JetBlue Airways (JBLU) CEO Joanna Geraghty wrote in a memo that the struggling carrier will be further cutting unprofitable routes among other cost-cutting measures amid weak travel demand, a report said.

According to CNBC, which said it obtained a copy of the memo dated Monday, Geraghty wrote to staff that JetBlue is “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. That means we’re still relying on borrowed cash to keep the airline running.”

JetBlue did not immediately respond to an Investopedia request for comment.

Shares of JetBlue have lost more than 40% of their value this year, including a 3% drop to $4.42 in recent trading Tuesday. They were trading at more than $20 four years ago but have declined since, with the carrier experiencing setbacks including the end of its Northeast Alliance with American Airlines (AAL) in 2023 and a failed merger attempt with Spirit Airlines last year.

Last month, JetBlue and and United Airlines (UAL) on Thursday announced a new collaboration called “Blue Sky” that would allow for reciprocal loyalty program benefits like priority boarding and complimentary access to preferred seats.