---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-032880"
form_type: "8-K"
ticker: "LIND"
cik: "0001512499"
company_name: "LINDBLAD EXPEDITIONS HOLDINGS, INC."
filed_at: "2025-11-04T23:59:59+00:00"
generated_at: "2026-05-17T00:36:38.355398+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Lindblad Q3 revenue $240.2M (+17%); adj. EBITDA record $57.3M (+25%); net loss $49k vs prior year income $21.3M

## Summary
- Revenue $240.2M (+17% YoY); Lindblad net yield $1,314 (+9%), occupancy 88% (vs 82%).
- Adjusted EBITDA $57.3M (+25%); Lindblad $32.8M, Land Experiences $24.5M.
- Net loss $49k ($0.00/diluted) vs net income $21.3M ($0.36) in Q3 2024; includes $23.5M debt refinancing costs.
- Refinanced with 7.00% Senior Secured Notes due 2030; blended rate cut ~75 bps; S&P upgraded credit rating.
- FY2025 outlook: tour revenue $745-$760M, adjusted EBITDA $119-$123M.

## SEC filing metadata
- accession: 0001437749-25-032880
- form_type: 8-K
- ticker: LIND
- cik: 0001512499
- company_name: LINDBLAD EXPEDITIONS HOLDINGS, INC.
- filed_at: 2025-11-04T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1512499/000143774925032880/0001437749-25-032880-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1512499/000143774925032880/lindb20251008_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-032880
- JSON: https://secwatch.observer/filing/0001437749-25-032880.json
- Plain text: https://secwatch.observer/filing/0001437749-25-032880.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.