Photo: Shutterstock Norse Atlantic Airways released its financial and operational results for the third quarter of 2025, showcasing record-breaking revenue alongside significant expansion in operations.
According to the company's report, passenger numbers increased by 11% compared to the same period last year. During the third quarter, the company flew approximately 573,000 passengers, bringing the total number of passengers since its inaugural flight in June 2022 to 4.3 million.
One of the most impressive figures in the report is the Load Factor, which remained above 90% for four consecutive quarters, indicating strong demand and efficiency in flight management.
However, the company ended the third quarter with a net loss of about $7.8 million, compared to a loss of approximately $6.29 million in the third quarter of 2024.
In the first nine months of 2025, Norse Atlantic reported revenues of around $577.7 million, an increase compared to approximately $465 million in the same period in 2024. Despite the revenue growth, the airline still concluded the period with a net loss of about $28.6 million, which is a significant improvement from a loss of approximately $100.98 million in the same period last year.
The current success is attributed to a strategic shift the airline began implementing about a year ago. The new model combines operating an independent route network with ACMI services (leasing aircraft and crews to other carriers), allowing operational flexibility and reduced risks.
Bjorn Tore Larsen, CEO, founder, and principal shareholder of the company, commented on the results, stating: "A year ago, we set a new course for Norse Atlantic based on a data-driven commercial strategy, a plan to realize operational efficiencies and a transition to a dual ACMI and own network model with reduced risk, more stable revenues and high-grading of the routes we fly.
Since then, we have delivered four consecutive quarters with load factors above 90%, record passenger volumes and improved financial performance.."
To understand the importance of these figures, it's essential to understand the company's unique story. Norse Atlantic was established in February 2021 and conducted its first flight in June 2022, entering a particularly challenging niche: Low-Cost Long-Haul. Its main focus is on transatlantic flights at accessible prices.
The company actually grew out of the void left by Norwegian Air Shuttle, which previously operated an extensive network of low-cost flights to the U.S. but had to shut this operation during the COVID crisis.
Norse Atlantic, founded by shipping magnate Bjorn Tore Larsen and supported by former Norwegian executives, seized the opportunity: it leased Dreamliner aircraft that Norwegian had given up, recruited experienced crews, and started with a "clean slate" without the heavy debts of its predecessor.
The airline's fleet consists solely of advanced Boeing 787 Dreamliner aircraft. This uniformity saves considerable maintenance costs, and the efficient aircraft allow offering cheap tickets while maintaining comfort on long flights. The business model is similar to that of familiar low-cost airlines: pay low for the seat, and add extra charges for luggage, meals, and seat selection.
One of the greatest challenges in transatlantic aviation is seasonality, with peak demand in summer and declines in winter. Norse's new strategy solves precisely this problem: in winter, the airline redirects some planes to leasing (ACMI) for other companies and opens routes to "winter sun" destinations.
Accordingly, the company announced an expanded winter program, including the launch of new intercontinental routes connecting Europe to destinations in Asia and Africa, aiming to continue the growth momentum into 2026.
Company Profile:
Norse Atlantic Airways is a Norwegian airline established in February 2021, with its inaugural flight in June 2022.
Fleet: Only Dreamliners
The company's fleet consists solely of Boeing 787 Dreamliner aircraft.
Classes: The planes are typically divided into two classes: Economy (standard) and Premium (wider seats with significant recline, but not "flatbed" as in luxurious business classes).
Business Model: Pay for What You Need
Like Ryanair or EasyJet but for long-haul flights: the basic ticket is very cheap and only includes a seat and a small bag.
Want a suitcase? Food? Seat selection? Blanket? Pay separately.
The company flies from major airports (like London Gatwick, JFK in New York, CDG in Paris), and not from remote fields, which is an advantage for passengers.
"Winter Sun" Destinations: Opening routes to warm locations in winter such as Thailand (Bangkok), South Africa (Cape Town), or the Caribbean, to fill planes even when it's cold in Europe.