dated March 4, 2025, as an exhibit to the filing, confirming their agreement with the statements made by Mesa Air.

This corporate update is based on information disclosed in a recent SEC filing by Mesa Air Group, Inc. InvestingPro analysis reveals additional insights about Mesa Air’s financial health, with 12 more exclusive ProTips available to subscribers, covering crucial aspects like profitability outlook and cash flow management.

In other recent news, Mesa Air Group has announced significant financial transactions and operational updates. The company has entered into agreements to sell eighteen Embraer ERJ 175 aircraft to United Airlines, with eight sales completed and the remainder expected by January 31, 2025. This sale is projected to yield $229.1 million in gross proceeds. Additionally, Mesa Air has agreed to sell fifteen CRJ-900 airframes to an undisclosed party for $19.0 million. The proceeds from these sales, particularly the CRJ-900 airframes, are intended to reduce the company’s loan with the U.S. Treasury.

In another development, Mesa Air Group received a compliance warning from Nasdaq due to a delay in filing its annual report. The company is working to file the overdue Form 10-K within the 60-day notice period and aims to meet Nasdaq’s compliance requirements. The delay is not attributed to any financial restatements or auditor disagreements. These recent developments reflect Mesa Air’s strategic adjustments in response to current market conditions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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