Lindblad Expeditions shares were up 15 percent at market open on Monday, August 3 as the company reported second quarter earnings and the best second quarter occupancy in 10 years at 91 percent.

Occupancy climbed to 91 percent from 86 percent a year earlier, the highest second quarter rate in a decade and the second consecutive quarter the company topped its 90 percent target.

“We’ve consistently said we expect to achieve 90 percent occupancy this year, and I’m very pleased to report that this is the second consecutive quarter we’ve hit the 90-plus target,” said Natalya Leahy, chief executive officer.

Leahy said the gain came alongside a 12 percent increase in capacity, with the company driving both occupancy and yield despite the added berths.

Net yield per available guest night rose 4 percent to $1,294, a second quarter record and the sixth straight quarter of record net yields.

Asked by analysts on how much further occupancy could climb, Leahy said roughly 90 percent, or slightly higher, is likely the norm given the small size of the company’s ships and its ultra-premium product.

She pointed to yield, rather than occupancy, as the primary lever for future growth.

“I do think we have a potential to continue to grow yields at a very healthy rate, which is what current booking trends are showing,” Leahy said, citing improved deployment, a stronger product mix, demand generation and additional revenue streams such as onboard and extension sales.

The company narrowed its net loss to $1.4 million, or 2 cents per share, from $9.7 million, or 18 cents, a year earlier.

On booking momentum across 2026, 2027 and its newly launched 2028 season, Lindblad raised full-year revenue guidance to a range of $830 million to $860 million, up from $800 million to $850 million. It lifted net yield guidance to between 4.5 and 5.5 percent while maintaining adjusted EBITDA guidance of $130 million to $140 million.