Lindblad Q2 revenue up 19% to $199.2M; net loss narrows to $1.4M; EBITDA up 31%

LINDBLAD EXPEDITIONS HOLDINGS, INC.

Total revenue $199.2M (+19% YoY); net loss available to stockholders $1.4M ($0.02 loss per share) vs $9.7M loss in Q2 2025.
Adjusted EBITDA $32.5M (+31% YoY); Lindblad segment net yield $1,294 (+4%); occupancy 91% (up from 86%).
Full-year 2026 guidance: tour revenues $830-860M, Adjusted EBITDA $130-140M.
Stock repurchase plan: $35M authorized, $23M used (875K shares + 6M warrants), $12M remaining.
Cash and equivalents $364.9M; total debt $675.0M; acquired additional stakes in Natural Habitat and Classic Journeys for $19.8M.

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