Lindblad Expeditions today reported financial results for the first quarter ended March 31, 2025.
Natalya Leahy, Chief Executive Officer, said “We delivered outstanding results in Q1, and I couldn’t be more proud of our team. With 89% occupancy and a historically high yield of $1,521 we’ve set a powerful tone for the year ahead.
As we navigate a complex macroeconomic environment, we remain cautiously optimistic that our guests will continue to prioritize meaningful experiences. Our focus stays firmly on the elements within our control: delivering exceptional adventure experiences, optimizing revenue, innovating around cost efficiency, and investing in long-term growth. With this continued consistent approach, I’m confident will delight our guests and our shareholders alike.”
FIRST QUARTER RESULTS
Tour Revenues
First quarter tour revenues of $179.7 million increased $26.1 million, or 17%, as compared to the same period in 2024. The increase was driven by a $12.8 million increase at the Lindblad segment and a $13.3 million increase at the Land Experiences segment.
Lindblad segment tour revenues of $131.1 million increased $12.8 million, or 11%, compared to the first quarter a year ago primarily due to a 25% increase in net yield per available guest night to $1,521 driven by higher pricing and an increase in occupancy to 89% from 76% in the first quarter a year ago.
Land Experiences tour revenues of $48.6 million increased $13.3 million, or 38%, compared to the first quarter a year ago primarily due to operating additional trips and higher pricing. The Land Experiences segment also includes a full quarter of results for Wineland-Thomson Adventures, which was acquired during the third quarter of 2024.
Net Income
Net loss available to stockholders for the first quarter was $0.04 million, $0.00 per diluted share, as compared with a net loss available to stockholders of $5.1 million, $0.10 per diluted share, in the first quarter of 2024.
The company said the $5.1 million improvement primarily reflects the higher operating results, a $1.5 million tax benefit versus a $0.2 million tax expense and a $0.5 million gain on foreign currency versus a $0.2 million loss in the first quarter a year ago.
Adjusted EBITDA
First quarter Adjusted EBITDA of $30.0 million increased $8.4 million as compared to the same period in 2024 driven by a $5.9 million increase at the Lindblad segment and $2.5 million at the Land Experiences segment.
Lindblad segment Adjusted EBITDA of $26.3 million increased $5.9 million as compared to the same period in 2024, primarily due to increased tour revenues, partially offset by increased marketing spend to drive long-term growth initiatives and higher general and administrative costs.
Land Experiences segment Adjusted EBITDA of $3.7 million increased $2.5 million as compared to the same period in 2024, due to increased tour revenues and the addition of Wineland-Thomson Adventures, which was acquired during the third quarter of 2024, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth.
