Planemaker Boeing reported an annual loss of $11.83 billion for 2024, its largest since 2020, reflecting problems at its commercial and defense units, and the fallout from a strike by U.S. west coast factory workers in 2024.

According to The Guardian, the loss, announced January 28, demonstrates the challenges facing CEO Kelly Ortberg in turning around the company, as it battles rival Airbus in the delivery race, and comes under the crosshairs of regulators and customers following a series of missteps.

Shares of Boeing rose 0.5% in pre-market trading January 28.

The company reported a quarterly cash burn of $4.1 billion, a metric closely watched by investors, slightly lower than analysts’ expectation of a $4.26bn cash burn, according to data compiled by London Stock Exchange Group (LSEG).

Ortberg, who took over in August, said the company was making progress on restoring stability to its struggling production lines after a harrowing mid-air accident a year ago raised concerns about the safety of its jets.

The company reported a loss of $3.86 billion in the fourth quarter because of what Ortberg cited as “disappointing” charges in several fixed-price defense programs. Ortberg, however, added in a letter to employees on January 28 that Boeing was “now more proactive and clear-eyed on the risks” to the programs.

Revenue for the quarter through December fell 31% to $15.24 billion, missing analysts’ expectation of $16.21 billion, according to LSEG data.