Lindblad Expeditions Reports 23% Revenue Jump in Q2

Lindblad Expeditions reported Q2 2025 revenue of $167.9 million, a 23% increase from the prior-year period, and exceeded analyst expectations. The company also narrowed its EPS (GAAP) loss to ($0.18), significantly ahead of consensus and the comparable period. Adjusted EBITDA reached $24.8 million, a 139% year-over-year increase. Lindblad's Lindblad segment revenue rose 19% to $111 million, while the Land Experiences segment revenue surged 31% to $56.9 million. Occupancy in the Lindblad segment increased to 86%, up 8 percentage points.

Lindblad Expeditions Holdings Inc. (NASDAQ: LIND) reported robust financial results for the second quarter of 2025, with revenue increasing by 23% year-over-year to $167.9 million, surpassing analyst expectations. The company also narrowed its earnings per share (EPS) loss to -$0.18, significantly outperforming the consensus estimate of -$0.28. Adjusted EBITDA reached $24.8 million, marking a 139% year-over-year increase.

The Lindblad segment revenue rose 19% to $111 million, while the Land Experiences segment revenue surged 31% to $56.9 million. Occupancy in the Lindblad segment increased to 86%, up 8 percentage points from the previous year. The company's net yield per available guest night reached $1,241, up 13% from the prior year, setting a new quarterly record.

Despite the strong performance, the company expects higher costs and less flow-through in the second half of 2025 due to investments in future growth and international expansions. Sales and marketing costs increased by 44.4%, driven by higher royalties, commission expenses, and investments in demand generation efforts. The company is also facing challenges in finding used boats in the market for acquisition, which may necessitate considering new vessel construction.

Lindblad provided full-year revenue guidance of $725 million to $750 million and EBITDA guidance of $108 million to $115 million. The company expects a net yield per available guest night to increase by 9-11% driven by international expansion and product innovation.

References:
[1] https://finance.yahoo.com/news/lindblad-expeditions-holdings-inc-lind-070106844.html
[2] https://za.investing.com/news/transcripts/earnings-call-transcript-lindblad-expeditions-beats-q2-2025-forecasts-stock-surges-93CH-3818041