Boeing (BA  ) has been facing delays in returning its 737 MAX jets in light of new European safety standards regarding the fleet's air control system.

On Thursday, Boeing stated that it had inspected 810 of the company's 737 NG jets around the world, and discovered that 38 of them had structural cracks requiring urgent attention and repairs.

In fact, nearly 5% of inspections have found cracks in a "pickle fork," which is an airplane part that attaches the plane's fuselage to the wing structure and levels the various forces within the aircraft.

"We do not have a timeline for when the airplanes will be returned to service, we are working with Boeing to schedule the upcoming repairs," Southwest spokeswoman Brandy King said.

The Dreamliner 787 program is also in trouble, as Boeing has reduced its orders for this model by 14 airplanes last month itself. This happened immediately after it received new orders only for 8 dreamliners from Air New Zealand.

Overall, Boeing's actual deliveries have dropped by more than 53% year over year, to 302 units from 568 units. This has resulted in a 35% drop in total revenue compared to the same time last year. In fact, the financial health of the company is so concerning, that it booked a net loss for the first time in 12 quarters.

As a result of these backlogs, the Boeing stock fell by 1% to close at $371.00 on Thursday.

If investors are looking for more positive news, last week Chief Executive Dennis Muilenburg said that Boeing test pilots had completed more than 700 MAX flights: "We are very confident in that software solution, and we are now just marching through the final steps on certifying that, so that everybody's confident in the safety of the airplane," he said in a public appearance in New York.

Airplanes with more than 30,000 cycles must be inspected within seven days, while planes between 22,600 and 29,999 cycles must be inspected within 1,000 cycles. This is done in line with the number of flights that correspond to the cycles.