On Thursday the company announced fourth quarter details showing it lost last year about $11.8 billion, the second heaviest loss in Boeing history.

The data released after the stock market closed Thursday also shows a fourth quarter cash outflow of $3.5 billion, which means Boeing burned through $13.7 billion in cash in 2024.

Boeing attributed the financial meltdown, which included $2.8 billion in fourth quarter write-offs, to the lost revenue during the strike by Machinists in the fall and the higher labor costs in the new contract Machinists won, as well as further delays on major defense programs.

Still, in a statement released with the worrying financial details, Boeing CEO Kelly Ortberg, who took charge in August, spoke of the new Machinists contract as a positive for the future.