Norse Atlantic: Strong Q2 performance sets the stage for further growth

A Norse Atlantic Boeing 787 Dreamliner lifts off the runway.
Photo Credit: Adrian Olstad / AviationSource

Norse Atlantic has disclosed its financial results and performance for the second quarter of 2023, showcasing robust growth that propels the airline into the upcoming quarter with impressive momentum.

The company’s strategic efforts and positive market dynamics have translated into remarkable achievements, demonstrating the airline’s commitment to excellence and expansion.

Soaring Revenues and Passenger Numbers

The second quarter marked a phenomenal leap in Norse Atlantic’s revenue, which surged by a staggering 152% quarter-on-quarter (QoQ), reaching an impressive USD 100.1 million. This remarkable achievement speaks volumes about the airline’s operational efficiency and customer appeal.

Furthermore, the number of passengers carried soared by 86% QoQ, with a total of 204,564 passengers enjoying Norse Atlantic’s services.

This pronounced growth underscores the airline’s ability to cater to a diverse range of travelers and meet their varied needs.

Another remarkable highlight of Norse Atlantic’s Q2 performance is the commendable 89% QoQ increase in revenue per passenger, reaching a noteworthy USD 422.

This improvement underscores the airline’s success in optimizing its pricing strategy, enhancing the overall customer experience, and offering valuable services that resonate with passengers.


Norse Atlantic Dreamliner
Norse Atlantic Boeing 787 Dreamliner (Photo: Norse Atlantic Airways)

Expanded Capacity and Positive EBITDAR

Norse Atlantic’s strategic efforts to bolster its fleet and operational capacity were evident in the remarkable 51% QoQ increase in Available Seat Kilometres (ASK). This expansion was a planned move, with the airline bringing more aircraft into production, resulting in a promising ramp-up.

Notably, the airline achieved a significant milestone by reporting its first positive EBITDAR of USD 2.2 million on a quarterly basis since its inception.

This achievement reflects the company’s dedication to achieving financial stability and sustainable growth.

Positive Momentum

Intriguingly, Norse Atlantic recorded its first profitable month, June, during the second quarter. This achievement underscores the effectiveness of the airline’s operational strategies and customer engagement initiatives.

The positive momentum gained during this period is poised to carry forward into the third quarter, further reinforcing Norse Atlantic’s upward trajectory.

Norse Atlantic Airways Boeing 787
Photo Credit: Norse Atlantic Airways

Load Factors

Norse Atlantic’s load factors displayed robust development throughout the quarter, reflecting strong passenger demand and effective capacity management.

The monthly average load factors for April, May, and June were recorded at 67%, 72%, and 82%, respectively. Moreover, the positive trend continued beyond the quarter’s conclusion, with July’s average load factor reaching an impressive 85%.

These load factor figures underscore Norse Atlantic’s ability to attract travelers and maintain a healthy balance between capacity and demand.

Financials and Cash Generation

The airline’s financial resilience and growth were further highlighted by the substantial increase in cash generated from operations during the quarter. A remarkable USD 19.0 million was generated, signifying a significant USD 39.8 million QoQ increase.

Additionally, Norse Atlantic reported a robust total cash holding of USD 59.1 million by the quarter’s end, reflecting the company’s sound financial management and positioning.

Shareholders and Market Expansion

Norse Atlantic demonstrated its commitment to shareholders by fulfilling its promise of a repair offering, raising NOK 150 million gross (USD 14.1 million) during the quarter.

This move showcases the company’s dedication to transparency, accountability, and delivering value to its stakeholders.

Furthermore, the airline achieved a significant milestone by upgrading to Euronext Expand at the Oslo Stock Exchange, positioning itself as a key player in a regulated market.

Future Prospects

Norse Atlantic’s CEO, Founder, and largest shareholder, Bjørn Tore Larsen, shared his insights on the airline’s remarkable Q2 performance.

He highlighted the significance of the period, marked by expansion into new destinations in the US and Europe and the increased production of fuel-efficient Boeing 787 Dreamliners.

The airline’s capacity more than doubled by the end of Q2, and June marked the first month of increased production and bottom-line profits.

Looking ahead, Larsen projected that Q3 would be the first financial quarter to generate a profit, driven by the revenue generated from all 15 aircraft, including both those operated by Norse and those contributing through sublease income.


Larsen emphasized that Norse Atlantic’s achievements align with the airline’s vision of providing affordable airfares on competitive routes to key primary airports and destinations.

By offering access to long-haul travel experiences, whether for leisure or business, Norse Atlantic aims to enable more individuals to explore the world and enjoy enriching journeys.

As the airline approaches becoming the first truly low-cost profitable long-haul airline, it solidifies its position as an industry leader committed to excellence, customer satisfaction, and sustained growth.

Did you know AviationSource has two newsletters? One covers the general news and analysis of the industry as a whole, and the other to do with emergencies that take place throughout the year! To subscribe to our General News Newsletter, CLICK HERE!
To subscribe to our Emergencies, Accidents & Incidents Newsletter, CLICK HERE!

By Len Varley - Assistant Editor 6 Min Read
6 Min Read
You Might Also Enjoy