Lindblad Expeditions Reports Record 2025 Adjusted EBITDA, Strong Guidance, and Capital Structure Simplification
Summary
Lindblad Expeditions announced record full-year 2025 financial results, including a 38% increase in Adjusted EBITDA, alongside positive 2026 guidance and the mandatory conversion of all preferred stock into common shares.
Key Events
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Record Full-Year 2025 Financial Performance
The company reported record Adjusted EBITDA of $126.2 million for full-year 2025, a 38% increase from 2024, and total revenues grew 20% to $771.0 million. Net loss available to stockholders decreased to $34.6 million.
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Strong 2026 Financial Outlook
Lindblad Expeditions provided positive guidance for full-year 2026, projecting tour revenues between $800 million and $850 million, and Adjusted EBITDA between $130 million and $140 million.
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Debt Refinancing Completed
The company refinanced its long-term debt with $675.0 million of 7.00% senior secured notes, extending the debt maturity to 2030 and increasing its revolving credit facility to $60.0 million, enhancing financial flexibility.
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Mandatory Preferred Stock Conversion
On February 3, 2026, all 62,000 outstanding shares of Preferred Stock were mandatorily converted into approximately 9.0 million shares of Common Stock, simplifying the capital structure.
Analysis
Lindblad Expeditions delivered its strongest financial performance in company history for full-year 2025, marked by record Adjusted EBITDA and significant revenue growth. The company also provided an optimistic outlook for 2026, projecting continued increases in tour revenues and Adjusted EBITDA. A key capital event was the mandatory conversion of all outstanding preferred stock into approximately 9.0 million common shares, which, while dilutive, simplifies the capital structure. Additionally, the company successfully refinanced its long-term debt, extending maturity to 2030 and enhancing financial stability. These positive operational and strategic developments are further supported by an ongoing stock repurchase program.
At the time of this filing, LIND was trading at $20.75 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $7.45 to $21.23. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.