Spirit AeroSystems Reports $1.6B Revenue Increase Amid $630M Net Loss

Spirit AeroSystems Holdings, Inc. reported a net revenue of $1,635.1 million for the three months ended July 3, 2025, marking a 9.6% increase from $1,491.9 million in the same period last year. However, the company experienced a net loss of $630.8 million, compared to a loss of $415.3 million in the prior year. For the six months ended July 3, 2025, total revenue was $3,156.9 million, a slight decrease from $3,194.7 million in the same period of 2024, with a net loss of $1,243.9 million compared to a loss of $1,032.0 million in the previous year.

The increase in revenue for the second quarter was primarily driven by higher production levels from Boeing, particularly in the B737 program, which saw deliveries rise significantly. Total deliveries to Boeing increased to 152 shipsets during the second quarter of 2025, compared to 58 shipsets in the same period of the previous year. In contrast, deliveries to Airbus decreased slightly, reflecting production challenges. The company also recorded a gross loss of $231.4 million for the quarter, a marginal improvement from the $233.5 million loss in the prior year, attributed to lower cumulative catch-up adjustments.

Strategically, Spirit AeroSystems is navigating significant changes, including a merger agreement with Boeing and a stock and asset purchase agreement with Airbus. The merger, announced on June 30, 2024, is expected to close in the fourth quarter of 2025, subject to regulatory approvals and other conditions. The Airbus agreement involves the sale of certain assets for $580.9 million, with the transaction expected to close concurrently with the Boeing merger. These strategic moves are part of the company's efforts to streamline operations and enhance liquidity amid ongoing challenges in the aerospace sector.

Operationally, Spirit AeroSystems has faced increased costs and production challenges, particularly related to the B737 MAX and A220 programs. The company reported unfavorable changes in estimates totaling $239.5 million for the second quarter, driven by foreign exchange rates and supply chain cost growth. As of July 3, 2025, Spirit's cash and cash equivalents stood at $369.6 million, down from $537.0 million at the end of 2024, indicating ongoing liquidity concerns. The company has indicated a need for additional funding to sustain operations, as it anticipates continued operating losses in the near future.

Looking ahead, Spirit AeroSystems is focused on improving liquidity through various strategies, including potential customer advances and operational restructuring. However, the company acknowledges substantial doubt about its ability to continue as a going concern, given its significant net losses and reliance on customer financing. The management's outlook remains cautious, emphasizing the need to navigate the complexities of the aerospace market and the impacts of ongoing geopolitical and economic uncertainties.