Investing.com -- Boeing (NYSE:BA) reported a deeper net loss in the third quarter due a financially-damaging strike, as Chief Executive Kelly Ortberg called for a "fundamental culture change" at the aerospace giant.

In a letter to employees and investors, Ortberg said the firm was "at a crossroads" after posting a net loss of $6.17 billion during the quarter, widening from a loss of $1.64 billion in the corresponding period in 2023. He added that "serious performance lapses" had chipped away at customer trust and contributed to its increasing debt pile.

Meanwhile, Chief Financial Officer Brian West warned analysts that the jetmaker would keep bleeding cash in its 2025 fiscal year and in the final three months of 2024, denting shares in Boeing.

The results come as Boeing braces for a crucial vote on Wednesday by the roughly 33,000 striking workers in the US Pacific Northwest on a revamped compensation deal, which has fueled hopes that the more than five-week old work stoppage may soon end.

The strike has threatened Boeing's already strained finances, put its credit rating in jeopardy of slipping into junk territory, and led to a halt in production for some of its top-selling planes. Prior to the strike, Boeing was already working to address heavy scrutiny over its safety record following a dangerous mid-air door plug breach in January.

Operating cash flow during the three months ended on Sept. 30 sank to negative $1.35 billion, reflecting lower commercial widebody deliveries, unfavorable working capital timing, and the impact of the strike.

According to the International Association of Machinists and Aerospace Workers (IAM) Local 751, which represents the workers, the updated offer includes a $7,000 ratification bonus and a reinstated incentive plan. Greater contributions will also be plugged into employees' 401(k) retirement plans, including a one-off $5,000 contribution and up to 12% in employer contributions.

Details of the potential strike settlement, such as the date on which workers would return to their posts, will be part of the vote, the IAM said.

Even if the labor action reaches its conclusion, new Boeing Chief Exeuctive Officer Kelly Ortberg said the company still faces a battle to return "to its former legacy."

"Going forward, we will be focused on fundamentally changing the culture, stabilizing the business, and improving program execution, while setting the foundation for the future of Boeing," said Ortberg.

Quarterly revenues at Boeing's all-important commercial airlines division dropped by 5% to $7.44 billion, missing Bloomberg consensus estimates of $7.66 billion. Total group-wide revenue of $17.84 billion was also below expectations.