Norse Atlantic Airways has reported a fourth quarter net loss of $35 million, a $30 million improvement vs. Q4 2023, on a 30 percent year-over-year increase in revenue to $123.1 million.
On Wednesday (February 26, 2025), Norse Atlantic Airways reported their fourth quarter financial results for the period ending December 31, 2024. The carrier reported a fourth quarter net loss of $35 million – a $30 million improvement compared to Q4 2023, on a 30 percent year-over-year increase in revenue to $123.1 million. Norse’s fourth quarter cost per available seat kilometer, excluding fuel, (CASK-ex) decreased year-over-year by 10 percent to 4.46 cents. During the fourth quarter, Norse carried 337,564 passengers, a 46 percent increase compared to the same period last year, with a record average load factor of 92 percent, a 22 percentage point increase versus Q4 2023. At December 31, 2024, the carrier had $22.9 million in cash on hand.
In Wednesday’s announcement, Norse Atlantic Airways’ Founder and CEO, Bjørn Tore Larsen, said,
“During the fourth quarter we achieved a load factor of 92%, a 22-percentage point improvement compared to the fourth quarter of the previous year. The 92% load factor represents the highest load factor achieved in any quarter of the Company’s history. The performance also comes in combination with a significant volume growth compared to last year, and while maintaining revenue per passenger at fair levels.
“The improved load factors is the result of our new commercial strategy which was implemented during 2024.Total revenue for the quarter came in at USD 123.1 million, 30% above the fourth quarter last year. Revenue per passenger for the quarter shows USD 343, which is slightly down from USD 349 last year. The breakdown of revenue per passenger shows a shift from ancillary toward air fares, reflecting a smaller re-packaging of our product bundles.
“We recorded a 46% increase in passengers carried during the quarter, driven by the improved load factor and a 15% increase in ASK and 21% in number of flights. Operational performance remained respectable in the quarter, with 99.7% percentage of the planned flights completed.
“Although overall the quarter saw a net loss of USD 35 million, this was a reduction of USD 30 million compared to the same quarter last year, while intra-quarter the Company recorded a profit for the standalone month of December.
“During February, the Company completed redelivery of two 787-8 aircraft to the Lessor, with the third 787-8 expected to be redelivered before the end of Q1 2025. As previously announced, these redeliveries for aircraft that Norse never has operated, will result in a significant positive accounting impact.
“We have developed ACMI and charter into a separate business area complementary to the operations in our own scheduled network. Following the announced LOI for a longer-term ACMI engagement, Norse now has entered into firm contracts for the leases of four aircraft with well reputed IndiGo, being India’s largest, and also one of the world’s largest airlines. Execution of the contracts is subject to regulatory approval, one aircraft commencing in March, and the remainder tentatively commencing during second half of 2025.
“The new ACMI contracts leaves Norse with a fleet of 11 aircraft operating its own scheduled network during the summer ahead, whereas the longer-term fleet allocation under secured contracts will be eight aircraft in own scheduled network and four aircraft on longer-term ACMI. We believe this represents a good balance between securing year-round fixed revenue from ACMI and maximizing the possibilities in our scheduled network.”
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. 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 Boeing 787-9 Dreamliners. The carrier offers service to New York, Los Angeles, Las Vegas, Miami, Orlando, Bangkok, Cape Town, Oslo, Athens, London, Berlin, Rome and Paris.
Source: Norse Atlantic Airways