Form 8-K

8-K — LINDBLAD EXPEDITIONS HOLDINGS, INC.

Accession: 0001437749-26-014742

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001512499

SIC: 4700 (TRANSPORTATION SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — lindb20260409_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 - EARNINGS PRESS RELEASE DATED MAY 5, 2026 (ex_943646.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: lindb20260409_8k.htm · Sequence: 1

lindb20260409_8k.htm

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0001512499

2026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2026

LINDBLAD EXPEDITIONS HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-35898

27-4749725

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

11 West 42nd Street, Suite 22 B3, New York, New York

10036

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 261-9000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

LIND

The NASDAQ Stock Market LLC

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 5, 2026, the Company issued a press release announcing its financial results for its first quarter ended March 31, 2026.

This Item 2.02 and the press release attached hereto are being furnished by the Company pursuant to Item 2.02 “Results of Operations and Financial Condition.” In accordance with General Instruction B.2 of Form 8-K, the information contained in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed incorporated by reference into any of the Company’s filings with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit

Number

Description

99.1

Press Release dated May 5, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LINDBLAD EXPEDITIONS HOLDINGS, INC.

(registrant)

Date: May 5, 2026

By:

/s/ Frederick Goldberg

Name:

Frederick Goldberg

Title:

Chief Financial Officer

EX-99.1 — EXHIBIT 99.1 - EARNINGS PRESS RELEASE DATED MAY 5, 2026

EX-99.1

Filename: ex_943646.htm · Sequence: 2

ex_943646.htm

Exhibit 99.1

Lindblad Expeditions Holdings, Inc. Reports 2026

First Quarter Financial Results

First Quarter 2026 Highlights:

●

Total revenue increased 16% to $208.0 million

●

Net income available to stockholders was $6.0 million

●

Adjusted EBITDA increased 16% to $34.8 million

●

Lindblad segment net yield per available guest night increased 7% to $1,631

●

Occupancy increased to 93% from 89%

NEW YORK, May 5, 2026 – Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the “Company” or “Lindblad”), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the first quarter ended March 31, 2026.

Natalya Leahy, Chief Executive Officer, said “In a complex macro and geopolitical environment, our team delivered another record quarter, achieving 93% occupancy- highest in the Company’s history, record yields, and 16% EBITDA growth. These results reflect the strength of our strategy and execution, and we remain confident in our ability to drive long-term value as we navigate external dynamics.”

FIRST QUARTER RESULTS

Tour Revenues

First quarter tour revenues of $208.0 million increased $28.3 million, or 16%, as compared to the same period in 2025. The increase was driven by a $21.4 million increase at the Lindblad segment and a $6.9 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $152.5 million increased 16%, compared to the first quarter a year ago, primarily due to a 7% increase in net yield per available guest night to $1,631 driven by higher pricing and an increase in occupancy to 93% from 89%.

Land Experiences tour revenues of $55.5 million increased 14%, compared to the first quarter a year ago, primarily due to higher pricing and itinerary changes.

Net Income

Net income available to stockholders for the first quarter was $6.0 million, $0.09 per diluted share, as compared with a net loss available to stockholders of $0.0 million, $0.00 per diluted share, in the first quarter of 2025. The $6.0 million improvement primarily reflects the higher operating results and lower interest expense than prior year.

Adjusted EBITDA

First quarter Adjusted EBITDA of $34.8 million increased $4.8 million as compared to the same period in 2025 driven by a $3.2 million increase at the Land Experiences segment and $1.6 million at the Lindblad segment.

Lindblad segment Adjusted EBITDA of $27.9 million increased $1.6 million as compared to the same period in 2025, primarily due to increased tour revenues, partially offset by higher cost of tours related to an increase in voyages, and increased sales and marketing costs, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement, and marketing spend to drive long-term growth initiatives.

Land Experiences segment Adjusted EBITDA of $6.9 million increased $3.2 million as compared to the same period in 2025, due to increased tour revenues, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth.

For the three months ended March 31,

(In thousands)

2026

2025

Change

Tour revenues:

Lindblad

152,489

131,108

21,381

Land Experiences

55,524

48,613

6,911

Total tour revenues

208,013

179,721

28,292

Operating income:

Lindblad

10,562

8,387

2,175

Land Experiences

5,053

2,227

2,826

127

Operating income

15,615

10,614

5,001

Adjusted EBITDA:

Lindblad

27,942

26,320

1,622

Land Experiences

6,887

3,662

3,225

Total adjusted EBITDA

34,829

29,982

4,847

Balance Sheet and Liquidity

The Company’s cash and cash equivalents and restricted cash were $321.1 million as of March 31, 2026, as compared with $289.7 million as of December 31, 2025. The increase primarily reflects $49.5 million in cash from operations due primarily to increased bookings for future travel, which was partially offset by $6.9 million in cash used in the purchasing of property and equipment.

As of March 31, 2026, the Company had a total debt position of $675.0 million and was in compliance with all of its applicable debt covenants.

2026 OUTLOOK

The Company’s current expectations for the full year 2026 are as follows:

●

Tour revenues of $800 - $850 million

●

Adjusted EBITDA of $130 - $140 million

STOCK REPURCHASE PLAN

The Company currently has a $35.0 million stock repurchase plan in place. As of April 30, 2026, the Company had repurchased 875,218 shares and 6.0 million warrants under the plan for a total of $23.0 million and had $12.0 million remaining under the plan. As of April 30, 2026, there were 65.6 million shares of common stock outstanding.

NON-GAAP FINANCIAL MEASURES

The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes 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. The Company believes 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. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the supplemental financial schedules.

Conference Call Information

The Company has scheduled a conference call at 9:00 a.m. Eastern Time on May 5, 2026, to discuss the earnings of the Company. The conference call can be accessed by dialing 1-800-715-9871 (United States and Canada), 1-646-307-1963 (International).

The Access Code is 5396422. A replay of the call will be available at the Company's investor relations website, investors.expeditions.com.

About Lindblad Expeditions Holdings, Inc.

Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the “Company”) is a leader in global expedition travel, offering immersive, educational journeys that span all seven continents through its six pioneering brands. Driven by a passion for the planet and the belief that there is always more to be discovered, the Company leads travelers to the farthest reaches of the world with an expansive portfolio of ship- and land-based expeditions. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, which offers ship-based voyages that allow guests to explore remote destinations alongside scientists and naturalists, and with state-of-the-art exploration tools. In addition to its renowned modern expedition cruises, the Company’s award-winning land-based brands—Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures—provide extraordinary wildlife, cultural, and adventure-focused experiences. Together, these brands connect travelers with some of the planet’s most inspiring natural and cultural landscapes, fostering a deep appreciation for the world.

To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, and the Company’s commitment to responsible exploration, visit investors.expeditions.com.

Forward Looking Statements

Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company’s financial projections and may also generally be identified as such because the context of such statements will include words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or words of similar import. Similarly, statements that describe the Company’s financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following: (i) adverse general economic and/or geopolitical factors that, negatively impact the ability or desire of people to travel; (ii) loss of business due to competition; (iii) unscheduled disruptions in our business due to travel restrictions, weather events, mechanical failures, pandemics or other events; (iv) increases in fuel prices, changes in fuel consumed and availability of fuel supply in the geographies in which we operate or in general; (v) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (vi) 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; (vii) management of our growth and our ability to execute on our planned growth, including our ability to successfully close merger and acquisition transactions and integrate acquisitions; (viii) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xi) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xii) the impact of severe or unusual weather conditions, including climate change, on our business; (xiii) adverse publicity regarding the travel and cruise industry in general; (xiv) the result of future financing efforts; and (xv) those risks described in the Company’s filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company’s performance may be found in its filings with the SEC, which are available at http://www.sec.gov or at http://www.expeditions.com in the Investor Relations section of the Company’s website.

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

As of March 31, 2026

As of December 31, 2025

(unaudited)

ASSETS

Current Assets:

Cash and cash equivalents

275,012

256,692

Restricted cash

46,067

33,043

Prepaid expenses and other current assets

63,673

78,145

Total current assets

384,752

367,880

Property and equipment, net

511,764

522,123

Goodwill

60,609

Intangibles, net

16,031

16,599

Other long-term assets

14,026

12,747

Total assets

987,182

979,958

LIABILITIES

Current Liabilities:

Unearned passenger revenues

399,156

361,481

Accrued expenses

47,497

76,732

Accounts payable

24,981

22,227

Lease liabilities - current portion

1,486

1,151

Long-term debt - current portion

Total current liabilities

473,120

461,594

Long-term debt, less current portion

663,217

662,671

Deferred tax liabilities

227

2,224

Other long-term liabilities

7,445

6,968

Total liabilities

1,144,009

1,133,457

Commitments and contingencies

Series A redeemable convertible preferred stock, 165,000 shares authorized; no shares issued and outstanding as of March 31, 2026, 62,000 shares issued and outstanding as of December 31, 2025

83,079

Redeemable noncontrolling interests

33,298

47,948

33,298

131,027

STOCKHOLDERS’ DEFICIT

Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of December 31, 2025

Common stock, $0.0001 par value, 200,000,000 shares authorized; 65,550,401 and 55,421,384 issued, 65,452,512 and 55,323,495 outstanding as of March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

218,809

126,873

Accumulated deficit

(408,941

)

(411,405

)

Total stockholders’ deficit

(190,125

)

(284,526

)

Total liabilities, mezzanine equity and stockholders’ deficit

987,182

979,958

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(unaudited)

For the three months ended March 31,

2026

2025

Tour revenues

208,013

179,721

Operating expenses:

Cost of tours

106,743

92,848

General and administrative

32,047

32,722

Selling and marketing

35,936

28,242

Depreciation and amortization

17,672

15,295

Total operating expenses

192,398

169,107

Operating income

15,615

10,614

Other (expense) income:

Interest expense, net

(10,579

)

(11,630

)

(Loss) gain on foreign currency

(269

)

542

Other income (expense)

)

Total other expense

(10,790

)

(11,089

)

Income (loss) before income taxes

4,825

(475

)

Income tax benefit

(1,226

)

(1,486

)

Net income

6,051

1,011

Net loss attributable to noncontrolling interest

(449

)

(150

)

Net income attributable to Lindblad Expeditions Holdings, Inc.

6,500

1,161

Series A redeemable convertible preferred stock dividend

497

1,204

Net income (loss) available to stockholders

6,003

(43

)

Weighted average shares outstanding:

Basic

60,247,385

54,623,008

Diluted

61,113,044

54,623,008

Undistributed income (loss) per share available to stockholders:

Basic

0.10

(0.00

)

Diluted

0.09

(0.00

)

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

For the three months ended March 31,

2026

2025

Cash Flows From Operating Activities

Net income

6,051

1,011

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

17,672

15,295

Amortization of deferred financing costs, net

662

924

Amortization of right-to-use lease assets

767

440

Stock-based compensation

1,746

3,727

Deferred income taxes

(1,997

)

(1,395

)

Loss (gain) on foreign currency

269

(542

)

Changes in operating assets and liabilities

Prepaid expenses and other current assets

14,472

2,796

Unearned passenger revenues

37,675

36,190

Other long-term assets

(539

)

(875

)

Accounts payable and accrued expenses

(26,750

)

(8,717

)

Operating lease liabilities

(554

)

(455

)

Net cash provided by operating activities

49,474

48,399

Cash Flows From Investing Activities

Purchases of property and equipment

(6,886

)

(13,415

)

Acquisitions (net of cash acquired)

(15,582

)

Net cash used in investing activities

(6,886

)

(28,997

)

Cash Flows From Financing Activities

Repayments of long-term debt

)

(10

)

Payment of deferred financing costs

(116

)

Proceeds from exercise of options

6,603

Repurchase under stock-based compensation plans, related tax impacts

(1,072

)

Additional acquisition of redeemable noncontrolling interest

(16,586

)

Noncontrolling interest distributions

(70

)

(310

)

Net cash used in financing activities

(11,244

)

(327

)

Effect of exchange rate changes on cash

Net increase in cash, cash equivalents and restricted cash

31,344

19,081

Cash, cash equivalents and restricted cash at beginning of period

289,735

216,143

Cash, cash equivalents and restricted cash at end of period

321,079

235,224

Supplemental disclosures of cash flow information:

Cash paid during the period:

Interest

26,953

12,261

Income taxes

285

416

Non-cash investing and financing activities:

Non-cash preferred stock dividend

497

1,204

Non-cash recognition of new leases

1,366

Additional paid-in capital exercise proceeds of option shares

(933

)

Additional paid-in capital exchange proceeds used for option shares

933

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands)

(unaudited)

Reconciliation of Net Income to Adjusted EBITDA Consolidated

Consolidated

For the three months ended March 31,

(In thousands)

2026

2025

Net income

6,051

1,011

Interest expense, net

10,579

11,630

Income tax benefit

(1,226

)

(1,486

)

Depreciation and amortization

17,672

15,295

Loss (gain) on foreign currency

269

(542

)

Stock-based compensation

1,746

3,727

Transaction-related costs

346

Reorganization costs

(279

)

Other (income) expense

(58

)

Adjusted EBITDA

34,829

29,982

Reconciliation of Operating Income to Adjusted EBITDA

Lindblad Segment

For the three months ended March 31,

(In thousands)

2026

2025

Operating income

10,562

8,387

Depreciation and amortization

16,056

14,060

Stock-based compensation

1,603

3,727

Reorganization costs

(279

)

Transaction-related costs

146

Adjusted EBITDA

27,942

26,320

Land Experiences Segment

For the three months ended March 31,

(In thousands)

2026

2025

Operating income

5,053

2,227

Depreciation and amortization

1,616

1,235

Stock-based compensation

143

Transaction-related costs

200

Adjusted EBITDA

6,887

3,662

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands, except for Available Guest Nights,

Gross Yield, Net Yield and guest metrics)

(unaudited)

Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities

For the three months ended March 31,

2026

2025

Net cash provided by operating activities

49,474

48,399

Less: purchases of property and equipment

(6,886

)

(13,415

)

Free Cash Flow

42,588

34,984

For the three months ended March 31,

2026

2025

Available Guest Nights

80,161

75,325

Guest Nights Sold

74,722

66,974

Occupancy

Maximum Guests

11,363

9,604

Number of Guests

10,504

8,543

Voyages

156

121

Calculation of Gross and Net Yield per Available Guest Night

For the three months ended March 31,

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

2026

2025

Guest ticket revenues

124,184

112,649

Other tour revenue

28,305

18,459

Tour revenues

152,489

131,108

Less: Commissions

(6,032

)

(5,621

)

Less: Other tour expenses

(15,701

)

(10,889

)

Net Yield

130,756

114,598

Available Guest Nights

80,161

75,325

Gross Yield per Available Guest Night

1,902

1,741

Net Yield per Available Guest Night

1,631

1,521

For the three months ended March 31,

(In thousands)

2026

2025

Operating income

10,562

8,387

Cost of tours

76,896

64,823

General and administrative

19,675

21,131

Selling and marketing

29,300

22,707

Depreciation and amortization

16,056

14,060

Less: Commissions

(6,032

)

(5,621

)

Less: Other tour expenses

(15,701

)

(10,889

)

Net Yield

130,756

114,598

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands, except for Available Guest Nights,

Gross and Net Cruise cost Per Available Guest Night and guest metrics)

(unaudited)

Calculation of Gross and Net Cruise Cost

For the three months ended March 31,

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

2026

2025

Cost of tours

76,896

64,823

Plus: Selling and marketing

29,300

22,707

Plus: General and administrative

19,675

21,131

Gross Cruise Cost

125,871

108,661

Less: Commissions

(6,032

)

(5,621

)

Less: Other tour expenses

(15,701

)

(10,889

)

Net Cruise Cost

104,138

92,151

Less: Fuel Expense

(7,985

)

(7,309

)

Net Cruise Cost Excluding Fuel

96,153

84,842

Non-GAAP Adjustments:

Stock-based compensation

(1,603

)

(3,727

)

Reorganization costs

279

Transaction-related costs

(146

)

Adjusted Net Cruise Cost Excluding Fuel

94,829

80,969

Adjusted Net Cruise Cost

102,814

88,278

Available Guest Nights

80,161

75,325

Gross Cruise Cost per Available Guest Night

1,570

1,443

Net Cruise Cost per Available Guest Night

1,299

1,223

Net Cruise Cost Excluding Fuel per Available Guest Night

1,199

1,126

Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night

1,183

1,075

Adjusted Net Cruise Cost per Available Guest Night

1,283

1,172

Reconciliation of 2026 Adjusted EBITDA guidance:

(In millions)

Full Year 2026

Income before income taxes

)

Depreciation and amortization

Interest expense, net

Stock-based compensation

Other

Adjusted EBITDA

130

140

A reconciliation of net income to Adjusted EBITDA is not provided because the Company cannot estimate or predict with reasonable certainty certain discrete tax items, which could significantly impact that financial measure.

Operational and Financial Metrics

Adjusted EBITDA is defined by us as, net income (loss) excluding depreciation and amortization, net interest expense, income tax expense or benefit, foreign currency gains or losses and other certain non-operating items. Other non-operating items excluded, include such items as stock-based compensation, reorganization costs, executive severance costs, debt refinancing costs, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure to evaluate operating performance and trends. We believe this measure provides additional insight into underlying operating results by excluding items that may not be indicative of ongoing performance. Adjusted EBITDA is not intended to be a measure of liquidity or financial performance under GAAP and should not be considered in isolation or as a substitute for GAAP measures such as net income or cash flows from operations. Our definition and use of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.

The following metrics apply to the 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 available for sale 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 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 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.

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Document And Entity Information

May 05, 2026

Document Information [Line Items]

Entity, Registrant Name

LINDBLAD EXPEDITIONS HOLDINGS, INC.

Document, Type

8-K

Document, Period End Date

May 05, 2026

Entity, Incorporation, State or Country Code

Entity, File Number

001-35898

Entity, Tax Identification Number

27-4749725

Entity, Address, Address Line One

11 West 42nd Street, Suite 22 B3

Entity, Address, City or Town

New York

Entity, Address, State or Province

Entity, Address, Postal Zip Code

10036

City Area Code

212

Local Phone Number

261-9000

Title of 12(b) Security

Common Stock

Trading Symbol

LIND

Security Exchange Name

NASDAQ

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