Lindblad Expeditions Holdings has reported a total revenue increase of 23% to $167.9 mill for the second quarter of this year.
The company’s net loss improved by $16.1 mill to $9.7 mill, while adjusted EBITDA increased 139% to $24.8 mill.
Lindblad segment’s net yield per available guest night increased 13% to $1,241 and the occupancy increased to 86% from 78%.
CEO Natalya Leahy (pictured), 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,” she said.
Second quarter tour revenues of $167.9 mill was an increase of $31.4 mill, or 23%, compared to the same period in 2024. This rise was driven by a $18 mill increase at the Lindblad segment and a $13.5 mill increase at the Land Experiences segment.
Lindblad segment tour revenues of $111 mill increased $17.9 mill, or 19%, compared to 2Q24, 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%.
Land Experiences tour revenues of $56.9 mill was an increase of $13.5 mill, or 31%, compared to 2Q24, primarily due to operating additional trips and higher pricing. This segment also included a full quarter of results for Wineland-Thomson Adventures, which was acquired during 3Q24.
The net loss was $9.7 mill, $0.18 per diluted share, compared with $25.8 mill, $0.48 per diluted share, in the second quarter of 2024. The $16.1 mill increase primarily reflected the improved operating results, a $3.4 mill benefit related to employee retention tax credits, a $0.8 mill gain on foreign currency, and a $0.5 mill tax expense, versus a $4.5 mill tax expense in 2Q24.
Second quarter adjusted EBITDA of $24.8 mill was an increase of $14.5 mill, compared to the same period in 2024 driven by a $9.8 mill increase at the Lindblad segment and $4.7 mill at the Land Experiences segment.
Lindblad segment adjusted EBITDA of $16.3 mill was an increase of $9.8 mill, 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 expenses related to the increased revenues, and increased marketing spend to drive long-term growth initiatives.
Land Experiences segment adjusted EBITDA of $8.5 mill was an increase of $4.7 mill, compared to the same period in 2024, primarily due to increased tour revenues, the addition of Wineland-Thomson Adventures and employee retention tax credits, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth.
Lindblad’s cash and cash equivalents and restricted cash were $247.3 mill as of 30th June, 2025, compared with $216.1 mill as of 31st December, 2024.
This increase primarily reflected $77.6 mill in cash from operations, due primarily to increased bookings for future travel, which was partially offset by $44.7 mill in cash used in purchasing property and equipment and the addition of the ’National Geographic Delfina’ and the ’National Geographic Gemini’.
As of 30th June, 2025, the company had a total debt position of $635 mill and was in compliance with all of its applicable debt covenants.
The company gave its expectations for the full year 2025, as follows:
- Tour revenues of $725 – $750 mill.
- Adjusted EBITDA of $108 – $115 mill.
