The prestigious order to build two aircraft for the American president and his deputy is developing into an ever-growing loss for Boeing.
The aircraft manufacturer is said to be writing off another $766 million after posting losses of $1.1 billion in the past few years.
Further depreciation cannot be ruled out.
"The critics were right," company boss Dave Calhoun told CNBC on Wednesday.
The purchase price of a total of 4.3 billion dollars is too low.
The biggest mistake of his predecessor Dennis Muilenburg was the fixed price agreement.
Under pressure from then-President Donald Trump, Muilenburg allowed himself to be carried away by the fixed-price commitment.
Shortly before taking office in 2016, Trump expressed his displeasure with the costs and tweeted “Cancel the order!” in his typical manner.
Overall, Boeing's ailing armaments division, which also owns the "Air Force One" program, has to write off 2.8 billion dollars.
According to insiders, Steve Parker, as the new boss responsible for day-to-day operations, will bring this division back into shape.
Due to technical problems, the construction of "Air Force One" and "Air Force Two" is already three years behind schedule.
The machines are scheduled for delivery in 2026 and 2027.
They are based on the 747-8 "Jumbojet" model, but have been extensively modified.
Among other things, state-of-the-art self-defence and communication systems are being installed.
The aircraft are designed to remain operational even in a nuclear war.