Lindblad Expeditions Holdings, Inc. (LIND) Q2 2025 Earnings Call Transcript
Revenue Total company revenues for Q2 2025 were $167 million, an increase of $31 million or 23% versus Q2 2024. Lindblad segment revenues were $111 million, an increase of $18 million or 19% compared to the prior year. Land Experience segment revenues were $57 million, an increase of $13 million or 31% compared to Q2 2024. The increase in the Land segment was driven by increased trips, higher revenue per guest, and the inclusion of Wineland Thomson Adventures, which was acquired in July 2024.
Occupancy Occupancy increased 8 percentage points from 78% to 86% in spite of a 5% increase in available guest nights. This reflects improved deployment and reduced non-revenue days.
Net Yield Net yield per available guest night increased 13% to $1,241, which is the highest Q2 net yield in company history. This was driven by strategic revenue management and pricing architecture.
Adjusted EBITDA Q2 2025 adjusted EBITDA was $24.8 million, an increase of $14.5 million or 139% versus the prior year. This included a $9.8 million or 150% increase in the Lindblad segment and a $4.7 million or 121% increase in the Land Experiences segment. Excluding $3.4 million of employee retention tax credits, adjusted EBITDA increased by $11.1 million or 106% year-over-year. Margins expanded 720 basis points to 14.8%.
Operating Expenses Operating expenses before stock-based compensation, transaction-related expenses, depreciation and amortization, interest, and taxes increased $17.0 million or 13.5% versus Q2 2024. Cost of tours increased $8.4 million or 10.2%, driven by operating additional voyages and trips and the inclusion of Wineland Thomson Adventures. Fuel costs were 3.8% of Lindblad segment revenues, down 230 basis points versus a year ago. Sales and marketing costs increased $8.1 million or 44.4%, primarily due to higher royalties, commission expense, and investments in demand generation efforts.
Net Loss Total company net loss available to stockholders improved $16.1 million year-over-year to $9.7 million or $0.18 per diluted share. This improvement reflects significant operational improvements and execution of strategic pillars.
Cash Position The company ended the quarter with total cash of $247.3 million, an increase of $31.2 million versus the end of 2024. This increase reflects $77.6 million in cash from operations due to strong business results and increased bookings for future travel. $44.7 million was used for investing activities, including the acquisition and refurbishment of 2 Galapagos vessels and higher capital expenditures on other vessels.
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Director Sven-Olof Lindblad Sells Shares in Lindblad Expeditions
- Share Sale: On February 2, 2026, Director Sven-Olof Lindblad sold 360,815 shares in Lindblad Expeditions, indicating a potential decrease in confidence regarding the company's future prospects, which may affect investor sentiment towards the stock.
- Ownership Change: This transaction reduces Lindblad's ownership stake to 10%, raising concerns in the market about a possible diminished influence in corporate governance, which could impact shareholder confidence.
- Market Reaction Anticipation: The sale by a major shareholder may lead to short-term negative impacts on Lindblad Expeditions' stock price, prompting investors to monitor subsequent market developments to assess potential risks.
- Strategic Implications: This action may suggest that Lindblad has differing views on the company's future strategic direction or financial health, necessitating close attention from investors to upcoming financial reports and strategic adjustments.
Lindblad Expeditions Converts 62,000 Preferred Shares into 9 Million Common Shares
- Mandatory Conversion: Lindblad Expeditions has exercised its right to convert 62,000 shares of its 6.0% Series A convertible preferred stock into approximately 9 million common shares, effective February 3, marking a significant shift in the company's capital structure.
- Trigger Conditions Met: The conversion right was triggered on January 16 after the common shares traded above $14.25 for 20 out of 30 consecutive trading days, indicating strong stock performance and investor confidence.
- Change in Common Shares: Following the conversion, Lindblad expects to have about 64.4 million common shares outstanding with no preferred stock remaining, which will simplify the capital structure and enhance liquidity.
- Positive Market Reaction: Following the announcement of the conversion, Lindblad's stock price rose 0.55% in pre-market trading to $16.14, reflecting investor optimism regarding the company's future prospects.
Lindblad Expeditions Executes Mandatory Conversion of Preferred Stock, Issuing 9 Million Common Shares
- Mandatory Conversion Announcement: Lindblad Expeditions announced on January 16, 2026, the mandatory conversion of its 6.0% preferred stock, converting 62,000 shares into approximately 9 million common shares, which simplifies its capital structure and enhances financial flexibility.
- Stock Price Trigger: The conversion was triggered by the company's common stock price exceeding $14.25 for at least 20 out of 30 trading days, indicating strong market performance and investor confidence in the company's stock.
- Equity Structure Change: Following the conversion, Lindblad will have approximately 64.4 million shares of common stock outstanding, eliminating preferred shares, which is expected to boost investor confidence and optimize capital allocation.
- Support for Long-term Strategy: The CFO stated that this conversion provides greater flexibility in capital allocation to support the company's long-term growth strategy, further solidifying its leadership position in the global expedition travel market.
1 Stock to Consider for Long-Term Investment and 2 We Recommend Steering Clear Of
Volatility in the Market: Market volatility presents both opportunities and risks, potentially leading to significant gains or losses, which can unsettle even seasoned investors.
Lindblad Expeditions (LIND): The company faces challenges with a low operating margin and negative returns on capital, making it a risky investment at its current valuation of $12.37 per share.
Sealed Air Corporation (SEE): Declining sales and profitability issues suggest that SEE may need to invest in improvements, with its stock priced at $34.85 reflecting a valuation of 11.5x forward P/E.
Robinhood (HOOD): The platform shows strong growth with increased user spending and profitability, trading at $139.75 per share, indicating potential as a worthwhile investment.
LINDBLAD EXPEDITIONS HOLDINGS, INC. TO REPORT 2025 THIRD QUARTER FINANCIAL RESULTS ON NOVEMBER 4, 2025
Upcoming Financial Results: Lindblad Expeditions Holdings, Inc. will report its third quarter financial results for 2025 on November 4, 2025, before the market opens, followed by a conference call at 9:00 am ET.
Accessing the Conference Call: The conference call can be accessed via phone, and a live audio webcast will be available on the company's investor relations website, with a replay and transcript provided within 48 hours.
Company Overview: Lindblad Expeditions is a leader in global expedition travel, offering immersive experiences across all seven continents through various brands, including a partnership with National Geographic.
Commitment to Exploration: The company emphasizes responsible exploration and aims to connect travelers with inspiring natural and cultural landscapes, fostering appreciation for the planet.
Lindblad Expeditions (LIND) Shows Strong Momentum: Is It a Good Investment?
Momentum Investing Overview: Momentum investing involves buying stocks that are trending upwards, with the expectation that they will continue to rise. The Zacks Momentum Style Score helps investors identify stocks with strong momentum, like Lindblad Expeditions (LIND), which currently holds an A score.
Lindblad Expeditions Performance: LIND has shown significant price increases, with a 26.43% rise over the past quarter and a 43.17% increase over the last year, outperforming the S&P 500. Additionally, recent earnings estimate revisions have been positive, contributing to its strong momentum score and Zacks Rank of #2 (Buy).
Director Sven-Olof Lindblad Sells Shares in Lindblad Expeditions
- Share Sale: On February 2, 2026, Director Sven-Olof Lindblad sold 360,815 shares in Lindblad Expeditions, indicating a potential decrease in confidence regarding the company's future prospects, which may affect investor sentiment towards the stock.
- Ownership Change: This transaction reduces Lindblad's ownership stake to 10%, raising concerns in the market about a possible diminished influence in corporate governance, which could impact shareholder confidence.
- Market Reaction Anticipation: The sale by a major shareholder may lead to short-term negative impacts on Lindblad Expeditions' stock price, prompting investors to monitor subsequent market developments to assess potential risks.
- Strategic Implications: This action may suggest that Lindblad has differing views on the company's future strategic direction or financial health, necessitating close attention from investors to upcoming financial reports and strategic adjustments.
Lindblad Expeditions Converts 62,000 Preferred Shares into 9 Million Common Shares
- Mandatory Conversion: Lindblad Expeditions has exercised its right to convert 62,000 shares of its 6.0% Series A convertible preferred stock into approximately 9 million common shares, effective February 3, marking a significant shift in the company's capital structure.
- Trigger Conditions Met: The conversion right was triggered on January 16 after the common shares traded above $14.25 for 20 out of 30 consecutive trading days, indicating strong stock performance and investor confidence.
- Change in Common Shares: Following the conversion, Lindblad expects to have about 64.4 million common shares outstanding with no preferred stock remaining, which will simplify the capital structure and enhance liquidity.
- Positive Market Reaction: Following the announcement of the conversion, Lindblad's stock price rose 0.55% in pre-market trading to $16.14, reflecting investor optimism regarding the company's future prospects.
Lindblad Expeditions Executes Mandatory Conversion of Preferred Stock, Issuing 9 Million Common Shares
- Mandatory Conversion Announcement: Lindblad Expeditions announced on January 16, 2026, the mandatory conversion of its 6.0% preferred stock, converting 62,000 shares into approximately 9 million common shares, which simplifies its capital structure and enhances financial flexibility.
- Stock Price Trigger: The conversion was triggered by the company's common stock price exceeding $14.25 for at least 20 out of 30 trading days, indicating strong market performance and investor confidence in the company's stock.
- Equity Structure Change: Following the conversion, Lindblad will have approximately 64.4 million shares of common stock outstanding, eliminating preferred shares, which is expected to boost investor confidence and optimize capital allocation.
- Support for Long-term Strategy: The CFO stated that this conversion provides greater flexibility in capital allocation to support the company's long-term growth strategy, further solidifying its leadership position in the global expedition travel market.
1 Stock to Consider for Long-Term Investment and 2 We Recommend Steering Clear Of
Volatility in the Market: Market volatility presents both opportunities and risks, potentially leading to significant gains or losses, which can unsettle even seasoned investors.
Lindblad Expeditions (LIND): The company faces challenges with a low operating margin and negative returns on capital, making it a risky investment at its current valuation of $12.37 per share.
Sealed Air Corporation (SEE): Declining sales and profitability issues suggest that SEE may need to invest in improvements, with its stock priced at $34.85 reflecting a valuation of 11.5x forward P/E.
Robinhood (HOOD): The platform shows strong growth with increased user spending and profitability, trading at $139.75 per share, indicating potential as a worthwhile investment.
LINDBLAD EXPEDITIONS HOLDINGS, INC. TO REPORT 2025 THIRD QUARTER FINANCIAL RESULTS ON NOVEMBER 4, 2025
Upcoming Financial Results: Lindblad Expeditions Holdings, Inc. will report its third quarter financial results for 2025 on November 4, 2025, before the market opens, followed by a conference call at 9:00 am ET.
Accessing the Conference Call: The conference call can be accessed via phone, and a live audio webcast will be available on the company's investor relations website, with a replay and transcript provided within 48 hours.
Company Overview: Lindblad Expeditions is a leader in global expedition travel, offering immersive experiences across all seven continents through various brands, including a partnership with National Geographic.
Commitment to Exploration: The company emphasizes responsible exploration and aims to connect travelers with inspiring natural and cultural landscapes, fostering appreciation for the planet.
Lindblad Expeditions (LIND) Shows Strong Momentum: Is It a Good Investment?
Momentum Investing Overview: Momentum investing involves buying stocks that are trending upwards, with the expectation that they will continue to rise. The Zacks Momentum Style Score helps investors identify stocks with strong momentum, like Lindblad Expeditions (LIND), which currently holds an A score.
Lindblad Expeditions Performance: LIND has shown significant price increases, with a 26.43% rise over the past quarter and a 43.17% increase over the last year, outperforming the S&P 500. Additionally, recent earnings estimate revisions have been positive, contributing to its strong momentum score and Zacks Rank of #2 (Buy).
