LINDBLAD EXPEDITIONS HOLDINGS, INC., 10-K filed on 2/26/2026
Annual Report
v3.25.4
Document And Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 23, 2026
Jun. 30, 2025
Document Information [Line Items]      
Entity Central Index Key 0001512499    
Entity Registrant Name LINDBLAD EXPEDITIONS HOLDINGS, INC.    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2025    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Entity File Number 001-35898    
Entity Incorporation, State or Country Code DE    
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 NY    
Entity Address, Postal Zip Code 10036    
City Area Code 212    
Local Phone Number 261-9000    
Title of 12(b) Security Common Stock, par value $0.0001 per share    
Trading Symbol LIND    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 341,600,000
Entity Common Stock, Shares Outstanding   65,251,988  
Auditor Firm ID 42    
Auditor Name Ernst & Young LLP    
Auditor Location Hartford, Connecticut    
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 256,692 $ 183,941
Restricted cash 33,043 32,202
Prepaid expenses and other current assets 78,145 62,290
Total current assets 367,880 278,433
Property and equipment, net 522,123 518,390
Goodwill 60,609 59,031
Intangibles, net 16,599 15,923
Other long-term assets 12,747 5,128
Total assets 979,958 876,905
Current Liabilities:    
Unearned passenger revenues 361,481 318,666
Accrued expenses 76,732 58,054
Accounts payable 22,227 13,860
Lease liabilities - current portion 1,151 1,845
Long-term debt - current portion 3 29
Total current liabilities 461,594 392,454
Long-term debt, less current portion 662,671 625,425
Deferred tax liabilities 2,224 3,537
Other long-term liabilities 6,968 1,024
Total liabilities 1,133,457 1,022,440
Commitments and contingencies
Redeemable noncontrolling interests 47,948 29,424
Temporary equity 131,027 107,579
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 and December 31, 2024, respectively 0 0
Common stock, $0.0001 par value, 200,000,000 shares authorized; 55,421,384 and 54,507,977 issued, 55,323,495 and 54,376,154 outstanding as of December 31, 2025 and December 31, 2024, respectively 6 6
Additional paid-in capital 126,873 109,473
Accumulated deficit (411,405) (362,881)
Accumulated other comprehensive income 0 288
Total stockholder’s deficit (284,526) (253,114)
Total liabilities, mezzanine equity and stockholders’ deficit 979,958 876,905
Series A Redeemable Convertible Preferred Stock [Member]    
Current Liabilities:    
Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively $ 83,079 $ 78,155
v3.25.4
Consolidated Balance Sheets (Parentheticals) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 62,000 62,000
Preferred stock, shares outstanding (in shares) 62,000 62,000
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 55,421,384 54,507,977
Common stock, shares outstanding (in shares) 55,323,495 54,376,154
Series A Redeemable Convertible Preferred Stock [Member]    
Temporary equity, shares authorized (in shares) 165,000 165,000
Temporary equity, shares issued (in shares) 62,000 62,000
Temporary equity, shares outstanding (in shares) 62,000 62,000
v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Tour revenues $ 771,019 $ 644,727 $ 569,543
Operating expenses:      
Cost of tours 418,018 362,581 338,211
General and administrative 129,976 121,013 102,596
Selling and marketing 114,716 87,018 71,426
Depreciation and amortization 62,822 52,562 46,711
Total operating expenses 725,532 623,174 558,944
Operating income 45,487 21,553 10,599
Other (expense) income:      
Interest expense, net (45,231) (45,738) (45,014)
Gain (loss) on foreign currency 1,077 (1,065) 751
Other Nonoperating Income (Expense) 409 159 (4,066)
Loss on extinguishment of debt (23,492) 0 0
Total other expense (67,237) (46,644) (48,329)
Total (21,750) (25,091) (37,730)
Income tax expense 2,475 3,104 3,146
Net loss (24,225) (28,195) (40,876)
Net income attributable to noncontrolling interest 5,496 2,984 4,734
Net loss attributable to Lindblad Expeditions Holdings, Inc. (29,721) (31,179) (45,610)
Series A redeemable convertible preferred stock dividend 4,926 4,641 4,373
Net loss available to stockholders $ (34,647) $ (35,820) $ (49,983)
Weighted average shares outstanding:      
Basic (in shares) 54,970,812 53,817,462 53,256,513
Diluted (in shares) 54,970,812 53,817,462 53,256,513
Undistributed loss per share available to stockholders:      
Basic (in dollars per share) $ (0.63) $ (0.67) $ (0.94)
Diluted (in dollars per share) $ (0.63) $ (0.67) $ (0.94)
v3.25.4
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net loss $ (24,225) $ (28,195) $ (40,876)
Other comprehensive loss:      
Change in foreign currency translation adjustments (288) 288 0
Total other comprehensive loss (288) 288 0
Total comprehensive loss (24,513) (27,907) (40,876)
Less: comprehensive income attributive to non-controlling interest 5,496 2,984 4,734
Comprehensive loss attributable to Lindblad Expeditions Holdings, Inc. $ (30,009) $ (30,891) $ (45,610)
v3.25.4
Consolidated Statements of Stockholders' Deficit - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Total
Balance (in shares) at Dec. 31, 2022 53,177,437        
Balance at Dec. 31, 2022 $ 5 $ 83,850 $ (266,530) $ 0 $ (182,675)
Stock-based compensation $ 0 13,886 0 0 13,886
Net activity related to equity compensation plans (in shares) 212,645        
Net activity related to equity compensation plans $ 0 (597) 0 0 (597)
Redeemable noncontrolling interest 0 0 (5,695) 0 (5,695)
Series A preferred stock dividend     (4,373)   (4,373)
Net loss attributable to Lindblad Expeditions Holdings, Inc. 0 0 (45,610) 0 (45,610)
Other comprehensive income, net         0
Redeemable noncontrolling interest $ 0 0 5,695 0 5,695
Balance (in shares) at Dec. 31, 2023 53,390,082        
Balance at Dec. 31, 2023 $ 5 97,139 (322,208) 0 (225,064)
Stock-based compensation $ 0 9,833 0 0 9,833
Net activity related to equity compensation plans (in shares) 435,302        
Net activity related to equity compensation plans $ 1 (1,575) 0 0 (1,574)
Redeemable noncontrolling interest 0 (1,924) (4,853) 0 (6,777)
Series A preferred stock dividend     (4,641)   (4,641)
Net loss attributable to Lindblad Expeditions Holdings, Inc. $ 0 0 (31,179) 0 (31,179)
Issuance of stock for acquisition (in shares) 682,593        
Issuance of stock for acquisition $ 0 6,000 0 0 6,000
Other comprehensive income, net 0 0 0 288 288
Redeemable noncontrolling interest $ 0 1,924 4,853 0 6,777
Balance (in shares) at Dec. 31, 2024 54,507,977        
Balance at Dec. 31, 2024 $ 6 109,473 (362,881) 288 (253,114)
Stock-based compensation $ 0 13,461 0 0 13,461
Net activity related to equity compensation plans (in shares) 913,407        
Net activity related to equity compensation plans $ 0 3,939 0 0 3,939
Redeemable noncontrolling interest 0 0 (13,877) 0 (13,877)
Series A preferred stock dividend     (4,926)   (4,926)
Net loss attributable to Lindblad Expeditions Holdings, Inc. 0 0 (29,721) 0 (29,721)
Other comprehensive income, net 0 0 0 (288) (288)
Redeemable noncontrolling interest $ 0 0 13,877 0 13,877
Balance (in shares) at Dec. 31, 2025 55,421,384        
Balance at Dec. 31, 2025 $ 6 $ 126,873 $ (411,405) $ 0 $ (284,526)
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities      
Net loss $ (24,225) $ (28,195) $ (40,876)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 62,822 52,562 46,711
Amortization of deferred financing costs, net 3,329 3,699 3,368
Amortization of right-to-use lease assets 1,734 893 811
Stock-based compensation 13,461 9,833 13,886
Deferred income taxes (1,262) 2,052 2,719
(Gain) loss on foreign currency (1,077) 1,065 (751)
Write-off of unamortized deferred financing costs due to debt extinguishment 7,111 0 3,860
Changes in operating assets and liabilities      
Prepaid expenses and other current assets (11,386) (1,238) (3,454)
Unearned passenger revenues 39,516 52,966 7,098
Other long-term assets (1,787) (2,037) (1,871)
Other long-term liabilities (462) 0 0
Accounts payable and accrued expenses 25,475 1,750 (5,210)
Operating lease liabilities (1,666) (995) (850)
Net cash provided by operating activities 111,583 92,355 25,441
Cash Flows From Investing Activities      
Purchases of property and equipment (47,745) (33,520) (29,963)
Acquisitions (net of cash acquired) (19,522) (10,559) 0
Sale of securities 0 0 15,163
Net cash used in investing activities (67,267) (44,079) (14,800)
Cash Flows From Financing Activities      
Proceeds from long-term debt 675,000 0 275,000
Repayments of long-term debt (635,036) (49) (205,704)
Payment of deferred financing costs (13,194) (21) (7,489)
Proceeds from exercise of options 4,259 0 0
Repurchase under stock-based compensation plans, related tax impacts and noncontrolling interest distributions (1,465) (2,974) (1,128)
Additional acquisition of redeemable noncontrolling interest 0 (16,721) 0
Net cash provided by (used in) financing activities 29,564 (19,765) 60,679
Net increase in cash, cash equivalents and restricted cash 73,592 28,799 71,320
Cash, cash equivalents and restricted cash at beginning of period 216,143 187,344 116,024
Cash, cash equivalents and restricted cash at end of period 289,735 216,143 187,344
Effect of exchange rate changes on cash (288) 288 0
Supplemental disclosures of cash flow information:      
Interest 50,766 49,423 43,695
Income taxes 3,164 319 711
Non-cash investing and financing activities:      
Shares issued in connection with acquisition 0 6,000 0
Non-cash preferred stock dividend 4,926 4,641 4,373
Non-cash recognition of new leases 6,860 0 0
Additional paid-in capital exercise proceeds of option shares 358 145 0
Additional paid-in capital exchange proceeds used for option shares $ (358) $ (145) $ 0
v3.25.4
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2025
Award Tmg Disc Line Items  
Award Timing MNPI Considered [Flag] true
v3.25.4
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Trading Arrangements, by Individual [Table]    
Material Terms of Trading Arrangement [Text Block]  

Item 9B.

Other Information

 

Rule 10b5-1 Trading Plans

 

During the three months ended  December 31, 2025, no director or Section 16 officer of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

 

 
Rule 10b5-1 Arrangement Terminated [Flag] false  
Non-Rule 10b5-1 Arrangement Terminated [Flag] false  
Non-Rule 10b5-1 Arrangement Adopted [Flag] false  
Rule 10b5-1 Arrangement Adopted [Flag] false  
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted [Flag] true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Risk Management and Strategy

 

We have integrated processes in place to manage information technology vulnerabilities, including technological tools and applications, and controls. Two step and multi-factor authentication is required for both internal and external access. Anti-virus and malware endpoint protection software is used on all Company and non-Company information systems workstations and laptops, as well as email filtering protection. We also subscribe to a Managed Threat Response service that proactively monitors all systems. System event logs are produced and reviewed, with all exceptions and anomalies of actions affecting or relevant to information security identified and investigated. The Security Operations Center from Sophos manages this service which reviews, identifies, and investigates threats in coordination with our internal teams.

 

Software updates and configuration changes applied to information resources are tested prior to widespread implementation and are implemented in accordance with our change control policy. All information resources are scanned on a regular basis to identify missing updates. Missing software updates are evaluated and updates that pose an unacceptable risk to us are implemented and installed to the relevant information resources. Penetration testing and vulnerability scans of the internal network, external network, and hosted applications are conducted at scheduled intervals and after any significant changes to the information system environment. Any exploitable vulnerabilities found during a penetration test are remediated and the systems re-tested to verify vulnerabilities are resolved. Evidence of compromised or exploited information resource found during vulnerability scanning is reported to the Information Security Committee.

 
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have integrated processes in place to manage information technology vulnerabilities, including technological tools and applications, and controls. Two step and multi-factor authentication is required for both internal and external access. Anti-virus and malware endpoint protection software is used on all Company and non-Company information systems workstations and laptops, as well as email filtering protection. We also subscribe to a Managed Threat Response service that proactively monitors all systems. System event logs are produced and reviewed, with all exceptions and anomalies of actions affecting or relevant to information security identified and investigated. The Security Operations Center from Sophos manages this service which reviews, identifies, and investigates threats in coordination with our internal teams.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] Software updates and configuration changes applied to information resources are tested prior to widespread implementation and are implemented in accordance with our change control policy. All information resources are scanned on a regular basis to identify missing updates. Missing software updates are evaluated and updates that pose an unacceptable risk to us are implemented and installed to the relevant information resources. Penetration testing and vulnerability scans of the internal network, external network, and hosted applications are conducted at scheduled intervals and after any significant changes to the information system environment. Any exploitable vulnerabilities found during a penetration test are remediated and the systems re-tested to verify vulnerabilities are resolved. Evidence of compromised or exploited information resource found during vulnerability scanning is reported to the Information Security Committee.
Cybersecurity Risk Board of Directors Oversight [Text Block]

Item 1C.

Cybersecurity

 

We recognize that our business information is a critical asset and as such our ability to manage, control, and protect this asset will have a direct and significant impact on our future success. Our Board of Directors (the “Board”) recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. The Audit Committee of the Board is actively involved in oversight of our risk management program, and cybersecurity represents an important component of our overall approach to enterprise risk management (“ERM”). Our cybersecurity policies, standards, processes, and practices are fully integrated into our ERM program and are based on recognized frameworks established by the National Institute of Standards and Technology, the International Organization for Standardization and other applicable industry standards. In general, we seek to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, security and availability of the information that we collect and store by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur.

 

Governance

 

We have an Information Security Committee, which is comprised of our Senior Vice President of Information Technology (“SVPIT”), our Director of IT Operations, our Security Specialist and our network administrators. The Information Security Committee works collaboratively across the Company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with our incident response and recovery policies. To facilitate the success of our cybersecurity risk management program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with these teams, the Information Security Committee monitors the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time and report such threats and incidents to the Risk Management Committee when appropriate.

 

The Information Security Committee is assisted by a Virtual Chief Information Security Officer (the “vCISO”) which is a contracted third-party security firm whose responsibilities include the formulation, review and recommendation of information security policies, ensuring compliance with applicable information security requirements, assessing the adequacy and effectiveness of the information security policies and coordinate the implementation of information security controls, identifying and recommending how to handle an instance of non-compliance, providing clear direction and visible management support for information security initiatives, promoting information security education, training, and awareness throughout the Company, and initiating plans and programs to maintain information security awareness, educating the team and staff on ongoing legal, regulatory and compliance changes as well as industry news and trends, and reporting annually, in coordination with the vCISO, to Executive Management on the effectiveness of our information security program, including progress of remedial actions.

 

Our SVPIT and vCISO provide frequent reporting and updates to our executive management and provides a full report to the Audit Committee of the Board on the cybersecurity audit and its cybersecurity roadmap for improvements and new infrastructure implementations annually, or more frequently if the need arises.

 

Our vCISO has employees and consultants that have served in various roles in information technology and information security for over 25 years, including serving as the Chief Information Security Officer of two large public companies. Our VPIT holds several information technology licenses and certificates and has served in various roles in information technology for over 25 years, including experience managing risks arising from cybersecurity threats.

 

The Information Security Committee oversees our ERM process, including the management of risks arising from cybersecurity threats. The Audit Committee of the Board receives regular presentations and reports on cybersecurity risks from the Information Security Committee, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. The Audit Committee of the Board and the Risk Management Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. 

 
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] We recognize that our business information is a critical asset and as such our ability to manage, control, and protect this asset will have a direct and significant impact on our future success. Our Board of Directors (the “Board”) recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. The Audit Committee of the Board is actively involved in oversight of our risk management program, and cybersecurity represents an important component of our overall approach to enterprise risk management (“ERM”). Our cybersecurity policies, standards, processes, and practices are fully integrated into our ERM program and are based on recognized frameworks established by the National Institute of Standards and Technology, the International Organization for Standardization and other applicable industry standards.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our SVPIT and vCISO provide frequent reporting and updates to our executive management and provides a full report to the Audit Committee of the Board on the cybersecurity audit and its cybersecurity roadmap for improvements and new infrastructure implementations annually, or more frequently if the need arises.
Cybersecurity Risk Role of Management [Text Block] We recognize that our business information is a critical asset and as such our ability to manage, control, and protect this asset will have a direct and significant impact on our future success. Our Board of Directors (the “Board”) recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. The Audit Committee of the Board is actively involved in oversight of our risk management program, and cybersecurity represents an important component of our overall approach to enterprise risk management (“ERM”). Our cybersecurity policies, standards, processes, and practices are fully integrated into our ERM program and are based on recognized frameworks established by the National Institute of Standards and Technology, the International Organization for Standardization and other applicable industry standards.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our vCISO has employees and consultants that have served in various roles in information technology and information security for over 25 years, including serving as the Chief Information Security Officer of two large public companies.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our vCISO has employees and consultants that have served in various roles in information technology and information security for over 25 years, including serving as the Chief Information Security Officer of two large public companies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our SVPIT and vCISO provide frequent reporting and updates to our executive management and provides a full report to the Audit Committee of the Board on the cybersecurity audit and its cybersecurity roadmap for improvements and new infrastructure implementations annually, or more frequently if the need arises.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Note 1 - Business
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

NOTE 1 — BUSINESS

 

Organization

 

Lindblad Expeditions Holdings, Inc. and its consolidated subsidiaries’ (the “Company” or “Lindblad”) mission is offering life-enhancing adventures around the world and pioneering innovative ways to allow its guests to connect with exotic and remote places.

 

The Company operates the following reportable business segments:

 

Lindblad Segment. The Lindblad segment currently operates a fleet of 12 owned expedition ships and 10 seasonal charter vessels (with several other vessels contracted for future expeditions), and primarily provides ship-based expeditions aboard customized, nimble and intimately-scaled vessels that are able to venture where larger cruise ships cannot, thus allowing Lindblad to offer up-close experiences in the planet’s wild and remote places and capitals of culture. Each expedition ship is fully equipped with state-of-the-art tools for in-depth exploration and the majority of expeditions involve travel to remote places with limited infrastructure and ports, such as Antarctica and the Arctic, or places that are best accessed by a ship, such as the Galápagos Islands, Alaska, Baja California’s Sea of Cortez and Panama, and foster active engagement by guests. The Company has an agreement with National Geographic Partners, LLC (“National Geographic”), which provides for lecturers and National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews, to join many of the Company’s expeditions.

 

Land Experiences Segment. The Land Experiences segment includes the five primarily land-based brands, Natural Habitat, Inc. (“Natural Habitat”), Off the Beaten Path, LLC (“Off the Beaten Path”), DuVine Cycling + Adventure Company (“DuVine”), Classic Journeys, LLC (“Classic Journeys”), and Thomson Group, consisting of Wineland-Thomson Adventures, LLC (“Thomson Safaris”), Nature Discovery Ltd (“Nature Discovery”), Thomson Safaris Ltd (“Thomson Safaris Tanzania”), and Ngorongoro Safari Lodge Ltd (“Gibb’s Farm”).

 

Natural Habitat offers over 100 different expedition itineraries in more than 45 countries spanning all seven continents, with eco-conscious expeditions and nature-focused, small-group tours 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”) to offer conservation travel, which is sustainable travel that contributes to the protection of nature and wildlife. 

 

Off the Beaten Path offers active small-group adventures, 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 offers intimate group cycling and adventure tours around the world with local cycling experts as guides, immersive in local cultural, cuisine and high-quality 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 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 expert local guides, 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 offers socially responsible and positively impactful light-treading Tanzanian safaris, industry-leading Kilimanjaro treks, and operates the historic award-winning Gibb’s Farm, an 80-acre sanctuary and high-end lodge located near the Ngorongoro Crater.

 
v3.25.4
Note 2 - Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Basis of Presentation and Significant Accounting Policies [Text Block]

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The consolidated financial statements include the accounts of the Company after elimination of all intercompany accounts and transactions. The consolidated financial statements and accompanying footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”). The presentation of credit card fee expenses in the consolidated statement of operations of the Company has been reclassified from within general and administrative expense to cost of tours for 2024 and 2023 to conform with the 2025 presentation.

 

Use of Estimates

 

The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities as well as revenues and expenses and related disclosures. Actual results could differ from such estimates. Management estimates include determining the estimated lives of long-lived and intangible assets, the valuation of stock-based compensation awards, future travel certificate breakage, annual goodwill impairment assessment, and the recovery of deferred tax assets. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period that they are determined to be necessary.

 

Revenue Recognition

 

Revenues are measured based on consideration specified in the Company’s contracts with guests and are recognized as the related performance obligations are satisfied. The majority of the Company’s revenues are derived from guest ticket contracts which are reported as tour revenues. The Company’s primary performance obligation under these contracts is to provide an expedition, trip or tour, and may include pre- and post-expedition excursions, hotel accommodations, land-based expeditions and air transportation to and from the ships or the trip or tour beginning or end point. Upon satisfaction of the Company’s primary performance obligation, revenue is recognized over the duration of each expedition, trip or tour.

 

Tour revenues also include revenues from the sale of goods and services onboard the Company’s ships, cancellation fees and trip insurance. Revenues from the sale of goods and services rendered onboard are recognized upon purchase. Guest cancellation fees are recognized as tour revenues at the time of the cancellation. The Company records a liability for estimated trip insurance claims based on the Company’s claims history. Proceeds received from trip insurance premiums in excess of this liability are recorded as revenue in the period in which they are received.

 

The Company sources its guest bookings through a combination of direct selling and various agency networks and alliances. The following table disaggregates tour revenues by the sales channel it was derived from:

 

  

For the years ended December 31,

 

Lindblad Segment

 

2025

  

2024

  

2023

 

Guest ticket revenue:

            

Direct (a)

 $292,154  $280,245  $255,686 

Agencies

  136,195   92,809   90,185 

Guest ticket revenue

  428,349   373,054   345,871 

Other tour revenue

  67,293   50,252   51,539 

Tour revenues

 $495,642  $423,306  $397,410 
             
  

For the years ended December 31,

 

Land Experiences Segment

 

2025

  

2024

  

2023

 

Guest ticket revenue:

            

Direct (a)

 $234,820  $188,161  $146,971 

Agencies

  27,114   22,385   17,129 

Guest ticket revenue

  261,934   210,546   164,100 

Other tour revenue

  13,443   10,875   8,033 

Tour revenues

 $275,377  $221,421  $172,133 

 

(a)Direct bookings in the table above are inclusive of affinity group sales, where prior to 2025 affinity sales were tracked separately. In the years ended December 31, 2024 and 2023, affinity sales were $25.5 million and $29.5 million, respectively, for the Lindblad segment, and $3.7 million and $3.1 million, respectively, for the Land Experiences segment.

Customer Deposits and Contract Liabilities

 

The Company’s guests remit deposits in advance of tour embarkation. Guest deposits consist of guest ticket revenues as well as revenues from the sale of pre- and post-expedition excursions, hotel accommodations, land-based expeditions and certain air transportation. Guest deposits represent unearned revenues and are reported as unearned passenger revenues when received and are subsequently recognized as tour revenue over the duration of the expedition. The Company does not consider guest deposits to be a contract liability until the guest no longer has the right, resulting from the passage of time, to cancel their reservation and receive a full refund. 

 

The change in contract liabilities within unearned passenger revenues are as follows:

  

Contract Liabilities

 

Balance as of December 31, 2024

 $190,281 

Recognized in tour revenues during the period

  (741,618)

Additional contract liabilities in period

  782,980 

Balance as of December 31, 2025

 $231,643 

 

Cost of Tours

 

Cost of tours represents the direct costs associated with revenues during expeditions, trips and tours, including costs of pre- or post-expedition excursions, hotel accommodations, land-based expeditions, air and other transportation expenses and costs of goods and services rendered onboard, payroll and related expenses for shipboard, guides and expedition personnel, food costs for guests and crew, fuel and related costs and other expenses such as land costs, port costs, repairs and maintenance, equipment expense, drydock, ship insurance, charter hire expenses and credit card commissions.

 

General and Administrative Expense

 

General and administrative expenses represent the costs of the Company’s administrative functions, and includes salaries and related benefits, professional fees and occupancy costs, shore-side vessel support, and reservations functions.

 

Selling and Marketing Expense

 

Selling and marketing expenses include commissions, royalties and a broad range of advertising and marketing expenses. These include advertising costs of direct mail, email, digital media, traditional media, travel agencies and brand websites, as well as costs associated with website development and maintenance, social media and corporate sponsorship costs. Advertising is charged to expense as incurred. Advertising expenses totaled $51.7 million, $39.4 million and $33.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. The largest component of advertising expense for each of the years ended December 31, 2025, 2024 and 2023 was online advertising, which totaled $27.4 million, $19.9 million and $17.3 million, respectively.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments with an original maturity of three months or less, as well as deposits in financial institutions, to be cash and cash equivalents. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets to the total in the statements of cash flows:

 

  

As of December 31,

 
  

2025

  

2024

  

2023

 

(In thousands)

            

Cash and cash equivalents

 $256,692  $183,941  $156,845 

Restricted cash

  33,043   32,202   30,499 

Total cash, cash equivalents and restricted cash as presented in the statements of cash flows

 $289,735  $216,143  $187,344 

 

Concentration of Currency Risk

 

The Company maintains cash in several financial institutions in the U.S. and other countries which, at times, may exceed the federally insured limits. Accounts held in the U.S. are guaranteed by the Federal Deposit Insurance Corporation up to certain limits. As of December 31, 2025 and 2024, the Company’s cash held in financial institutions outside of the U.S. amounted to $8.4 million and $7.4 million, respectively.

Restricted Cash 

 

The amounts held in restricted cash represent principally funds required to be held by certain vendors and regulatory agencies and are classified as restricted cash since such amounts cannot be used by the Company until the restrictions are removed by those vendors and regulatory agencies. These amounts are principally held in certificates of deposit and interest income is recognized when earned. 

 

In order to operate guest tour expedition vessels from U.S. ports, the Company is required to either post a performance bond with the Federal Maritime Commission or escrow all unearned guest deposits plus an additional 10% in restricted accounts, up to a maximum of $32.0 million. To satisfy this requirement, the Company entered into an agreement with a financial institution to escrow the required amounts.

 

Restricted cash consists of the following:

 

  As of December 31,
  2025  2024 

(In thousands)

        

Federal Maritime Commission and other escrow

 $19,186  $18,101 

Credit card processor reserves

  12,500   12,750 

Certificates of deposit and other restricted deposits

  1,357   1,351 

Total restricted cash

 $33,043  $32,202 

 

Prepaid Expenses and Other Current Assets

 

The Company records prepaid expenses and other current assets at cost and expenses them in the period the services are provided or the goods are delivered. Prepaid expenses and other current assets consist primarily of prepaid tour expenses, fuel, provisions, gift shop merchandise and other items for resale and other supplies used in the operation of marine expeditions. Fuel, provisions and other supplies are recorded at cost while items for sale are stated at the lower of cost or net realizable value and their cost is determined using the first-in, first-out method. The Company’s prepaid expenses and other current assets consist of the following:

 

  As of December 31,
  2025  2024 

(In thousands)

        

Prepaid tour expenses

 $37,981  $28,585 

Other

  40,164   33,705 

Total prepaid expenses and other current assets

 $78,145  $62,290 

 

Property and Equipment, net

 

Property and equipment is recorded at cost, and the cost of improvements that extend the useful life of property and equipment is capitalized when incurred. These capitalized costs may include structural costs, equipment, fixtures, and floor and wall coverings. Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows:

 

  

Years

 

Vessels and vessel improvements

 15to25 
Buildings and building improvements 3to40 

Furniture & equipment

  5  

Computer hardware and software

 5to10 

Leasehold improvements, including expedition sites and port facilities

 

Shorter of lease term or related asset life

 

 

The ship-based tour and expedition industry is very capital intensive. As of December 31, 2025, the Company owned and operated 12 expedition vessels. The Company has a capital program for the improvement of its vessels and for asset replacements in order to enhance the effectiveness and efficiency of its operations; comply with, or exceed, all relevant legal and statutory requirements related to health, environment, safety, security and sustainability; and gain strategic benefits or provide newer improved product innovations to its guests. 

 

Vessel improvement costs that add value to the Company’s vessels, such as those discussed above, are capitalized and depreciated over the shorter of the improvements, or the vessel’s estimated remaining useful life, while costs of repairs and maintenance, including minor improvement costs and drydock expenses, are charged to expense as incurred and included in cost of tours. Drydock costs primarily represent planned maintenance activities that are incurred when a vessel is taken out of service. For U.S. flagged ships, the statutory requirement traditionally is an annual docking and U.S. Coast Guard inspections, normally conducted in drydock. Internationally flagged ships have scheduled dockings approximately every 12 months, for a period of up to three to six weeks.

 

During 2025, the Company made the decision to retire the National Geographic Sea Bird and National Geographic Sea Lion in 2026 and began accelerating the depreciation of the vessels’ remaining net book value through their retirement date. 

 

Goodwill

 

The Company tests for impairment annually as of September 30, or more frequently if warranted. The Company assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of goodwill is less than its carrying amount. The Company completed the annual impairment test as of September 30, 2025, noting no indication of goodwill impairment. See Note 5—Goodwill and Intangible Assets for further details on the Company’s goodwill.

 

Intangible Assets, net

 

Intangible assets include tradenames, customer lists and operating rights. Tradenames are words, symbols, or other devices used in trade or business to indicate the source of products and to distinguish it from other products and are registered with government agencies and are protected legally by continuous use in commerce. Customer lists are established relationships with existing customers that resulted in repeat purchases and customer loyalty. Based on the Company’s analysis, amortization of the tradenames and customer lists were computed using the estimated useful lives of 15 and 5 years, respectively. See Note 5—Goodwill and Intangible Assets for further information on the Company’s intangible assets.

 

The Company operates four vessels year-round in the Galápagos National Park in Ecuador, the National Geographic Endeavour II with 96 berths, the National Geographic Islander II with 48 berths, the National Geographic Gemini with 48 berths and the National Geographic Delfina with 16 berths. In order to operate these vessels within the park, the Company is required to have in its possession cupos (licenses) sufficient to cover the total available berths on each vessel. The cupos expire in 2042, and have a renewable 20-year term, subject to early termination by the Ecuadorean Province of Galápagos government for non-compliance with the terms of the contract and applicable laws and regulations.

 

Upon the occurrence of a triggering event, any event or circumstance that indicates that the fair value of the Company’s intangible assets might be below its carrying amount, the assessment of possible impairment of the Company’s intangible assets will be based on the Company’s ability to recover the carrying value of its asset, which is determined by using the asset’s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the carrying value of the asset, an impairment charge is recognized for the excess, if any, of the asset’s carrying value over its estimated fair value. If a quantitative assessment is needed, judgement is required in estimating the future cash flows and fair values of its tradenames, customer lists and operating rights. As of and for the year ended December 31, 2025 and 2024 the Company determined that there were no triggering events regarding its intangible assets.

 

Long-Lived Asset Impairment Assessment

 

The Company reviews its long-lived assets, principally its vessels, for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Upon the occurrence of a triggering event, the assessment of possible impairment is based on the Company’s ability to recover the carrying value of its asset, which is determined by using the asset’s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the carrying value of the asset, an impairment charge is recognized for the excess of the asset’s carrying value over its estimated fair value. If a quantitative assessment is needed, judgment is required in estimating the future cash flows and fair values of its vessels. As of and for the years December 31, 2025 and 2024, the Company determined that there were no triggering events regarding its long-lived assets.

 

Leases

 

The Company leases office and warehousing space with lease terms ranging from one to ten years, computer hardware and software and office equipment with lease terms ranging from three to six years and land for safari base camps with terms ranging from 12 to 95 years.

 

At the inception of a lease, the Company recognizes right-of-use lease assets and related lease liabilities measured as the present value of future lease payments. The Company’s right-of-use lease assets are recorded in other long-term assets and the Company’s lease liabilities are recorded in lease liabilities-current and other long-term liabilities. Lease expense is recognized on a straight-line basis over the term of the lease. The Company reviewed its contracts with vendors, determining that its right-to-use lease assets consisted primarily of office space and land operating leases. In determining the right-to-use lease assets and related lease liabilities, the Company did not recognize any lease extension options and elected to exclude leases with terms of 12-months or less. Short-term leases are accounted for monthly over the lease term.

 

Fair Value Measurements

 

Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:

 

 

Level 1

Quoted market prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at measurement date.

   
 

Level 2

Quoted market prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable, either directly or indirectly. Fair value is determined through the use of models or other valuation methodologies.

   
 

Level 3

Significant unobservable inputs for assets or liabilities that cannot be corroborated by market data. Fair value is determined by the reporting entity’s own assumptions utilizing the best information available and includes situations where there is little market activity for the investment.

 

Level 3 financial liabilities consist of obligations for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate.

 

The asset’s or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.

 

Derivative Instruments and Hedging Activities

 

As of December 31, 2025 and 2024, and for each of the three years ended December 31, 2025, the Company did not have any material derivative instruments. 

 

Currency Risk. The Company uses currency exchange contracts to manage its exposure to changes in currency exchange rates associated with certain of its non-U.S. dollar denominated receivables and payables. The Company primarily hedges a portion of its current-year currency exposure to several currencies, which normally include, but are not limited to, the Canadian and New Zealand dollars, the euro and the British pound sterling. The fluctuations in the value of these forward contracts largely offset the impact of changes in the value of the underlying risk they economically hedge. The Company also uses foreign exchange forward contracts, designated as cash flow hedges, from time-to-time as necessary, to manage its exposure to foreign denominated contracts. 

 

By entering into derivative instrument contracts, the Company exposes itself, from time to time, to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to the Company, which creates credit risk for the Company. The Company continues to monitor counterparty credit risk as part of its ongoing derivative assessments.

 

The Company’s derivative assets and liabilities consist principally of currency exchange contracts, which are carried at fair value based on significant observable inputs (Level 2 inputs). Derivatives entered into by the Company are typically executed over-the-counter and are valued using quoted market prices for similar assets or liabilities when available or internal valuation techniques, when quoted market prices are not readily available. The valuation technique and inputs depend on the type of derivative and the nature of the underlying exposure. The Company principally uses discounted cash flows along with fair value models that primarily use market observable inputs. These models take into account a variety of factors including, where applicable, maturity, currency exchange rates, interest rate yield curves and counterparty credit risks.

 

The Company records derivatives on a gross basis in other long-term assets and/or other liabilities. The accounting for changes in value of the derivative depends on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated for hedge accounting are measured and reported at fair value through earnings.

 

The Company, from time-to-time, applies hedge accounting to foreign exchange rate and interest rate derivatives entered into for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, key aspects of achieving hedge accounting are documentation of hedging strategy and hedge effectiveness at the hedge inception and substantiating hedge effectiveness on an ongoing basis. A derivative must be highly effective in accomplishing the hedge objective of offsetting changes in the cash flows of the hedged item for the risk being hedged. The effective portion of changes in the fair value of derivatives designated in a hedge relationship and that qualify as cash flow hedges is recorded in accumulated other comprehensive income, net of tax, and is subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items.

 

Income Taxes

 

The Company is subject to income taxes in both the U.S. and the non-U.S. jurisdictions in which it operates. The Company accounts for income taxes using the asset and liability method, under which it recognizes deferred income taxes for the tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, as well as for tax loss carryforwards and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The Company provides a valuation allowance against deferred tax assets if, based upon the weight of available evidence, the Company does not believe it is “more-likely-than-not” that some or all of the deferred tax assets will be realized. The Company will continue to evaluate the deferred tax asset valuation allowance balances in all of its foreign and U.S. companies to determine the appropriate level of valuation allowances.

 

The Company regularly assesses the potential outcome of current and future examinations in each of the taxing jurisdictions when determining the adequacy of the provision for income taxes. The Company has only recorded financial statement benefits for tax positions which it believes are “more-likely-than-not” to be sustained.

 

Other Long-Term Assets

 

Other long-term assets include the Company’s right-to-use lease assets, deferred tax assets and long-term prepaid value-added taxes. The Company expects to earn tax credits over time that will reduce the value-added taxes and has applied for such tax credits with the Ecuadorian tax authorities.

 

Deferred Financing Costs

 

Deferred financing costs relate to the issuance costs of debt liabilities and are a direct deduction from the debt carrying amount. Deferred financing costs are amortized over the life of the debt or loan agreement through interest expense, net. See Note 6—Long-term Debt.

 

Foreign Currency Translation

 

The Company’s reporting currency is the U.S. dollar. The functional currencies of the Company’s operating entities are the U.S. dollar, and the Tanzanian and Kenyan shilling, and the remeasurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses. Adjustments resulting from translating the foreign currency into U.S. dollars are recorded in other comprehensive income.

 

Stock-Based Compensation

 

Stock-based compensation awards issued to employees, non-employee directors or other service providers are recorded at their fair value on the date of grant and amortized over the service period of the award. The Company recognizes stock-based compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the equity instrument issued, within general and administrative expenses.

 

Series A Redeemable Convertible Preferred Stock 

 

The Company’s Series A redeemable convertible preferred stock (“Preferred Stock”) is accounted for as a temporary equity instrument. The redemption or conversion of the Preferred Stock into shares of the Company’s common stock is not solely controlled by the Company. On February 3, 2026, the Company converted all 62,000 shares of Preferred Stock into 9,018,763 shares of Common Stock. See Note 12—Stockholders’ Equity and Note 16—Subsequent Event for additional information.

 

Recently Adopted Accounting Pronouncements 

 

During December 2023, FASB issued ASU 2023-09 ― Income Taxes (Topic 740)–Improvements to Income Tax Disclosures. The amendments in this ASU are intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company adopted this guidance retrospectively on January 1, 2025 for its annual reporting, as required. These amendments increased the Company’s annual disclosures related to income taxes, including specific categories in tax rate reconciliations, additional information for certain reconciling items, tabular reconciliations of both amounts and percentages, as well as other information. 

 

Recent Accounting Pronouncements 

 

During  November 2024, FASB issued ASU 2024-03 ― Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The amendments in this ASU are intended to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. This ASU may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date or (ii) retrospectively to any or all prior periods presented in the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company will adopt this guidance on January 1, 2027, as required. The amendments under this ASU will increase the Company’s disclosures in its notes to consolidated financial statements for certain expense items within the statements of operations. 

 

During September 2025, FASB issued ASU 2025-06 ― Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this ASU seek to better align how internal-use software is being developed with the accounting for capitalization and expensing of costs. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods beginning within those annual accounting periods, and early adoption is permitted. The Company will early adopt this guidance on January 1, 2026, and is not expected to have a material impact on its consolidated financial statements.
v3.25.4
Note 3 - Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 3 — EARNINGS PER SHARE

 

Earnings per common share is computed using the two-class method related to its Preferred Stock. Under the two-class method, undistributed earnings available to stockholders for the period are allocated on a pro rata basis to the common stockholders and to the holders of convertible preferred stock based on the weighted average number of common shares outstanding and number of shares that could be issued upon conversion of the Preferred Stock. Diluted earnings per share is computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the dilutive incremental common shares associated with restricted stock awards, shares issuable upon the exercise of stock options, using the treasury stock method, and the potential common shares that could be issued from conversion of the Preferred Stock, using the if-converted method. When a net loss occurs, potential common shares have an anti-dilutive effect on earnings per share and such shares are excluded from the diluted earnings per share calculation.

 

For the years ended December 31, 2025, 2024 and 2023, the Company incurred a net loss from operations, therefore potential common shares were excluded from the diluted earnings per share calculation. For the year ended December 31, 2025, 0.9 million restricted shares, 1.5 million options and 9.0 million common shares issuable upon the conversion of the Preferred Stock were excluded. For the year ended December 31, 2024, 0.8 million restricted shares, 2.4 million options and 8.4 million common shares issuable upon the conversion of the Preferred Stock were excluded. For the year ended December 31, 2023, 0.8 million restricted shares, 0.2 million options and 8.0 million common shares issuable upon the conversion of the Preferred Stock were excluded. 

 

For the years ended December 31, 2025, 2024 and 2023, the Company calculated earnings per share as follows:

 

  

For the years ended December 31,

 
  

2025

  

2024

  

2023

 

(In thousands, except share and per share data)

            

Net loss attributable to Lindblad Expeditions Holdings, Inc.

 $(29,721) $(31,179) $(45,610)

Series A redeemable convertible preferred stock dividend

  4,926   4,641   4,373 

Undistributed loss available to stockholders

 $(34,647) $(35,820) $(49,983)
             

Weighted average shares outstanding:

            

Total weighted average shares outstanding, basic

  54,970,812   53,817,462   53,256,513 

Total weighted average shares outstanding, diluted

  54,970,812   53,817,462   53,256,513 
             

Undistributed loss per share available to stockholders:

            

Basic

 $(0.63) $(0.67) $(0.94)

Diluted

 $(0.63) $(0.67) $(0.94)

 
v3.25.4
Note 4 - Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 4 — PROPERTY AND EQUIPMENT, NET

 

Property and equipment, net are as follows:

 

  

As of December 31,

 
  

2025

  

2024

 

(In thousands)

        

Vessels and improvements

 $846,373  $799,652 

Furniture and equipment

  76,994   59,132 

Land

  729   729 

Buildings and improvements

  2,435   2,435 

Leasehold improvements

  38   1,425 

Total property and equipment, gross

  926,569   863,373 

Less: Accumulated depreciation

  (404,446)  (344,983)

Property and equipment, net

 $522,123  $518,390 

 

Total depreciation expense of the Company’s property and equipment for the years ended December 31, 2025, 2024 and 2023 was $60.2 million, $50.5 million and $44.9 million, respectively.

 

For the year ended December 31, 2025, the Company had $47.7 million in capital expenditures, which primarily includes vessel improvement projects. For the year ended December 31, 2024, the Company had $33.5 million in capital expenditures, which primarily includes vessel improvement projects. 

 
v3.25.4
Note 5 - Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 5 — GOODWILL AND INTANGIBLE ASSETS

 

The Company's goodwill relates to the acquisition of its Land Experiences Segment subsidiaries, see Note 9—Acquisitions. The following is a rollforward of the Company’s goodwill:

 

(In thousands)

 

Land Experiences Segment

 

Balance as of December 31, 2022

 $42,017 

Activity

  - 

Balance as of December 31, 2023

  42,017 

Acquisitions (a)

  16,957 

Foreign exchange translation

  57 

Balance as of December 31, 2024

  59,031 

Acquisition (b)

  1,410 

Adjustment

  168 

Balance as of December 31, 2025

 $60,609 
 (a)Increase to goodwill relates to the 2024 acquisition of Thomson Group. For additional information, see Note 9—Acquisition. 
 (b)Increase to goodwill relates to 2025 immaterial acquisition of safari camp company.

 

The carrying amounts and accumulated amortization of intangibles, net are as follows:

 

  

As of December 31,

 
  

2025

  

2024

 

(In thousands)

 

Gross Carrying Amount

  

Accumulated Amortization

  

Net Carrying Amount

  

Weighted Average Useful Life Remaining (years)

  

Gross Carrying Amount

  

Accumulated Amortization

  

Net Carrying Amount

 

Tradenames

 $14,939  $(4,111) $10,828   10.9  $14,939  $(2,911) $12,028 

Customer Lists

  6,907   (5,659)  1,248   2.0   6,907   (4,517)  2,390 

Operating rights (a)

  9,829   (5,306)  4,523   16.1   6,529   (5,024)  1,505 

Total intangibles, net

 $31,675  $(15,076) $16,599   11.6  $28,375  $(12,452) $15,923 

 

 (a)Increase to operating rights relates to the 2025 acquisition of Torcatt. For additional information, see Note 9—Acquisition. 

 

Total amortization expense for the years ended December 31, 2025, 2024 and 2023, was $2.6 million, $2.1 million and $1.8 million, respectively.

 

Future expected amortization expense related to these intangibles are as follows:

 

Year

 

Amount

 
  

(In thousands)

 

2026

 $1,902 

2027

  1,423 

2028

  1,423 

2029

  1,423 

2030

  1,423 

Thereafter

  9,005 
  $16,599 

 
v3.25.4
Note 6 - Long-term Debt
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Debt Disclosure [Text Block]

NOTE 6 — LONG-TERM DEBT

 

7.00% Notes

 

On  August 20, 2025, the Company issued $675.0 million aggregate principal amount of 7.00% Notes in a private offering (the “7.00% Notes”). 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 net proceeds received from the 7.00% Notes, the Company used $667.5 million to prepay in full all outstanding borrowings under its previous 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 is being used for general corporate purposes. The 7.00% Notes are senior secured obligations of the Company and are guaranteed on a senior secured basis by the Company and certain of the Company’s subsidiaries (collectively, the “Guarantors”) and secured by first-priority pari passu liens, subject to permitted liens and certain exceptions, on substantially all the assets of the Company and the Guarantors. The 7.00% Notes  may be redeemed by the Company, at set redemption prices and premiums, plus accrued and unpaid interest, if any.

 

Revolving Credit Facility 

 

On  August 20, 2025, the Company amended its 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 the Company, and the Guarantors and are secured by first-priority pari passu liens, subject to permitted liens and certain exceptions, on substantially all the assets of the Company and the Guarantors. Borrowings under the Revolving Credit Facility, if any, will bear interest at a rate per annum equal to, at the Company’s option, an adjusted Secured Overnight Financing Rate (“SOFR”) plus a spread or a base rate plus a spread. The Company is required to pay a 0.5% quarterly commitment fee on undrawn amounts under the Revolving Credit Facility. As of  December 31, 2025, the Company had no borrowings under the Revolving Credit Facility.

 

Covenants

 

The 7.00% Notes and Revolving Credit Facility contain covenants that, among other things, restrict the Company’s ability and the ability of its 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 December 31, 2025, the Company was in compliance with the covenants currently in effect. 

 

Long-Term Debt Outstanding

 

As of December 31, 2025 and 2024, long-term debt and other borrowing arrangements consisted of:

 

  As of December 31, 2025  As of December 31, 2024 

(In thousands)

 

Principal

  

Deferred Financing Costs, net

  

Balance

  

Principal

  

Deferred Financing Costs, net

  

Balance

 

7.00% Notes

 $675,000  $(12,329) $662,671  $-  $-  $- 

6.75% Notes

  -   -   -   360,000   (4,576)  355,424 

9.00% Notes

  -   -   -   275,000   (4,999)  270,001 

Other

  3   -   3   29   -   29 

Total long-term debt

  675,003   (12,329)  662,674   635,029   (9,575)  625,454 

Less current portion

  (3)  -   (3)  (29)  -   (29)

Total long-term debt, non-current

 $675,000  $(12,329) $662,671  $635,000  $(9,575) $625,425 

 

Future minimum principal payments of long-term debt are as follows: 

 

Year

 

Amount

 
  

(In thousands)

 

2026

 $3 

2027

  - 

2028

  - 

2029

  - 

2030

  675,000 

Thereafter

  - 
  $675,003 

 

For the years ended December 31, 2025 and 2023, the Company recorded deferred financing costs of $13.2 million and $7.5 million, respectively, in long-term debt, amortizing the costs over the term of the financing using the straight-line method. The Company did not record deferred financing costs in the year ended December 31, 2024. For the years ended December 31, 2025, 2024 and 2023, deferred financing costs charged to interest expense were $3.3 million, $3.7 million and $3.4 million, respectively.

 

On  August 20, 2025, the Company issued the 7.00% Notes, using a portion of the funds received from the 7.00% Notes to repay in full the 6.75% and 9.00% Notes, which resulted in an extinguishment of the previous debt. The extinguishment resulted in a total charge of $23.5 million consisting of a write off of $7.1 million of deferred financing costs and $16.4 million in call premiums to tender the 6.75% and 9.00% Notes.

 

In 2023, the Company repaid its prior senior secured credit agreements, with the proceeds of the 9.00% Notes and $3.9 million of related deferred financing costs were written-off to other expense.

 

Letters of Credit

 

As of December 31, 2025 and 2024, the Company had $1.2 million in letters of credit outstanding with financial institutions. The annual fee for letters of credit is 1.0% of the outstanding balance. The letters of credit are secured by a certificate of deposit maintained at the financial institutions and that mature in November 2025. See Note 10—Commitments and Contingencies for more information. 

 
v3.25.4
Note 7 - Financial Instruments and Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Derivatives and Fair Value [Text Block]

NOTE 7 — FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

 

The carrying amounts of cash and cash equivalents, accounts payable and accrued expenses and unearned passenger revenue approximate fair value, due to the short-term nature of these instruments. As of December 31, 2025 and 2024, other than derivative instruments and investments in securities, the Company had no other assets or liabilities that were measured at fair value on a recurring basis. The Company estimates the fair value of its long-term debt to be $682.7 million as of December 31, 2025, based on the terms of the agreements and comparable market data. 

 
v3.25.4
Note 8 - Income Taxes
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 8 — INCOME TAXES 

 

The Company provides for income taxes based on the Federal and state statutory rates on taxable income. U.S. and foreign components of income before incomes taxes are presented below:

 

  

For the years ended December 31,

 

(In thousands)

 

2025

  

2024

  

2023

 

Domestic

 $(10,168) $7,093  $(11,630)

Foreign

  (11,582)  (32,184)  (26,100)

Total

 $(21,750) $(25,091) $(37,730)

 

The income tax expense (benefit) is comprised of the following:

 

  

For the years ended December 31,

 

(In thousands)

 

2025

  

2024

  

2023

 

Current

            

Federal

 $1,083  $316  $- 

State

  685   52   218 

Foreign — Other

  1,969   984   209 

Total current

  3,737   1,352   427 

Deferred

            

Federal

  (826)  842   1,492 

State

  (438)  298   625 

Foreign — Other

  2   612   602 

Total deferred

  (1,262)  1,752   2,719 

Income tax expense

 $2,475  $3,104  $3,146 

 

A reconciliation of the U.S. federal statutory income tax (benefit) expense to the Company’s effective income tax provision is as follows:

 

  

For the years ended December 31,

 
  

2025

  

2024

  

2023

 

(In thousands)

                        

Tax provision at statutory rate – federal

 $(4,567)  21.0% $(5,269)  21.0% $(7,923)  21.0%

Tax provision at effective state and local rates (a)

  103   (0.5%)  340   (1.4%)  800   (2.1%)

Nontaxable or nondeductible items

                        

Executive compensation

  2,202   (10.1%)  1,194   (4.8%)  1,884   (5.0%)

Impact of Consolidated Partnerships

  (345)  1.6%  -   0.0%  -   0.0%

Other

  (102)  0.5%  (174)  0.7%  (262)  0.7%

Foreign tax effects

                        

Cayman Islands

  3,301   (15.2%)  7,966   (31.7%)  6,257   (16.6%)

Ecuador

  341   (1.6%)  459   (1.8%)  36   (0.1%)

Italy

  350   (1.6%)  -   0.0%  -   0.0%

Tanzania

  399   (1.8%)  95   (0.4%)  -   0.0%

Other foreign jurisdictions

  13   (0.1%)  -   0.0%  -   0.0%

Uncertain tax provisions

                        

Change in valuation allowance

  1,409   (6.5%)  (1,817)  7.2%  2,548   (6.8%)

Effect of changes in tax laws or rates enacted in current period

  (993)  4.6%  -   0.0%  -   0.0%

Effect of cross-border tax laws

  226   (1.0%)  (18)  0.1%  -   0.0%

Tax credits

  -   0.0%  -   0.0%  33   (0.1%)

Other

  138   (0.7%)  328   (1.3%)  (227)  0.7%

Total effective income tax rate

 $2,475   (11.4%) $3,104   (12.4%) $3,146   (8.3%)
 (a)State taxes for New York and Massachusetts make up the majority of the tax effect in this category. 

 

The Company, through its subsidiaries and affiliated entities in the U.S., the Cayman Islands, Ecuador, Kenya, Tanzania, France and Italy are subject to US Federal and US state income taxes, and Ecuadorian, Kenyan, Tanzanian, French and Italian Federal income taxes. The Cayman Islands do not impose federal or local income taxes. The movement in the effective tax rate related to the foreign tax rate differential is driven by a change in the jurisdictional mix of the foreign earnings and smaller consolidated pre-tax losses in 2025.

 

Deferred tax assets (liabilities), net, are comprised of the following:

 

  

As of December 31,

 

(In thousands)

 

2025

  

2024

 

Deferred tax assets:

        

Net operating loss carryforward

 $18,475  $21,564 

Disallowed interest carryforward

  22,399   18,256 

Other

  1,865   1,209 

Valuation allowance

  (23,883)  (23,362)

Total net deferred assets

  18,856   17,667 

Deferred tax liabilities:

        

Property and equipment

  (17,115)  (19,111)

Other

  (821)  (1,160)

Total net deferred liabilities

  (17,936)  (20,271)

Deferred tax assets (liabilities)

 $920  $(2,604)

 

Deferred tax assets and liabilities are recorded on the consolidated balance sheet based on tax jurisdictions. For the years ended December 31, 2025 and 2024, the Company has recorded deferred tax assets of $3.1 million and $0.9 million, respectively, within other long-term assets, and for the years ended December 31, 2025 and 2024, a deferred tax liability of $2.2 million and $3.5 million, respectively.

 

The Company recognizes valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. In assessing the likelihood of realization, management considers: (i) future reversals of existing taxable temporary differences; (ii) future taxable income exclusive of reversing temporary differences and carryforwards; (iii) taxable income in prior carryback year(s) if carryback is permitted under applicable tax law; and (iv) tax planning strategies. The majority of the valuation allowance relates to interest and loss carryforwards created in the United States due to a recent history of losses in this jurisdiction. Management continues to assess whether a valuation allowance is required and if the Company becomes cumulatively profitable over a three year period in the United States, this may represent sufficient positive evidence to release the majority of the valuation allowance.

 

The Company has deferred tax assets related to U.S. federal loss carryforwards of $59.7 million as of December 31, 2025, with an indefinite carryforward period. The timing and manner in which the Company will utilize the net operating loss carryforwards in any year, or in total, may be limited in the future as a result of changes in the Company’s ownership and any limitations imposed by the jurisdictions in which the Company operates. 

 

As a result of the transition to the territorial tax regime effectuated by the Tax Cuts and Jobs Act enacted in 2017, any potential dividends from the Company’s foreign subsidiaries would no longer be subject to Federal tax in the United States. The Company continue to assert its prior position regarding the repatriation of historical foreign earnings from its Ecuadorian subsidiaries. The Company currently has no intention to remit any additional undistributed earnings of its Ecuadorian subsidiaries in a taxable manner. The Company no longer remains permanently reinvested in the earnings of its Cayman subsidiary. No taxes have been accrued as a result of this change because no taxes are expected to be imposed by either the United States or the Cayman Islands upon such a remittance.

 

The Company is subject to income taxes in the U.S. and various state and foreign jurisdictions. The Company establishes liabilities for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes may be due. These liabilities are established when the Company believes that certain positions might be challenged despite its belief that its tax return positions are fully supportable. The Company adjusts these liabilities in light of changing facts and circumstances, such as the outcome of a tax audit. The provision for income taxes includes the impact of changes to these liabilities.

 

The Company paid the following income taxes in 2025:

 

  

For the year ended December 31,

 

(In thousands)

 

2025

 

Federal

 $850 

Tanzania

  496 

New York State

  370 

Italy

  345 

Ecuador

  737 

Other

  366 

Total income taxes paid, net

 $3,164 

 

As of December 31, 2025 and 2024, the Company had no unrecognized tax positions. The Company has elected an accounting policy to classify interest and penalties related to unrecognized tax benefits as a component of income tax expense. For the years ended December 31, 2025, 2024 and 2023, interest and penalties included in income tax expense related to unrecognized tax benefits and/or uncertain tax positions were insignificant.

 

The Company is subject to tax audits in all jurisdictions for which it files tax returns. Tax audits by their very nature are often complex and can require several years to complete. Currently, there is a foreign jurisdiction tax audit in progress, and no U.S. federal or state tax audits pending. The Company’s corporate U.S. federal tax returns for the current year and seven prior years, and state tax returns for the current year and the nine prior years, remain subject to examination by tax authorities and the Company’s foreign tax returns for the current year and the five prior years remain subject to examination by tax authorities.

 

On  July 4, 2025, the One Big Beautiful Bill Act (the “OBBB”) was enacted in the U.S. The OBBB includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, restoration of favorable tax treatment for certain business provisions including the treatment of the deductibility of interest. Of the provisions in the bill, the deductibility of interest is the most impactful to the Company and has been reflected in the Company’s tax provision. The Company will continue to assess the OBBB for its potential impact on the Company’s consolidated financial statements.
v3.25.4
Note 9 - Acquisition
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Business Combination [Text Block]

NOTE 9 — ACQUISITION

 

On January 9, 2025, the Company completed the acquisition of Torcatt Enterprises Limitada, a holding company that owns and operates two vessels in the Galápagos Islands, expanding the Company’s vessels and guest capacity in one of its core markets, for which the Company paid $16.0 million in cash. The acquisition was accounted for as a business combination and the results of its operations are included in the consolidated results from the acquisition date. Acquisition related costs for the year ended December 31, 2025, and 2024 was $0.2 million and $0.9 million, respectively, and are included in general and administrative expenses. The Company recorded $3.3 million in intangible assets related to Galápagos Islands cupos operating rights, $12.1 million of acquired vessels, $1.7 million in other assets, net, and a $1.1 million gain in other income, related to the acquisition. The Company believes that the purchase gain resulted due to regulatory limitations and restrictions on the ability to operate within the Galápagos Islands national park and the seller’s shift in focus regarding operating in the region. Expeditions operated in the Galápagos Islands by Torcatt Enterprises Limitada are marketed and sold through the Company’s channels and managed by the Company’s Ecuadorian operations. Revenue and operating income contributed by the acquisition during the year ended  December 31, 2025 were not material. 

 

On July 31, 2024, the Company, through its land-based subsidiary Natural Habitat, acquired the Thomson Group. The aggregate purchase price for the Thomson Group was $30.0 million, consisting of $24.0 million in cash and $6.0 million in Lindblad common stock, representing 682,593 shares. Pursuant to the agreement, the Company has the option to acquire Tanzania Conservation Limited. The acquisition was accounted for as a business combination and the results of its operations are included in the consolidated results from the acquisition date. Acquisition related costs were $2.7 million and are included in general and administrative expenses for the year ended December 31, 2024. The Company recorded $8.6 million in intangible assets related to tradenames and customer relationships and $17.0 million in goodwill related to the acquisition. Measurement period adjustments were insignificant, and our purchase price allocations are finalized. 

 
v3.25.4
Note 10 - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

NOTE 10 — COMMITMENTS AND CONTINGENCIES

 

Redeemable Non-Controlling Interest Contingent Arrangements

 

The Company has controlling interests in its Natural Habitat, Off the Beaten Path, DuVine and Classic Journeys consolidated subsidiaries. The noncontrolling interests are subject to put/call agreements. The agreements were established to provide formal exit opportunities for the minority interest holders and a path to 100% ownership for the Company. The put options, under certain conditions, enable the minority holders, but do not obligate them, to sell the remaining interests to the Company. The Company has call options which enable it, but does not obligate it, to acquire the remaining interests in the subsidiaries, subject to certain dates, expirations and similar redemption value purchase measurements as the put options.

 

Mr. Bressler, Founder and Chief Executive Officer of Natural Habitat, retains a 9.9% noncontrolling interest in Natural Habitat, which is subject to a put/call arrangement, amended May 2020,  December 2022 and July 2025. Mr. Bressler exercised a first put option in April 2024, that enabled him to sell 9.95% interest in Natural Habitat to the Company, valued as of  December 31, 2023, for $15.2 million, increasing the Company’s ownership of Natural Habitat to 90.1%. Mr. Bressler has a put right which may be exercised annually, up to 50% in any given year, for so long as Mr. Bressler holds any interest in Natural Habitat, that enables him, but does not obligate him, that under certain conditions, to sell his remaining interest in Natural Habitat to the Company, valued as of  December 31 of that year of exercise. The Company has a call option, but not an obligation, under which it can acquire Mr. Bressler’s remaining interest at a similar fair value measure as Mr. Bressler’s put option, subject to a call purchase price minimum.

 

Mr. Lawrence, President of Off the Beaten Path, through a combination of his original minority interest and the profit interest units he received pursuant to the acquisition in 2021, retains a 19.9% noncontrolling interest in Off the Beaten Path, which is subject to a put/call arrangement, as amended October 2025. Mr. Lawrence has a put option, as amended, beginning January 1, 2029 and until December 31, 2032, that under certain conditions, enables him, but does not obligate him, to sell to the Company up to 25% of his remaining interest in Off the Beaten Path, in each of those four calendar years, provided that if the put right is not exercised in any year, it shall roll over and increase the following year’s eligible put right percentage accordingly. The Company’s call option  may be exercised on or after December 31, 2029, with an expiration of  December 31, 2032, under which it can acquire Mr. Lawrence’s remaining interest at a similar fair value measure as Mr. Lawrence’s put option. 

 

Mr. Levine, founder of DuVine, retains a 25% noncontrolling interest in DuVine, which is subject to a put/call arrangement that was amended in January 2026. During April 2024, the Company exercised a portion of its call option on DuVine, acquiring an additional 5% of the business and increased its total ownership of DuVine to 75%, for $1.5 million. Mr. Levine has a put option, that under certain conditions and subject to providing notice by  January 31, 2028 (the “Amended Initial Notice Date”), enables him, but does not obligate him, to sell half (the “50% Put Right”) or all of his remaining interest in DuVine to the Company, valued as of  December 31, 2027, provided, however, that if DuVine does not provide notice of exercise of its put right by January 31, 2028, then DuVine may not exercise its put right until the following year, and, provided, further, that DuVine’s right to put all of his remaining interest to the Company is a one-time right that may only be exercised by providing notice by the Amended Initial Notice Date. Mr. Levine’s right to put any remaining interests to the Company beginning December 31, 2028 and thereafter, Mr. Levine’s put right shall be limited to the 50% Put Right until Mr. Levine no longer retains any ownership interest in DuVine. The Company has an amended first call option, commencing December 31, 2027 and every year thereafter until Mr. Levine no longer retains any ownership interest in DuVine, to acquire an additional 50% of Mr. Levine’s retained ownership interests in Duvine, under which it can acquire Mr. Levine’s remaining interest at a similar fair value measure as Mr. Levine’s put option, subject to a call purchase price minimum. 

 

Mr. and Mrs. Piegza, co-founders of Classic Journeys, retain a 19.9% noncontrolling interest in Classic Journeys, which is subject to a put/call arrangement. Mr. and Mrs. Piegza have a put option that under certain conditions, and subject to providing notice by November 13, 2026, that enables them, but does not obligate them, to sell their remaining interest in Classic Journeys to the Company, valued as of the fiscal quarter prior to the put notice. The Company has a call option, but not an obligation, under which it can acquire Mr. and Mrs. Piegza’s remaining interest at a similar fair value measure as Mr. and Mrs. Piegza’s put option. 

 

Since the redemption of these noncontrolling interests is not solely in the Company’s control, the Company is required to record the redeemable noncontrolling interest outside of stockholders’ equity but after its total liabilities. In addition, if it is probable that the instrument will become redeemable, as such solely due to the passage of time, the redeemable noncontrollable interest should be adjusted to the redemption value via one of two measurement methods. The Company elected the income classification-excess adjustment and accretion method for recognizing changes in the redemption value of the put options. Under this methodology, a calculation of the present value of the redemption value is compared to the carrying value of the redeemable noncontrolling interest and the carrying value of the redeemable noncontrolling interest is adjusted to the redemption value’s present value. Any adjustments to the carrying value of the redeemable noncontrolling interest, up to the fair value of the noncontrolling interest, are classified to retained earnings. Adjustments in excess of the fair value of the noncontrolling interest, are treated as a decrease to net income available to common stockholders. The fair value of the put options was determined using a discounted cash flow model. The redemption values were adjusted to their present values using the Company’s weighted average cost of capital. 

 

The following is a rollforward of the redeemable noncontrolling interest:

 

  

For the years ended December 31,

 
  

2025

  

2024

  

2023

 

(In thousands)

            

Beginning balance

 $29,424  $37,784  $27,886 

Net income attributable to noncontrolling interest

  5,496   2,984   4,734 

Redemption value adjustment of put option

  13,877   4,853   5,695 

Distribution

  (1,145)  (1,400)  (531)

Acquired businesses᾽ noncontrolling interest

  296   -   - 

Redemption of put and/or call options

  -   (14,797)  - 

Ending balance

 $47,948  $29,424  $37,784 

 

Lease Commitments 

 

The Company leases office space, land for safari base camps and equipment under long-term leases, which are classified as operating leases. As of December 31, 2025, the Company’s remaining weighted average operating lease terms were approximately 11.3 years. A reconciliation of operating lease payments undiscounted cash flows to lease liabilities recognized as of December 31, 2025 is as follows:

 

(In thousands)

 

Operating Lease Payments

 

2026

 $1,126 

2027

  1,825 

2028

  1,456 

2029

  1,480 

2030

  874 

Thereafter

  3,083 

Present value discount (18% weighted average)

  (1,816)

Total

 $8,028 

 

Lease expense was $3.1 million, $2.6 million and $2.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. These amounts are recorded within general and administrative expenses.

 

Brand License Agreement – National Geographic

 

The Company is party to a brand license agreement with National Geographic through 2040, which includes a co-selling and co-marketing arrangement through which National Geographic promotes the Company’s offerings in its marketing campaigns across web-based, email, print and other marketing platforms and distributes the Company’s expeditions through the Disney Signature Experiences platform and also allows the Company to use the National Geographic name and logo. In return for these rights, the Company is charged a royalty fee, which is included within selling and marketing expense. The fee is calculated based upon a percentage of substantially all ticket revenues, less travel agent commission, including the revenues received from cancellation fees and any revenues received from the sale of pre- and post-expedition extensions. Beginning in 2026, the agreement has minimum royalties that increase annually through the end of the agreement term, which based on current performance are expected to be exceeded. Prior to 2024, the Company operated under its former alliance and license agreement with National Geographic, where National Geographic sold the Company’s expeditions through its internal travel division in return for a commission fee and also allowed the Company to use the National Geographic name and logo in return for a royalty fee. Both the commission and royalty fees were recorded within selling and marketing expense. 

 

Charter Commitments

 

From time to time, the Company enters into agreements to charter vessels onto which it holds its tours and expeditions, and with third parties to provide chartered air service for guests and crew on certain of its expeditions. 

 

Future minimum payments on its charter agreements are as follows:

 

For the years ended December 31,

 

Amount

 

(In thousands)

    

2026

 $15,504 

2027

  13,572 

2028

  4,285 

2029

  4,413 

Total

 $37,774 

 

Other Commitments

 

The Company participates, with other tour operators, in the Consumer Protection Insurance Plan sponsored by the United States Tour Operators Association (“USTOA”). The USTOA requires a $1.0 million performance bond, letter of credit or assigned certificate of deposit from its members to insure this plan. The Company has assigned a $1.0 million letter of credit to the USTOA to satisfy this requirement. This letter of credit will be used only if the Company becomes insolvent and cannot refund its customers’ deposits.

 

Legal Proceedings

 

The Company is involved in various claims, legal actions and regulatory proceedings arising from time to time in the ordinary course of business. In the opinion of management, after consulting legal counsel, there are no outstanding proceedings that are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows.

 
v3.25.4
Note 11 - Employee Benefit Plan
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Compensation and Employee Benefit Plans [Text Block]

NOTE 11 — EMPLOYEE BENEFIT PLAN

 

The Company has a 401(k)-profit sharing plan and trust for its employees. The Company matched 30% in 2025, 2024 and 2023, respectively, of employee contributions up to a per employee annual maximum of $2,400 for 2025, 2024 and 2023. The Company’s 401(k) plan contributions amounted to $0.9 million, $0.9 million and $0.7 million for the years ended December 31, 2025, 2024 and 2023, respectively, and are recorded within general and administrative expenses.

 
v3.25.4
Note 12 - Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Equity [Text Block]

NOTE 12 — STOCKHOLDERS’ EQUITY

 

Company Stock

 

The Company has 1,000,000 shares of preferred stock authorized, $0.0001 par value and 200,000,000 shares of common stock authorized, $0.0001 par value.

 

Preferred Stock

 

On August 31, 2020, the Company 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 December 31, 2024, 62,000 shares of Preferred Stock were outstanding. The Preferred Stock had senior and preferential ranking to the Company’s common stock. The Preferred Stock was 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 were permitted to be paid-in-kind or be paid in cash at the Company’s option. During 2025, the Company continued to pay dividends in-kind. The Preferred Stock was convertible at any time, at the holder’s election, into a number of shares of common stock of the Company equal to the quotient obtained by dividing the then-current accrued value by the conversion price of $9.50. The Company had the option to convert all, but not less than all, of the Preferred Stock into common stock if the volume-weighted average closing price (“VWAP”) of shares of common stock was at least 150% of the conversion price ($14.25) for 20 out of 30 consecutive trading days. The number of shares of common stock received in such conversion shall be equal to the quotient obtained by dividing the then-current accrued value by the conversion price. This VWAP threshold was satisfied on January 16, 2026. On January 20, 2026, the Company issued a Notice of Conversion (the “Conversion Notice”) to each holder of the Company’s Preferred Stock, providing that the Company intended to exercise its right, pursuant to the terms of the Certificate of Designations the Preferred Stock (“Certificate of Designations”), to effect a mandatory conversion (the “Mandatory Conversion”) of all of the shares of Preferred Stock. The Company established the effective date of the Mandatory Conversion as February 3, 2026, at which time, all 62,000 outstanding shares of Preferred Stock were converted into 9,018,763 shares of Common Stock, in accordance with the terms of the Certificate of Designations.

 

For the years ended December 31, 2025, 2024 and 2023, the Company recorded $4.9 million, $4.6 million and $4.4 million, respectively, in accrued dividends for Preferred Stock. As of December 31, 2025, the Preferred Stock could be converted at the option of the holders into 8,966,460 shares of the Company’s common stock.

 

Stock Repurchase Plan

 

In 2016, the Company’s Board of Directors approved a $15.0 million increase to the Company’s existing stock and warrant repurchase plan (“Repurchase Plan”), to $35.0 million. This Repurchase Plan authorizes the Company to purchase from time to time the Company’s outstanding common stock and previously outstanding warrants. Any shares purchased are retired. The Repurchase Plan has no time deadline and will continue until otherwise modified or terminated at the sole discretion of the Company’s Board of Directors. The repurchases exclude shares repurchased to settle statutory employee tax withholding related to the vesting of stock awards. Since the Repurchase Plan inception, the Company has cumulatively repurchased 875,218 shares of common stock for $8.3 million and 6,011,926 warrants for $14.7 million, as of December 31, 2025. All repurchases were made using cash resources. The balance available for the Repurchase Plan as of December 31, 2025 was $12.0 million
v3.25.4
Note 13 - Stock Based Compensation
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

NOTE 13 — STOCK-BASED COMPENSATION

 

The Company’s 2021 Long-Term Incentive Plan, approved by the Company’s compensation committee in 2021 and amended in June 2025, authorizes restricted time and performance awards and stock options to key employees. The Company's stock-based compensation program is a long-term retention program that provides for the grant of options, restricted stock, restricted stock units (“RSUs”), performance-based restricted stock or units (“PSUs”) and/or market stock units (“MSUs”) to attract, retain and provide incentives for directors, officers and employees. The maximum number of shares reserved for the grant of awards under the plan is 9.3 million, with approximately 5.8 million shares available as of December 31, 2025. The Company settles stock-based awards with newly issued shares.

 

Restricted Stock and Restricted Stock Units

 

Restricted stock is shares of stock granted to an employee, non-employee director or other service providers for which sale is prohibited for a specified period of time. Restricted stock typically vests ratably over a one or three-year period following the date of grant. RSUs represent a promise to deliver shares to the employee, non-employee director or other service providers at a future date if certain vesting conditions are met. RSUs typically vest ratably over a three-year period following the date of grant. The Company does not deliver the shares associated with the RSUs to the employee, non-employee director or other service providers until the vesting conditions are met. The number of shares or units granted are determined based upon the closing price of the Company's common stock on the date of the award.

 

Market Stock Units

 

MSUs represent a promise to deliver shares to the employee, non-employee director or other service providers at a future date if certain performance and vesting conditions are met. The MSUs are market-based equity incentive awards based on a performance-multiplier of change in the stock price of the Company’s common stock between the grant date and a determined closing price. Each MSU represents the right to receive one share of Company stock multiplied by a performance multiplier or, at the option of the Company, an amount of cash. The number of shares that will eventually be earned and vest may be more or less than the number of MSUs that are awarded, depending on the Company’s common stock price. Awards, if earned, will vest after a determined performance period and may be earned at a level ranging from 0%-150% of the number of MSUs granted, depending on performance. The number of units granted were determined based upon the closing price of the Company's common stock on the date of the award.

 

The Company assessed the applicable metrics related to the MSU grants, estimating the fair value of employee MSU awards and the amount of stock compensation expense using the Monte-Carlo pricing model.

 

Performance Stock Units

 

PSUs represent a promise to deliver shares to the employee, non-employee director or other service providers at a future date if certain performance and vesting conditions are met. PSUs generally vest three years following the date of grant based on the attainment of performance- or market-based goals, all of which are subject to a service condition. The Company does not deliver the shares associated with the PSUs to the employee, non-employee director or other service providers until the performance and vesting conditions are met. 

 

The PSUs granted may be earned based on the Company's performance against metrics relating to annual Adjusted EBITDA and annual revenue. Awards, if earned, will vest after a three-year performance period and may be earned at a level ranging from 0%-200% of the number of PSUs granted, depending on performance. The number of units were determined based upon the closing price of the Company's common stock on the date of the award. The Company assessed the applicable metrics related to the PSU grants, determined the blended probability of achieving the performance metrics and valued the awards based on the fair value at the date of grant with the amount of stock compensation expense determined based on the number of PSU’s expected to vest. 

 

Long-Term Incentive Compensation

 

See the following table for a summary of PSU, restricted stock, RSU and MSU activity.

 

  

Performance-based Stock Units

  

Restricted Stock and Restricted Stock Units

  

Market-based Stock Units

 
  

Number of Shares

  

Weighted Average Grant Date Fair Value

  

Number of Shares

  

Weighted Average Grant Date Fair Value

  

Number of Shares

  

Weighted Average Grant Date Fair Value

 

Balance, December 31, 2024

  83,422  $9.44   674,243  $9.60   9,392  $15.08 

Granted

  114,023   9.27   604,903   10.83   115,000   11.86 

Vested and released

  -   -   (410,810)  9.50   (6,255)  15.08 

Forfeited

  (76,496)  9.39   (179,638)  9.76   (3,137)  15.08 

Balance, December 31, 2025

  120,949   9.31   688,698   10.70   115,000   11.86 

 

Stock Options

 

Stock options represent a right to buy a number of shares by the employee, non-employee director or other service providers at a future date, for a pre-set price, or exercise price, for a fixed period of time. Stock options generally vest over one to four years, with a term of ten years. Stock compensation expense related to options are recorded based on the fair value of stock option grants, amortized on a straight-line basis over the employee’s required service period. The Company estimated the fair value of employee stock options using the Black-Scholes option pricing model. The Company uses the simplified method for determining an option term under Black-Sholes as the Company issues options infrequently. The fair values of employee stock options granted under the 2021 plan were estimated using the following assumptions:

 

 

Stock Option Grants

 
 

2024

  2023 

Exercise price

$7.40 - 8.44  $9.56 

Dividend yield

 0.00

%

  0.00

%

Expected volatility

 64.6 - 77.8

%

  64.6

%

Risk-free interest rate

 3.63 - 4.48

%

  3.63

%

Expected term in years

 5.0 - 6.25   6.25 

 

The following table is a summary of stock option activity:

 

  

Number of Options

  

Weighted Average Exercise Price

  

Weighted Average Contractual Life (Years)

  

Aggregate Intrinsic Value

 

Options outstanding as of December 31, 2024

  2,419,777  $8.77   9.0  $7,910,071 

Exercised

  (618,091)  8.44         

Forfeited

  (325,114)  8.75         

Options outstanding as of December 31, 2025

  1,476,572   8.91   7.0  $8,135,464 

 

  

As of December 31, 2025

 
  

Number of Options

  

Weighted Average Exercise Price

  

Weighted Average Contractual Life (Years)

  

Aggregate Intrinsic Value

 

Options vested and/or expected to vest

  1,476,572  $8.91   7.0  $8,135,464 

Options exercisable

  1,226,572   9.04   6.8   6,596,464 

 

During the year ended December 31, 2025, 618,091 options with an intrinsic value of $3.3 million were exercised, and during the year ended December 31, 2024, 263,000 options with an intrinsic value of $0.3 million were exercised. No options were exercised during the year ended December 31, 2023.

 

Stock-based Compensation Expense

 

Stock-based compensation expense for the years ended December 31, 2025, 2024 and 2023 was $13.5 million, $9.8 million and $13.9 million, respectively, and is included in general and administrative expenses. The Company recognized no income tax benefits for stock-based compensation plans for the years ended December 31, 2025, 2024 and 2023. As of December 31, 2025, unrecognized stock-based compensation expense was $13.0 million. This amount is expected to be recognized over a weighted average period of approximately 1.8 years.

 

Mr. Bressler’s employment agreement, as amended, provides Mr. Bressler with an equity incentive opportunity, established in 2016, to earn an award of options based on the long-term future financial performance of Natural Habitat. During 2025, the award was modified to extend the performance period from December 31, 2025, to December 31, of any given year that Mr. Bressler exercises his put right (see Note 10—Commitments and Contingencies), aligning the percentage of the option award to be granted each year with the percentage of put exercised by Mr. Bressler.

 

The equity incentive opportunity award, as amended, is based on the future financial performance of Natural Habitat, where if the final year equity value of Natural Habitat, as defined in Mr. Bressler's employment agreement, exceeds $25.0 million, effective as of the preceding  December 31, of any given year that Mr. Bressler exercises his put right, Mr. Bressler will be granted options with a fair value equal to 5.05% of such excess in proportion to the percentage of the put option exercised. The actual number of options granted will be determined by the calculated final year equity value of Natural Habitat divided by the Black-Scholes per share option value, factoring in the Company’s stock price on the date of the issuance of the options, its volatility and an appropriate risk-free rate. The options will be vested as of the issuance date and have a term of ten years.

 

During the three months ended  March 31, 2024, Mr. Bressler exercised a right to elect to receive 50% of such award early under the previous agreement, which was calculated based on performance through  December 31, 2023. As a result of the early exercise, during the three months ended  March 31, 2024, the Company issued 1.3 million fully vested options to Mr. Bressler. In 2023, the Company determined it was probable the performance condition would be met related to the 2023 portion of the previous award and recorded all expense related to it. The performance condition related to the remaining equity incentive opportunity of the previous award through  December 31, 2025 was also deemed probable in 2023 and the Company has recorded the related expense on a straight-line basis through December 31, 2025. Expense related to the incremental fair value measured on the 2025 modification date of the award will be recognized when Mr. Bressler exercises the put and option award and the performance condition is deemed probable. For the years ended December 31, 2025, 2024 and 2023, stock-based compensation expense related to this award was $4.2 million, $3.2 million and $8.0 million, respectively, reflecting the long-term growth and strong performance of the business. As of December 31, 2025, the unrecognized expense related to this award was $5.1 million.

 

Additionally, Mr. Bressler’s employment agreement, as amended, provides a one-time equity incentive opportunity, granted in 2022, to earn an award of Company stock based on the financial performance of the Land Experiences segment businesses that Mr. Bressler manages over a defined performance period ending December 31, 2025, as defined in Mr. Bressler’s employment agreement, as amended, under the managed business value creation. The Company determined that it was probable that the performance condition for this award would be met. For the year ended  December 31, 2025, the Company recorded $4.0 million in stock-compensation expense related to this award.

 
v3.25.4
Note 14 - Segment Information
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 14 — SEGMENT INFORMATION

 

The Company’s Chief Executive Officer is also its chief operating decision maker, or CODM. The CODM assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. In identifying its reportable segments, the Company organized them around the nature of services provided and other relevant factors.

 

The Company is primarily an experiential travel operator with operations in two segments, Lindblad, which provides ship-based expeditions, and Land Experiences, which provides active, land-based trips, tours, treks and safari adventures. While both segments have similar characteristics, the two operating and reporting segments cannot be aggregated because they fail to meet the requirements for aggregation. The Company evaluates the performance of the business based largely on the results of its operating segments. The CODM and management review operating results monthly, and base operating decisions on the total results at a consolidated level, as well as at a segment level. The reports provided to the Board of Directors are at a consolidated level and also contain information regarding the separate results of both reportable segments.

 

The Company evaluates the performance of its business segments based largely on tour revenues and operating income, without allocating other income and expenses, net, income taxes and interest expense, net. For the years ended December 31, 2025, 2024 and 2023, reportable segment operating results were as follows:

 

  

For the years ended December 31,

 
  

2025

  

2024

  

2023

 

(In thousands)

            

Tour revenues:

            

Lindblad

 $495,642  $423,306  $397,410 

Land Experiences

  275,377   221,421   172,133 

Total tour revenues

 $771,019  $644,727  $569,543 

Operating income:

            

Lindblad

 $7,055  $(2,928) $(8,692)

Land Experiences

  38,432   24,481   19,291 

Operating income

 $45,487  $21,553  $10,599 

 

The following table presents the Lindblad segment expenses:

 

             
  

For the years ended December 31,

 
  2025  2024  2023 

(In thousands)

         

Tour revenues

 $495,642  $423,306  $397,410 
             

Cost of tours

  258,679   230,075   233,247 

General and administrative

  83,731   79,995   72,170 

Selling and marketing

  89,286   67,731   57,334 

Depreciation and amortization

  56,891   48,433   43,351 

Operating income

 $7,055  $(2,928) $(8,692)

 

The following table presents the Land Experiences segment expenses:

 

             
  

For the years ended December 31,

 
  2025  2024  2023 

(In thousands)

         

Tour revenues

 $275,377  $221,421  $172,133 
             

Cost of tours

  159,339   132,506   104,964 

General and administrative

  46,245   41,018   30,426 

Selling and marketing

  25,430   19,287   14,092 

Depreciation and amortization

  5,931   4,129   3,360 

Operating income

 $38,432  $24,481  $19,291 

 

Intercompany tour revenues between the Lindblad and Land Experiences segments are eliminated in consolidation and in the presentation above for the years ended December 31, 2025, 2024 and 2023 were $9.8 million, $6.6 million and $7.9 million, respectively.

 

During the years ended December 31, 2025, 2024 and 2023, the Lindblad segment had $40.2 million, $30.0 million, $28.6 million and $34.3 million of capital expenditures, respectively, and the Land Experiences segment had $7.5 million, $3.5 million and $2.6 million of capital expenditures, respectively.

 

Depreciation and amortization expense is included in segment operating income as shown below: 

 

  

For the years ended December 31,

 
  

2025

  

2024

  

2023

 

(In thousands)

            

Depreciation and amortization:

            

Lindblad:

            

Depreciation

 $56,609  $48,345  $43,263 

Amortization

  282   88   88 

Land Experiences:

            

Depreciation

  3,586   2,131   1,641 

Amortization

  2,345   1,998   1,719 

Total depreciation and amortization

 $62,822  $52,562  $46,711 

 

The following table presents the Company’s total assets, intangibles, net and goodwill by segment:

 

  

As of December 31,

 
  2025  2024 

(In thousands)

        

Total Assets:

        

Lindblad

 $711,211  $667,799 

Land Experiences

  268,747   209,106 

Total assets

 $979,958  $876,905 
         

Intangibles, net:

        

Lindblad

 $4,523  $1,505 

Land Experiences

  12,076   14,418 

Total intangibles, net

 $16,599  $15,923 
         

Goodwill:

        

Lindblad

 $-  $- 

Land Experiences

  60,609   59,031 

Total goodwill

 $60,609  $59,031 

 
v3.25.4
Note 15 - Reorganization
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Restructuring and Related Activities Disclosure [Text Block]

NOTE 15 — REORGANIZATION

 

In December 2024 and January 2025, the Company appointed a new Chief Financial Officer and Chief Executive Officer. This leadership transition initiated a comprehensive review of the Company’s organizational structure, senior leadership roles, and operating model, with the objective of aligning the organization with the Company’s revised strategic priorities and operating framework. Following the announcement of new leadership, management undertook a series of coordinated organizational actions focused primarily on senior and key leadership positions. These actions were intended to realign responsibilities and establish a leadership structure consistent with the new strategic direction. While a formal reorganization was announced in September 2025, the organizational realignment was executed over a defined transition period following the leadership announcement and reflected a single, leadership-driven restructuring initiative rather than routine or ongoing workforce management. During the defined reorganization period, the Company incurred severance and termination benefits primarily associated with the restructuring of senior and key leadership roles. These actions were structural in nature and directly attributable to the implementation of the revised organizational structure initiated by the new leadership team. The Company incurred $2.5 million in reorganizational costs, related to severance and other termination benefits. The severance and termination benefits incurred during this period were incremental and non-recurring. These costs would not have been incurred absent the leadership transition and related organizational realignment and are not indicative of the Company’s ongoing cost structure or normal operating activities.

 
v3.25.4
Note 16 - Subsequent Event
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 16 — SUBSESQUENT EVENT

 

On January 20, 2026, the Company issued a Notice of Conversion (the “Conversion Notice”) to each holder of the Preferred Stock, providing that the Company intended to exercise its right, pursuant to the terms of the Certificate of Designations the Preferred Stock (“Certificate of Designations”), to effect a mandatory conversion (the “Mandatory Conversion”) of all the shares of Preferred Stock. The Company established the effective date of the Mandatory Conversion as February 3, 2026, at which time, all 62,000 shares of Preferred Stock were converted into 9,018,763 shares of Common Stock, in accordance with the terms of the Certificate of Designations.

 
v3.25.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

 

The consolidated financial statements include the accounts of the Company after elimination of all intercompany accounts and transactions. The consolidated financial statements and accompanying footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”). The presentation of credit card fee expenses in the consolidated statement of operations of the Company has been reclassified from within general and administrative expense to cost of tours for 2024 and 2023 to conform with the 2025 presentation.

 
Use of Estimates, Policy [Policy Text Block]

Use of Estimates

 

The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities as well as revenues and expenses and related disclosures. Actual results could differ from such estimates. Management estimates include determining the estimated lives of long-lived and intangible assets, the valuation of stock-based compensation awards, future travel certificate breakage, annual goodwill impairment assessment, and the recovery of deferred tax assets. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period that they are determined to be necessary.

 
Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

 

Revenues are measured based on consideration specified in the Company’s contracts with guests and are recognized as the related performance obligations are satisfied. The majority of the Company’s revenues are derived from guest ticket contracts which are reported as tour revenues. The Company’s primary performance obligation under these contracts is to provide an expedition, trip or tour, and may include pre- and post-expedition excursions, hotel accommodations, land-based expeditions and air transportation to and from the ships or the trip or tour beginning or end point. Upon satisfaction of the Company’s primary performance obligation, revenue is recognized over the duration of each expedition, trip or tour.

 

Tour revenues also include revenues from the sale of goods and services onboard the Company’s ships, cancellation fees and trip insurance. Revenues from the sale of goods and services rendered onboard are recognized upon purchase. Guest cancellation fees are recognized as tour revenues at the time of the cancellation. The Company records a liability for estimated trip insurance claims based on the Company’s claims history. Proceeds received from trip insurance premiums in excess of this liability are recorded as revenue in the period in which they are received.

 

The Company sources its guest bookings through a combination of direct selling and various agency networks and alliances. The following table disaggregates tour revenues by the sales channel it was derived from:

 

  

For the years ended December 31,

 

Lindblad Segment

 

2025

  

2024

  

2023

 

Guest ticket revenue:

            

Direct (a)

 $292,154  $280,245  $255,686 

Agencies

  136,195   92,809   90,185 

Guest ticket revenue

  428,349   373,054   345,871 

Other tour revenue

  67,293   50,252   51,539 

Tour revenues

 $495,642  $423,306  $397,410 
             
  

For the years ended December 31,

 

Land Experiences Segment

 

2025

  

2024

  

2023

 

Guest ticket revenue:

            

Direct (a)

 $234,820  $188,161  $146,971 

Agencies

  27,114   22,385   17,129 

Guest ticket revenue

  261,934   210,546   164,100 

Other tour revenue

  13,443   10,875   8,033 

Tour revenues

 $275,377  $221,421  $172,133 

 

(a)Direct bookings in the table above are inclusive of affinity group sales, where prior to 2025 affinity sales were tracked separately. In the years ended December 31, 2024 and 2023, affinity sales were $25.5 million and $29.5 million, respectively, for the Lindblad segment, and $3.7 million and $3.1 million, respectively, for the Land Experiences segment.
Customer Deposits and Contract Liabilities, Policy [Policy Text Block]

Customer Deposits and Contract Liabilities

 

The Company’s guests remit deposits in advance of tour embarkation. Guest deposits consist of guest ticket revenues as well as revenues from the sale of pre- and post-expedition excursions, hotel accommodations, land-based expeditions and certain air transportation. Guest deposits represent unearned revenues and are reported as unearned passenger revenues when received and are subsequently recognized as tour revenue over the duration of the expedition. The Company does not consider guest deposits to be a contract liability until the guest no longer has the right, resulting from the passage of time, to cancel their reservation and receive a full refund. 

 

The change in contract liabilities within unearned passenger revenues are as follows:

  

Contract Liabilities

 

Balance as of December 31, 2024

 $190,281 

Recognized in tour revenues during the period

  (741,618)

Additional contract liabilities in period

  782,980 

Balance as of December 31, 2025

 $231,643 

 
Cost of Goods and Service [Policy Text Block]

Cost of Tours

 

Cost of tours represents the direct costs associated with revenues during expeditions, trips and tours, including costs of pre- or post-expedition excursions, hotel accommodations, land-based expeditions, air and other transportation expenses and costs of goods and services rendered onboard, payroll and related expenses for shipboard, guides and expedition personnel, food costs for guests and crew, fuel and related costs and other expenses such as land costs, port costs, repairs and maintenance, equipment expense, drydock, ship insurance, charter hire expenses and credit card commissions.

 
Selling, General and Administrative Expenses, Policy [Policy Text Block]

General and Administrative Expense

 

General and administrative expenses represent the costs of the Company’s administrative functions, and includes salaries and related benefits, professional fees and occupancy costs, shore-side vessel support, and reservations functions.

 
Advertising Cost [Policy Text Block]

Selling and Marketing Expense

 

Selling and marketing expenses include commissions, royalties and a broad range of advertising and marketing expenses. These include advertising costs of direct mail, email, digital media, traditional media, travel agencies and brand websites, as well as costs associated with website development and maintenance, social media and corporate sponsorship costs. Advertising is charged to expense as incurred. Advertising expenses totaled $51.7 million, $39.4 million and $33.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. The largest component of advertising expense for each of the years ended December 31, 2025, 2024 and 2023 was online advertising, which totaled $27.4 million, $19.9 million and $17.3 million, respectively.
Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments with an original maturity of three months or less, as well as deposits in financial institutions, to be cash and cash equivalents. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets to the total in the statements of cash flows:

 

  

As of December 31,

 
  

2025

  

2024

  

2023

 

(In thousands)

            

Cash and cash equivalents

 $256,692  $183,941  $156,845 

Restricted cash

  33,043   32,202   30,499 

Total cash, cash equivalents and restricted cash as presented in the statements of cash flows

 $289,735  $216,143  $187,344 

 
Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Currency Risk

 

The Company maintains cash in several financial institutions in the U.S. and other countries which, at times, may exceed the federally insured limits. Accounts held in the U.S. are guaranteed by the Federal Deposit Insurance Corporation up to certain limits. As of December 31, 2025 and 2024, the Company’s cash held in financial institutions outside of the U.S. amounted to $8.4 million and $7.4 million, respectively.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Restricted Cash 

 

The amounts held in restricted cash represent principally funds required to be held by certain vendors and regulatory agencies and are classified as restricted cash since such amounts cannot be used by the Company until the restrictions are removed by those vendors and regulatory agencies. These amounts are principally held in certificates of deposit and interest income is recognized when earned. 

 

In order to operate guest tour expedition vessels from U.S. ports, the Company is required to either post a performance bond with the Federal Maritime Commission or escrow all unearned guest deposits plus an additional 10% in restricted accounts, up to a maximum of $32.0 million. To satisfy this requirement, the Company entered into an agreement with a financial institution to escrow the required amounts.

 

Restricted cash consists of the following:

 

  As of December 31,
  2025  2024 

(In thousands)

        

Federal Maritime Commission and other escrow

 $19,186  $18,101 

Credit card processor reserves

  12,500   12,750 

Certificates of deposit and other restricted deposits

  1,357   1,351 

Total restricted cash

 $33,043  $32,202 

 
Prepaid Expenses and Other Current Assets [Policy Text Block]

Prepaid Expenses and Other Current Assets

 

The Company records prepaid expenses and other current assets at cost and expenses them in the period the services are provided or the goods are delivered. Prepaid expenses and other current assets consist primarily of prepaid tour expenses, fuel, provisions, gift shop merchandise and other items for resale and other supplies used in the operation of marine expeditions. Fuel, provisions and other supplies are recorded at cost while items for sale are stated at the lower of cost or net realizable value and their cost is determined using the first-in, first-out method. The Company’s prepaid expenses and other current assets consist of the following:

 

  As of December 31,
  2025  2024 

(In thousands)

        

Prepaid tour expenses

 $37,981  $28,585 

Other

  40,164   33,705 

Total prepaid expenses and other current assets

 $78,145  $62,290 

 
Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment, net

 

Property and equipment is recorded at cost, and the cost of improvements that extend the useful life of property and equipment is capitalized when incurred. These capitalized costs may include structural costs, equipment, fixtures, and floor and wall coverings. Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, as follows:

 

  

Years

 

Vessels and vessel improvements

 15to25 
Buildings and building improvements 3to40 

Furniture & equipment

  5  

Computer hardware and software

 5to10 

Leasehold improvements, including expedition sites and port facilities

 

Shorter of lease term or related asset life

 

 

The ship-based tour and expedition industry is very capital intensive. As of December 31, 2025, the Company owned and operated 12 expedition vessels. The Company has a capital program for the improvement of its vessels and for asset replacements in order to enhance the effectiveness and efficiency of its operations; comply with, or exceed, all relevant legal and statutory requirements related to health, environment, safety, security and sustainability; and gain strategic benefits or provide newer improved product innovations to its guests. 

 

Vessel improvement costs that add value to the Company’s vessels, such as those discussed above, are capitalized and depreciated over the shorter of the improvements, or the vessel’s estimated remaining useful life, while costs of repairs and maintenance, including minor improvement costs and drydock expenses, are charged to expense as incurred and included in cost of tours. Drydock costs primarily represent planned maintenance activities that are incurred when a vessel is taken out of service. For U.S. flagged ships, the statutory requirement traditionally is an annual docking and U.S. Coast Guard inspections, normally conducted in drydock. Internationally flagged ships have scheduled dockings approximately every 12 months, for a period of up to three to six weeks.

 

During 2025, the Company made the decision to retire the National Geographic Sea Bird and National Geographic Sea Lion in 2026 and began accelerating the depreciation of the vessels’ remaining net book value through their retirement date. 

 
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill

 

The Company tests for impairment annually as of September 30, or more frequently if warranted. The Company assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of goodwill is less than its carrying amount. The Company completed the annual impairment test as of September 30, 2025, noting no indication of goodwill impairment. See Note 5—Goodwill and Intangible Assets for further details on the Company’s goodwill.
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Intangible Assets, net

 

Intangible assets include tradenames, customer lists and operating rights. Tradenames are words, symbols, or other devices used in trade or business to indicate the source of products and to distinguish it from other products and are registered with government agencies and are protected legally by continuous use in commerce. Customer lists are established relationships with existing customers that resulted in repeat purchases and customer loyalty. Based on the Company’s analysis, amortization of the tradenames and customer lists were computed using the estimated useful lives of 15 and 5 years, respectively. See Note 5—Goodwill and Intangible Assets for further information on the Company’s intangible assets.

 

The Company operates four vessels year-round in the Galápagos National Park in Ecuador, the National Geographic Endeavour II with 96 berths, the National Geographic Islander II with 48 berths, the National Geographic Gemini with 48 berths and the National Geographic Delfina with 16 berths. In order to operate these vessels within the park, the Company is required to have in its possession cupos (licenses) sufficient to cover the total available berths on each vessel. The cupos expire in 2042, and have a renewable 20-year term, subject to early termination by the Ecuadorean Province of Galápagos government for non-compliance with the terms of the contract and applicable laws and regulations.

 

Upon the occurrence of a triggering event, any event or circumstance that indicates that the fair value of the Company’s intangible assets might be below its carrying amount, the assessment of possible impairment of the Company’s intangible assets will be based on the Company’s ability to recover the carrying value of its asset, which is determined by using the asset’s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the carrying value of the asset, an impairment charge is recognized for the excess, if any, of the asset’s carrying value over its estimated fair value. If a quantitative assessment is needed, judgement is required in estimating the future cash flows and fair values of its tradenames, customer lists and operating rights. As of and for the year ended December 31, 2025 and 2024 the Company determined that there were no triggering events regarding its intangible assets.

 
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Long-Lived Asset Impairment Assessment

 

The Company reviews its long-lived assets, principally its vessels, for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Upon the occurrence of a triggering event, the assessment of possible impairment is based on the Company’s ability to recover the carrying value of its asset, which is determined by using the asset’s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the carrying value of the asset, an impairment charge is recognized for the excess of the asset’s carrying value over its estimated fair value. If a quantitative assessment is needed, judgment is required in estimating the future cash flows and fair values of its vessels. As of and for the years December 31, 2025 and 2024, the Company determined that there were no triggering events regarding its long-lived assets.

 
Lessee, Leases [Policy Text Block]

Leases

 

The Company leases office and warehousing space with lease terms ranging from one to ten years, computer hardware and software and office equipment with lease terms ranging from three to six years and land for safari base camps with terms ranging from 12 to 95 years.

 

At the inception of a lease, the Company recognizes right-of-use lease assets and related lease liabilities measured as the present value of future lease payments. The Company’s right-of-use lease assets are recorded in other long-term assets and the Company’s lease liabilities are recorded in lease liabilities-current and other long-term liabilities. Lease expense is recognized on a straight-line basis over the term of the lease. The Company reviewed its contracts with vendors, determining that its right-to-use lease assets consisted primarily of office space and land operating leases. In determining the right-to-use lease assets and related lease liabilities, the Company did not recognize any lease extension options and elected to exclude leases with terms of 12-months or less. Short-term leases are accounted for monthly over the lease term.

 
Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements

 

Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:

 

 

Level 1

Quoted market prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at measurement date.

   
 

Level 2

Quoted market prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable, either directly or indirectly. Fair value is determined through the use of models or other valuation methodologies.

   
 

Level 3

Significant unobservable inputs for assets or liabilities that cannot be corroborated by market data. Fair value is determined by the reporting entity’s own assumptions utilizing the best information available and includes situations where there is little market activity for the investment.

 

Level 3 financial liabilities consist of obligations for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate.

 

The asset’s or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.

 
Derivatives, Policy [Policy Text Block]

Derivative Instruments and Hedging Activities

 

As of December 31, 2025 and 2024, and for each of the three years ended December 31, 2025, the Company did not have any material derivative instruments. 

 

Currency Risk. The Company uses currency exchange contracts to manage its exposure to changes in currency exchange rates associated with certain of its non-U.S. dollar denominated receivables and payables. The Company primarily hedges a portion of its current-year currency exposure to several currencies, which normally include, but are not limited to, the Canadian and New Zealand dollars, the euro and the British pound sterling. The fluctuations in the value of these forward contracts largely offset the impact of changes in the value of the underlying risk they economically hedge. The Company also uses foreign exchange forward contracts, designated as cash flow hedges, from time-to-time as necessary, to manage its exposure to foreign denominated contracts. 

 

By entering into derivative instrument contracts, the Company exposes itself, from time to time, to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to the Company, which creates credit risk for the Company. The Company continues to monitor counterparty credit risk as part of its ongoing derivative assessments.

 

The Company’s derivative assets and liabilities consist principally of currency exchange contracts, which are carried at fair value based on significant observable inputs (Level 2 inputs). Derivatives entered into by the Company are typically executed over-the-counter and are valued using quoted market prices for similar assets or liabilities when available or internal valuation techniques, when quoted market prices are not readily available. The valuation technique and inputs depend on the type of derivative and the nature of the underlying exposure. The Company principally uses discounted cash flows along with fair value models that primarily use market observable inputs. These models take into account a variety of factors including, where applicable, maturity, currency exchange rates, interest rate yield curves and counterparty credit risks.

 

The Company records derivatives on a gross basis in other long-term assets and/or other liabilities. The accounting for changes in value of the derivative depends on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated for hedge accounting are measured and reported at fair value through earnings.

 

The Company, from time-to-time, applies hedge accounting to foreign exchange rate and interest rate derivatives entered into for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, key aspects of achieving hedge accounting are documentation of hedging strategy and hedge effectiveness at the hedge inception and substantiating hedge effectiveness on an ongoing basis. A derivative must be highly effective in accomplishing the hedge objective of offsetting changes in the cash flows of the hedged item for the risk being hedged. The effective portion of changes in the fair value of derivatives designated in a hedge relationship and that qualify as cash flow hedges is recorded in accumulated other comprehensive income, net of tax, and is subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items.

 
Income Tax, Policy [Policy Text Block]

Income Taxes

 

The Company is subject to income taxes in both the U.S. and the non-U.S. jurisdictions in which it operates. The Company accounts for income taxes using the asset and liability method, under which it recognizes deferred income taxes for the tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, as well as for tax loss carryforwards and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The Company provides a valuation allowance against deferred tax assets if, based upon the weight of available evidence, the Company does not believe it is “more-likely-than-not” that some or all of the deferred tax assets will be realized. The Company will continue to evaluate the deferred tax asset valuation allowance balances in all of its foreign and U.S. companies to determine the appropriate level of valuation allowances.

 

The Company regularly assesses the potential outcome of current and future examinations in each of the taxing jurisdictions when determining the adequacy of the provision for income taxes. The Company has only recorded financial statement benefits for tax positions which it believes are “more-likely-than-not” to be sustained.

 
Other Long-term Assets [Policy Text Block]

Other Long-Term Assets

 

Other long-term assets include the Company’s right-to-use lease assets, deferred tax assets and long-term prepaid value-added taxes. The Company expects to earn tax credits over time that will reduce the value-added taxes and has applied for such tax credits with the Ecuadorian tax authorities.

 
Debt, Policy [Policy Text Block]

Deferred Financing Costs

 

Deferred financing costs relate to the issuance costs of debt liabilities and are a direct deduction from the debt carrying amount. Deferred financing costs are amortized over the life of the debt or loan agreement through interest expense, net. See Note 6—Long-term Debt.

 
Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation

 

The Company’s reporting currency is the U.S. dollar. The functional currencies of the Company’s operating entities are the U.S. dollar, and the Tanzanian and Kenyan shilling, and the remeasurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses. Adjustments resulting from translating the foreign currency into U.S. dollars are recorded in other comprehensive income.

 
Share-Based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

 

Stock-based compensation awards issued to employees, non-employee directors or other service providers are recorded at their fair value on the date of grant and amortized over the service period of the award. The Company recognizes stock-based compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the equity instrument issued, within general and administrative expenses.

 
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block]

Series A Redeemable Convertible Preferred Stock 

 

The Company’s Series A redeemable convertible preferred stock (“Preferred Stock”) is accounted for as a temporary equity instrument. The redemption or conversion of the Preferred Stock into shares of the Company’s common stock is not solely controlled by the Company. On February 3, 2026, the Company converted all 62,000 shares of Preferred Stock into 9,018,763 shares of Common Stock. See Note 12—Stockholders’ Equity and Note 16—Subsequent Event for additional information.

 
New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements 

 

During  November 2024, FASB issued ASU 2024-03 ― Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The amendments in this ASU are intended to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. This ASU may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date or (ii) retrospectively to any or all prior periods presented in the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company will adopt this guidance on January 1, 2027, as required. The amendments under this ASU will increase the Company’s disclosures in its notes to consolidated financial statements for certain expense items within the statements of operations. 

 

During September 2025, FASB issued ASU 2025-06 ― Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this ASU seek to better align how internal-use software is being developed with the accounting for capitalization and expensing of costs. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods beginning within those annual accounting periods, and early adoption is permitted. The Company will early adopt this guidance on January 1, 2026, and is not expected to have a material impact on its consolidated financial statements.
v3.25.4
Note 2 - Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Notes Tables  
Disaggregation of Revenue [Table Text Block]
  

For the years ended December 31,

 

Lindblad Segment

 

2025

  

2024

  

2023

 

Guest ticket revenue:

            

Direct (a)

 $292,154  $280,245  $255,686 

Agencies

  136,195   92,809   90,185 

Guest ticket revenue

  428,349   373,054   345,871 

Other tour revenue

  67,293   50,252   51,539 

Tour revenues

 $495,642  $423,306  $397,410 
             
  

For the years ended December 31,

 

Land Experiences Segment

 

2025

  

2024

  

2023

 

Guest ticket revenue:

            

Direct (a)

 $234,820  $188,161  $146,971 

Agencies

  27,114   22,385   17,129 

Guest ticket revenue

  261,934   210,546   164,100 

Other tour revenue

  13,443   10,875   8,033 

Tour revenues

 $275,377  $221,421  $172,133 
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]
  

Contract Liabilities

 

Balance as of December 31, 2024

 $190,281 

Recognized in tour revenues during the period

  (741,618)

Additional contract liabilities in period

  782,980 

Balance as of December 31, 2025

 $231,643 
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block]
  

As of December 31,

 
  

2025

  

2024

  

2023

 

(In thousands)

            

Cash and cash equivalents

 $256,692  $183,941  $156,845 

Restricted cash

  33,043   32,202   30,499 

Total cash, cash equivalents and restricted cash as presented in the statements of cash flows

 $289,735  $216,143  $187,344 
Restricted Cash and Marketable Securities [Table Text Block]
  As of December 31,
  2025  2024 

(In thousands)

        

Federal Maritime Commission and other escrow

 $19,186  $18,101 

Credit card processor reserves

  12,500   12,750 

Certificates of deposit and other restricted deposits

  1,357   1,351 

Total restricted cash

 $33,043  $32,202 
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]
  As of December 31,
  2025  2024 

(In thousands)

        

Prepaid tour expenses

 $37,981  $28,585 

Other

  40,164   33,705 

Total prepaid expenses and other current assets

 $78,145  $62,290 
Schedule Of Estimated Useful Lives [Table Text Block]
  

Years

 

Vessels and vessel improvements

 15to25 
Buildings and building improvements 3to40 

Furniture & equipment

  5  

Computer hardware and software

 5to10 

Leasehold improvements, including expedition sites and port facilities

 

Shorter of lease term or related asset life

 
v3.25.4
Note 3 - Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  

For the years ended December 31,

 
  

2025

  

2024

  

2023

 

(In thousands, except share and per share data)

            

Net loss attributable to Lindblad Expeditions Holdings, Inc.

 $(29,721) $(31,179) $(45,610)

Series A redeemable convertible preferred stock dividend

  4,926   4,641   4,373 

Undistributed loss available to stockholders

 $(34,647) $(35,820) $(49,983)
             

Weighted average shares outstanding:

            

Total weighted average shares outstanding, basic

  54,970,812   53,817,462   53,256,513 

Total weighted average shares outstanding, diluted

  54,970,812   53,817,462   53,256,513 
             

Undistributed loss per share available to stockholders:

            

Basic

 $(0.63) $(0.67) $(0.94)

Diluted

 $(0.63) $(0.67) $(0.94)
v3.25.4
Note 4 - Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Notes Tables  
Property, Plant and Equipment [Table Text Block]
  

As of December 31,

 
  

2025

  

2024

 

(In thousands)

        

Vessels and improvements

 $846,373  $799,652 

Furniture and equipment

  76,994   59,132 

Land

  729   729 

Buildings and improvements

  2,435   2,435 

Leasehold improvements

  38   1,425 

Total property and equipment, gross

  926,569   863,373 

Less: Accumulated depreciation

  (404,446)  (344,983)

Property and equipment, net

 $522,123  $518,390 
v3.25.4
Note 5 - Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Notes Tables  
Schedule of Goodwill [Table Text Block]

(In thousands)

 

Land Experiences Segment

 

Balance as of December 31, 2022

 $42,017 

Activity

  - 

Balance as of December 31, 2023

  42,017 

Acquisitions (a)

  16,957 

Foreign exchange translation

  57 

Balance as of December 31, 2024

  59,031 

Acquisition (b)

  1,410 

Adjustment

  168 

Balance as of December 31, 2025

 $60,609 
Schedule of Intangible Assets and Goodwill [Table Text Block]
  

As of December 31,

 
  

2025

  

2024

 

(In thousands)

 

Gross Carrying Amount

  

Accumulated Amortization

  

Net Carrying Amount

  

Weighted Average Useful Life Remaining (years)

  

Gross Carrying Amount

  

Accumulated Amortization

  

Net Carrying Amount

 

Tradenames

 $14,939  $(4,111) $10,828   10.9  $14,939  $(2,911) $12,028 

Customer Lists

  6,907   (5,659)  1,248   2.0   6,907   (4,517)  2,390 

Operating rights (a)

  9,829   (5,306)  4,523   16.1   6,529   (5,024)  1,505 

Total intangibles, net

 $31,675  $(15,076) $16,599   11.6  $28,375  $(12,452) $15,923 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Year

 

Amount

 
  

(In thousands)

 

2026

 $1,902 

2027

  1,423 

2028

  1,423 

2029

  1,423 

2030

  1,423 

Thereafter

  9,005 
  $16,599 
v3.25.4
Note 6 - Long-term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Notes Tables  
Schedule of Long-Term Debt Instruments [Table Text Block]
  As of December 31, 2025  As of December 31, 2024 

(In thousands)

 

Principal

  

Deferred Financing Costs, net

  

Balance

  

Principal

  

Deferred Financing Costs, net

  

Balance

 

7.00% Notes

 $675,000  $(12,329) $662,671  $-  $-  $- 

6.75% Notes

  -   -   -   360,000   (4,576)  355,424 

9.00% Notes

  -   -   -   275,000   (4,999)  270,001 

Other

  3   -   3   29   -   29 

Total long-term debt

  675,003   (12,329)  662,674   635,029   (9,575)  625,454 

Less current portion

  (3)  -   (3)  (29)  -   (29)

Total long-term debt, non-current

 $675,000  $(12,329) $662,671  $635,000  $(9,575) $625,425 
Schedule of Maturities of Long-Term Debt [Table Text Block]

Year

 

Amount

 
  

(In thousands)

 

2026

 $3 

2027

  - 

2028

  - 

2029

  - 

2030

  675,000 

Thereafter

  - 
  $675,003 
v3.25.4
Note 8 - Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Notes Tables  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
  

For the years ended December 31,

 

(In thousands)

 

2025

  

2024

  

2023

 

Domestic

 $(10,168) $7,093  $(11,630)

Foreign

  (11,582)  (32,184)  (26,100)

Total

 $(21,750) $(25,091) $(37,730)
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
  

For the years ended December 31,

 

(In thousands)

 

2025

  

2024

  

2023

 

Current

            

Federal

 $1,083  $316  $- 

State

  685   52   218 

Foreign — Other

  1,969   984   209 

Total current

  3,737   1,352   427 

Deferred

            

Federal

  (826)  842   1,492 

State

  (438)  298   625 

Foreign — Other

  2   612   602 

Total deferred

  (1,262)  1,752   2,719 

Income tax expense

 $2,475  $3,104  $3,146 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
  

For the years ended December 31,

 
  

2025

  

2024

  

2023

 

(In thousands)

                        

Tax provision at statutory rate – federal

 $(4,567)  21.0% $(5,269)  21.0% $(7,923)  21.0%

Tax provision at effective state and local rates (a)

  103   (0.5%)  340   (1.4%)  800   (2.1%)

Nontaxable or nondeductible items

                        

Executive compensation

  2,202   (10.1%)  1,194   (4.8%)  1,884   (5.0%)

Impact of Consolidated Partnerships

  (345)  1.6%  -   0.0%  -   0.0%

Other

  (102)  0.5%  (174)  0.7%  (262)  0.7%

Foreign tax effects

                        

Cayman Islands

  3,301   (15.2%)  7,966   (31.7%)  6,257   (16.6%)

Ecuador

  341   (1.6%)  459   (1.8%)  36   (0.1%)

Italy

  350   (1.6%)  -   0.0%  -   0.0%

Tanzania

  399   (1.8%)  95   (0.4%)  -   0.0%

Other foreign jurisdictions

  13   (0.1%)  -   0.0%  -   0.0%

Uncertain tax provisions

                        

Change in valuation allowance

  1,409   (6.5%)  (1,817)  7.2%  2,548   (6.8%)

Effect of changes in tax laws or rates enacted in current period

  (993)  4.6%  -   0.0%  -   0.0%

Effect of cross-border tax laws

  226   (1.0%)  (18)  0.1%  -   0.0%

Tax credits

  -   0.0%  -   0.0%  33   (0.1%)

Other

  138   (0.7%)  328   (1.3%)  (227)  0.7%

Total effective income tax rate

 $2,475   (11.4%) $3,104   (12.4%) $3,146   (8.3%)
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
  

As of December 31,

 

(In thousands)

 

2025

  

2024

 

Deferred tax assets:

        

Net operating loss carryforward

 $18,475  $21,564 

Disallowed interest carryforward

  22,399   18,256 

Other

  1,865   1,209 

Valuation allowance

  (23,883)  (23,362)

Total net deferred assets

  18,856   17,667 

Deferred tax liabilities:

        

Property and equipment

  (17,115)  (19,111)

Other

  (821)  (1,160)

Total net deferred liabilities

  (17,936)  (20,271)

Deferred tax assets (liabilities)

 $920  $(2,604)
Summary of Taxes Paid [Table Text Block]
  

For the year ended December 31,

 

(In thousands)

 

2025

 

Federal

 $850 

Tanzania

  496 

New York State

  370 

Italy

  345 

Ecuador

  737 

Other

  366 

Total income taxes paid, net

 $3,164 
v3.25.4
Note 10 - Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Notes Tables  
Redeemable Noncontrolling Interest [Table Text Block]
  

For the years ended December 31,

 
  

2025

  

2024

  

2023

 

(In thousands)

            

Beginning balance

 $29,424  $37,784  $27,886 

Net income attributable to noncontrolling interest

  5,496   2,984   4,734 

Redemption value adjustment of put option

  13,877   4,853   5,695 

Distribution

  (1,145)  (1,400)  (531)

Acquired businesses᾽ noncontrolling interest

  296   -   - 

Redemption of put and/or call options

  -   (14,797)  - 

Ending balance

 $47,948  $29,424  $37,784 
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

(In thousands)

 

Operating Lease Payments

 

2026

 $1,126 

2027

  1,825 

2028

  1,456 

2029

  1,480 

2030

  874 

Thereafter

  3,083 

Present value discount (18% weighted average)

  (1,816)

Total

 $8,028 
Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block]

For the years ended December 31,

 

Amount

 

(In thousands)

    

2026

 $15,504 

2027

  13,572 

2028

  4,285 

2029

  4,413 

Total

 $37,774 
v3.25.4
Note 13 - Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Notes Tables  
Share-Based Payment Arrangement, Activity [Table Text Block]
  

Performance-based Stock Units

  

Restricted Stock and Restricted Stock Units

  

Market-based Stock Units

 
  

Number of Shares

  

Weighted Average Grant Date Fair Value

  

Number of Shares

  

Weighted Average Grant Date Fair Value

  

Number of Shares

  

Weighted Average Grant Date Fair Value

 

Balance, December 31, 2024

  83,422  $9.44   674,243  $9.60   9,392  $15.08 

Granted

  114,023   9.27   604,903   10.83   115,000   11.86 

Vested and released

  -   -   (410,810)  9.50   (6,255)  15.08 

Forfeited

  (76,496)  9.39   (179,638)  9.76   (3,137)  15.08 

Balance, December 31, 2025

  120,949   9.31   688,698   10.70   115,000   11.86 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
 

Stock Option Grants

 
 

2024

  2023 

Exercise price

$7.40 - 8.44  $9.56 

Dividend yield

 0.00

%

  0.00

%

Expected volatility

 64.6 - 77.8

%

  64.6

%

Risk-free interest rate

 3.63 - 4.48

%

  3.63

%

Expected term in years

 5.0 - 6.25   6.25 
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]
  

Number of Options

  

Weighted Average Exercise Price

  

Weighted Average Contractual Life (Years)

  

Aggregate Intrinsic Value

 

Options outstanding as of December 31, 2024

  2,419,777  $8.77   9.0  $7,910,071 

Exercised

  (618,091)  8.44         

Forfeited

  (325,114)  8.75         

Options outstanding as of December 31, 2025

  1,476,572   8.91   7.0  $8,135,464 
  

As of December 31, 2025

 
  

Number of Options

  

Weighted Average Exercise Price

  

Weighted Average Contractual Life (Years)

  

Aggregate Intrinsic Value

 

Options vested and/or expected to vest

  1,476,572  $8.91   7.0  $8,135,464 

Options exercisable

  1,226,572   9.04   6.8   6,596,464 
v3.25.4
Note 14 - Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

For the years ended December 31,

 
  

2025

  

2024

  

2023

 

(In thousands)

            

Tour revenues:

            

Lindblad

 $495,642  $423,306  $397,410 

Land Experiences

  275,377   221,421   172,133 

Total tour revenues

 $771,019  $644,727  $569,543 

Operating income:

            

Lindblad

 $7,055  $(2,928) $(8,692)

Land Experiences

  38,432   24,481   19,291 

Operating income

 $45,487  $21,553  $10,599 
             
  

For the years ended December 31,

 
  2025  2024  2023 

(In thousands)

         

Tour revenues

 $495,642  $423,306  $397,410 
             

Cost of tours

  258,679   230,075   233,247 

General and administrative

  83,731   79,995   72,170 

Selling and marketing

  89,286   67,731   57,334 

Depreciation and amortization

  56,891   48,433   43,351 

Operating income

 $7,055  $(2,928) $(8,692)
             
  

For the years ended December 31,

 
  2025  2024  2023 

(In thousands)

         

Tour revenues

 $275,377  $221,421  $172,133 
             

Cost of tours

  159,339   132,506   104,964 

General and administrative

  46,245   41,018   30,426 

Selling and marketing

  25,430   19,287   14,092 

Depreciation and amortization

  5,931   4,129   3,360 

Operating income

 $38,432  $24,481  $19,291 
  

For the years ended December 31,

 
  

2025

  

2024

  

2023

 

(In thousands)

            

Depreciation and amortization:

            

Lindblad:

            

Depreciation

 $56,609  $48,345  $43,263 

Amortization

  282   88   88 

Land Experiences:

            

Depreciation

  3,586   2,131   1,641 

Amortization

  2,345   1,998   1,719 

Total depreciation and amortization

 $62,822  $52,562  $46,711 
  

As of December 31,

 
  2025  2024 

(In thousands)

        

Total Assets:

        

Lindblad

 $711,211  $667,799 

Land Experiences

  268,747   209,106 

Total assets

 $979,958  $876,905 
         

Intangibles, net:

        

Lindblad

 $4,523  $1,505 

Land Experiences

  12,076   14,418 

Total intangibles, net

 $16,599  $15,923 
         

Goodwill:

        

Lindblad

 $-  $- 

Land Experiences

  60,609   59,031 

Total goodwill

 $60,609  $59,031 
v3.25.4
Note 1 - Business (Details Textual)
 12 Months Ended
Dec. 31, 2025
Number of Expedition Ships Operated 12
Number of Seasonal Charter Vessels Operated 10
Number of Reportable Segments 2
v3.25.4
Note 2 - Summary of Significant Accounting Policies (Details Textual)
$ in Thousands
 12 Months Ended
Feb. 03, 2026
shares
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Advertising Expense   $ 51,700 $ 39,400 $ 33,200
Foreign Financial Institutions, Actual Deposits   8,400 7,400  
Required Escrow Deposit Amount, Maximum   $ 32,000    
Number of Vessels Owned   12    
License Agreement, Term of Contract (Year)   20 years    
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)   $ 0 $ 0  
Derivative, Number of Instruments Held   0 0 0
Subsequent Event [Member] | Conversion of Preferred Stock into Common Stock [Member]        
Conversion of Stock, Shares Converted (in shares) | shares 62,000      
Conversion of Stock, Shares Issued (in shares) | shares 9,018,763      
Minimum [Member] | Office Space, Lease [Member]        
Lessee, Operating Lease, Term of Contract (Year)   1 year    
Minimum [Member] | Equipment Lease [Member]        
Lessee, Operating Lease, Term of Contract (Year)   3 years    
Minimum [Member] | Land for Safari Base Camps [Member]        
Lessee, Operating Lease, Term of Contract (Year)   12 years    
Maximum [Member] | Office Space, Lease [Member]        
Lessee, Operating Lease, Term of Contract (Year)   10 years    
Maximum [Member] | Equipment Lease [Member]        
Lessee, Operating Lease, Term of Contract (Year)   6 years    
Maximum [Member] | Land for Safari Base Camps [Member]        
Lessee, Operating Lease, Term of Contract (Year)   95 years    
Trade Names [Member]        
Finite-Lived Intangible Asset, Useful Life (Year)   15 years    
Customer Lists [Member]        
Finite-Lived Intangible Asset, Useful Life (Year)   5 years    
Online Advertising [Member]        
Advertising Expense   $ 27,400 $ 19,900 $ 17,300
Lindblad Segment [Member]        
Revenues   495,642 423,306 397,410
Land-experience [Member]        
Revenues   275,377 221,421 $ 172,133
Sales Channel, Affinity [Member] | Lindblad Segment [Member]        
Revenues   25,500 29,500  
Sales Channel, Affinity [Member] | Land-experience [Member]        
Revenues   $ 3,700 $ 3,100  
v3.25.4
Note 2 - Summary of Significant Accounting Policies - Disaggregation of Revenues by Type (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lindblad Segment [Member]      
Revenues $ 495,642 $ 423,306 $ 397,410
Lindblad Segment [Member] | Guest Ticket [Member]      
Revenues 428,349 373,054 345,871
Lindblad Segment [Member] | Other Tour [Member]      
Revenues 67,293 50,252 51,539
Lindblad Segment [Member] | Sales Channel, Directly to Consumer [Member] | Guest Ticket [Member]      
Revenues [1] 292,154 280,245 255,686
Lindblad Segment [Member] | Sales Channel, Agencies [Member] | Guest Ticket [Member]      
Revenues 136,195 92,809 90,185
Land-experience [Member]      
Revenues 275,377 221,421 172,133
Land-experience [Member] | Guest Ticket [Member]      
Revenues 261,934 210,546 164,100
Land-experience [Member] | Other Tour [Member]      
Revenues 13,443 10,875 8,033
Land-experience [Member] | Sales Channel, Directly to Consumer [Member] | Guest Ticket [Member]      
Revenues [1] 234,820 188,161 146,971
Land-experience [Member] | Sales Channel, Agencies [Member] | Guest Ticket [Member]      
Revenues $ 27,114 $ 22,385 $ 17,129
[1] Direct bookings in the table above are inclusive of affinity group sales, where prior to 2025 affinity sales were tracked separately. In the years ended December 31, 2024 and 2023, affinity sales were $25.5 million and $29.5 million, respectively, for the Lindblad segment, and $3.7 million and $3.1 million, respectively, for the Land Experiences segment.
v3.25.4
Note 2 - Summary of Significant Accounting Policies - Change in Contract Liabilities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Balance $ 190,281
Recognized in tour revenues during the period (741,618)
Additional contract liabilities in period 782,980
Balance $ 231,643
v3.25.4
Note 2 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash and cash equivalents $ 256,692 $ 183,941 $ 156,845  
Restricted cash 33,043 32,202 30,499  
Total cash, cash equivalents and restricted cash as presented in the statements of cash flows $ 289,735 $ 216,143 $ 187,344 $ 116,024
v3.25.4
Note 2 - Summary of Significant Accounting Policies - Restricted Cash and Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Total restricted cash and marketable securities $ 33,043 $ 32,202 $ 30,499
Federal Maritime Commission Escrow [Member]      
Total restricted cash and marketable securities 19,186 18,101  
Credit Card Processor Reserves [Member]      
Total restricted cash and marketable securities 12,500 12,750  
Certificates of Deposit and Other Restricted Securities [Member]      
Total restricted cash and marketable securities $ 1,357 $ 1,351  
v3.25.4
Note 2 - Summary of Significant Accounting Policies - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Prepaid tour expenses $ 37,981 $ 28,585
Other 40,164 33,705
Total prepaid expenses and other current assets $ 78,145 $ 62,290
v3.25.4
Note 2 - Summary of Significant Accounting Policies - Property and Equipment, Net (Details)
Dec. 31, 2025
Vessels and Vessel Improvements [Member] | Minimum [Member]  
Property, Plant and Equipment, Useful Life (Year) 15 years
Vessels and Vessel Improvements [Member] | Maximum [Member]  
Property, Plant and Equipment, Useful Life (Year) 25 years
Building and Building Improvements [Member] | Minimum [Member]  
Property, Plant and Equipment, Useful Life (Year) 3 years
Building and Building Improvements [Member] | Maximum [Member]  
Property, Plant and Equipment, Useful Life (Year) 40 years
Furniture and Fixtures [Member]  
Property, Plant and Equipment, Useful Life (Year) 5 years
Computer Hardware and Software [Member] | Minimum [Member]  
Property, Plant and Equipment, Useful Life (Year) 5 years
Computer Hardware and Software [Member] | Maximum [Member]  
Property, Plant and Equipment, Useful Life (Year) 10 years
v3.25.4
Note 3 - Earnings Per Share (Details Textual) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 900,000 800,000 800,000
Share-Based Payment Arrangement, Option [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 1,500,000 2,400,000 0.2
Series A Redeemable Convertible Preferred Stock [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 9,000,000 8,400,000 8
v3.25.4
Note 3 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net loss attributable to Lindblad Expeditions Holdings, Inc. $ (29,721) $ (31,179) $ (45,610)
Series A redeemable convertible preferred stock dividend 4,926 4,641 4,373
Net loss available to stockholders $ (34,647) $ (35,820) $ (49,983)
Total weighted average shares outstanding, basic (in shares) 54,970,812 53,817,462 53,256,513
Total weighted average shares outstanding, diluted (in shares) 54,970,812 53,817,462 53,256,513
Basic (in dollars per share) $ (0.63) $ (0.67) $ (0.94)
Diluted (in dollars per share) $ (0.63) $ (0.67) $ (0.94)
v3.25.4
Note 4 - Property and Equipment, Net (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Depreciation $ 60,200 $ 50,500 $ 44,900
Payments to Acquire Property, Plant, and Equipment $ 47,745 $ 33,520 $ 29,963
v3.25.4
Note 4 - Property and Equipment, Net - Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property and equipment, gross $ 926,569 $ 863,373
Less: Accumulated depreciation (404,446) (344,983)
Property and equipment, net 522,123 518,390
Vessels and Vessel Improvements [Member]    
Property and equipment, gross 846,373 799,652
Furniture and Fixtures [Member]    
Property and equipment, gross 76,994 59,132
Land [Member]    
Property and equipment, gross 729 729
Building Improvements [Member]    
Property and equipment, gross 2,435 2,435
Leasehold Improvements [Member]    
Property and equipment, gross $ 38 $ 1,425
v3.25.4
Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amortization of Intangible Assets $ 2.6 $ 2.1 $ 1.8
v3.25.4
Note 5 - Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Balance $ 59,031    
Balance 60,609 $ 59,031  
Land-experience [Member]      
Balance 59,031 42,017 $ 42,017
Activity 168   0
Acquisitions 1,410 [1] 16,957 [2]  
Foreign exchange translation   57  
Balance $ 60,609 $ 59,031 $ 42,017
[1] Increase to goodwill relates to 2025 immaterial acquisition of safari camp company.
[2] Increase to goodwill relates to the 2024 acquisition of Thomson Group. For additional information, see Note 9—Acquisition.
v3.25.4
Note 5 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Intangible assets, gross $ 31,675 $ 28,375
Intangible asset, amortization (15,076) (12,452)
Intangibles, net $ 16,599 15,923
Weighted Average [Member]    
Intangible asset, life (Year) 11 years 7 months 6 days  
Trade Names [Member]    
Intangible assets, gross $ 14,939 14,939
Intangible asset, amortization (4,111) (2,911)
Intangibles, net $ 10,828 12,028
Intangible asset, life (Year) 15 years  
Trade Names [Member] | Weighted Average [Member]    
Intangible asset, life (Year) 10 years 10 months 24 days  
Customer Lists [Member]    
Intangible assets, gross $ 6,907 6,907
Intangible asset, amortization (5,659) (4,517)
Intangibles, net $ 1,248 2,390
Intangible asset, life (Year) 5 years  
Customer Lists [Member] | Weighted Average [Member]    
Intangible asset, life (Year) 2 years  
Operating Rights [Member]    
Intangible assets, gross [1] $ 9,829 6,529
Intangible asset, amortization [1] (5,306) (5,024)
Intangibles, net [1] $ 4,523 $ 1,505
Operating Rights [Member] | Weighted Average [Member]    
Intangible asset, life (Year) [1] 16 years 1 month 6 days  
[1] Increase to operating rights relates to the 2025 acquisition of Torcatt. For additional information, see Note 9—Acquisition.
v3.25.4
Note 5 - Goodwill and Intangible Assets - Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
2026 $ 1,902
2027 1,423
2028 1,423
2029 1,423
2030 1,423
Thereafter 9,005
Finite-Lived Intangible Assets, Net $ 16,599
v3.25.4
Note 6 - Long-term Debt (Details Textual) - USD ($)
$ in Thousands
 4 Months Ended 12 Months Ended
Aug. 20, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 04, 2022
Line of Credit Facility, Commitment Fee Percentage     1.00%      
Debt Issuance Costs, Gross   $ 13,200 $ 13,200 $ 0 $ 7,500  
Amortization of Debt Issuance Costs     3,300 3,700 3,400  
Gain (Loss) on Extinguishment of Debt     (23,492) 0 0  
Deferred Debt Issuance Cost, Writeoff     7,111 0 3,860  
Letters of Credit Outstanding, Amount   1,200 $ 1,200 $ 1,200    
The 7.00% Senior Secured Note [Member]            
Debt Instrument, Interest Rate, Stated Percentage 7.00%          
Debt Instrument, Face Amount $ 675,000          
The 6.75% and the 9.00% Notes [Member]            
Repayments of Debt   $ 667,500        
Credit Agreement [Member] | Revolving Credit Facility [Member]            
Line of Credit Facility, Maximum Borrowing Capacity $ 60,000         $ 45,000
Line of Credit Facility, Commitment Fee Percentage 0.50%          
Credit Agreement [Member] | Letter of Credit [Member]            
Line of Credit Facility, Maximum Borrowing Capacity $ 15,000          
Senior Secured Notes [Member]            
Gain (Loss) on Extinguishment of Debt 23,500          
Deferred Debt Issuance Cost, Writeoff 7,100       $ 3,900  
Extinguishment of Debt, Tendering of Call Premiums $ 16,400          
v3.25.4
Note 6 - Long-term Debt - Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Principal $ 675,003 $ 635,029
Deferred Financing Costs, Net (12,329) (9,575)
Balance 662,674 625,454
Principal, Current (3) (29)
Deferred Financing Costs, Net, Current 0 0
Balance, Current (3) (29)
Principal, Non-current 675,000 635,000
Deferred Financing Costs, Net, Non-current (12,329) (9,575)
Balance, Non-current 662,671 625,425
The 7.00% Senior Secured Note [Member]    
Principal 675,000 0
Deferred Financing Costs, Net (12,329) 0
Balance 662,671 0
The 6.75% Note [Member]    
Principal 0 360,000
Deferred Financing Costs, Net 0 (4,576)
Balance 0 355,424
The 9.00% Note [Member]    
Principal 0 275,000
Deferred Financing Costs, Net 0 (4,999)
Balance 0 270,001
Other Debt [Member]    
Principal 3 29
Deferred Financing Costs, Net 0 0
Balance $ 3 $ 29
v3.25.4
Note 6 - Long-term Debt - Future Minimum Principal Payments of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
2026 $ 3  
2027 0  
2028 0  
2029 0  
2030 675,000  
Thereafter, long-term debt 0  
Long-Term Debt, Gross $ 675,003 $ 635,029
v3.25.4
Note 7 - Financial Instruments and Fair Value Measurements (Details Textual)
$ in Millions
Dec. 31, 2025
USD ($)
Long-Term Debt, Fair Value $ 682.7
v3.25.4
Note 8 - Income Taxes (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Deferred Tax Assets, Net of Valuation Allowance $ 18,856 $ 17,667
Deferred Tax Liabilities, Net 17,936 20,271
Deferred Tax Assets, Operating Loss Carryforwards, Domestic 59,700  
Unrecognized Tax Benefits $ 0 0
Domestic Tax Jurisdiction [Member]    
Open Tax Year 2018 2019 2020 2021 2022 2023 2024 2025  
State and Local Jurisdiction [Member]    
Open Tax Year 2016 2027 2018 2020 2021 2022 2023 2024 2025  
Foreign Tax Jurisdiction [Member]    
Open Tax Year 2020 2021 2022 2023 2024 2025  
Other Noncurrent Assets [Member]    
Deferred Tax Assets, Net of Valuation Allowance $ 3,100 900
Other Noncurrent Liabilities [Member]    
Deferred Tax Liabilities, Net $ 2,200 $ 3,500
v3.25.4
Note 8 - Income Taxes - U.S. and Foreign Components of Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Domestic $ (10,168) $ 7,093 $ (11,630)
Foreign (11,582) (32,184) (26,100)
Total $ (21,750) $ (25,091) $ (37,730)
v3.25.4
Note 8 - Income Taxes - Income Tax Provisions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Federal $ 1,083 $ 316 $ 0
State 685 52 218
Foreign — Other 1,969 984 209
Total current 3,737 1,352 427
Federal (826) 842 1,492
State (438) 298 625
Foreign — Other 2 612 602
Total deferred (1,262) 1,752 2,719
Income tax expense $ 2,475 $ 3,104 $ 3,146
v3.25.4
Note 8 - Income Taxes - Reconciliation of Income Tax (Benefit) Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Tax provision at statutory rate – federal $ (4,567) $ (5,269) $ (7,923)
Tax provision at statutory rate – federal, percent 21.00% 21.00% 21.00%
Tax provision at effective state and local rates [1] $ 103 $ 340 $ 800
Tax provision at effective state and local rates, percent [1] (0.50%) (1.40%) (2.10%)
Executive compensation $ 2,202 $ 1,194 $ 1,884
Executive compensation, percent (10.10%) (4.80%) (5.00%)
Impact of Consolidated Partnerships $ (345) $ 0 $ 0
Impact of Consolidated Partnerships, percent 1.60% 0.00% 0.00%
Other, nondeductible expense $ (102) $ (174) $ (262)
Other, nondeductible, percent 0.50% 0.70% 0.70%
Change in valuation allowance $ 1,409 $ (1,817) $ 2,548
Change in valuation allowance, percent (6.50%) 7.20% (6.80%)
Effect of changes in tax laws or rates enacted in current period $ (993) $ 0 $ 0
Effect of changes in tax laws or rates enacted in current period, percent 4.60% 0.00% 0.00%
Effect of cross-border tax laws $ 226 $ (18) $ 0
Effect of cross-border tax laws, percent (1.00%) 0.10% 0.00%
Tax credits $ 0 $ 0 $ 33
Tax credits, percent 0.00% 0.00% (0.10%)
Other adjustments $ 138 $ 328 $ (227)
Other, percent (0.70%) (1.30%) 0.70%
Income tax expense $ 2,475 $ 3,104 $ 3,146
Total effective income tax rate, percent (11.40%) (12.40%) (8.30%)
Cayman Islands Tax Information Authority [Member]      
Foreign tax effect $ 3,301 $ 7,966 $ 6,257
Foreign tax effect, percent (15.20%) (31.70%) (16.60%)
Ecuadorian Servicio de Rentas Internas [Member]      
Foreign tax effect $ 341 $ 459 $ 36
Foreign tax effect, percent (1.60%) (1.80%) (0.10%)
Ministry of Economic Affairs and Finance, Italy [Member]      
Foreign tax effect $ 350 $ 0 $ 0
Foreign tax effect, percent (1.60%) 0.00% 0.00%
Tanzania Revenue Authority [Member]      
Foreign tax effect $ 399 $ 95 $ 0
Foreign tax effect, percent (1.80%) (0.40%) 0.00%
Other Foreign Jurisdictions, Tax Authority [Member]      
Foreign tax effect $ 13 $ 0 $ 0
Foreign tax effect, percent (0.10%) 0.00% 0.00%
[1] State taxes for New York and Massachusetts make up the majority of the tax effect in this category.
v3.25.4
Note 8 - Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Net operating loss carryforward $ 18,475 $ 21,564
Disallowed interest carryforward 22,399 18,256
Other deferred tax assets 1,865 1,209
Valuation allowance (23,883) (23,362)
Total net deferred assets 18,856 17,667
Property and equipment (17,115) (19,111)
Other deferred tax liabilities (821) (1,160)
Total net deferred liabilities (17,936) (20,271)
Deferred tax assets (liabilities) $ 920 $ (2,604)
v3.25.4
Note 8 - Income Taxes - Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Federal tax $ 850    
New York State tax 370    
Total income taxes paid, net 3,164 $ 319 $ 711
Tanzania Revenue Authority [Member]      
Foreign tax 496    
Ministry of Economic Affairs and Finance, Italy [Member]      
Foreign tax 345    
Ecuadorian Servicio de Rentas Internas [Member]      
Foreign tax 737    
Other Foreign Jurisdictions [Member]      
Foreign tax $ 366    
v3.25.4
Note 9 - Acquisition (Details Textual)
$ in Thousands
 12 Months Ended
Jan. 09, 2025
USD ($)
Jul. 31, 2024
USD ($)
shares
Dec. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Number of Vessels Owned     12 12  
Business Combination, Acquisition-Related Cost, Expense       $ 200 $ 900
Goodwill     $ 60,609 60,609 59,031
Torcatt Enterprises Limitada [Member]          
Number of Vessels Owned 2        
Payments to Acquire Businesses, Gross $ 16,000        
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill     3,300 3,300  
Increase (Decrease) in Value of Acquired Vessels     (12,100)    
Business Combination, Recognized Asset Acquired, Other Asset, Noncurrent     1,700 $ 1,700  
Business Combination, Bargain Purchase, Gain Recognized, Amount     $ 1,100    
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]     Other Nonoperating Income (Expense)    
Wineland-Thomson Adventures, Inc [Member]          
Payments to Acquire Businesses, Gross   $ 24,000      
Business Combination, Acquisition-Related Cost, Expense   2,700      
Business Combination, Consideration Transferred   30,000      
Business Combination, Consideration Transferred, Equity Interest   $ 6,000      
Business Combination, Consideration Transferred, Equity Interest, Share Issued, Number of Shares (in shares) | shares   682,593      
Goodwill         17,000
Wineland-Thomson Adventures, Inc [Member] | Tradenames and Customer Relationships [Member]          
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill         $ 8,600
v3.25.4
Note 10 - Commitments and Contingencies (Details Textual) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Apr. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 31, 2026
Operating Lease, Weighted Average Remaining Lease Term (Year)   11 years 3 months 18 days      
Operating Lease, Expense   $ 3.1 $ 2.6 $ 2.7  
United States Tour Operators Association [Member] | Letter of Credit for Insurance [Member]          
Other Commitment Required   1.0      
Other Commitment   $ 1.0      
DuVine [Member]          
Payments to Acquire Interest in Subsidiaries and Affiliates $ 1.5        
DuVine [Member] | Subsequent Event [Member]          
Subsidiary, Ownership Percentage, Additional Ownership Acquired         50.00%
Mr. Bressler [Member]          
Subsidiary, Ownership Percentage, Noncontrolling Owner   9.90%      
Natural Habitat, Inc [Member]          
Subsidiary, Ownership Percentage, Additional Ownership Acquired 9.95%        
Payments to Acquire Interest in Subsidiaries and Affiliates $ 15.2        
Subsidiary, Ownership Percentage, Parent 90.10%        
Maximum Percent of Put Right Exercise 50.00%        
Mr. Lawrence, President of Off the Beaten Path [Member]          
Subsidiary, Ownership Percentage, Noncontrolling Owner   19.90%      
Subsidiary, Ownership Percentage, Noncontrolling Owner, Percent That May Be Sold     25.00%    
DuVine [Member]          
Subsidiary, Ownership Percentage, Noncontrolling Owner   25.00%      
Subsidiary, Ownership Percentage, Additional Ownership Acquired 5.00%        
Subsidiary, Ownership Percentage, Parent 75.00%        
Classic Journeys, LLC [Member]          
Subsidiary, Ownership Percentage, Noncontrolling Owner   19.90%      
v3.25.4
Note 10 - Commitments and Contingencies - Redeemable Non-controlling Interest (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Balance $ 29,424 $ 37,784 $ 27,886
Net income attributable to noncontrolling interest 5,496 2,984 4,734
Redemption value adjustment of put option 13,877 4,853 5,695
Distribution (1,145) (1,400) (531)
Acquired businesses' noncontrolling interest 296 0 0
Redemption of put and/or call options 0 (14,797) 0
Balance $ 47,948 $ 29,424 $ 37,784
v3.25.4
Note 10 - Commitments and Contingencies - Operating Lease Payment (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
2026 $ 1,126
2027 1,825
2028 1,456
2029 1,480
2030 874
Thereafter 3,083
Present value discount (18% weighted average) (1,816)
Total $ 8,028
v3.25.4
Note 10 - Commitments and Contingencies - Operating Lease Payment (Details) (Parentheticals)
Dec. 31, 2025
Weighted average discount rate 18.00%
v3.25.4
Note 10 - Commitments and Contingencies - Charter Commitments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
2026 $ 15,504
2027 13,572
2028 4,285
2029 4,413
Total $ 37,774
v3.25.4
Note 11 - Employee Benefit Plan (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Contribution Plan, Employer Matching Contribution, Percent of Match 30.00% 30.00% 30.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount $ 2,400 $ 2,400 $ 2,400
Defined Contribution Plan, Employer Discretionary Contribution Amount $ 900,000 $ 900,000 $ 700,000
v3.25.4
Note 12 - Stockholders' Equity (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended 24 Months Ended 109 Months Ended
Feb. 03, 2026
Aug. 31, 2020
Dec. 31, 2016
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Aug. 31, 2022
Preferred Stock, Shares Authorized (in shares)       1,000,000 1,000,000 1,000,000    
Preferred Stock, Par or Stated Value Per Share (in dollars per share)       $ 0.0001 $ 0.0001 $ 0.0001    
Common Stock, Shares Authorized (in shares)       200,000,000 200,000,000 200,000,000    
Common Stock, Par or Stated Value Per Share (in dollars per share)       $ 0.0001 $ 0.0001 $ 0.0001    
Preferred Stock, Shares Outstanding (in shares)       62,000 62,000 62,000    
Convertible Preferred Stock, Shares Reserved for Future Issuance (in shares)       8,966,460 8,966,460      
Stock and Warrant Repurchase Plan [Member]                
Stock Repurchase Program, Additional Authorized Amount     $ 15.0          
Share Repurchase Program, Authorized, Amount     $ 35.0          
Warrants Repurchased During Period (in shares)       6,011,926        
Warrants Repurchased During Period, Value       $ 14.7        
Share Repurchase Program, Remaining Authorized, Amount       $ 12.0 $ 12.0      
Stock and Warrant Repurchase Plan [Member] | Common Stock [Member]                
Stock Repurchased During Period, Shares (in shares)         875,218      
Stock Repurchased During Period, Value         $ 8.3      
Conversion From Outstanding Shares of Preferred Stock to Common Stock [Member] | Subsequent Event [Member]                
Conversion of Stock, Shares Converted (in shares) 62,000              
Conversion of Stock, Shares Issued (in shares) 9,018,763              
Series A Redeemable Convertible Preferred Stock [Member]                
Temporary Equity, Shares Issued (in shares)       62,000 62,000 62,000    
Dividends Payable       $ 4.9 $ 4.9 $ 4.6 $ 4.4  
Series A Redeemable Convertible Preferred Stock [Member] | Private Placement [Member]                
Temporary Equity, Shares Issued (in shares)   85,000            
Temporary Equity, Par or Stated Value Per Share (in dollars per share)               $ 0.0001
Shares Issued, Price Per Share (in dollars per share)   $ 1,000            
Proceeds from Issuance of Preferred Stock and Preference Stock   $ 85.0            
Preferred Stock, Dividend Rate, Percentage   6.00%            
Convertible Preferred Stock, Conversion Price (in dollars per share)   $ 9.5            
Preferred Stock, Convertible, Conversion Price (in dollars per share)       $ 14.25 $ 14.25      
Series A Preferred Stock [Member]                
Preferred Stock, Shares Outstanding (in shares)           62,000    
v3.25.4
Note 13 - Stock Based Compensation (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)   618,091 263,000  
Stock Issued During Period, Value, Stock Options Exercised   $ 3,300 $ 300  
Share-Based Payment Arrangement, Expense, Tax Benefit   0 0 $ 0
Employee Service Share-based Compensation, Compensation Not yet Recognized   $ 13,000    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)   1 year 9 months 18 days    
Natural Habitat, Inc [Member] | Mr. Bressler [Member]        
Employee Service Share-based Compensation, Compensation Not yet Recognized   $ 5,100    
Equity Incentive Opportunity, Floor Value   $ 25,000    
Stock Options, Excess of Fair Value, Percent   5.05%    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Percentage of Award Elected to Receive Early 50.00%      
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) 1,300,000      
Deferred Compensation Arrangement with Individual, Allocated Share-Based Compensation Expense   $ 4,200 3,200 8,000
Natural Habitat, Inc [Member] | Mr. Bressler [Member] | Land Experiences Segment Performance Award [Member]        
Deferred Compensation Arrangement with Individual, Allocated Share-Based Compensation Expense   4,000    
General and Administrative Expense [Member]        
Share-Based Payment Arrangement, Expense   $ 13,500 $ 9,800 $ 13,900
Share-Based Payment Arrangement, Option [Member] | Natural Habitat, Inc [Member] | Mr. Bressler [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)   10 years    
2021 Long-Term Incentive Compensation Plan [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)   9,300,000    
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)   5,800,000    
2021 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)   1 year    
2021 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)   3 years    
2021 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Minimum [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage   0.00%    
2021 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Maximum [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage   150.00%    
2021 Long-Term Incentive Compensation Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Minimum [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)   1 year    
2021 Long-Term Incentive Compensation Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)   4 years    
2021 Long-Term Incentive Compensation Plan [Member] | Stock Options [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)   10 years    
The 2020 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Minimum [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage   0.00%    
The 2020 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member] | Maximum [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Earn out Percentage   200.00%    
v3.25.4
Note 13 - Stock-based Compensation - Summary of PSU, Restricted Share and RSU Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Performance Shares [Member]    
Balance, weighted average grant date fair value (in dollars per share) $ 9.31 $ 9.44
Granted, weighted average grant date fair value (in dollars per share) 9.27  
Vested and released, weighted average grant date fair value (in dollars per share) 0  
Forfeited, weighted average grant date fair value (in dollars per share) 9.39  
Restricted Stock Units (RSUs) [Member]    
Balance, weighted average grant date fair value (in dollars per share) 10.7 9.6
Granted, weighted average grant date fair value (in dollars per share) 10.83  
Vested and released, weighted average grant date fair value (in dollars per share) 9.5  
Forfeited, weighted average grant date fair value (in dollars per share) 9.76  
Market Stock Units [Member]    
Balance, weighted average grant date fair value (in dollars per share) 11.86 $ 15.08
Granted, weighted average grant date fair value (in dollars per share) 11.86  
Vested and released, weighted average grant date fair value (in dollars per share) 15.08  
Forfeited, weighted average grant date fair value (in dollars per share) $ 15.08  
2021 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member]    
Balance (in shares) 83,422  
Granted (in shares) 114,023  
Vested and released (in shares) 0  
Forfeited (in shares) (76,496)  
Balance (in shares) 120,949  
2021 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member]    
Balance (in shares) 674,243  
Granted (in shares) 604,903  
Vested and released (in shares) (410,810)  
Forfeited (in shares) (179,638)  
Balance (in shares) 688,698  
2021 Long-Term Incentive Compensation Plan [Member] | Market Stock Units [Member]    
Balance (in shares) 9,392  
Granted (in shares) 115,000  
Vested and released (in shares) (6,255)  
Forfeited (in shares) (3,137)  
Balance (in shares) 115,000  
v3.25.4
Note 13 - Share-based Compensation - Summary of Significant Assumptions for Share-based Compensation Awards (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Exercise price (in dollars per share)   $ 9.56
Dividend yield 0.00% 0.00%
Expected volatility   64.60%
Risk-free interest rate   3.63%
Expected term in years (Year)   6 years 3 months
Minimum [Member]    
Exercise price (in dollars per share) $ 7.4  
Expected volatility 64.60%  
Risk-free interest rate 3.63%  
Expected term in years (Year) 5 years  
Maximum [Member]    
Exercise price (in dollars per share) $ 8.44  
Expected volatility 77.80%  
Risk-free interest rate 4.48%  
Expected term in years (Year) 6 years 3 months  
v3.25.4
Note 13 - Stock-based Compensation - Summary of Option Activity (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Exercised, shares (in shares) (618,091) (263,000)
Lindblad Plan and 2015 Plan [Member]    
Options outstanding, shares (in shares) 2,419,777  
Options outstanding, weighted average exercise price (in dollars per share) $ 8.77  
Options outstanding, weighted average contractual ife (Year) 7 years 9 years
Options outstanding, aggregate intrinsic value $ 8,135,464 $ 7,910,071
Exercised, shares (in shares) (618,091)  
Exercised, weighted average exercise price (in dollars per share) $ 8.44  
Forfeited, shares (in shares) (325,114)  
Forfeited, weighted average exercise period (in dollars per share) $ 8.75  
Options outstanding, shares (in shares) 1,476,572 2,419,777
Options outstanding, weighted average exercise price (in dollars per share) $ 8.91 $ 8.77
Options vested and/or expected to vest, number of options (in shares) 1,476,572  
Options vested and/or expected to vest, weighted average exercise price (in dollars per share) $ 8.91  
Options vested and/or expected to vest, weighted average contractual life (Year) 7 years  
Options vested and/or expected to vest, aggregate intrinsic value $ 8,135,464  
Options exercisable, number of options (in shares) 1,226,572  
Options exercisable, weighted average exercise price (in dollars per share) $ 9.04  
Options exercisable, weighted average contractual life (Year) 6 years 9 months 18 days  
Options exercisable, aggregate intrinsic value $ 6,596,464  
v3.25.4
Note 14 - Segment Information (Details Textual)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Number of Operating Segments 2      
Number of Reportable Segments 2      
Revenue from Contract with Customer, Including Assessed Tax $ 771,019 $ 644,727 $ 569,543  
Lindblad Segment [Member]        
Segment, Expenditure, Addition to Long-Lived Assets 40,200 30,000 28,600 $ 34,300
Land-experience [Member]        
Segment, Expenditure, Addition to Long-Lived Assets 7,500 3,500 2,600  
Intersegment Eliminations [Member]        
Revenue from Contract with Customer, Including Assessed Tax $ 9,800 $ 6,600 $ 7,900  
v3.25.4
Note 14 - Segment Information - Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Tour revenues $ 771,019 $ 644,727 $ 569,543  
Operating (loss) income 45,487 21,553 10,599  
Cost of tours 418,018 362,581 338,211  
General and administrative 129,976 121,013 102,596  
Selling and marketing 114,716 87,018 71,426  
Depreciation and amortization 62,822 52,562 46,711  
Depreciation 60,200 50,500 44,900  
Total Assets 979,958 876,905    
Total intangibles, net 16,599 15,923    
Total goodwill 60,609 59,031    
Operating Segments [Member]        
Tour revenues 771,019 644,727 569,543  
Operating (loss) income 45,487 21,553 10,599  
Lindblad Segment [Member]        
Depreciation 56,609 48,345 43,263  
Amortization 282 88 88  
Total Assets 711,211 667,799    
Total intangibles, net 4,523 1,505    
Total goodwill 0 0    
Lindblad Segment [Member] | Operating Segments [Member]        
Tour revenues 495,642 423,306 397,410  
Operating (loss) income 7,055 (2,928) (8,692)  
Cost of tours 258,679 230,075 233,247  
General and administrative 83,731 79,995 72,170  
Selling and marketing 89,286 67,731 57,334  
Depreciation and amortization 56,891 48,433 43,351  
Land-experience [Member]        
Depreciation 3,586 2,131 1,641  
Amortization 2,345 1,998 1,719  
Total Assets 268,747 209,106    
Total intangibles, net 12,076 14,418    
Total goodwill 60,609 59,031 42,017 $ 42,017
Land-experience [Member] | Operating Segments [Member]        
Tour revenues 275,377 221,421 172,133  
Operating (loss) income 38,432 24,481 19,291  
Cost of tours 159,339 132,506 104,964  
General and administrative 46,245 41,018 30,426  
Selling and marketing 25,430 19,287 14,092  
Depreciation and amortization $ 5,931 $ 4,129 $ 3,360  
v3.25.4
Note 15 - Reorganization (Details Textual)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Severance Costs $ 2.5
v3.25.4
Note 16 - Subsequent Event (Details Textual) - Conversion of Preferred Stock into Common Stock [Member] - Subsequent Event [Member]
Feb. 03, 2026
USD ($)
shares
Conversion of Stock, Amount Converted | $ $ 62,000
Conversion of Stock, Shares Issued (in shares) | shares 9,018,763