In its quarterly report issued on Monday, Aug. 11, Spirit Airlines issued a major warning regarding the airline's future as a company. After filing for bankruptcy in 2024, the airline revealed it's in imminent danger of shuttering if it doesn't raise more cash.

After cutting its debt during restructuring, Spirit has tried to attract bookings by marketing more upscale products and looking for new ways to cut costs.

Spirit Airlines stock plunged after the no-frills budget carrier warned it may not survive beyond a year in its quarterly filing, five months after emerging from bankruptcy and weeks after announcing it would furlough hundreds of pilots.