“After considering the measures taken, minimum liquidity covenants in the Company’s current debt obligations and cash flows to maintain current operational obligations require financial results to improve at a rate faster than what the Company is currently anticipating. Management believes there is substantial doubt about the Company’s ability to continue as a going concern.” Source: A surprising admission from a new Securities and Exchange Commission filing, where Spirit revealed third-quarter losses of $317.5 million and a sharp drop in revenue compared to 2024. The airline’s total losses for 2025 are now expected to reach $804 million, bringing its cumulative drop to roughly $3 billion since 2020.