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Norse Atlantic Airways Reports Second Quarter 2023 Net Loss of $35 Million or $0.55 per Share

Norse Atlantic Airways has reported a second quarter 2023 net loss of $35 million or ($0.55) per diluted share, an improvement from a first quarter net loss of $70.9 million. The carrier’s revenue grew quarter-on-quarter by 152 percent to $100.1 million.


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

On Thursday (August 31, 2023), Norse Atlantic Airways reported their second quarter financial results for the period ending June 30, 2023. The carrier reported a second quarter net loss of $35 million or ($0.55) per diluted share, an improvement compared to a Q1 2023 net loss of $70.9 million. Norse’s revenue grew quarter-on-quarter by 152 percent to $100.1 million. During Q2 2023, the carrier’s total revenue per available seat kilometer (TRASK) was 5.85 cents, up from 3.52 cents during the first quarter. Norse Atlantic’s Q2 cost per available seat kilometer (CASK) was 7.39 cents, down from 9.05 cents during Q1 2023, while costs excluding fuel (CASK-ex) was 5.87 cents, an improvement from 7.11 cents during the previous quarter. At June 30, 2023, Norse Atlantic Airways had cash and cash equivalents totaling $59.1 million.

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


“Q2 marked a significant period of ramping-up as we inaugurated new destinations in the US and Europe. Additionally, more of our fleet of fuel efficient Boeing 787 Dreamliners were brought into production. By the end of Q2 the airline had more than doubled capacity, with June being our first month of increased production, and notably our first month generating bottom-line profits.


“Q3 is expected to be our first financial quarter generating a profit. The move to profitability is driven primarily by having all 15 aircraft generating revenue for the first time, from 1st July; 10 of which are operating for Norse and five generating revenue through sublease income.


“A milestone was passed during Q3 as we surpassed one million booked passengers. By providing affordable air fares on competitive and established routes to key primary airports and destinations, we allow more people to explore the world and enjoy the experience of long-haul travel whether for leisure or business. Norse will be the first truly low-cost profitable long-haul airline.”


Norse Atlantic Airways Second Quarter 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, 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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