Lindblad Expeditions Expects FY25 Adjusted EBITDA Between $108M and $115M.

Lindblad Expeditions Holdings forecasts FY25 adjusted EBITDA between $108M and $115M, driven by its unique expedition cruising offerings in the travel and leisure industry. The company has demonstrated robust revenue growth over the past three years, but operational efficiency remains a challenge. Lindblad's financial health is concerning, with a negative debt-to-equity ratio and low interest coverage ratio. The company's valuation is modest, with a P/S ratio of 0.99.

Lindblad Expeditions Holdings Inc. (NASDAQ:LIND), a leading provider of premium small-ship adventure travel and land-based expeditions, reported its earnings for the second quarter of fiscal 2025. The company exceeded analyst expectations with a 23.0% year-over-year increase in revenue (GAAP) to $167.9 million, surpassing estimates of $158.8 million [1]. Despite a net loss, the company's earnings per share (EPS) narrowed to ($0.18) compared to the anticipated ($0.27), marking a significant improvement from the prior year's ($0.48) [1].

Key highlights of the quarter include a notable increase in occupancy within the core Lindblad expedition cruises segment, rising to 86% from 78%, driven by higher pricing and capacity [1]. The company's adjusted EBITDA reached $24.8 million, up 139.0% year over year, indicating expanding operating leverage [1].

The Lindblad segment, which covers expedition cruises, posted revenue of $111.0 million, climbing 19.0% from the prior year. Adjusted EBITDA in this segment rose to $16.3 million, benefiting from higher revenues and credits related to employee retention [1]. The Land Experiences segment, encompassing land-based adventure travel and safaris, saw revenue jump 31.0% year over year to $56.9 million [1].

Looking ahead, Lindblad Expeditions forecasts FY2025 adjusted EBITDA between $108 million and $115 million, driven by its unique expedition cruising offerings [1]. The company expects a net yield per available guest night to increase by 7% to 10%, driven by international expansion and product innovation [1]. However, investors should monitor the company's large debt load, which stood at $635.0 million as of the end of the quarter, alongside ongoing losses despite improving cash generation [1].

References:
[1] https://www.nasdaq.com/articles/lindblad-q2-revenue-jumps-23
[2] https://za.investing.com/news/transcripts/earnings-call-transcript-lindblad-expeditions-beats-q2-2025-forecasts-stock-surges-93CH-3818041