In a note to employees dated Monday, Joanna Geraghty said the company is still relying on borrowed cash for its operations and also noted that it will pause retrofitting and park some of its Airbus jets in the fleet to trim operational costs.

JetBlue Airways (JBLU) CEO Joanna Geraghty revealed that an anticipated break-even in 2025 is looking unlikely amid weak travel demand.

According to a CNBC report, Geraghty announced a slew of measures to bring costs under control as the struggling airline attempts to turn its fortunes around.

JetBlue shares were down 2.52% at the time of writing.

In a note to employees dated Monday, Geraghty stated that the company is still relying on borrowed funds for its operations.

“We’re hopeful demand and bookings will rebound, but even a recovery won’t fully offset the ground we’ve lost this year and our path back to profitability will take longer than we’d hoped,” she added, warning of turbulence ahead for the carrier.

Geraghty also announced that the airline will pause retrofitting and park some of its Airbus jets in the fleet to trim operational costs.

She added that JetBlue is looking at the “size and scope” of the leadership team, and that it has identified ways to “combine or restructure certain roles for greater efficiency at the leadership level.”

It’s not clear if Geraghty is hinting at layoffs, but these comments come a year after JetBlue’s failed acquisition of Spirit Airlines (FLYY).

In May, the airline announced a partnership named Blue Sky with United Airlines (UAL), allowing both companies to sell seats on each other’s websites. The agreement also allows customers to earn frequent flyer miles, enjoy priority boarding, and receive additional benefits.

At the time, Geraghty called the partnership with United a “bold step” for the industry, saying it “brings together two customer-focused airlines to deliver more choices for travelers and value across our networks.”

JetBlue’s stock has declined more than 44% year-to-date and 21% over the past 12 months.

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