Spirit AeroSystems reported a net loss of $612.9 million, or $(5.21) per diluted share, for the first quarter of 2025. This compares to a net loss of $616.7 million, or $(5.31) per diluted share, in Q1 2024.
Revenue for the first quarter decreased to $1,521.8 million, down 10.6% from $1,702.8 million in Q1 2024, primarily due to lower production activity on most Boeing programs, particularly the 737. The company recorded a $115.5 million warranty charge related to a titanium records issue.
Cash used in operating activities was $419.5 million in Q1 2025, consistent with the prior year. Spirit's cash balance stood at $220.2 million as of April 3, 2025, down from $537.0 million at December 31, 2024. The company reiterated 'substantial doubt about the Company's ability to continue as a going concern,' emphasizing the need for additional funding.
The proposed merger with Boeing and the divestiture to Airbus are expected to close in the third quarter of 2025, subject to regulatory approvals. Spirit will not provide financial guidance due to the pending transactions.
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