The Boeing Company (BA  ) has posted its first yearly loss since 1997 as a result of the ongoing 737 Max crisis that continues to cost the company money and wreak havoc on its reputation.

Boeing's losses stemming from the 737 Max debacle are considerable; Boeing has posted a net loss of $636 million as a direct result of the immense blowback from the 737 Max, and the company's commercial airline division lost $6.7 billion last year. Boeing's other losses include compensation payouts and other settlements related to the 737 Max. Production on the 737 Max, which was grounded due to the two fatal crashes that began the crisis, continued despite Boeing being unable to deliver the aircraft. While production was eventually halted, some 400 planes are completed but have not been delivered; production costs have mounted, and with deliveries not occurring, Boeing is footing the cost. The total estimated cost of the 737 Max debacle amounts to $19 billion, which was behind the company's historic earnings miss. The costs were so significant that Boeing missed analyst projections by $3.85 billion.

In addition to the mounting financial costs, the 737 Max crisis has allowed Boeing's competitors to encroach on the American aerospace giant, primarily Airbus (EADSY  ). Airbus has significantly benefited from the 737 Max crisis, with its stock price gaining 32% and the company seizing significant shares of the market away from Boeing.

Despite the mounting losses and Boeing posting a considerable yearly loss, the company's new CEO, Dave Calhoun, remains optimistic. "We recognize we have a lot of work to do," said Calhoun, "We are focused on returning the 737 Max to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public. Fortunately, the strength of our overall Boeing portfolio of businesses provides the financial liquidity to follow a thorough and disciplined recovery process." Calhoun has directly addressed concerns with the 737 Max and has stated that the updated plane will be the "safest in the air", his statement coming as Boeing personnel work around the clock to bring the plane back to spec to return to the air.

Calhoun's optimism has been met by Wall Street to a degree, as the company posted a 2.4% gain during trading Wednesday morning, but not all share his optimism. The Allied Pilots Association, a union for airline pilots, has expressed skepticism. "We like what we're seeing so far but his exuberance over that is a little premature," says APA spokesman Dennis Tajer. In a direct response to Calhoun's "safest in the air" comment, Tajer said there should be no "incremental measure on whether an airplane is safer than one another. It's either safe or it isn't. We've seen the training modules for the simulator, and we appreciate them coming in quick. But we have a lot of questions on that as well."