American Airlines (NASDAQ: AAL) posted a $2.7 billion pretax loss for the second quarter, ending June 30, on a nearly $10 billion drop in revenue from last year.

American Airlines CEO Doug Parker called the second quarter of 2020 “one of the most challenging” in the Fort Worth, Texas-based airline’s history.

“There is much uncertainty ahead, but we remain confident we will emerge from this crisis more agile and more efficient than ever before,” he said in a statement.

Parker said American spent the second quarter shoring up liquidity, conserving cash and focusing on safety.

American’s total revenue for the second quarter reached $1.6 billion, down 86% compared to the prior year. Cargo revenue for the quarter ended at $130 million, falling 41% compared to the same period in 2019.

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