Boeing reported its largest quarterly loss since 2020. In the third quarter, the company posted a net loss of $6.17 billion, with both revenue and free cash flow falling short of expectations.

On Wednesday, the 23rd, Boeing released its Q3 financial report. The data showed:

Revenue for the third quarter was $17.84 billion, with an estimate of $17.89 billion.

Adjusted free cash flow for the third quarter was negative $1.96 billion, with an estimate of negative $1.87 billion.

Net loss for the third quarter was $6.17 billion.

Net loss per share was $9.97.

To increase cash reserves, the company has applied to sell up to $25 billion in stocks or debt. After the data was released, Boeing's pre-market stock price in the US fell by 0.63%.

Boeing is in deep trouble.

In recent years, Boeing has struggled due to two fatal plane crashes, a criminal conviction, an in-flight explosion, production delays, and most recently, a strike.On Wednesday, CEO Kelly Ortberg proposed a "four-pronged" plan that includes ending union strikes, striving to stabilize operations, corporate culture reform, and the goal of manufacturing new aircraft.

He stated that the company is at a crossroads, facing various challenges ranging from massive debt to severe performance declines, and that fixing these issues will take time.

Ortberg took over as Boeing's CEO in August. In his first public statement, he said that a top priority is to end the strikes that have paralyzed Boeing for several weeks.

Later today, workers will vote on whether to approve the contract proposal. The union representing 33,000 workers hopes for a 35% wage increase over four years, a $7,000 ratification bonus, and increased pensions.

Ortberg emphasized the need to improve the performance of Boeing's defense business as well as the 737 MAX and 777 programs, while comprehensively stabilizing the situation at Boeing. He said:

"We must better understand and more actively manage the risks of these projects. This includes rigorous planning and risk management at all stages of the project, including the bidding phase.

He stated that the company must downsize and improve the execution of new aircraft varieties, all of which have been delayed for several years.

"This is a big ship, and it takes a while to turn around, but once it turns around, it has the ability to be great again."

Before developing new aircraft, Boeing has "a lot of work to do."In his speech, Ortberg also stated that a recent meeting with company executives discussed corporate culture reform.

"We need to prevent the problem from worsening, cooperate better to identify, fix, and understand the root causes.

I have introduced a more detailed business rhythm to drive the entire organization, and this change process is ongoing."

In recent years, executives, including the company's former CEO, former head of human resources, and current CFO, have lived outside of Boeing's headquarters in Arlington, Virginia.

He also pointed out that repairing the balance sheet is a prerequisite for Boeing to consider developing the next generation of commercial aircraft. Before developing new aircraft, Boeing has "a lot of work to do." Ortberg said:

"This includes stabilizing our business, improving the execution of development projects, streamlining the portfolio to do well in areas we are good at, and restoring the balance sheet so that we can pave the way for the next generation of commercial aircraft."

He did not talk about potential financing, which, according to Reuters, could be around $15 billion.