Boeing is preparing to cut approximately 17,000 jobs, or 10% of its workforce, as financial losses deepen amid a factory strike that has now entered its fifth week. The strike, involving over 30,000 machinists, has stalled production and strained relations between Boeing and the International Association of Machinists and Aerospace Workers.

Additionally, the aerospace giant announced a significant delay in the launch of its 777X wide-body planes, pushing the release to 2026, six years behind schedule. Boeing’s CEO, Kelly Ortberg, stated that the company will also cease production of its 767 freighter by 2027 after fulfilling existing orders.

The financial outlook for Boeing appears bleak, with an anticipated $3 billion pretax charge in its commercial airplane unit and a $2 billion charge for its defense business.

The ongoing labor strike has also contributed to mounting losses, with Boeing burning through over $1 billion a month, according to S&P Global Ratings. As negotiations between the company and the union have stalled, tensions continue to rise.