Spirit AeroSystems , citing liquidity concerns stemming from changes to Boeing’s production processes and the strike at the aircraft manufacturer, has said that there was substantial doubt about its ability to continue operations. Liquidity concerns In a United States Securities and Exchange Commission (SEC) filing, the aerospace supplier, which includes providing parts for various Airbus and Boeing aircraft programs, said that there was “substantial doubt about the Company’s ability to continue as a going concern exists.” Spirit AeroSystems highlighted continuous losses throughout 2021, 2022, 2023, and during the first nine months of 2024, with the company losing cash and having less liquidity as of September 26 than at the beginning of the year.
While Spirit AeroSystems had $823.5 million of cash and cash equivalents on December 31, 2023, that sum had dwindled to $217.6 million by September 26.
“The Company will require additional liquidity to continue its operations over the next 12 months.” In Q3, despite its quarterly revenues climbing slightly to $1.47 million from $1.
43 million, Spirit AeroSystems’ costs ballooned to $1.7 billion, resulting in an operating and net loss of $350.1 million and $476.
6 million, respectively. Following comprehensive gains, including gains on foreign currency exchanges of $37.1 million, the company’s comprehensive loss was $433.
1 million. During the first nine months of the year, the aerospace supplier’s comprehensive loss w.
