Spirit Airlines has just admitted what many suspected: its future is in serious doubt.
The news, delivered in a filing with the Securities and Exchange Commission on August 11, sent the company’s stock into a freefall, plummeting 41% in a single trading session on Tuesday. Spirit’s total market value now sits at a paltry $54.3 million.
In the filing, the ultra-low-cost carrier said there is “substantial doubt” about its ability to continue operating for more than 12 months from the date of its financial statements. Translation: Spirit could disappear by August 2026. The company used the expression “going concern,” which is an official accounting term that a company is forced to use when it is in severe financial distress and may not have enough money to stay in business. It is one of the gravest signals a public company can send to its investors.
The airline — famous for its bright yellow planes and no-frills service — only emerged from Chapter 11 bankruptcy in March after a failed merger with JetBlue. The regulators blocked the merger between the two airlines, arguing that the deal would eliminate a key competitor and drive up fares for consumers. Without the merger, a weakened Spirit was forced to file for Chapter 11 bankruptcy, which it only emerged from in March.
But just months later, Spirit says it’s still in a deep financial crisis.
A Crisis That Won’t Quit
Spirit blames a brutal mix of factors: too much domestic airline capacity, weak demand for leisure travel, and a tough pricing environment that has dragged down revenue. The company reported a $246 million net loss in the second quarter of 2025. In its SEC filing, Spirit said the downturn is expected to last at least through the rest of the year, even after cost-cutting moves like selling spare engines in sale-leaseback deals, reducing discretionary spending, and furloughing pilots in July.
But it hasn’t been enough. The company admitted that its financial results are not improving fast enough to meet the minimum cash requirements of its debt agreements and, crucially, its credit card processing agreement, which expires at the end of the year.
The airline is now in a last-ditch race for liquidity. It is considering selling off planes, real estate, and excess airport gate capacity. It is also in urgent discussions with its credit card processor, which has requested additional collateral to renew their contract, a deal Spirit cannot afford to lose.
Time is running short. Without a dramatic turnaround or a new source of cash, one of America’s best-known budget airlines could soon be grounded for good.
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![Who is John Ternus, the incoming Apple CEO? | TechCrunch
After 15 years, Tim Cook will hand off the Apple CEO role to John Ternus, the company’s senior vice president of hardware engineering. Starting on September 1, Ternus will lead one of the world’s most valuable companies, but if you’re not a dedicated Apple enthusiast, you’ve probably never heard of this man, who has largely remained out of the spotlight until now.
How long has John Ternus worked at Apple?
Ternus has worked at Apple for nearly half of his life — now 51 years old, he has been with the company for 25 years.
He joined Apple’s product design team in 2001 as only his second job out of college (his first was at a small maker of virtual-reality devices called Virtual Research Systems). By 2013, Ternus was a VP of hardware engineering and was promoted to the SVP role in 2021.
Ternus — who is 15 years younger than Cook — was among the youngest of top Apple executives who had been rumored as a possible successor, implying that Apple could be looking for someone to lead the company for a long time. After all, Apple has only had two CEOs in this millennium, so it seems that leadership continuity is important to the company.
Ternus reports to Cook, who he considers a mentor, and leads all of hardware engineering at Apple. That’s a pretty big deal for a company that’s known for ubiquitous hardware like the iPhone and the MacBook.
In his 2024 commencement speech at his alma mater, the University of Pennsylvania’s engineering school, Ternus reflected on the lessons he learned at Apple, which perhaps can tell us a bit about his character — or at least a sanitized version of it.
“Always assume you’re as smart as anyone else in the room, but never assume that you know as much as they do,” Ternus said in the speech. “With this mindset, you’ll find the confidence you need to push forward, but more importantly, the humility to ask questions.”
Techcrunch event
San Francisco, CA
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October 13-15, 2026
In a tech ecosystem populated with abrasive egos, it’s refreshing to hear Ternus utter the word “humility.” Better yet, he doesn’t appear to have an X account.
Image Credits:Apple
What projects did John Ternus lead at Apple?
Ternus’ earliest project at Apple involved scrutinizing parts for the Apple Cinema Display, an early desktop monitor.
“At some point in my first year, I found myself at a supplier facility. I was far away from home. Well past midnight, I was using a magnifying glass to count the number of grooves on the head of a screw … and I was arguing with the supplier because these parts had 35 grooves. They were supposed to have 25,” Ternus recalled in his commencement speech. “I distinctly remember stepping back for a minute and thinking, ‘What the hell am I doing? Is this normal?’”
As Ternus climbed the corporate ladder, his responsibilities grew. He may no longer spend as much time analyzing screws, but he still seems to take pride in getting the little details right. In a recent interview, when Ternus was asked about his favorite memory of Steve Jobs, he mentioned the former Apple co-founder’s attention to craftsmanship.
“[Jobs] was moving a piece of furniture, a chest of drawers, and pulled it away from the wall and looked at the back and was just reflecting on, you know, that the carpenter who made it had made it beautiful,” Ternus said. “It finished the back as beautifully as the rest of it, even though nobody was going to see it, right? And I think about that all the time because I think that perfectly exemplifies what we do here.”
From there, he went on to lead the hardware development behind products across the Apple ecosystem, overseeing launches like AirPods, Apple Watch, and the Vision Pro. He also had a hand in major technical upgrades at Apple, like Apple’s transition from Intel chips to its own proprietary Apple silicon.
Most recently, Ternus was involved in the production of the MacBook Neo, Apple’s new, more affordable laptop model that lowers costs through some clever trade-offs in hardware design, like using an iPhone chip to power the device.
“We never want to ship junk. We want to ship great products that have that Apple experience, that Apple quality. To do that with the Neo required building something completely new from the ground up … leveraging both the technologies we’d been developing like Apple silicon, but also the kind of expertise that we’ve developed over many, many years of building Macs, and building phones, and building iPads, and all of these things,” Ternus told Tom’s Guide.
As CEO, Ternus will have to steer Apple through its challenge to catch up in the AI race and figure out what to do with the underlying tech behind the Vision Pro.
What else do we know about John Ternus?
Ternus was on the swim team at Penn. For his senior project, he built a feeding arm that people with quadriplegia could control with head movements.
According to public records of political donations, Ternus donated ,900 to Senator Chuck Schumer (D-NY) in 2021.
Otherwise, Ternus has maintained a relatively low profile.
#John #Ternus #incoming #Apple #CEO #TechCrunchApple,ceo,John Ternus,Tim Cook Who is John Ternus, the incoming Apple CEO? | TechCrunch
After 15 years, Tim Cook will hand off the Apple CEO role to John Ternus, the company’s senior vice president of hardware engineering. Starting on September 1, Ternus will lead one of the world’s most valuable companies, but if you’re not a dedicated Apple enthusiast, you’ve probably never heard of this man, who has largely remained out of the spotlight until now.
How long has John Ternus worked at Apple?
Ternus has worked at Apple for nearly half of his life — now 51 years old, he has been with the company for 25 years.
He joined Apple’s product design team in 2001 as only his second job out of college (his first was at a small maker of virtual-reality devices called Virtual Research Systems). By 2013, Ternus was a VP of hardware engineering and was promoted to the SVP role in 2021.
Ternus — who is 15 years younger than Cook — was among the youngest of top Apple executives who had been rumored as a possible successor, implying that Apple could be looking for someone to lead the company for a long time. After all, Apple has only had two CEOs in this millennium, so it seems that leadership continuity is important to the company.
Ternus reports to Cook, who he considers a mentor, and leads all of hardware engineering at Apple. That’s a pretty big deal for a company that’s known for ubiquitous hardware like the iPhone and the MacBook.
In his 2024 commencement speech at his alma mater, the University of Pennsylvania’s engineering school, Ternus reflected on the lessons he learned at Apple, which perhaps can tell us a bit about his character — or at least a sanitized version of it.
“Always assume you’re as smart as anyone else in the room, but never assume that you know as much as they do,” Ternus said in the speech. “With this mindset, you’ll find the confidence you need to push forward, but more importantly, the humility to ask questions.”
Techcrunch event
San Francisco, CA
|
October 13-15, 2026
In a tech ecosystem populated with abrasive egos, it’s refreshing to hear Ternus utter the word “humility.” Better yet, he doesn’t appear to have an X account.
Image Credits:Apple
What projects did John Ternus lead at Apple?
Ternus’ earliest project at Apple involved scrutinizing parts for the Apple Cinema Display, an early desktop monitor.
“At some point in my first year, I found myself at a supplier facility. I was far away from home. Well past midnight, I was using a magnifying glass to count the number of grooves on the head of a screw … and I was arguing with the supplier because these parts had 35 grooves. They were supposed to have 25,” Ternus recalled in his commencement speech. “I distinctly remember stepping back for a minute and thinking, ‘What the hell am I doing? Is this normal?’”
As Ternus climbed the corporate ladder, his responsibilities grew. He may no longer spend as much time analyzing screws, but he still seems to take pride in getting the little details right. In a recent interview, when Ternus was asked about his favorite memory of Steve Jobs, he mentioned the former Apple co-founder’s attention to craftsmanship.
“[Jobs] was moving a piece of furniture, a chest of drawers, and pulled it away from the wall and looked at the back and was just reflecting on, you know, that the carpenter who made it had made it beautiful,” Ternus said. “It finished the back as beautifully as the rest of it, even though nobody was going to see it, right? And I think about that all the time because I think that perfectly exemplifies what we do here.”
From there, he went on to lead the hardware development behind products across the Apple ecosystem, overseeing launches like AirPods, Apple Watch, and the Vision Pro. He also had a hand in major technical upgrades at Apple, like Apple’s transition from Intel chips to its own proprietary Apple silicon.
Most recently, Ternus was involved in the production of the MacBook Neo, Apple’s new, more affordable laptop model that lowers costs through some clever trade-offs in hardware design, like using an iPhone chip to power the device.
“We never want to ship junk. We want to ship great products that have that Apple experience, that Apple quality. To do that with the Neo required building something completely new from the ground up … leveraging both the technologies we’d been developing like Apple silicon, but also the kind of expertise that we’ve developed over many, many years of building Macs, and building phones, and building iPads, and all of these things,” Ternus told Tom’s Guide.
As CEO, Ternus will have to steer Apple through its challenge to catch up in the AI race and figure out what to do with the underlying tech behind the Vision Pro.
What else do we know about John Ternus?
Ternus was on the swim team at Penn. For his senior project, he built a feeding arm that people with quadriplegia could control with head movements.
According to public records of political donations, Ternus donated ,900 to Senator Chuck Schumer (D-NY) in 2021.
Otherwise, Ternus has maintained a relatively low profile.
#John #Ternus #incoming #Apple #CEO #TechCrunchApple,ceo,John Ternus,Tim Cook](https://techcrunch.com/wp-content/uploads/2026/04/Apple-John-Ternus-Tim-Cook_Full-Bleed-Image.jpg.xlarge_2x.jpg?w=680)
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