Norse Atlantic Airways Reports Second Quarter 2025 Net Loss of $6.0 Million
- Joe Breitfeller
- Aug 19
- 3 min read
Norse Atlantic Airways has reported a second quarter net loss of $6.0 million on a 25 percent year-over-year increase in total revenue revenue to $202.6 million. The company closed the period with a cash balance of $24 million.
On Tuesday (August 19, 2025), Norse Atlantic Airways reported their second quarter financial results for the period ending June 30, 2025. The carrier reported a second quarter EBIT of $4.0 million and a net loss of $6.0 million or ($0.04) per diluted share on a 25 percent year-over-year increase in revenue to $202.6 million. Norse’s Q2 2025 average load factor reached a world-leading 97 percent. At the end of the period, Norse Atlantic Airways had an available cash balance of $24.0 million.
In Tuesday’s announcement, Norse Atlantic Airways’ CEO, Founder and Major Shareholder, Bjørn Tore Larsen, said,
“The positive momentum from the start of the year has continued into the summer with record load factor and strong passenger growth, yielding a 27% increase in passenger revenue and our first-ever second-quarter operating profit. The progress reflects successful execution of Norse Atlantic Airway’s commercial strategy implemented in 2024 and focus on operational efficiencies. We consistently deliver a world-leading load factor of 97% in the second quarter, up 15 percentage points from last year, and 96% for the first half. This shows the impact of our data driven commercial model in an industry where a load factor above 90% is a strong result.
“While we continue to reduce unit costs year-over-year, there was a slight decline in average passenger revenue in the quarter which is mainly related to airfare bundles adjustments. Our fleet of 12 modern, efficient Boeing 787-9 Dreamliners form a strong base for further improvements as Norse Atlantic transition to the dual leg model with ACMI charters reducing our market risk and complementing our own scheduled network.
“In the second quarter, we operated 11 aircraft in our own network and one on a long-term ACMI with Indigo. In the coming months, five additional aircraft will be transferred to Indigo, India’s leading and one of the world’s largest airlines, for ACMI operations, subject to regulatory approvals. From early 2026, the fleet in own scheduled network will comprise six aircraft. This will strengthen our strategic and financial position with predictable ACMI revenue and cash flow in a volatile market while optimizing own network, flying routes with maximum passenger and fare potential.
“Going into the 2025 summer season, there has been some softness in the Transatlantic market. At the same time, we see strong demand for our Asia and Africa fall/winter program. Momentum into the third-quarter high season is good with bookings to date confirming the positive trend in load factor and passenger revenues. We are pleased to have renewed the charter agreement with P&O Cruises for next two winter seasons, flying cruise passenger from the UK to the Caribbean in the November to March period.
“To round off, since the start of operations, Norse has carried 3.6 million passengers as of end-June 2025, delivering affordable, value-for money air travel to customers worldwide since our inaugural flight three years ago.”
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, and extensive cargo operations. 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 338-seat Boeing 787-9 Dreamliners configured with Premium and Economy Class cabins. The carrier offers service across North America, Europe, Africa, and Asia. Customers can fly with Norse Atlantic to cities like New York, Los Angeles, Las Vegas, Miami, Orlando, Bangkok, Phuket, Cape Town, Oslo, Athens, London, Berlin, Rome, and Paris.
Source: Norse Atlantic Airways/Cision
