Norse Atlantic Airways Reports First Quarter 2025 Net Loss of $14.9 Million

Norse Atlantic Airways has reported a first quarter net loss of $14.9 million on revenue of $125.3 million, up from $78.2 million during the same period last year.  At March 31, 2025, the carrier had $25.0 million in cash.

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

On Wednesday (May 21, 2025), Norse Atlantic Airways reported their first quarter 2025 financial results for the period ending March 31, 2025.  The carrier reported a first quarter net loss of $14.9 million on revenue of $125.3 million, up from $78.2 million during Q1 2024.  Norse Atlantic’s first quarter total revenue per available seat kilometer (TRASK) was 5.60 U.S. cents, up from 4.02 U.S. cents during the same period last year, while cost per available seat kilometer (CASK) declined to 5.84 cents compared to 6.76 cents in Q1 2024.  Costs excluding fuel (CASK-ex) for the quarter was 4.63 cents, down from 5.14 cents during the first quarter last year.  During the first quarter, Norse achieved a record average load factor of 95 percent, reflecting the airline’s new commercial strategy and dual ACMI/network model.

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

“2025 has started on a positive note with a world-leading load factor of 95%, significant volume growth and increased revenue per passenger compared to the first quarter of 2024.

“The improvements across all key performance indicators are a function of Norse Atlantic Airways’ new commercial strategy implemented in 2024 and continuous focus on operational efficiencies.  This is reflected in improved year-over-year financial performance during a seasonally low quarter for the airline industry.  Our progress and aim to deliver full year 2025 profitability are supported by the commercial strategy delivering increased load factor, the transition to a dual-leg ACMI and own network model, and ongoing cost and efficiency initiatives.

“Following completion of the planned redelivery of three 787-8 aircraft, we now have a uniform fleet of 12 modern, efficient and in-demand 787-9 aircraft.  These form a strong base for further improvements based on our dual leg model with ACMI charters reducing our market risk and complementing operations in own scheduled network.

“The LOI for longer-term ACMI engagements with IndiGo, India’s leading and one of the world’s largest airlines, for up to six aircraft have become firm contracts.  The contracts reinforce our partnership with one of the world’s leading airlines and strengthen our strategic and financial position in a volatile market.  They also support efficiency gains through maximum utilization of the aircraft fleet, combining demand from both ACMI and own scheduled network. One aircraft commenced operations for Indigo in March, and the rest will follow during the second half and into early 2026, subject to regulatory approvals.

“This leaves Norse with 11 aircraft operating its own scheduled network during the summer ahead, whereas the longer-term fleet in own scheduled network will comprise six aircraft.  We believe this represents a good balance between securing year-round fixed revenue from ACMI and maximizing the possibilities in our scheduled network.  Momentum into the upcoming busy summer months is good with bookings to date confirming the positive trend in load factor and passenger revenues.  We will continue to deliver our affordable, value-for-money product to our customers worldwide.”

Founded in March 2021 by major shareholder and CEO Bjørn Tore Larsen, Norse Atlantic Airways offers affordable transatlantic and European flights along with specialized Charter and ACMI services for tailored travel needs.   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 operates a fleet of modern and fuel-efficient Boeing 787-9 Dreamliners.  The carrier offers service to New York, Los Angeles, Las Vegas, Miami, Orlando, Bangkok, Cape Town, Oslo, Athens, London, Berlin, Rome and Paris.

Source: Norse Atlantic Airways