Norse operates a fleet of 12 Boeing 787 Dreamliners with fuel-efficient aircraft taking passengers on direct flights to cities like New York, Los Angeles, Bangkok, Cape Town, Rome, Athens, Paris and more. As from the first quarter of 2025, the company will wet lease aircraft to the Indian airline IndiGo on longer term contracts, starting with one aircraft, gradually increasing up to four aircraft during the second half of 2025, securing year-round fixed revenue.
Cyborg Score Rationale
Load factor increased from 74% in 2023 to 84% in 2024, with passenger numbers growing 49% to 1.46 million. The airline achieved profitability milestones in 2023 and continues scaling operationally. However, the company faces typical aviation sector challenges including fuel costs and cyclical demand.
Top Insights
Fleet was scaled up from 10 to 12 aircraft in summer 2024, with number of flights growing 35% from 4,002 to 5,402
Company achieved its first quarterly net profit of US$1.6 million in Q3 2023 following positive EBITDAR in Q2
Revenue diversification through aircraft wet leasing to IndiGo starting Q1 2025 provides countercyclical income stream
Skytrax recognition as best long-haul airline in value segment demonstrates competitive differentiation in price-sensitive market
Named Competitors
Norwegian Air Shuttle — Low-cost carrier operating transatlantic and European routes
JetBlue Airways — Low-cost U.S. carrier with transatlantic service
International Airlines Group — Legacy carrier with transatlantic dominance through British Airways and Iberia
Recent Developments
(March 2025) Norse Atlantic achieved operational approval for ULTRAMAIN ELB electronic logbook system
(Q1 2025) Began wet leasing aircraft to IndiGo with plans to scale to four aircraft by H2 2025
(Q3 2024) Operating profit decreased despite 8.4% revenue growth to $222 million
(June 2025) Awarded Skytrax best long-haul airline in value segment for Northern Europe
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