Norse Atlantic Airways Reports H1 2022 Financial Results, Begins Trading on OTCQX Market
Norse Atlantic Airways has reported a first half 2022 net loss of $51.3 million on revenue of $3.0 million. The carrier’s H1 revenue reflects the fact that the company launched ticket sales on April 29th, and their first flight from Oslo to New York departed on June 14, 2022.
On Thursday (September 22, 2022), Norse Atlantic Airways announced their first half (H1) 2022 financial results for the period ending June 30, 2022. The financial results reflect the fact that the carrier only launched ticket sales on April 29th, and their first flight from Oslo to New York took off on June 14, 2022, followed by flights to Fort Lauderdale, and after the period to London, Orlando, Los Angeles and Berlin. For H1 2022 Norse Atlantic reported a net loss of $51.3 million on revenue of $3.0 million. At June 30, 2022, the carrier had total liquidity of $105.6 million.
In Thursday’s announcement, Norse Atlantic Airways’ CEO, Bjørn Tore Larsen, said,
“Our inaugural flight from Oslo to New York marked a milestone for Norse Atlantic Airways. The company achieved a load factor of 82 per cent for June which clearly reflects that the desire for affordable long haul travel combined with pent up demand was strong during our startup phase. The winter season is historically more challenging for the industry and this year faces the additional burden of high fuel prices, increasing inflation in the markets that we operate and uncertainty in overall demand. Norse Atlantic will continue to evaluate Winter 2022 routes in line with demand and profitability.”
As of June 30, 2022, Norse had taken delivery of 11 out of 15 Boeing 787-9 Dreamliners, as well as two more post period. All aircraft are currently on power by the hour flexible lease terms. During H1 2022, Norse also subleased four aircraft, with two delivered during the period and an additional two delivered subsequently. The company currently employs 468 team members including 323 flight crew and 145 engineers, aircraft maintenance technicians, and office-based employees.
In a separate press release today (September 22, 2022), Norse Atlantic Airways announced that the company would begin trading on the OTCQX® Best Market in New York at 09:00 EST / 15:00 CET. The carrier trades under the symbol “NRSAF”. Investors can find current financial disclosure and Real-Time Level 2 quotes for the company at otcmarkets.com.
Commenting on the airline’s listing, Norse’s CEO, Bjørn Tore Larsen, added,
“We are very pleased to have begun trading on the OTCQX Market. This will allow both large and small US investors to more easily trade in Norse Atlantic Airways and be part of our journey to democratize long haul transatlantic travel by offering affordable fares and high quality on board experience. The company is now operating a full summer schedule from four US gateways to Norway, the United Kingdom and Germany. Operations from the US to Paris will be announced soon.”
Founded in March 2021 by major shareholder and CEO Bjørn Tore Larsen, Norse Atlantic Airways offers affordable transatlantic and European flights. The company’s head office is located in Arendal, Norway, and Norse has offices in Oslo, London, Paris and Fort Lauderdale. Norse has secured a fleet of 15 modern, fuel-efficient Boeing 787-9 Dreamliners. The carrier serves or will serve destinations including New York, Los Angeles, Fort Lauderdale, Orlando, Paris, London and Berlin. The airline’s first flight between Oslo and the U.S. departed on June 14, 2022.
Source: Norse Atlantic Airways / Cision