Norse Atlantic Airways Reports Third Quarter 2025 Net Loss of $7.8 Million

Norse Atlantic Airways has reported a third quarter 2025 net loss of ($7.8) million on a year-over-year increase in revenue of 12.6 percent to a record $210.5 million.  At September 30, 2025, the carrier had cash and cash equivalents totaling $25.5 million.

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

On Wednesday (November 26, 2025) Norse Atlantic Airways reported their third quarter financial results for the period ending September 30, 2025.  The carrier reported a third quarter net loss of ($7.8 million) on a year-over-year increase in revenue of 12.6 percent to $210.5 million, a quarterly record.  Norse’s total revenue per available seat kilometer (TRASK) for the third quarter was 4.88 cents, down from 5.19 cents during the same period last year, while cost per available seat kilometer (CASK) was 4.82 cents, down from 5.08 cents during Q3 2024.  Costs excluding fuel (CASK-ex) totaled 3.44 cents, down from 3.55 during the third quarter last year.  At September 30, 2025, the carrier had cash and cash equivalents totaling $25.5 million.

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

“A year ago, we set a new course for Norse Atlantic based on a data-driven commercial strategy, a plan to realize operational efficiencies and a transition to a dual ACMI and own network model with reduced risk, more stable revenues and high-grading of the routes we fly.  Since then, we have delivered four consecutive quarters with load factors above 90%, record passenger volumes and improved financial performance.  Nevertheless, we still have challenges to address and room to improve amid tough competition on core Transatlantic routes, negative operational events and cost inflation affecting across the airline industry.

“Our fleet of 12 modern, efficient Boeing 787-9 Dreamliners form a strong base for delivering those improvements as Norse Atlantic transitions to the dual strategy model with ACMI charters reducing market risk and complementing own scheduled network.

“We are progressing to plan with five aircraft delivered to IndiGo at end-November, with the final one set for transfer in early 2026.  Then, we will have a balanced portfolio with six aircraft on ACMI charters and six in own scheduled network.  The predictable ACMI revenue and cash flow will strengthen our strategic and financial position as we optimize our own network, flying routes with maximum passenger and fare potential.

“This is already reflected in our winter program, where we increase the number of routes from Europe to Asia and Africa to tap into seasonally stronger demand.  Our operations are further complemented by charter flights for P&O Cruises, transporting cruise passengers from the UK to the Caribbean from November through to March.

“Next summer, we have a focused program between Europe and the U.S., based on routes with proven strong demand and higher ticket prices.  We also look forward flying football fans to and from 2026 FIFA World Cup.  We are now fully focused on implementing our dual strategy business model in line with our ambition of delivering material cash flow and long-term value creation for our shareholders.”

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