Lindblad Expeditions Holdings has reported a total revenue increase of 17% to $179.7 mill for the first quarter of this year.
The Group’s net loss was $0.04 mill, compared to $5.1 mill for 1Q24, while the adjusted EBITDA increased by 39% to $30 mill.
Lindblad segment net yield per available guest night increased 25% to $1,521 and occupancy increased to 89% from 76%.
CEO Natalya Leahy (pictured), 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 prioritise meaningful experiences.
“Our focus stays firmly on the elements within our control: delivering exceptional adventure experiences, optimising 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,” she said.
First quarter tour revenues were $179.7 mill, an increase of $26.1 mill, or 17%, compared to the same period in 2024.
This increase was driven by a $12.8 mill increase at the Lindblad segment and a $13.3 mill increase at the Land Experiences segment.
Lindblad segment tour revenues of $131.1 mill was an increase of $12.8 mill, or 11%, compared to 1Q24, 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 of 2024.
Land Experiences tour revenues of $48.6 mill was an increase of $13.3 mill, or 38%, compared to 1Q24, primarily due to operating additional trips and higher pricing.
This segment also includes the full quarter of results for Wineland-Thomson Adventures, which was acquired during 3Q24.
The $5.1 mill in the net loss primarily reflected the higher operating results, a $1.5 mill tax benefit versus a $0.2 mill tax expense and a $0.5 mill gain on foreign currency versus a $0.2 mill loss in 1Q24.
First quarter adjusted EBITDA of $30 mill was an increase of $8.4 mill, compared to the same period in 2024 driven by a $5.9 mill increase at the Lindblad segment and $2.5 mill at the Land Experiences segment.
Lindblad segment adjusted EBITDA of $26.3 mill was an increase of $5.9 mill, 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.
The company’s cash and cash equivalents and restricted cash totalled $235.2 mill as of 31st March, 2025, compared with $216.1 mill as of 31st December, 2024.
This increase primarily reflected the $48.4 mill in cash from operations, due mainly to increased bookings for future travel, which was partially offset by $29 mill in cash used in the purchasing property and equipment and the addition of ‘National Geographic Delfina’ and ’National Geographic Gemini’.
As at the end of March, 2025, the company had a total debt position of $635 mill and was in compliance with all of its applicable debt covenants.
The company added that its current expectations for the full year 2025 were: –
- Tour revenues of $700 – $750 mill.
- Adjusted EBITDA of $100 – $112 mill.
