LINDBLAD EXPEDITIONS HOLDINGS, INC.

Listed Company

LINDCIK 0001512499NasdaqAcceleratedTransportation ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-29.72M

Total Assets

$979.96M

Equity

$-284.53M

Shares Out

65.25M

Op. Cash Flow

$111.58M

Business

LINDBLAD EXPEDITIONS HOLDINGS, INC. provides marine expedition adventures and active travel experiences that immerse guests in wildlife, nature, history and culture through guided exploration. Its main products and services include ship-based expeditions, land-based tours, safaris, luxury cycling and walking tours, and related pre/post-trip extensions and onboard amenities. Key business segments comprise the Lindblad expedition shipping operations and a Land Experiences segment encompassing brands such as Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys and the Thomson Group. The company operates globally across more than 40 destinations on six continents and sells primarily through direct channels, travel agents and a long-standing co‑branding and marketing relationship with National Geographic.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Tour revenues	771	645	570	422	147
Cost of tours	418	363	338	283	124
General and administrative	130	121	103	96	65
Selling and marketing	115	87	71	61	28
Depreciation and amortization	63	53	47	44	40
Total operating expenses	726	623	559	485	258
Operating income	45	22	11	−63	−111
Interest expense, net	−45	−46	−45	−37	−25
Gain (loss) on foreign currency	1	−1	751,000	−1	−1
Other Nonoperating Income (Expense)	409,000	159,000	−4	−307,000	15
Loss on extinguishment of debt	−23	0	0	—	—
Total other expense	−67	−47	−48	−39	−10
Total	−22	−25	−38	−102	−121
Income tax expense	2	3	3	6	−2
Net loss	−24	−28	−41	−108	−119
Net income attributable to noncontrolling interest	5	3	5	3	38,000
Net loss attributable to Lindblad Expeditions Holdings, Inc.	−30	−31	−46	−111	−119
Series A redeemable convertible preferred stock dividend	5	5	4	5	5
Net loss available to stockholders	−35	−36	−50	−116	−125
Basic (in shares)	55	54	53	52	50
Diluted (in shares)	55	54	53	52	50
Basic (in dollars per share)	−0.63	−0.67	−0.94	−2.23	−2.41
Diluted (in dollars per share)	−0.63	−0.67	−0.94	−2.23	−2.41

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	257	184	157	87	151
Restricted cash	33	32	30	29	22
Prepaid expenses and other current assets	78	62	57	54	27
Total current assets	368	278	245	183	210
Property and equipment, net	522	518	526	539	542
Goodwill	61	59	42	42	42
Intangibles, net	17	16	9	11	13
Other long-term assets	13	5	9	12	7
Total assets	980	877	831	788	827
Unearned passenger revenues	361	319	252	245	213
Accrued expenses	77	58	49	—	—
Accounts payable	22	14	16	—	—
Lease liabilities - current portion	1	2	2	2	2
Long-term debt - current portion	3,000	29,000	47,000	23	26
Total current liabilities	462	392	319	341	289
Long-term debt, less current portion	663	625	622	529	519
Deferred tax liabilities	2	4	2	0	—
Other long-term liabilities	7	1	2	3	247,000
Total liabilities	1,133	1,022	945	874	812
Commitments and contingencies	—	—	—	0	—
Redeemable noncontrolling interests	48	29	38	28	11
Temporary equity	131	108	111	97	95
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0	0	0	0
Common stock, $0.0001 par value, 200,000,000 shares authorized; 55,421,384 and 54,507,977 issued, 55,323,495 and 54,376,154 outstanding as of December 31, 2025 and December 31, 2024, respectively	6,000	6,000	5,000	5,000	5,000
Additional paid-in capital	127	109	97	84	58
Accumulated deficit	−411	−363	−322	−267	−136
Accumulated other comprehensive income	0	288,000	0	0	−634,000
Total stockholders deficit	−285	−253	−225	−183	−79
Total liabilities, mezzanine equity and stockholders deficit	980	877	831	788	827

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	63	53	47	44	40
Amortization of deferred financing costs, net	3	4	3	3	3
Amortization of right-to-use lease assets	2	893,000	811,000	608,000	21,000
Stock-based compensation	13	10	14	7	6
Deferred income taxes	−1	2	3	5	−833,000
Write-off of unamortized deferred financing costs due to debt extinguishment	7	0	4	9	0
Prepaid expenses and other current assets	−11	−1	−3	−20	−12
Unearned passenger revenues	40	53	7	33	84
Other long-term assets	−2	−2	−2	3	−684,000
Other long-term liabilities	−462,000	0	0	689,000	6
Accounts payable and accrued expenses	25	2	−5	21	25
Operating lease liabilities	−2	−995,000	−850,000	−658,000	0
Net cash provided by operating activities	112	92	25	−2	32
Purchases of property and equipment	−48	−34	−30	−38	−97
Acquisitions (net of cash acquired)	−20	−11	0	0	−18
Sale of securities	0	0	15	−15	0
Net cash used in investing activities	−67	−44	−15	−50	−115
Proceeds from long-term debt	675	0	275	360	62
Repayments of long-term debt	−635	−49,000	−206	−353	−6
Payment of deferred financing costs	−13	−21,000	−7	−11	−3
Proceeds from exercise of options	4	0	0	—	—
Repurchase under stock-based compensation plans, related tax impacts and noncontrolling interest distributions	−1	−3	−1	−1	−2
Additional acquisition of redeemable noncontrolling interest	0	−17	0	0	—
Net cash provided by (used in) financing activities	30	−20	61	−5	50
Net increase in cash, cash equivalents and restricted cash	74	29	71	−57	−32
Effect of exchange rate changes on cash	−288,000	288,000	0	0	—
Interest	51	49	44	26	18
Income taxes	3	319,000	711,000	309,000	98,000
Shares issued in connection with acquisition	0	6	0	0	2
Non-cash preferred stock dividend	5	5	4	5	5
Non-cash recognition of new leases	7	0	0	—	—
Additional paid-in capital exercise proceeds of option shares	358,000	145,000	0	0	0
Additional paid-in capital exchange proceeds used for option shares	−358,000	−145,000	0	0	0

Filings

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