Norse announced its Q3 results today, and I came to refresh old memories from summer 2024. Norse’s business has still not turned profitable, but the rate of loss has clearly decreased from 2024. This year, the aircraft load factor has been over 90% all year, but profits just aren’t materializing:
The owners have stubbornly continued to finance the company, even though accumulated losses already exceed 500 mUSD since the start of operations:
When pondering these figures, it’s worth noting the 268 mUSD write-down from the reduction of share capital, which has covered previous losses.
Even in April back then, one could have easily gotten on board, as the stock went over ten during the summer. Now, however, that rise has largely melted away, and today, with the results, there’s a \~ -12% on the board:
Norse is undergoing a partial transformation, as 5-6 of its fleet are moving/have moved to operate Indigo’s long-haul flights. That is, under normal circumstances, a very low-margin business, but perhaps that way they could push themselves to profitability in 2026? I wouldn’t personally put many euros on this bet, however.