# Lindblad Expeditions Holdings, Inc.: Form 10-Q for the period ended Sep 30, 2025

- Company: [Lindblad Expeditions Holdings, Inc.](/companies/lind.md) (CIK 1512499)
- Form: 10-Q
- Filed: 2025-11-04
- Accepted by EDGAR: Nov 4, 2025, 17:06 ET
- Period: 2025-09-30
- Accession: 0001437749-25-033060
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1512499/000143774925033060/lindb20250930_10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1512499/000143774925033060/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-09-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2025-07-01 to 2025-09-30 | $240.2m | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Revenue | 9 months, 2025-01-01 to 2025-09-30 | $587.8m | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Cost of revenue | 3 months, 2025-07-01 to 2025-09-30 | $124.4m | us-gaap:CostOfRevenue |
| Cost of revenue | 9 months, 2025-01-01 to 2025-09-30 | $308.6m | us-gaap:CostOfRevenue |
| Operating income | 3 months, 2025-07-01 to 2025-09-30 | $36.0m | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months, 2025-01-01 to 2025-09-30 | $51.0m | us-gaap:OperatingIncomeLoss |
| Income tax | 3 months, 2025-07-01 to 2025-09-30 | −$2.6m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months, 2025-01-01 to 2025-09-30 | −$3.5m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2025-07-01 to 2025-09-30 | $1.2m | us-gaap:NetIncomeLoss |
| Net income | 9 months, 2025-01-01 to 2025-09-30 | −$6.2m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2025-07-01 to 2025-09-30 | $0.00 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months, 2025-01-01 to 2025-09-30 | −$0.18 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2025-07-01 to 2025-09-30 | $0.00 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months, 2025-01-01 to 2025-09-30 | −$0.18 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2025-07-01 to 2025-09-30 | 55,557,530 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months, 2025-01-01 to 2025-09-30 | 54,859,959 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months, 2025-01-01 to 2025-09-30 | $97.1m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months, 2025-01-01 to 2025-09-30 | $36.8m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Cash and equivalents | at 2025-09-30 | $261.8m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-09-30 | $363.8m | us-gaap:AssetsCurrent |
| Total assets | at 2025-09-30 | $976.5m | us-gaap:Assets |
| Current liabilities | at 2025-09-30 | $438.6m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2025-09-30 | $1.11bn | us-gaap:Liabilities |
| Long-term debt | at 2025-09-30 | $663.4m | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2025-09-30 | $10.0k | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2025-09-30 | −$256.6m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 48,367 characters.

*The following discussion and analysis addresses material changes in the financial condition and results of operations of the Company for the periods presented. This discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q (“Form 10-Q”), as well as the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 28, 2025 (the “2024 Annual Report”). Unless the context otherwise requires, in this Form 10-Q, “Company,” “Lindblad,” “we,” “us,” “our,” and “ours” refer to Lindblad Expeditions Holdings, Inc., and its subsidiaries.*

### Cautionary Note Regarding Forward-Looking Statements

Any statements in this Form 10-Q about our expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance are not historical facts and are “forward-looking statements” as that term is defined under the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as “believe,” “anticipate,” “should,” “intend,” “plan,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy,” “outlook” and similar words. You should read the statements that contain these types of words carefully. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what is expressed or implied in such forward-looking statements. There may be events in the future that we are not able to predict accurately or over which we have no control. Potential risks and uncertainties include, but are not limited to:

- adverse general economic factors, including the impact of geopolitical, macroeconomic conditions, tariffs, changes in trade policies or capital markets volatility, that decrease the level of disposable income of consumers or consumer confidence and negatively impact the ability or desire of people to travel;
- cancelling or rescheduling of voyages, the denial and/or unavailability of ports of call and other potential disruptions to our business and operations related to health pandemics, political or civil unrest, war, terrorism, or other similar events;
- increases in fuel prices, changes in fuels consumed and availability of fuel supply in the geographies in which we operate or in general;
- the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs;
- the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels;
- unscheduled disruptions in our business due to civil unrest, travel restrictions, weather events, mechanical failures, pandemics or other events;
- management of our growth and our ability to execute on our planned growth, including our ability to successfully integrate acquisitions;
- our ability to maintain our relationships with National Geographic and/or World Wildlife Fund;
- compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions;
- our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements;
- the impact of material litigation, enforcement actions, claims, fines or penalties on our business;
- the impact of severe or unusual weather conditions, including climate change, on our business;
- the impact of changes in tax policies and other governmental regulations in the geographies in which we operate;
- adverse publicity regarding the travel and cruise industry in general;
- loss of business due to competition;
- the inability to meet or achieve our sustainability related goals, aspirations, initiatives, and our public statements and disclosures regarding them;
- the result of future financing efforts; and
- those risks discussed in our 2024 Annual Report.

We urge you not to place undue reliance on these forward-looking statements, which speak only as of the date of this Form 10-Q. We do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or uncertainties after the date hereof or to reflect the occurrence of unanticipated events.

### Business Overview

We provide expedition cruising and land-based adventure travel fostering a spirit of exploration and discovery, using itineraries featuring up-close encounters with wildlife and nature, history and culture and promote guest empowerment, human connections and interactivity. Our mission is to offer life-changing adventures around the world and pioneer innovative ways to allow our guests to connect with exotic and remote places.

We currently operate a fleet of 12 owned expedition ships and operate seven seasonal charter vessels (with several other vessels contracted for future expeditions), under the Lindblad brand. Each expedition ship is fully equipped with state-of-the-art tools for in-depth exploration and the majority of our expeditions involve travel to remote places, such as voyages to Alaska, the Arctic, Antarctic, the Galápagos Islands, Baja’s Sea of Cortez, the South Pacific, Costa Rica and Panama. We have a longstanding relationship with the National Geographic Society dating back to 2004, which is based on a shared interest in exploration, research, technology and conservation. This relationship, which was recently expanded and extended through 2040, includes a co-selling, co-marketing and global branding arrangement whereby our owned vessels carry the National Geographic name, and National Geographic sells our expeditions through its internal travel division. We collaborate with National Geographic on voyage planning to enhance the guest experience by having National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews, join our expeditions. Guests have the ability to interact with these experts through lectures, excursions, dining and other experiences throughout their voyage.

We operate land-based nature adventure travel expeditions around the globe, with unique itineraries designed to offer intimate encounters with nature and the planet’s wild destinations and the animals and people who live there.

Natural Habitat, Inc. (“Natural Habitat”) provides eco-conscious expeditions and nature-focused, small-group experiences that include polar bear tours in Churchill, Canada, Alaskan grizzly bear adventures, small-group Galápagos Islands tours and African safaris. Natural Habitat has partnered with World Wildlife Fund (“WWF”) for more than 20 years to offer conservation travel, which is sustainable travel that contributes to the protection of nature and wildlife.

Off the Beaten Path, LLC (“Off the Beaten Path”) provides small group travel, led by local, experienced guides, with distinct focus on wildlife, hiking national parks and culture. Off the Beaten Path offerings include insider national park experiences in the Rocky Mountains, Desert Southwest, and Alaska, as well as unique trips across Central and South America, Oceania, Europe and Africa.

DuVine Cycling + Adventure Company (“DuVine”) provides intimate cycling adventures and travel experiences, led by expert guides, with a focus on connecting with local character and culture, including high-quality local cuisine and accommodations. International cycling tours include the exotic Costa Rican rainforests, the rocky coasts of Ireland and the vineyards of Spain, while cycling adventures in the United States include cycling beneath the California redwoods, pedaling through Vermont farmland and wine tastings in the world-class vineyards of Napa and Sonoma.

Classic Journeys, LLC (“Classic Journeys”) offers highly curated active small-group and private custom journeys centered around cinematic walks led by expert local guides in over 50 countries around the world. These walking tours are highlighted by luxury boutique accommodations, and handcrafted itineraries that immerse guests into the history and culture of the places they are exploring and the people who live there.

Thomson Group, consisting of Wineland-Thomson Adventures, LLC (“Thomson Family Adventures”), Thomson Safaris Ltd (“Thomson Safaris”), Nature Discovery Ltd (“Nature Discovery”), and the Ngorongoro lodge and farm under Ngorongoro Safari Lodge Ltd (“Gibb’s Farm”), provides global custom and private tours, family travel experiences, socially responsible and positively impactful light-treading Tanzanian safaris with expert local wildlife guides providing exceptional insight, treks to the summit of Kilimanjaro, the Roof of Africa, with 30 years of experience and a commitment to environmental and social responsibility, and high-end lodging at the award-winning Gibb’s Farm, an 80-acre sanctuary located near the Ngorongoro Crater.

We operate two segments consisting of (i) the Lindblad segment, which consists of the operations of our Lindblad brand, and (ii) the Land Experiences segment, consisting of our Natural Habitat, Off the Beaten Path, DuVine and Classic Journeys brands and the Thomson Group.

### 2025 Highlights

On January 9, 2025, we completed the acquisition of Torcatt Enterprises Limitada, a holding company that owns and operates two vessels in the Galápagos Islands, for $16.0 million in cash. The acquisition expands our vessels and guest capacity in one of our core markets.

On August 20, 2025, we issued $675.0 million of 7.00% senior secured notes, maturing 2030, with proceeds used primarily to pay the outstanding borrowings under our prior 9.00% and 6.75% senior secured notes and increased the amount available under our revolving credit facility to $60.0 million.

**The discussion and analysis of our results of operations and financial condition are organized as follows:**

- a description of certain line items and operational and financial metrics we utilize to assist us in managing our business;
- results and a comparable discussion of our consolidated and segment results of operations;
- a discussion of our liquidity and capital resources, including future capital and contractual commitments and potential funding sources; and
- a review of our critical accounting policies.

### Financial Presentation

### Description of Certain Line Items

### Tour revenues

Tour revenues consist of the following:

- Guest ticket revenues recognized from the sale of guest tickets; and
- Other tour revenues from the sale of pre- or post-expedition excursions, hotel accommodations, air transportation to and from the ships and excursions, goods and services rendered onboard that are not included in guest ticket prices, trip insurance, and cancellation fees.

### Cost of tours

Cost of tours includes the following:

- Direct costs associated with revenues, including cost of pre- or post-expedition excursions, hotel accommodations, and land-based expeditions, air and other transportation expenses, and cost of goods and services rendered onboard;
- Payroll costs and related expenses for shipboard and expedition personnel;
- Food costs for guests and crew, including complimentary food and beverage amenities for guests;
- Fuel costs and related costs of delivery, storage and safe disposal of waste; and
- Other tour expenses, such as land costs, port costs, repairs and maintenance, equipment expense, drydock, ship insurance, charter hire costs and credit card fees.

20

### Selling and marketing

Selling and marketing expenses include commissions, royalties and a broad range of advertising and promotional expenses.

### General and administrative

General and administrative expenses include the cost of shoreside vessel support, reservations and other administrative functions, including salaries and related benefits, professional fees and rent.

### Operational and Financial Metrics

We use a variety of operational and financial metrics, including non-GAAP financial measures, such as Adjusted EBITDA, Net Yields, Occupancy and Net Cruise Costs, to enable us to analyze our performance and financial condition. We utilize these financial measures to manage our business on a day-to-day basis and believe that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. We believe these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry.

**The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. You should read this discussion and analysis of our financial condition and results of operations together with the condensed consolidated financial statements and the related notes thereto also included within.**

***Adjusted EBITDA*** is net income (loss) excluding depreciation and amortization, net interest expense, other (income) expense, income tax expense (benefit), (gain) loss on foreign currency, (gain) loss on transfer of assets, reorganization costs, and other supplemental adjustments. Other supplemental adjustments include certain non-operating items such as stock-based compensation, executive severance costs, debt extinguishment, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure as it reflects certain operating drivers of the business, such as sales growth, operating costs, selling and administrative expense, and other operating income and expense. We believe Adjusted EBITDA helps provide a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of our financial performance and prospects for the future. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not take into account certain requirements, such as unearned passenger revenues, capital expenditures and related depreciation, principal and interest payments, and tax payments. Our computation and use of Adjusted EBITDA may not be comparable to other companies within the industry.

### The following metrics apply to our Lindblad segment:

***Adjusted Net Cruise Cost*** represents Net Cruise Cost adjusted for non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation, and acquisition-related expenses.

***Available Guest Nights*** is a measurement of capacity and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period. We also record the number of guest nights available on our limited land programs in this definition.

***Gross Cruise Cost*** represents the sum of cost of tours plus, selling and marketing expenses, and general and administrative expenses.

***Gross Yield per Available Guest Night*** represents tour revenues less insurance proceeds divided by Available Guest Nights.

***Guest Nights Sold*** represents the number of guests carried for the period multiplied by the number of nights sailed within the period.

***Maximum Guests*** is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin).

***Net Cruise Cost*** represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues.

***Net Cruise Cost Excluding Fuel*** represents Net Cruise Cost excluding fuel costs.

***Net Yield*** represents tour revenues less insurance proceeds, commissions and direct costs of other tour revenues.

***Net Yield per Available Guest Night*** represents Net Yield divided by Available Guest Nights.

***Number of Guests*** represents the number of guests that travel with us in a period.

***Occupancy*** is calculated by dividing Guest Nights Sold by Available Guest Nights.

***Voyages*** represent the number of ship expeditions completed during the period.

### The following metrics apply to our Land Experiences segment:

***Guests*** represents the number of guests that travel with us in a period.

***Departures*** represent the number of trips, tours, treks and safaris completed during the period.

### Foreign Currency Translation

The U.S. dollar and Tanzanian shilling are the functional currencies in our foreign operations and re-measurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses in the condensed consolidated statements of operations.

### Seasonality

Traditionally, our Lindblad brand tour revenues are mildly seasonal, historically larger in the first and third quarters. The seasonality of our operating results fluctuates due to our vessels being taken out of service for scheduled maintenance or drydocking, which is typically during nonpeak demand periods, generally in the second and fourth quarters. Our drydock schedules are subject to cost and timing differences from year-to-year due to the availability of shipyards for certain work, drydock locations based on ship itineraries, operating conditions experienced especially in the polar regions and the applicable regulations of class societies in the maritime industry, which require more extensive reviews periodically. Drydocking impacts operating results by reducing tour revenues and increasing cost of tours. Our Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys brands and Thomson Group are seasonal businesses, with the majority of Natural Habitat’s tour revenue recorded in the third and fourth quarters from summer season departures and polar bear tours, the majority of Off the Beaten Path and DuVine's revenues are recorded during the second and third quarters from spring and summer season departures, and the majority of Thomson Group’s revenues being recorded during the third quarter from the height of the safari season tours, while Classic Journeys’ revenue is somewhat less seasonal with the majority of revenues recorded during the second, third and fourth quarters.

**Results of Operations — Consolidated**

Our consolidated results for the three and nine months ended September 30, 2025 and 2024 are set forth below.

*(In thousands)*

|  | For the three months ended September 30, 2025 | 2024 | Change% |  | For the nine months ended September 30, 2025 | 2024 | Change% |  |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Tour revenues | $240,172 | $206,005 | $34,167 | 17% | $587,838 | $496,118 | $91,720 | 18% |
| Cost of tours | 124,373 | 109,786 | 14,587 | 13% | 308,611 | 277,191 | 31,420 | 11% |
| General and administrative | 34,808 | 29,002 | 5,806 | 20% | 98,613 | 86,074 | 12,539 | 15% |
| Selling and marketing | 30,091 | 25,003 | 5,088 | 20% | 84,722 | 66,042 | 18,680 | 28% |
| Depreciation and amortization | 14,930 | 12,733 | 2,197 | 17% | 44,899 | 37,687 | 7,212 | 19% |
| Operating income | $35,970 | $29,481 | $6,489 | 22% | $50,993 | $29,124 | $21,869 | 75% |
| Net income (loss) | $4,573 | $25,198 | $(20,625) | (82)% | $(1,383) | $(3,005) | $1,622 | 54% |
| Undistributed (loss) income per share available to stockholders: |  |  |  |  |  |  |  |  |
| Basic | $(0.00) | $0.39 | $(0.39) |  | $(0.18) | $(0.18) | $(0.00) |  |
| Diluted | $(0.00) | $0.36 | $(0.36) |  | $(0.18) | $(0.18) | $(0.00) |  |

22

**Comparison of the Three and Nine Months Ended September 30, 2025 and 2024 — Consolidated**

### Tour Revenues

Tour revenues for the three months ended September 30, 2025 increased $34.2 million, or 17%, to $240.2 million, compared to $206.0 million for the three months ended September 30, 2024. Of the $34.2 million increase, we realized a $26.2 million increase due to a 12% increase in guest nights sold and a 12% increase in guests traveled, as well as an $8.0 million increase due to changes to the mix of itineraries and trips, and increased pricing.

Tour revenues for the nine months ended September 30, 2025 increased $91.7 million, or 18%, to $587.8 million, compared to $496.1 million for the nine months ended September 30, 2024. Of the $91.7 million increase, we realized a $51.2 million increase due to an 11% increase in guest nights sold and a 9% increase in guests traveled, excluding Thomson Group, and a $40.5 million increase due to changes to the mix of itineraries and trips, increased pricing and the inclusion of the operations of Thomson Group for the full 2025 period.

### Cost of Tours

Total cost of tours for the three months ended September 30, 2025 increased $14.6 million, or 13%, to $124.4 million, compared to $109.8 million for the three months ended September 30, 2024, due to increased operating costs related to additional voyages and trips. The Lindblad segment cost of tours increased by $4.6 million, or 8%, and the Land Experiences segment increased $10.0 million, or 20%.

Total cost of tours for the nine months ended September 30, 2025 increased $31.4 million, or 11%, to $308.6 million, compared to $277.2 million for the nine months ended September 30, 2024, primarily due to increased operating costs related to additional voyages and trips and higher dry dock expense, partially offset by lower fuel expense. The Lindblad segment cost of tours increased by $9.8 million, or 6%, and the Land Experiences segment increased $21.6 million, or 22%, which includes the year-to-date results of Thomson Group, acquired in July 2024.

### General and Administrative

General and administrative expenses for the three months ended September 30, 2025 increased $5.8 million, or 20%, to $34.8 million, compared to $29.0 million for the three months ended September 30, 2024, primarily due to higher stock-based compensation expense and personnel costs, including reorganization related costs, net of $1.8 million in employee retention tax credits received, including reorganization related costs, partially offset by lower transaction-related costs. At the Lindblad segment, general and administrative expenses increased $4.6 million, or 24%, from the prior year period, and at the Land Experiences segment, general and administrative expenses increased $1.2 million, or 12%.

General and administrative expenses for the nine months ended September 30, 2025 increased $12.5 million, or 15%, to $98.6 million, compared to $86.1 million for the nine months ended September 30, 2024, primarily due to higher stock-based compensation expense and personnel costs, including reorganization related costs, net of $5.3 million in employee retention tax credits received, partially offset by lower transaction-related costs. At the Lindblad segment, general and administrative expenses increased $8.1 million, or 14%, from the prior year period, and at the Land Experiences segment, general and administrative expenses increased $4.4 million, or 15%.

### Selling and Marketing

Selling and marketing expenses for the three months ended September 30, 2025 increased $5.1 million, or 20%, to $30.1 million, compared to $25.0 million for the three months ended September 30, 2024, primarily due to higher royalties and commission expense, directly associated with higher revenues and increased royalty rates per the National Geographic agreement, and increased marketing spend to support future growth. At the Lindblad segment, selling and marketing expenses increased $3.9 million, or 20%, and at the Land Experiences segment, selling and marketing expenses increased $1.1 million, or 21%.

Selling and marketing expenses for the nine months ended September 30, 2025 increased $18.7 million, or 28%, to $84.7 million, compared to $66.0 million for the nine months ended September 30, 2024, primarily due to higher royalties and commission expense, directly associated with higher revenues and increased royalty rates per the National Geographic agreement, and increased marketing spend to support future growth. At the Lindblad segment, selling and marketing expenses increased $14.0 million, or 27%, and at the Land Experiences segment, selling and marketing expenses increased $4.6 million, or 35%.

### Depreciation and Amortization

Depreciation and amortization expenses for the three months ended September 30, 2025 increased $2.2 million, or 17%, to $14.9 million, compared to $12.7 million for the three months ended September 30, 2024. The increase was primarily related to depreciation of assets placed into service to support our vessel fleet.

Depreciation and amortization expenses for the nine months ended September 30, 2025 increased $7.2 million, or 19%, to $44.9 million, compared to $37.7 million for the nine months ended September 30, 2024. The increase was primarily related to depreciation of assets placed into service to support our vessel fleet and nine months of amortization for intangible assets related to the 2024 Thomson Group acquisition.

### Other Income (Expense)

Other expense for the three months ended September 30, 2025 increased $22.9 million to $33.9 million from $11.0 million for the three months ended September 30, 2024, due primarily to $23.5 million in debt extinguishment and other financing expenses related to the issuance of the $675.0 million 7.00% senior secured notes due 2030, partially offset by a $1.1 million gain on the Torcatt acquisition.

Other expense for the nine months ended September 30, 2025 increased $18.8 million to $53.0 million from $34.2 million for the nine months ended September 30, 2024, due primarily to $23.5 million in debt extinguishment and other financing expenses related to the issuance of the $675.0 million 7.00% senior secured notes due 2030, partially offset by a $1.1 million gain on the Torcatt acquisition.

**Results of Operations — Segments**

Selected information for our reportable segments is below. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

*(In thousands)*

| Tour revenues: | For the three months ended September 30, 2025 | 2024 | Change% |  | For the nine months ended September 30, 2025 | 2024 | Change% |  |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Lindblad | $137,561 | $121,268 | $16,293 | 13% | $379,714 | $332,624 | $47,090 | 14% |
| Land Experiences | 102,611 | 84,737 | 17,874 | 21% | 208,124 | 163,494 | 44,630 | 27% |
| Total tour revenues | $240,172 | $206,005 | $34,167 | 17% | $587,838 | $496,118 | $91,720 | 18% |
| **Operating income:** |  |  |  |  |  |  |  |  |
| Lindblad | $13,236 | $11,680 | $1,556 | 13% | $19,553 | $10,092 | $9,461 | 94% |
| Land Experiences | 22,734 | 17,801 | 4,933 | 28% | 31,440 | 19,032 | 12,408 | 65% |
| Operating income | $35,970 | $29,481 | $6,489 | 22% | $50,993 | $29,124 | $21,869 | 75% |
| **Adjusted EBITDA:** |  |  |  |  |  |  |  |  |
| Lindblad | $32,773 | $26,238 | $6,535 | 25% | $75,422 | $53,429 | $21,993 | 41% |
| Land Experiences | 24,490 | 19,574 | 4,916 | 25% | 36,666 | 24,373 | 12,293 | 50% |
| Total adjusted EBITDA | $57,263 | $45,812 | $11,451 | 25% | $112,088 | $77,802 | $34,286 | 44% |

**Guest Metrics — Lindblad Segment**

The following table sets forth our Available Guest Nights, Guest Nights Sold, Occupancy, Maximum Guests, Number of Guests and Voyages:

|  | For the three months ended September 30, 2025 | 2024 | For the nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| **Available Guest Nights** | 95,487 | 91,293 | 252,327 | 254,651 |
| **Guest Nights Sold** | 84,143 | 74,845 | 221,315 | 199,982 |
| **Occupancy** | 88% | 82% | 88% | 79% |
| **Maximum Guests** | 11,909 | 11,225 | 32,906 | 30,501 |
| **Number of Guests** | 10,685 | 9,414 | 29,165 | 24,695 |
| **Voyages** | 159 | 137 | 433 | 380 |

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The following table shows the calculations of Gross and Net Yield. Gross Yield is calculated by dividing Tour Revenues by Available Guest Nights and Net Yield is calculated by dividing Net Revenue by Available Guest Nights:

*(In thousands, except for Available Guest Nights, Gross and Net Yield per Available Guest Night)*

| Calculation of Gross and Net Yield per Available Guest Night | For the three months ended September 30, 2025 | 2024 | For the nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| Guest ticket revenues | $120,979 | $109,140 | $331,804 | $295,727 |
| Other tour revenue | 16,582 | 12,128 | 47,910 | 36,897 |
| **Tour Revenues** | **137,561** | **121,268** | **379,714** | **332,624** |
| Less: Commissions | (5,304) | (5,212) | (15,349) | (13,791) |
| Less: Other tour expenses | (6,762) | (6,060) | (23,095) | (19,417) |
| **Net Yield** | $125,495 | $109,996 | $341,270 | $299,416 |
| Available Guest Nights | 95,487 | 91,293 | 252,327 | 254,651 |
| Gross Yield per Available Guest Night | $1,441 | $1,328 | $1,505 | $1,306 |
| Net Yield per Available Guest Night | 1,314 | 1,205 | 1,352 | 1,176 |

The following table reconciles operating income to our Net Yield Guest Metric for the Lindblad Segment:

*(In thousands)*

|  | For the three months ended September 30, 2025 | 2024 | For the nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| **Operating income** | $13,236 | $11,680 | $19,553 | $10,092 |
| Cost of tours | 63,800 | 59,202 | 187,092 | 177,306 |
| General and administrative | 23,682 | 19,089 | 65,758 | 57,628 |
| Selling and marketing | 23,483 | 19,536 | 66,639 | 52,606 |
| Depreciation and amortization | 13,360 | 11,761 | 40,672 | 34,992 |
| Less: Commissions | (5,304) | (5,212) | (15,349) | (13,791) |
| Less: Other tour expenses | (6,762) | (6,060) | (23,095) | (19,417) |
| **Net Yield** | $125,495 | $109,996 | $341,270 | $299,416 |

The following table shows the calculations of Gross and Net Cruise Costs:

*(In thousands, except for Available Guest Nights, Gross and Net Cruise Cost per Avail. Guest Night)*

| Calculation of Gross and Net Cruise Cost | For the three months ended September 30, 2025 | 2024 | For the nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| Cost of tours | $63,800 | $59,202 | $187,092 | $177,306 |
| Plus: Selling and marketing | 23,483 | 19,536 | 66,639 | 52,606 |
| Plus: General and administrative | 23,682 | 19,089 | 65,758 | 57,628 |
| **Gross Cruise Cost** | **110,965** | **97,827** | **319,489** | **287,540** |
| Less: Commissions | (5,304) | (5,212) | (15,349) | (13,791) |
| Less: Other tour expenses | (6,762) | (6,060) | (23,095) | (19,417) |
| **Net Cruise Cost** | **98,899** | **86,555** | **281,045** | **254,332** |
| Less: Fuel Expense | (6,224) | (5,460) | (17,755) | (19,895) |
| **Net Cruise Cost Excluding Fuel** | **92,675** | **81,095** | **263,290** | **234,437** |
| **Non-GAAP Adjustments:** |  |  |  |  |
| Stock-based compensation | (5,325) | (2,352) | (14,186) | (7,185) |
| Transaction-related costs | (18) | (445) | (177) | (789) |
| Reorganization costs | (834) | - | (834) | (371) |
| **Adjusted Net Cruise Cost Excluding Fuel** | $86,498 | $78,298 | $248,093 | $226,092 |
| **Adjusted Net Cruise Cost** | $92,722 | $83,758 | $265,848 | $245,987 |
| **Available Guest Nights** | 95,487 | 91,293 | 252,327 | 254,651 |
| Gross Cruise Cost per Available Guest Night | $1,162 | $1,072 | $1,266 | $1,129 |
| Net Cruise Cost per Available Guest Night | 1,036 | 948 | 1,114 | 999 |
| Net Cruise Cost Excluding Fuel per Available Guest Night | 971 | 888 | 1,043 | 921 |
| Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night | 906 | 858 | 983 | 888 |
| Adjusted Net Cruise Cost per Available Guest Night | 971 | 917 | 1,054 | 966 |

25

### Comparison of the Three and Nine Months Ended September 30, 2025 and 2024 at the Lindblad Segment

### Tour Revenues

Tour revenues for the three months ended September 30, 2025 increased $16.3 million, or 13%, to $137.6 million, compared to $121.3 million for the three months ended September 30, 2024. Of the $16.3 million increase, $15.2 million is related to a 12% increase in guest nights sold and $1.1 million is related to a 1% increase in revenue per guest nights sold as compared to the prior year period. Net yield per available guest night increased 9% to $1,314 from $1,205 in 2024, reflecting the higher pricing and a 6-percentage point increase in occupancy compared with the same period in 2024.

Tour revenues for the nine months ended September 30, 2025 increased $47.1 million, or 14%, to $379.7 million, compared to $332.6 million for the nine months ended September 30, 2024. Of the $47.1 million increase, $36.6 million is related to an 11% increase in guest nights sold and $10.5 million is related to a 3% increase in revenue per guest nights sold as compared to the prior year period. Net yield per available guest night increased 15% to $1,352 from $1,176 in 2024, reflecting the higher pricing and a 9-percentage point increase in occupancy compared with the same period in 2024.

### Operating Income

Operating income increased $1.6 million for the three months ended September 30, 2025 to $13.2 million compared to $11.7 million for the three months ended September 30, 2024, as the increase in tour revenues was partially offset by higher operating expenses. The higher operating expenses included those expenses associated with increased revenue, including costs of tours, increased commissions and royalties, including the increased royalty rates per the National Geographic agreement, and higher general and administrative costs, primarily due to increased stock-based compensation costs and reorganization related costs.

During the nine months ended September 30, 2025, we generated operating income of $19.6 million compared to $10.1 million for the nine months ended September 30, 2024, as the increase in tour revenues was partially offset by higher operating expenses. Higher operating expenses included expenses associated with increased revenue, including higher costs of tours, higher sales and marketing costs, including increases associated with the increased royalty rates included in the National Geographic agreement, higher commissions, and marketing spend to drive future booking growth, and higher general and administrative costs, primarily due to increased personnel costs and stock-based compensation and reorganization related costs.

**Guest Metrics — Land Experiences Segment**

The following table shows number of guests and the number of tour departures in the Land Experiences Segment:

|  | For the three months ended September 30, 2025 | 2024 | For the nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| **Guests** | 8,746 | 7,806 | 19,133 | 16,275 |
| **Departures** | 1,138 | 1,029 | 2,425 | 2,055 |

### Comparison of Three and Nine Months Ended September 30, 2025 and 2024 at the Land Experiences Segment

### Tour Revenues

Tour revenues for the three months ended September 30, 2025 increased $17.9 million, or 21%, to $102.6 million compared to $84.7 million for the three months ended September 30, 2024. Of the $17.9 million increase, $11.0 million is related to a 12% increase in the number of guests traveled, and $6.9 million is related to an 8% increase in revenue per guest as compared to the prior year period due to change in itineraries, destinations and increased pricing.

Tour revenues for the nine months ended September 30, 2025 increased $44.6 million, or 27%, to $208.1 million compared to $163.5 million for the nine months ended September 30, 2024. Of the $44.6 million increase, $15.2 million is related to a 9% increase in the number of guests traveled for the continuing operations, and $29.4 million is related to a 7% increase in revenue per guest as compared to the prior year period due to changes in itineraries, destinations and increased pricing and the inclusion of the results of Thomson Group, acquired in July 2024, for the full year-to-date period in 2025.

### Operating Income

Operating income of $22.7 million for the three months ended September 30, 2025 increased $4.9 million compared to $17.8 million for the three months ended September 30, 2024, as the increase in tour revenue was partially offset by higher operating and personnel costs related to operating additional trip and tour departures, and higher marketing spend to drive future growth.

Operating income of $31.4 million for the nine months ended September 30, 2025 increased $12.4 million compared to $19.0 million for the nine months ended September 30, 2024, as the increase in tour revenue was partially offset by higher operating and personnel costs related to operating additional trip and tour departures, higher marketing spend to drive future growth, partially offset by decreased transaction-related costs and the impact of foreign currency on operating expenses.

**Adjusted EBITDA — Consolidated**

The following table outlines the reconciliation of net income (loss) to consolidated Adjusted EBITDA. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

**Reconciliation of Net Loss to Adjusted EBITDA — Consolidated**

*(In thousands)*

| Consolidated | For the three months ended September 30, 2025 | 2024 | For the nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| Net income (loss) | $4,573 | $25,198 | $(1,383) | $(3,005) |
| Interest expense, net | 11,256 | 11,234 | 34,503 | 34,140 |
| Income tax benefit | (2,564) | (6,747) | (3,503) | (2,050) |
| Depreciation and amortization | 14,930 | 12,733 | 44,899 | 37,687 |
| Loss (gain) loss on foreign currency | 318 | (203) | (982) | 48 |
| Stock-based compensation | 5,370 | 2,529 | 14,489 | 7,362 |
| Transaction-related costs | 159 | 1,069 | 873 | 3,258 |
| Other (income) expense | 20 | (1) | (9) | (9) |
| Debt extinguishment | 23,492 | - | 23,492 | - |
| Acquisition gain | (1,125) | - | (1,125) | - |
| Reorganization costs | 834 | - | 834 | 371 |
| **Adjusted EBITDA** | $57,263 | $45,812 | $112,088 | $77,802 |

**Reconciliation of Operating (Loss) Income to Adjusted EBITDA — Segments**

The following tables outline the reconciliation for each reportable segment from operating income to Adjusted EBITDA.

*(In thousands)*

| Lindblad Segment | For the three months ended September 30, 2025 | 2024 | For the nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| Operating income | $13,236 | $11,680 | $19,553 | $10,092 |
| Depreciation and amortization | 13,360 | 11,761 | 40,672 | 34,992 |
| Stock-based compensation | 5,325 | 2,352 | 14,186 | 7,185 |
| Transaction-related costs | 18 | 445 | 177 | 789 |
| Reorganization costs | 834 | - | 834 | 371 |
| **Adjusted EBITDA** | $32,773 | $26,238 | $75,422 | $53,429 |

*(In thousands)*

| Land Experiences Segment | For the three months ended September 30, 2025 | 2024 | For the nine months ended September 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| Operating income | $22,734 | $17,801 | $31,440 | $19,032 |
| Depreciation and amortization | 1,570 | 972 | 4,227 | 2,695 |
| Transaction-related costs | 141 | 624 | 696 | 2,469 |
| Stock-based compensation | 45 | 177 | 303 | 177 |
| **Adjusted EBITDA** | $24,490 | $19,574 | $36,666 | $24,373 |

27

### Liquidity and Capital Resources

As of September 30, 2025, we had $261.8 million in unrestricted cash and cash equivalents and $28.3 million in restricted cash primarily related to deposits on future travel originating from U.S. ports and credit card reserves.

As of September 30, 2025, we had $675.0 million in long-term debt obligations, including the current portion of long-term debt. We believe that our cash on hand and expected future operating cash inflows will be sufficient to fund operations, debt service requirements, and necessary capital expenditures for at least the next 12 months.

### Sources and Uses of Cash for the Nine Months Ended September 30, 2025 and 2024

*Net cash provided by operating activities* was $96.9 million for the nine months ended September 30, 2025 compared to $90.7 million for the same period in 2024. The $6.2 million increase is primarily due to increased cash received from guests for future travel.

*Net cash used in investing activities* was $54.1 million for the nine months ended September 30, 2025 compared to $34.4 million in cash provided by investing activities during the same period in 2024. 2025 primarily included the purchase of Torcatt Enterprises Limitada to expand our vessels and operations in the Galápagos, the refurbishment of the vessels acquired, and higher capital expenditure on our remaining vessels due to the timing of vessel drydocks compared to prior year, while 2024 primarily included capital expenditures on our vessels and digital transformation initiatives.

*Net cash provided by financing activities* was $31.5 million for the nine months ended September 30, 2025 compared to $19.1 million used in financing activities for the same period in 2024. 2025 primarily included the issuance of $675.0 million of 7.00% senior secured notes, which were used mainly to repay our prior senior secured notes, and cash received from the exercise of options, while 2024 primarily included expenditures for the acquisition of an additional 9.95% of Natural Habitat and 5% of DuVine related to the respective puts and calls of the redeemable non-controlling interests, and income tax withholdings for stock-based compensation.

### Funding Sources

### Debt Facilities

### 7.00% Notes

On August 20, 2025, we issued $675.0 million aggregate principal amount of 7.00% senior secured notes due 2030 (the “7.00% Notes”) in a private offering. The 7.00% Notes bear interest at a rate of 7.00% per year, payable semiannually in arrears on March 15 and September 15 of each year. The 7.00% Notes will mature on September 15, 2030, subject to earlier repurchase or redemption. Of the $675.0 million of net proceeds received from the 7.00% Notes, we used $667.5 million to prepay in full all outstanding borrowings under the 6.75% and 9.00% Notes, pay premiums and fees related to the transaction, and to terminate in full the prior credit agreements and the commitments thereunder. The remainder will be used for future general corporate purposes. The 7.00% Notes are senior secured obligations and are guaranteed on a senior secured basis by us and certain of our subsidiaries and secured by first-priority *pari passu* liens, subject to permitted liens and certain exceptions, on substantially all the assets of the guarantors. We may redeem the 7.00% Notes at set redemption prices and premiums, plus accrued and unpaid interest, if any.

### Revolving Credit Facility

On August 20, 2025, we amended our senior secured revolving credit facility dated February 4, 2022 (the “Revolving Credit Facility”), increasing the aggregate principal amount of commitments provided from $45.0 million to $60.0 million, extending the maturity date from February 2027 to August 2030, and increasing the letter of credit sub-facility from $10.0 million to a $15.0 million aggregate principal amount. The obligations under the Revolving Credit Facility are guaranteed by us, and the Guarantors and are secured by first-priority *pari passu* liens, subject to permitted liens and certain exceptions, on substantially all the Guarantors assets. Borrowings under the Revolving Credit Facility, if any, will bear interest at a rate per annum equal to, at our option, an adjusted Secured Overnight Financing Rate (“SOFR”) plus a spread or a base rate plus a spread. We are required to pay a 0.5% quarterly commitment fee on undrawn amounts under the Revolving Credit Facility. As of September 30, 2025, we had no borrowings under the Revolving Credit Facility.

### Covenants

The 7.00% Notes and Revolving Credit Facility contain covenants that, among other things, restrict our ability and the ability of our restricted subsidiaries to incur certain additional indebtedness and make certain dividend payments, distributions, investments and other restricted payments. These covenants are subject to a number of important exceptions and qualifications set forth in the 7.00% Notes and Revolving Credit Facility. As of September 30, 2025, we were in compliance with the covenants currently in effect.

### Equity

### Preferred Stock

In August 2020, we issued and sold 85,000 shares of Series A Redeemable Convertible Preferred Stock, par value of $0.0001, (“Preferred Stock”) for $1,000 per share for gross proceeds of $85.0 million. As of March 31, 2024, 62,000 shares of Preferred Stock were outstanding. The Preferred Stock has senior and preferential ranking to our common stock. The Preferred Stock is entitled to cumulative dividends of 6.00% per annum, and for the first two years, the dividends were required to be paid-in-kind. After the second anniversary of the issuance date, the dividends may be paid-in-kind or be paid in cash at our option. During 2025, we thus far have continued to pay Preferred Stock dividends in-kind. At any time we may, at our option, convert all, but not less than all, of the Preferred Stock into common stock if the volume-weighted average closing price of shares of common stock is at least 150% of the conversion price (currently $14.25) for 20 out of 30 consecutive trading days. The Preferred Stock is convertible at any time, at the holder’s election, into a number of shares of our common stock equal to the quotient obtained by dividing the then-current accrued value by the conversion price of $9.50. At the six-year anniversary of the closing date, each investor has the right to request that we repurchase their Preferred Stock, and any Preferred Stock not requested to be repurchased shall be converted into our common shares equal to the quotient obtained by dividing the then-current accrued value by the conversion price. As of September 30, 2025, the outstanding Preferred Stock and accumulated dividends could be converted, at the option of the holders, into approximately 8.8 million shares of our common stock.

### Funding Needs

We generally rely on a combination of cash flows provided by operations and the incurrence of additional debt to fund obligations. A vast majority of guest ticket receipts are collected in advance of the applicable expedition date. These advance passenger receipts remain a current liability until the expedition date, and the cash generated from these advance receipts is used interchangeably with cash on hand from other cash from operations. The cash received as advanced receipts can be used to fund operating expenses for the applicable future expeditions or otherwise, pay down debt, make long-term investments or any other use of cash. Traditionally we run a working capital deficit due primarily to a large balance of unearned passenger revenues. As of September 30, 2025, we had a working capital deficit of $74.8 million, and as of December 31, 2024, we had a working capital deficit of $114.0 million.

### Critical Accounting Policies

Our preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts and related disclosures. For a detailed discussion of our Critical Accounting Policies, please see our 2024 Annual Report, where we have discussed those policies and estimates that we believe are critical and require the use of complex judgment in their application. There have been no changes to our accounting policies from those disclosed in the 2024 Annual Report.

## Market risk

As filed, 228 characters.

There have otherwise been no other material changes in our exposure to market risks from the information set forth in the “Quantitative and Qualitative Disclosures About Market Risk” sections contained in our 2024 Annual Report.

## Controls and procedures

As filed, 1,286 characters.

### Evaluation of Disclosure Controls and Procedures

Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) were effective as of September 30, 2025 to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

### Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the quarter covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

### PART 2. OTHER INFORMATION

## Risk factors

As filed, 353 characters.

We operate in a rapidly changing environment that involves a number of risks that could materially affect our business, financial condition or future results, some of which are beyond our control. The risks and uncertainties that we believe are most important for you to consider are discussed under the heading “Risk Factors” in the 2024 Annual Report.

Filed Nov 4, 2025.
Source: SEC EDGAR, the filing index for accession 0001437749-25-033060. Last ingested by Listed: Nov 5, 2026, 13:57 ET. No prices; not investment advice.