Company: SPR
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001364885-25-000011
Chunk: 29

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 2
Chunk 29
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 of our ability to generate cash to fund our operating, investing, and financing activities. Our principal sources of liquidity are operating cash flows from continuing operations and borrowings to finance our business operations. Our operating cash flows from continuing operations have been adversely impacted by, among other things, the B737 MAX grounding, the COVID-19 pandemic, production rate changes for the B737 MAX program and other programs, the impact of inflation on labor and supply chain costs, supply chain disruptions, and labor shortages affecting our business. We expect those adverse impacts to continue for 2025 and beyond. For purposes of assessing our liquidity needs in this section, we have assumed that Boeing would not further reduce the B737 MAX production rate and that other customers generally would not further reduce their production rates. For risks that may affect that assumption, see Item 1A “Risk Factors.” in the 2024 Form 10-K.

These condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) on a going concern basis, which assumes the Company will be able to continue as a going concern and contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. We have incurred net losses of $1,968.2 million, $2,139.8 million, $616.2 million, and $545.7 million, for the nine months ended October 2, 2025, and the years ended December 31, 2024, 2023, and 2022, respectively, and cash used in operating activities of $750.4 million, $1,120.9 million, $225.8 million, and $394.6 million, respectively for the same periods. As of October 2, 2025, our debt balance was $4,338.6 million, including $690.9 million of debt classified as short-term. Our cash and cash equivalents were $299.0 million and $537.0 million as of October 2, 2025, and December 31, 2024, respectively. The Company will require additional liquidity to continue its operations over the next 12 months. 

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Further, certain changes made to the production and delivery process implemented by Boeing have had an immediate impact on our results of operations and cash flows. On March 2, 2024, Boeing announced they would no longer accept deliveries of product that required