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Norse Atlantic Reports Positive Q1 2024 Results

DALLAS — Norse Atlantic Airways (N0) has reported a strong start to 2024, demonstrating significant year-on-year improvements across all key metrics in Q1. N0 is also preparing for a successful and busy summer season.

The Norwegian carrier’s revenue soared by 97% in Q1 2024 compared to the same period in 2023, reaching USD 78.2 million. Passenger numbers also saw a substantial increase of 83%, with the airline carrying 201,462 passengers during the quarter.

This growth is further reflected in a 72% rise in Available Seat kilometers (ASK) and a 19 percentage point jump in load factor to 73%.

Norse Atlantic Airways Boeing 787 Dreamliner. Photo: Francesco Cecchetti/Airways

Operational Excellence, Cost Efficiency

Norse Atlantic maintained a strong operational performance, with 100% of planned flights completed during the quarter. This reliability is complemented by their focus on cost efficiency.

The airline achieved a significant 28% reduction in Cost per Available Seat Kilometre excluding fuel (CASK ex-fuel) compared to Q1 2023. This demonstrates N0’s ongoing efforts to optimize its operations and achieve long-term profitability.

Norse Atlantic ended the quarter with a total cash holding of USD 33.2 million. Additionally, the airline secured a USD 20 million revolving credit facility from its two largest shareholders to provide a liquidity buffer during the lead-up to the more cash-generative summer season.

Norse Atlantic Airways Boeing 787 Dreamliner. Photo: Alberto Cucini/Airways

Growth, Long-Term Vision

While Q1 primarily focused on winter travel, N0 capitalized on seasonal trends by strategically emphasizing holiday destinations and charter flights. A record-breaking 107 charter flights were operated during the quarter, solidifying this successful strategy.

Looking ahead, N0 plans to refine this approach for the upcoming winter season, having already secured or negotiated several long-term charter contracts. The airline is also gearing up for its busiest summer season yet, with plans to increase its operational fleet from 10 to 12 aircraft. This 20% capacity growth will cater to the anticipated surge in summer travel demand.

Network expansion is a key element of Norse Atlantic's growth strategy, with Athens (ATH) joining their summer routes, Las Vegas (LAS) launching in the fall, and Cape Town (CPT) marking the airline's entry into a new continent this winter.

“We are looking forward to the busiest summer season so far in Norse Atlantic's short history. Our goal is to see CASK continuously decreasing year-on-year for each quarter. Norse remains steadfast in its commitment to achieve the lowest CASK in the Transatlantic market. Norse is on a path towards year-round profitability, and a successful summer 2024 is the next important stepping-stone on that journey,” said Bjorn Tore Larsen, CEO and Founder of Norse Atlantic Airways.

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