Norse Boeing 787 9 landing
Norse Atlantic Airways, the long-haul low-cost carrier that has begun leasing its aircraft to other airlines, has blamed worsening losses in Q3 2025 on “market softness,” with the airline remaining positive that its plan remains on track to build the foundations for a profitable long-haul carrier.
On November 26, 2025, Norse Atlantic Airways, also known as Norse, announced its Q3 2025 results, ending the period with a net loss of $7.8 million, compared to a $6.3 million net loss in Q3 2024. Q2 2025 net loss was $5.9 million.
According to the airline, market softness resulted in lower yields, with the airline’s total revenue per available seat kilometer (TRASK) ending up being 4.88¢, compared to a TRASK of 4.93¢ in Q2 and 5.19¢ in Q3 2024.
Norse pointed out that the lower per passenger revenues, which dipped from $406 in Q3 2024 to $395, reflected “lower ancillary revenue due to repackaging of airfare bundles and general pricing pressure experienced in the transatlantic market during the quarter.”
Still, total revenue, aided by growing aircraft, crew, maintenance, and insurance (ACMI) income, improved to $249.8 million, with operating expenses also growing to $228.4 million as the airline operated slightly more flights than in Q3 2024.
However, despite Norse focusing on a hybrid model that includes scheduled operations and ACMI flights on behalf of other airlines, the airline actually lost around $0.5 million of cash during the quarter, ending the quarter with $25.5 million in cash and cash equivalents.
“Cash flow from operations was negatively impacted by working capital movements due to high seasonal activity levels, as well as part of the insurance claim proceeds remaining outstanding at the end of the quarter.”
To bolster its liquidity, Norse completed a NOK 113.7 million ($11.1 million) private placement on October 27, issuing more than 14.7 million new shares, resulting in gross proceeds of around $11 million, it said.
Bjørn Tore Larsen, the founder and Chief Executive Officer (CEO) of Norse, said that since the airline set a new course toward 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, [and] more stable revenues and high-grading of the routes we fly,” the carrier has delivered four consecutive quarters of load factors above 90%, record passenger volumes, and improved financial performance.
“Nevertheless, we still have challenges to address and room to improve amid tough competition on core Transatlantic routes, negative operational events, and cost inflation affecting across the airline industry.”
Currently, Norse has leased five Boeing 787-9s to IndiGo, which has used the aircraft to launch long-haul operations until its own widebody aircraft, Airbus A350-900s, arrive. It plans to split its fleet of 12 787-9s evenly between six aircraft dedicated to ACMI operations and six used to fly its own routes.
“The predictable ACMI revenue and cash flow will strengthen our strategic and financial position as we optimize our own network, flying routes with maximum passenger and fare potential,” Larsen stated, adding that Norse has already focused its winter schedule on flights from Europe to Asia and Africa, where seasonal demand is stronger.
“Our operations are further complemented by charter flights for P&O Cruises, transporting cruise passengers from the UK to the Caribbean from November through to March.”
Looking forward, Norse said that in addition to the two 787-9s it has leased to IndiGo at the end of Q3, it delivered three more in October and November, which should only improve its revenue generation during the last quarter of the year. The Indian carrier will welcome the last, and sixth, 787-9 in early 2026.
In addition, the agreement to carry cruise passengers will aid Norse’s utilization during this and the next airline winter seasons, while it will continue focusing on “proven and profitable routes” that are in its own network.
“Initial booking data confirm the potential from network high grading with improved load factor and increased ticket prices for the “Winter Sun” program flights between Europe and Asia and South Africa in the October 2025 to April 2026 period.”
Cirium’s Diio Mi showed that in November, Norse’s network from Europe spanned four destinations on seven routes, as it has scheduled flights from London Gatwick Airport (LGW), Oslo Gardemoen Airport (OSL), and Stockholm Arlanda Airport (ARN) to Bangkok Suvarnabhumi Airport (BKK), from LGW to Cape Town International Airport (CPT), from LGW and Rome Fiumicino Airport (FCO) to New York John F. Kennedy International Airport (JFK), and from LGW to Orlando International Airport (MCO).
IndiGo has placed Norse’s 787-9s on flights from India to Amsterdam Schiphol Airport (AMS), Copenhagen Airport (CPH), London Heathrow Airport (LHR), and Manchester Airport (MAN).
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