Aston Martin Lagonda Global Holdings Plc reported a pretax loss of £77 million ($102 million) for the third quarter, highlighting ongoing challenges in managing its substantial debt. The British luxury carmaker's loss, while smaller than the figure recorded in the same period last year, contributed to an increase in net debt to £1.57 billion.

Since Canadian billionaire Lawrence Stroll acquired a significant stake in the company about six years ago, Aston Martin has accumulated approximately £2.3 billion in after-tax losses. Despite attempts to stabilize the business under Stroll’s leadership, profitability remains elusive.

Shares of Aston Martin initially rose as much as 4.7 percent during early trading on the London Stock Exchange on Wednesday but later gave up some gains. The company's market capitalization stood at below £400 million, and its stock has fallen 40 percent so far this year.

Stroll’s acquisition was initially seen as a rescue operation for the struggling automaker. However, the company has since issued multiple profit warnings, faced delays in rolling out new models, and repeatedly sought capital from investors. External factors, including U.S. tariffs and a slowdown in the Chinese market, have added pressure to the company’s financial performance.

Despite these challenges, Aston Martin stated it is making progress in reducing cash burn and continued to affirm its financial guidance. The company’s efforts to contain costs and improve efficiency are ongoing, although the path to sustained profitability remains uncertain.