Lindblad Expeditions has reported financial results for the second quarter ended June 30, 2025.

Natalya Leahy, Chief Executive Officer, said: “I’m incredibly proud of the team’s accomplishments this quarter. We delivered 23% revenue growth, achieved 86% occupancy on a 5% increase in capacity, and drove a 139% increase in Adjusted EBITDA. These results reflect strong momentum behind our strategic initiatives. We remain focused on unlocking meaningful value through continued revenue growth and disciplined cost innovation, and we are confident in the direction we’re heading.”

SECOND QUARTER RESULTS

Tour Revenues

Second quarter tour revenues of $167.9 million increased $31.4 million, or 23%, as compared to the same period in 2024. The increase was driven by a $18.0 million increase at the Lindblad segment and a $13.5 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $111.0 million increased $17.9 million, or 19%, compared to the second quarter a year ago primarily due to a 13% increase in net yield per available guest night to $1,241 driven by higher pricing and an increase in occupancy to 86% from 78% in the second quarter a year ago.

Land Experiences tour revenues of $56.9 million increased $13.5 million, or 31%, compared to the second 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 second quarter was $9.7 million, $0.18 per diluted share, as compared with a net loss available to stockholders of $25.8 million, $0.48 per diluted share, in the second quarter of 2024. The $16.1 million increase primarily reflects the improved operating results, a $3.4 million benefit related to employee retention tax credits, a $0.8 million gain on foreign currency, and a $0.5 million tax expense versus a $4.5 million tax expense in the second quarter a year ago.

Adjusted EBITDA

Second quarter Adjusted EBITDA of $24.8 million increased $14.5 million as compared to the same period in 2024 driven by a $9.8 million increase at the Lindblad segment and $4.7 million at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $16.3 million increased $9.8 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 increased marketing spend to drive long-term growth initiatives.

Land Experiences segment Adjusted EBITDA of $8.5 million increased $4.7 million as compared to the same period in 2024, primarily due to increased tour revenues, the addition of Wineland-Thomson Adventures, which was acquired during the third quarter of 2024, and employee retention tax credits, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth.

Balance Sheet and Liquidity

The Company’s cash and cash equivalents and restricted cash were $247.3 million as of June 30, 2025, as compared with $216.1 million as of December 31, 2024. The increase primarily reflects $77.6 million in cash from operations due primarily to increased bookings for future travel, which was partially offset by $44.7 million in cash used in purchasing property and equipment and the addition of the National Geographic Delfina and the National Geographic Gemini.

As of June 30, 2025, the Company had a total debt position of $635.0 million and was in compliance with all of its applicable debt covenants.