Low-cost air carrier Spirit Airlines filed its latest quarterly report on Monday for the period ending June 30, 2025, stating that the company’s ability to continue operations is now a going concern, as per a CNBC report.
Going concern is a professional term used in accounting when the executive board and senior management are unsure of the firm’s future and whether it will survive in the long-term business environment.
“Because of the uncertainty of successfully completing the initiatives to comply with the minimum liquidity covenants and of the outcome of discussions with Company stakeholders, management has concluded there is substantial doubt as to the Company’s ability to continue as a going concern within 12 months from the date these financial statements are issued,” read the quarterly report.
Spirit Airlines furloughed 270 pilots in July
The update comes after Spirit Airlines announced the furlough of 270 airline pilots in July, due to unsustainable levels of debt and a broader shift in consumer preferences for the higher end of available flight options.
In late 2024, the air carrier voluntarily filed for bankruptcy, and then it recovered in March 2025.
Source: Google Finance
The current stock under the ticker ‘FLYY’ is a relatively new one that was created as a result of restructuring in March 2025, as per the official website.