Lindblad Expeditions Reports 13% Revenue Growth to $644.7 Million for Fiscal Year 2024

Lindblad Expeditions Holdings, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total tour revenues reaching $644.7 million, a 13% increase from $569.5 million in 2023. This growth was driven by a 4% rise in guest nights sold and a 7% increase in the number of guests traveling, alongside contributions from the recently acquired Thomson Group, which added $15.1 million to the Land Experiences segment. The Lindblad segment alone saw a revenue increase of 7%, totaling $423.3 million, while the Land Experiences segment surged by 29% to $221.4 million.

The company's operating income improved dramatically, rising to $21.6 million from $10.6 million in the previous year, marking a 103% increase. This turnaround was attributed to higher revenues, although costs also rose, with total costs of tours increasing by 7% to $343.7 million. General and administrative expenses rose by 18% to $139.9 million, driven by higher personnel costs and transaction-related expenses. Despite these increases, the net loss narrowed to $28.2 million from $40.9 million in 2023, reflecting a 31% improvement.

Strategically, Lindblad has expanded its portfolio through acquisitions, including the Thomson Group for $30 million, which enhances its land-based travel offerings. The company also increased its ownership stakes in Natural Habitat and DuVine, further solidifying its position in the adventure travel market. Additionally, Lindblad extended its partnership with National Geographic through 2040, enhancing its brand visibility and marketing reach.

Operationally, Lindblad's fleet consists of 12 owned expedition vessels and seven seasonal chartered ships, allowing access to over 40 destinations worldwide. The company reported an occupancy rate of 78% for 2024, up from 77% in 2023, with a net yield per available guest night of $1,170, reflecting a 7% increase. The total number of guests served rose to 31,489, contributing to the overall growth in revenues.

Looking ahead, Lindblad remains optimistic about its growth trajectory, supported by a strong demand for expedition travel and a focus on enhancing guest experiences. The company plans to leverage its strategic partnerships and expand its offerings to capitalize on the growing market for adventure travel. However, it acknowledges potential risks, including economic fluctuations and geopolitical events that could impact travel demand.