Lindblad Expeditions Reports 23% Revenue Growth to $167.9 Million in Latest Quarter

Lindblad Expeditions Holdings, Inc. reported significant financial performance improvements in its latest quarterly filing, with total tour revenues reaching $167.9 million for the three months ended June 30, 2025, a 23% increase from $136.5 million in the same period last year. For the first half of 2025, revenues rose by 20% to $347.7 million, compared to $290.1 million in the prior year. The increase in revenue was attributed to a 17% rise in guest nights sold and the inclusion of operations from the Thomson Group, acquired in July 2024, which contributed an additional $11.5 million in revenue.

Despite the revenue growth, Lindblad reported a net loss of $6.9 million for the second quarter, a substantial improvement from a loss of $24.0 million in the same quarter of 2024. The company’s operating income for the quarter was $4.4 million, compared to an operating loss of $8.2 million in the prior year. The improved financial results were driven by higher tour revenues, although operating expenses also increased, primarily due to additional voyages and higher marketing costs. The company’s total operating expenses for the quarter were $163.5 million, up from $144.7 million a year earlier.

In terms of operational metrics, Lindblad's Lindblad segment saw a 19% increase in tour revenues to $111.0 million, while the Land Experiences segment reported a 31% increase to $56.9 million. The number of guests traveling with the company also rose, with 9,937 guests recorded in the Lindblad segment for the second quarter, compared to 7,773 in the same period last year. The company’s occupancy rate improved to 86% from 78% in the previous year, reflecting increased demand for its expedition offerings.

Strategically, Lindblad completed the acquisition of Torcatt Enterprises Limitada in January 2025, which added two vessels to its fleet in the Galápagos Islands, enhancing its capacity in a key market. The company continues to maintain a strong relationship with National Geographic, which has been extended through 2040, allowing for co-marketing and co-selling opportunities that enhance guest experiences. As of June 30, 2025, Lindblad had $200.9 million in cash and cash equivalents, positioning it well for future growth and operational needs.

Looking ahead, Lindblad expects continued growth in tour revenues driven by increased guest engagement and the successful integration of recent acquisitions. The company remains focused on expanding its offerings and enhancing guest experiences while managing operational costs effectively. The outlook for the remainder of 2025 appears positive, with anticipated increases in both guest numbers and revenue as travel demand continues to recover.