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 t

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