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  • Joe Breitfeller

Norse Atlantic Airways Reports First Profitable Quarter

Norse Atlantic Airways has reported a third quarter 2023 net profit of $1.6 million, their first profitable quarter, on a doubling of revenue from the second quarter to $205 million. At September 30, 2023, the carrier had cash and cash equivalents totaling $42.6 million.

Norse Atlantic Airways Boeing 787-9 Dreamliner - Courtesy Norse Atlantic Airways

On Tuesday (October 31, 2023), Norse Atlantic Airways ASA reported their third quarter financial results for the period ending September 30, 2023. The carrier reported a third quarter net profit of $1.6 million, their first profitable quarter, and a doubling of revenue from Q2 2023 to $205 million. Norse’s third quarter total revenue per available seat kilometer (TRASK) was 5.73 cents, down slightly from $5.85 cents during Q2 2023, while cost per available seat kilometer (CASK) was 5.44 cents, down from 7.39 cents during the previous quarter. Costs excluding fuel (CASK-ex) for the third quarter were 3.63 cents, compared to 5.87 cents during the second quarter 2023. At September 30, 2023, Norse had cash and cash equivalents totaling $42.6 million.

In Tuesday’s announcement, Norse Atlantic Airways’ CEO, Bjørn Tore Larsen, said,

“Norse Atlantic has come a long way since the initial flight in June 2022. After a short first summer season in 2022, we had our first full summer season in 2023, growing to a 10 aircraft operation while delivering a robust performance. We are proud to have delivered our first profitable quarter and we continue to be agile and adapt as a company to achieve our goal of becoming the leading low-cost long-haul airline of choice.”

Norse Atlantic Airways Third Quarter 2023 Financial Highlights - Courtesy Norse Atlantic Airways

During Q3, the airline had an average load factor of 83 percent and a 99.8 percent completion rate, without a single flight cancelation from April through September.

Founded in March 2021 by major shareholder and CEO Bjørn Tore Larsen, Norse Atlantic Airways offers affordable transatlantic and European flights. The airline’s first flight between Oslo and the U.S. departed on June 14, 2022. The company’s head office is in Arendal, Norway, and Norse has a second office in London. Norse has a fleet of 15 modern, fuel-efficient Boeing 787-9 Dreamliners (several currently sub-leased to other airlines). The carrier offers service to New York, Los Angeles, Fort Lauderdale, Orlando, Miami, Washington, San Francisco, Boston, Oslo, Paris, Rome, London, Berlin and Barbados, as well as Kingston and Montego Bay in Jamaica.

Source: Norse Atlantic Airways/Cision

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