LIND Q2 2025 Earnings

Call Details

• Call Title: Lindblad Expeditions Q2 2025 Earnings Call
• Date: August 4, 2025 at 12:30 PM UTC
• Management Team:
  • Natalya Leahy (Chief Executive Officer)
  • Rick Goldberg (Chief Financial Officer)
  • Krista Souza (Chief Revenue Management Officer)
  • Rare Admiral Keith Taylor (Chief Maritime Officer)
  • Janelle Findley (Senior Vice President of Planning and Operations)
  • Sean Choksi (Senior Vice President of Strategy and Corporate Development)

Call Summary

Financial Performance

• Total company revenue for Q2 2025 was $167 million, an increase of 23% versus Q2 2024.
• Lindblad segment revenue was $111 million, up 19% year over year, and the land experiences segment revenue was $57 million, up 31% year over year.
• Occupancy increased to 86%, representing an improvement versus the prior year and achieved despite a 5% increase in available guest nights.
• Net yield per available guest night increased 13% to $1,241, which the company stated is the highest Q2 net yield in company history.
• Q2 2025 adjusted EBITDA was $24.8 million, up 139% year over year, and adjusted EBITDA margin expanded 720 basis points to 14.8%.
• Q2 adjusted EBITDA included $3.4 million of employee retention tax credits; excluding that credit, adjusted EBITDA increased by $11.1 million or 106% year over year.
• 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.
• Net loss available to stockholders improved by $16.1 million year over year to a loss of $9.7 million, or $0.18 per diluted share.

Guidance

• Full year net yield guidance was raised to an increase of 9% to 11% year over year, up from prior guidance of 7% to 10%.
• Full year revenue guidance was narrowed and raised to a range of $725 million to $750 million from the prior $700 million to $750 million range.
• Full year adjusted EBITDA guidance was raised to a range of $108 million to $115 million from prior guidance of $100 million to $112 million.
• Company reported that booking curves are pacing well ahead of prior year for both 2025 and 2026 and that 2027 itineraries were opened with record weekly sales recently recorded.
• Company stated Q3 2024 was the highest quarterly EBITDA in company history at $46 million and referenced that as context for expectations in later quarters.
• Executives characterized 2025 as an investment year and stated that many growth and commercial investments will occur in the second half of 2025, which could weigh on back-half flow-through.
• Company reiterated confidence in occupancy and yield trends and said bookings for 2026 are tracking ahead, which underpins the updated guidance ranges.