Total revenue increased 17% to $240.2 million
Net loss available to stockholders was $49 thousand
Adjusted EBITDA increased 25% to $57.3 million
Lindblad segment net yield per available guest night increased 9% to $1,314
Occupancy increased to 88% from 82%
The Company refinanced its long-term debt, lowering its interest rate to 7.00% and extending maturity to 2030
NEW YORK, Nov. 4, 2025 /PRNewswire/ -- Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) (the "Company" or "Lindblad"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the third quarter ended September 30, 2025.
Natalya Leahy, Chief Executive Officer, said, "Our latest quarter is a testament to our great team and disciplined focus on strategic priorities and unforgettable guest experiences. Both our land and marine segments grew strongly with overall corporate revenue up 17% and a new record level of adjusted EBITDA while achieving highest ever measured guest satisfaction scores. Finally, the excellent work done to strengthen our balance sheet positions us for durable and profitable growth well into 2030."
THIRD QUARTER RESULTS
Tour Revenues
Third quarter tour revenues of $240.2 million increased $34.2 million, or 17%, as compared to the same period in 2024. The increase was driven by a $16.3 million increase at the Lindblad segment and a $17.9 million increase at the Land Experiences segment.
Lindblad segment tour revenues of $137.6 million increased $16.3 million, or 13%, compared to the third quarter a year ago primarily due to a 9% increase in net yield per available guest night to $1,314 driven by higher pricing and an increase in occupancy to 88% from 82% in the third quarter a year ago.
Land Experiences tour revenues of $102.6 million increased $17.9 million, or 21%, compared to the third quarter a year ago primarily due to operating additional trips and higher pricing.
Net Income
Net loss available to stockholders for the third quarter was $49 thousand, $0.00 per diluted share, as compared with net income available to stockholders of $21.3 million, $0.36 per diluted share, in the third quarter of 2024. The $21.4 million decrease primarily reflects $23.5 million in debt refinancing expenses and a $4.2 million decrease in the income tax benefit recorded during the quarter, partially offset by improved operating results, including a $1.8 million benefit related to employee retention tax credits received.
Adjusted EBITDA
Third quarter Adjusted EBITDA of $57.3 million increased $11.4 million as compared to the same period in 2024 driven by a $6.5 million increase at the Lindblad segment and $4.9 million at the Land Experiences segment.
Lindblad segment Adjusted EBITDA of $32.8 million increased $6.5 million as compared to the same period in 2024, primarily due to increased tour revenues and employee retention tax credits, partially offset by higher royalties and commission expense related to the increased revenues and royalty rates per the National Geographic agreement.
Land Experiences segment Adjusted EBITDA of $24.5 million increased $4.9 million as compared to the same period in 2024, primarily due to increased tour revenues, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth.
For the three months ended September 30,
For the nine months ended September 30,
(In thousands)
2025
2024
Change
%
2025
2024
Change
%
Tour revenues:
Lindblad
$
137,561
$
121,268
$
16,293
13
%
$
379,714
$
332,624
$
47,090
14
%
Land Experiences
102,611
84,737
17,874
21
%
208,124
163,494
44,630
27
%
Total tour revenues
$
240,172
$
206,005
$
34,167
17
%
$
587,838
$
496,118
$
91,720
18
%
Operating income:
Lindblad
$
13,236
$
11,680
$
1,556
13
%
$
19,553
$
10,092
$
9,461
94
%
Land Experiences
22,734
17,801
4,933
28
%
31,440
19,032
12,408
65
%
Operating income
$
35,970
$
29,481
$
6,489
22
%
$
50,993
$
29,124
$
21,869
75
%
Adjusted EBITDA:
Lindblad
$
32,773
$
26,238
$
6,535
25
%
$
75,422
$
53,429
$
21,993
41
%
Land Experiences
24,490
19,574
4,916
25
%
36,666
24,373
12,293
50
%
Total adjusted EBITDA
$
57,263
$
45,812
$
11,451
25
%
$
112,088
$
77,802
$
34,286
44
%
Balance Sheet and Liquidity
The Company's cash and cash equivalents and restricted cash were $290.1 million as of September 30, 2025, as compared with $216.1 million as of December 31, 2024. The increase primarily reflects $97.1 million in cash from operations due primarily to increased bookings for future travel, which was partially offset by $36.8 million in cash used in purchasing property and equipment.
During the third quarter, the Company completed a refinancing of its long-term debt through the issuance of new Senior Secured Notes due 2030, bearing interest at a rate of 7.00%. The refinancing extended the Company's weighted average debt maturity profile by several years and reduced its blended borrowing rate by approximately 75 basis points compared to the prior structure, which included 2027 Notes at 6.75% and 2028 Notes at 9.00%.
This refinancing simplified the Company's capital structure and enhanced financial flexibility to support strategic growth initiatives across both its ship- and land-based operations.
As of September 30, 2025, the Company had a total debt position of $675.0 million and was in compliance with all of its applicable debt covenants. S&P Global also upgraded the Company's corporate credit rating during the quarter, citing the Company's strong operating performance and its forward-booked position.
2025 OUTLOOK
The Company's current expectations for the full year 2025 are as follows
Tour revenues of $745 - $760 million
Adjusted EBITDA of $119 - $123 millio
NON-GAAP FINANCIAL MEASURES
The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry.
The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the supplemental financial schedules.
Conference Call Information
The Company has scheduled a conference call at 9:00 a.m. Eastern Time on November 4, 2025, to discuss the earnings of the Company. The conference call can be accessed by dialing 1-800-715-9871 (United States), 1-646-307-1963 (International).
The Access Code is 1144402. A replay of the call will be available at the Company's investor relations website, investors.expeditions.com.
About Lindblad Expeditions Holdings, Inc.
Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND, the ", Company", )) is a leader in global expedition travel, offering immersive, educational journeys that span all seven continents through its six pioneering brands. Driven by a passion for the planet and the belief that there is always more to be discovered, the Company leads travelers to the farthest reaches of the world with an expansive portfolio of ship- and land-based expeditions. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, which offers ship-based voyages that allow guests to explore remote destinations alongside scientists and naturalists, and with state-of-the-art exploration tools. In addition to its renowned modern expedition cruises, the Company's award-winning land-based brands—Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures—provide extraordinary wildlife, cultural, and adventure-focused experiences. Together, these brands connect travelers with some of the planet's most inspiring natural and cultural landscapes, fostering a deep appreciation for the world.
To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, and the Company's commitment to responsible exploration, visit investors.expeditions.com.
Forward Looking Statements
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's financial projections and may also generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe the Company's financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following:(i) adverse general economic factors, including the impact of geopolitical, macroeconomic conditions, tariffs, changes in trade policies or capital markets volatility, that decrease the level of disposable income of consumers or consumer confidence and negatively impact the ability or desire of people to travel; (ii) cancelling or rescheduling of voyages, the denial and/or unavailability of ports of call and other potential disruptions to our business and operations related to health pandemics, political or civil unrest, war, terrorism, or other similar events; (iii) increases in fuel prices, changes in fuels consumed and availability of fuel supply in the geographies in which we operate or in general; (iv) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (v) the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels; (vi) unscheduled disruptions in our business due to civil unrest, travel restrictions, weather events, mechanical failures, pandemics or other events; (vii) management of our growth and our ability to execute on our planned growth, including our ability to successfully integrate acquisitions; (viii) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xi) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xii) the impact of severe or unusual weather conditions, including climate change, on our business; (xiii) the impact of changes in tax policies and other governmental regulations in the geographies in which we operate; (xiv) adverse publicity regarding the travel and cruise industry in general; (xv) loss of business due to competition; (xvi) the inability to meet or achieve our sustainability related goals, aspirations, initiatives, and our public statements and disclosures regarding them; (xvii) the result of future financing efforts; and (xviii) those risks described in the Company's filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company's performance may be found in its filings with the SEC, which are available at http://www.sec.gov or at http://www.expeditions.com in the Investor Relations section of the Company's website.
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIESCondensed Consolidated Balance Sheet(In thousands, except share and per share data)
As of September 30,2025
As of December 31, 2024
(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents
$
261,781
$
183,941
Restricted cash
28,343
32,202
Prepaid expenses and other current assets
73,664
62,290
Total current assets
363,788
278,433
Property and equipment, net
527,609
518,390
Goodwill
61,145
59,031
Intangibles, net
17,365
15,923
Other long-term assets
6,627
5,128
Total assets
$
976,534
$
876,905
LIABILITIES
Current Liabilities:
Unearned passenger revenues
$
362,276
$
318,666
Accrued expenses
54,848
58,054
Accounts payable
20,650
13,860
Lease liabilities - current
821
1,845
Long-term debt - current
10
29
Total current liabilities
438,605
392,454
Long-term debt, less current portion
663,443
625,425
Deferred tax liabilities
2,545
3,537
Other long-term liabilities
745
1,024
Total liabilities
1,105,338
1,022,440
Commitments and contingencies
-
-
Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 sharesissued and outstanding as of September 30, 2025 and December 31, 2024, respectively
81,821
78,155
Redeemable noncontrolling interests
45,968
29,424
127,789
107,579
STOCKHOLDERS' DEFICIT
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A sharesissued and outstanding as of September 30, 2025 and December 31, 2024, respectively
-
-
Common stock, $0.0001 par value, 200,000,000 shares authorized; 55,392,217 and54,507,977 issued, 55,294,328 and 54,376,154 outstanding as of September 30, 2025 and December 31, 2024, respectively
6
6
Additional paid-in capital
127,973
109,473
Accumulated deficit
(384,572)
(362,881)
Accumulated other comprehensive income
-
288
Total stockholder's deficit
(256,593)
(253,114)
Total liabilities, mezzanine equity and stockholders' deficit
$
976,534
$
876,905
LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIESCondensed Consolidated Statements of Operations(In thousands, except share and per share data)(unaudited)
