Lindblad Expeditions Jumps After Q2 Revenue Tops Expectations

Shares of Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) surged 10.8% in premarket trading following the release of second-quarter earnings that beat Wall Street forecasts. The adventure travel and expedition cruise company benefited from stronger pricing power and improved occupancy rates.

For the quarter, Lindblad posted a net loss of $0.18 per share, narrower than the $0.28 per share loss expected by analysts. Revenue reached $167.9 million, marking a 23% year-over-year increase and exceeding the consensus estimate of $159.18 million. The company reported 86% occupancy, a solid improvement from 78% in the same period last year.

One of the key drivers of the quarter’s performance was a 13% rise in net yield per available guest night to $1,241 in the Lindblad cruise segment. Meanwhile, the Land Experiences division posted a 31% increase in revenue compared to Q2 2024. Adjusted EBITDA soared 139% to $24.8 million, more than doubling from a year ago.

“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,” said CEO Natalya Leahy. “These results reflect strong momentum behind our strategic initiatives.”

The company also trimmed its net loss attributable to shareholders to $9.7 million, an improvement of $16.1 million from the $25.8 million loss in the second quarter of the previous year.

Looking ahead, Lindblad reaffirmed its full-year 2025 guidance, projecting revenue between $725 million and $750 million, which aligns closely with analyst expectations of $739.8 million. Adjusted EBITDA for the year is expected to range from $108 million to $115 million.

As of June 30, 2025, the company held $247.3 million in cash and cash equivalents, up from $216.1 million at the end of 2024. The increase was primarily driven by $77.6 million in operating cash flow, attributed to strong advance bookings for upcoming expeditions.

Lindblad Expeditions Holdings stock price

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