Norse Atlantic Airways reports strong growth in Q2

Thursday, August 31, 2023

Norse Atlantic Airways has reported strong growth in its Q2 2023 financial results, showcasing impressive revenue and passenger metrics. The airline’s revenue surged by a remarkable 152% quarter-on-quarter (QoQ), reaching USD 100.1 million.

The growth in revenue is attributed to several factors, including a substantial 86% QoQ increase in passengers carried, totaling 204,564 individuals. The revenue per passenger also saw substantial growth, rising by 89% QoQ to USD 422.

The airline’s operational expansion is evident through its Available Seat Kilometres (ASK), which escalated by 51% QoQ due to a strategic ramp-up, involving the introduction of additional aircraft into production. The Q2 report marks a significant milestone for Norse Atlantic Airways, as it achieved a positive EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Aircraft Rent) of USD 2.2 million – the first positive EBITDAR recorded on a quarterly basis since the company’s inception.

Norse Atlantic Airways also highlighted its consistent growth in load factors over the quarter, with average load factors of 67%, 72%, and 82% in April, May, and June respectively. This trend continued post-quarter end, with an average load factor of 85% in July.

Moreover, the company generated USD 19.0 million in cash from operations during the quarter, reflecting a substantial increase of USD 39.8 million QoQ. The total cash held at the end of the quarter amounted to USD 59.1 million.

CEO, Founder, and largest shareholder Bjørn Tore Larsen expressed optimism about the airline’s performance, emphasizing the successful expansion into new destinations and the increased production of their fuel-efficient Boeing 787 Dreamliners. He projected a profitable Q3 driven by all 15 of the airline’s aircraft generating revenue for the first time from July 1, 2023.

Norse Atlantic Airways, through its strategic initiatives and focus on affordability, aims to make long-haul travel accessible to a broader range of passengers, thereby positioning itself as a true low-cost profitable long-haul airline.

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