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Lindblad Expeditions Holdings, Inc. Reports Second Quarter Financial Results for 2025

Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND), a leading name in expedition cruises and adventure tourism, recently revealed its financial performance for the second quarter ending June 30, 2025. The company's results showcase remarkable growth and strategic progress in an evolving travel landscape.

Highlights of the Financial Performance

Lindblad's total revenue saw an impressive growth of 23%, reaching approximately $167.9 million. This surge in revenue is attributed to both the cruise and land segments, particularly highlighted by a $31.4 million increase compared to the previous year's second quarter.

The Lindblad segment, focused on ocean expeditions, reported a revenue of $111.0 million—up by $17.9 million or 19% compared to the same quarter last year. This growth is a result of a 13% increase in net yield per available guest night, driven by higher pricing strategies, as well as an occupancy rate rising to 86% from 78%. Meanwhile, the Land Experiences segment also demonstrated a robust performance with tour revenues of $56.9 million, which signifies a 31% increase year-over-year.

Improved Net Loss and Adjusted EBITDA

Lindblad's net loss available to stockholders improved significantly—falling to $9.7 million, representing a $16.1 million enhancement from a net loss of $25.8 million in Q2 2024. Additionally, the company posted an Adjusted EBITDA of $24.8 million, marking a 139% increase compared to the previous year.

CEO Natalya Leahy expressed her pride in the team’s achievement, noting that these quarterly results reflect strong momentum from their strategic initiatives. Lindblad is committed to unlocking further value through sustained revenue growth and disciplined cost management, indicating positive expectations for the future.

Breakdown of Revenue Segments

• - Lindblad Segment: The revenue increase stems from enhanced pricing strategies coupled with improved occupancy rates. As the segment gears up for recovery, the net yield acquired per available guest night became a critical metric demonstrating a shift toward higher quality offerings.
• - Land Experiences Segment: This segment benefited from additional trips and pricing adjustments, alongside the full quarter results from the recently acquired Wineland-Thomson Adventures. This strategic acquisition has certainly amplified growth opportunities within the sector.

Future Outlook

For the remainder of 2025, Lindblad anticipates total tour revenues will range between $725 million to $750 million, with an Adjusted EBITDA projection of $108 million to $115 million. These optimistic forecasts reflect the company’s agile approach to capitalizing on expanding travel demands and post-pandemic recovery dynamics.

As of June 30, 2025, Lindblad's balance sheet remains strong with cash and cash equivalents totaling approximately $247.3 million, providing a solid foundation for further investments in fleet expansion and enhanced customer experiences. Moreover, they have committed $35 million to a stock repurchase plan, demonstrating confidence in their financial strategy.

Conclusion

With solid financials, strategic acquisitions, and a commitment to innovation in customer engagement, Lindblad Expeditions Holdings, Inc. is poised for continued success in the expedition travel industry. As they adapt to the fast-changing landscape of travel, the company remains focused on delivering unparalleled experiences while fostering a deeper connection between travelers and the planet.

For more details on their strategic initiatives and future plans, visit Lindblad's Investor Relations page.