Spirit Airlines Inc. (0L8U.L) reported for QQ1 2025 with a challenging start to the year on the top-line and profitability metrics. The quarter shows revenue of USD 115.5 million and a net loss of USD 142.6 million, accompanied by negative operating cash flow of USD 137.0 million. This pattern underscores ongoing pressure on margins within the ultra-low-cost carrier (ULCC) segment, where Spirit competes on price while absorbing fixed costs and debt service obligations. Liquidity remains relatively tight but manageable, with USD 487.5 million in cash and cash equivalents and USD 119.6 million in short-term investments (total liquidity of about USD 607.1 million). Total debt stood at USD 2.66 billion, yielding a net debt position of roughly USD 2.17 billion, and the company carries a high leverage profile (debt to equity ~3.68; long-term debt to capitalization ~0.755).