Norse Atlantic Airways’ net losses totalled $35 million in the fourth quarter of 2024, improving $30 million compared to the same period a year prior.
The company said it also turned out a profit in December. CEO, founder, and major shareholder Bjorn Tore Larsen said it was the first winter month profit in the company’s history.
This was driven by passenger numbers increasing 46% to 337,564 in the quarter, as well as its load factor improving 22 percentage points to 92%. Larsen said this was the highest load factor “achieved in any quarter of the company’s history”.
The improvement comes on the back of the company implementing its new business strategy in 2024, creating a more balanced approach to its chartered and scheduled flights.
“We have developed ACMI and charter into a separate business area complementary to the operations in our own scheduled network,” said Larsen.
In February 2025, the company completed the redelivery of two 787-8 aircraft to a lessor, with the third 787-8 to be redelivered in March 2025.
“These redeliveries for aircraft that Norse never has operated, will result in a significant positive accounting impact,” the company read in its report.
With this, the company is left with a “more flexible fleet of 787-9 aircraft only”. The company has 12 787-9 aircraft.
The company had signed a damp lease contract for four 787-9s with IndiGo on February 26, 2025. “It’s going to generate a secure revenue for about the third of our fleet for the next foreseeable future at good levels,” said Larsen. The first aircraft to Indigo will commence operations on March 1, 2025, and the remaining three will be in the second half of the year.
The company said sales for 2025 so far are up 56%, as well as number of tickets sold up 38% compared to a year prior. Ticket prices are up 13% on last year.
For the quarter, revenues up 30% to $123.1 million. Unit costs, excluding fuel, were down 10% to 4.46 cents. Operating expenses excluding leases, depreciation and amortization totalled $126.4 million, up from $123.1 million a year prior.
As of the end of the quarter, the company held $22.9 million in cash. Total assets at the end of the year were $1bn. Total equity and liabilities were $1bn.