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Norse Atlantic Airways Reports Fourth Quarter 2023 Net Loss of $64.3 Million

Norse Atlantic Airways has announced a fourth quarter 2023 net loss of ($64.3) million on a 104 percent year-over-year increase in revenue to $94.8 million.  At December 31, 2023, Norse had $54.8 million in cash on hand.


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

On Wednesday (February 28, 2024), Norse Atlantic Airways announced their fourth quarter and full year financial results for the period ending December 31, 2023.  For the fourth quarter, Norse reported a net loss of ($64.3) million or ($0.73) per diluted share on a year-over-year increase in revenue of 104 percent to $98.4 million.  For the full year 2023, the carrier reported a net loss of ($168.6) million or ($2.72) per diluted share on revenue of $439.4 million. Norse Atlantic Airways ended 2023 with a total of $58.4 million in cash on hand.


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


“Q4 marked the completion of Norse’s first full year of operations, in which the Company carried almost one million passengers across 4,000 flights. Our robust operational excellence was clearly demonstrated as more than 99.5% of all scheduled flights were completed as scheduled despite growth in both the summer and winter schedules compared to the previous year. In 2023, Norse achieved strong CASK numbers and demonstrated its ability to drive ancillary sales to become one of the industry’s leading airlines in ancillary revenue. In Q3, Norse delivered its first quarter of net profit demonstrating the validity of long-haul low-cost. In Q4 the Company introduced an improved service program and amenities for customers travelling in its Norse Premium cabin, allowing for an improved fare potential going forward. Seabury Securities were engaged by the Company to explore its strategic options, and in January Seabury were engaged for phase two allowing for these options to be pursued further.


“When planning ahead for the winter and summer seasons in 2024 Norse has capitalized on lessons learnt in 2023. Among our priorities will be careful route selection, capturing unreleased fare potential, increasing load factor and developing further business opportunities within cargo and charter operations. The Company will also gradually develop its seasonal strategies as focus during the winter season will turn more and more towards pursuing opportunities in the charter market as a supplement to own scheduled flights. During the summer season the main focus will remain to serve Norse’s own network.”


Norse Atlantic Airways' Fourth Quarter and Full Year 2023 Financial Results - Courtesy Norse Atlantic Airways

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, Orlando, Miami, Jamaica, Barbados, Bangkok, Oslo, Athens, Paris, Rome, London, Berlin.

 

 

Source: Norse Atlantic Airways/Cision

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