Lindblad Expeditions reduces Q2 loss with 19% revenue growth

Lindblad Expeditions Holdings reduced its second quarter net loss to $1.4m, an $8.3m improvement from a year ago, as revenue rose 19% to $199.2m.

The reduced loss primarily reflects improved operating results, despite a $3.4m benefit related to employee retention tax credits in the prior year, and the absence of a preferred stock dividend compared to the $1.2m preferred stock dividend in the same 2025 period.

Shares up 11%

Shares closed up nearly 11% on Monday at $33.12 and went still higher in after-hours trading.

Adjusted EBITDA increased 31% to $32.5m.

Net yield $1,294

"We achieved another record second-quarter net yield of $1,294 and 91% occupancy, our strongest second-quarter occupancy in a decade, while increasing capacity by 12%," CEO Natalya Leahy said.

"Adjusted EBITDA increased 31%, and margins expanded despite higher fuel costs. These results reinforce our confidence in the company's ability to deliver sustainable long-term growth and value creation."

Outlook

Lindblad projects full-year 2026 tour revenues of $830m to $860m and adjusted EBITDA of $130m to $140m.