Norse Atlantic narrows net losses during first quarter

Norse Atlantic Airways reported a net loss of $14.9 million in first quarter of the year, improving from a net loss of $62.8 million a year prior. 

The company's revenues improved from $78.2 million to $125.3 million, while operating costs were up slightly from $105.7 million to $110.3 million. 

EBITDAR totalled $15 million, swinging from a negative result of $26 million last year for the first quarter. Additionally, operating losses improved to $5.2 million, compared with an operating loss of $53.4 million a year prior.

“The improvement across all key performance indicators are a function of Norse Atlantic Airways' new commercial strategy implemented in 2024 and continuous focus on operational efficiencies,” said Norse Atlantic founder, CEO and major shareholder Bjorn Tore Larsen.

Following the redelivery of three aircraft in early 2025, Norse has a uniform fleet of 12 787-9 aircraft. The company said it is “successfully implementing” its revised business plan for its resized fleet, increasing its focus on ACMI charter operations, reducing “the overall business risk”. In March, the first aircraft commenced operations out India for IndiGo, and three aircraft are due to start in the second half of this year, with the final two aircraft expected to start at early next year at the latest.

This will leave Norse with 11 aircraft operating its own scheduled network during the summer. The longer-term fleet in own scheduled network will comprise six aircraft. 

“We believe this represents a good balance between securing year-round fixed revenue from ACMI and maximising the possibilities in our scheduled network,” continued Larsen.

The company's cash position at the end of the quarter was $25 million. Free cash and cash equivalents increased by $3.9 million during the quarter, down $20.7 million.