Besides 2016 when there was actually a tiny net profit, for many years the airline has been operationally profitable, with impairment losses on aircraft being the principal factor leading to net losses on paper. The cash position was actually fairly stable, which should be what matters in determining whether an airline can continue operating. Recently, however, the airline has had operational losses. My guess is this is a result of parked aircraft (e.g. 787s) which has led to a cut in capacity, at the same time that fixed costs remain. As a result, revenue dropped and expenses didn't move all that much (decreased just a little). The cash position is still alright, so I'm not all that worried. Thai definitely needs to get its aircraft back up in the air to bring that revenue back up. I will start to worry when Thai has difficulty getting loans or other financing and the cash position starts to slide.