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Norse Atlantic Airways Reports First Quarter 2023 Net Loss of $71 Million

Norse Atlantic Airways has reported a first quarter net loss of $71 million on revenue of $40 million, down 14 percent versus the previous quarter. At March 31, 2023, the carrier had total cash of $42 million, which increased to $50 million in May.

Norse Atlantic Airways’ Founder and CEO, Bjørn Tore Larsen at Orlando International Airport – Photo Credit: Victoria Jaramillo/Norse Atlantic Airways

On Wednesday (May 31, 2023), Norse Atlantic Airways reported their first quarter financial results for the period ending March 31, 2023. The carrier reported a first quarter net loss of $71 million on revenue of $40 million, down 14 percent compared to Q4 2022. During the first quarter, Norse carried 110,263 passengers with an average load factor of 54 percent. The airline’s load factor increased to 67 percent in April and is estimated to be over 70 percent for May. Norse Atlantic will serve 12 destinations for summer 2023, connecting five European gateways to seven U.S. cities, along with new routes to Thailand, Barbados and Jamaica.

In Wednesday’s announcement, Norse Atlantic Airways’ Founder and CEO, Bjørn Tore Larsen, said,

“Over the past two years we have built a transatlantic airline that focuses on value to both customers and shareholders alike. By providing affordable air fares when compared to our competitors we allow more people to explore the world and enjoy the experience of long haul travel whether for leisure or business. We knew Q1 2023 would be challenging financially as we had limited flying during that period, which is traditionally a lower demand season, however, we focused our efforts on ensuring that everything was in place for what promises to be a great summer ahead.

“Demand for transatlantic travel is strong. We are looking forward to the coming peak summer season as that will be the first time we have all aircraft generating revenue, and we maintain our goal of delivering the lowest cost as well as the highest ancillary revenue per passenger in the industry.

“Our sought-after aircraft are locked-in at fixed aircraft lease rates that are about half of current market rates, we have all the approvals and airport landing rights we need for now, additionally we have a fantastic team of employees who deliver the very best service for our customers every day. It is from this point onwards that we will see sustained value creation as Norse becomes a profitable long-haul, low-cost airline.”

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 located in Arendal, Norway, and Norse has a second office in London. Norse has a fleet of 15 modern, fuel-efficient Boeing 787-9 Dreamliners. The carrier offers service to New York, Los Angeles, Fort Lauderdale, Orlando, Miami, Washington, San Francisco, Boston, Oslo, Paris, Rome, London, Berlin, Bangkok and Barbados, as well as Kingston and Montego Bay in Jamaica

Source: Norse Atlantic Airways / Cision


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