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Lindblad Expeditions (LIND) investor relations material
Lindblad Expeditions Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue grew 23% year-over-year to $167.9M in Q2 2025, driven by higher occupancy, strategic pricing, and acquisitions in both Lindblad and Land Experiences segments.
Adjusted EBITDA surged 139% to $24.8M, with significant contributions from both business segments.
Net loss improved by $16.1M year-over-year to $9.7M, or $0.18 per diluted share, reflecting better operating results and tax credits.
Strategic partnerships, notably with Disney, and expanded sales channels contributed to increased bookings and brand reach.
Leadership team strengthened with key hires to support revenue management, maritime operations, planning, and M&A strategy.
Financial highlights
Q2 2025 revenue reached $167.9M, up $31.4M or 23% compared to Q2 2024; Lindblad segment up 19%, Land segment up 31%.
Adjusted EBITDA increased 139% to $24.8M, with margins expanding 720 basis points to 14.8%.
Net loss per diluted share improved to $0.18 from $0.48 year-over-year.
Cash and equivalents increased to $247.3M as of June 30, 2025, from $216.1M at year-end 2024.
Total debt stood at $635M, with compliance on all covenants.
Outlook and guidance
Full-year 2025 tour revenues expected between $725M–$750M; EBITDA guidance raised to $108M–$115M.
Net yield per available guest night expected to increase 9–11% year-over-year, up from prior 7–10% guidance.
Booking curves for 2025 and 2026 pacing ahead of prior years; 2027 itineraries opened with record weekly sales.
Management expects sufficient liquidity to fund operations, debt service, and capital expenditures for at least the next 12 months.
Second half of 2025 expected to see higher costs due to investment in growth and international expansion.
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