LINDBLAD EXPEDITIONS HOLDINGS, INC., 10-Q filed on 11/4/2025
Quarterly Report
v3.25.3
Document And Entity Information - shares
 9 Months Ended
Sep. 30, 2025
Oct. 31, 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 Q3  
Document Fiscal Year Focus 2025  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 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 96 Morton Street, 9th Floor  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10014  
City Area Code 212  
Local Phone Number 261-9000  
Title of 12(b) Security Common Stock, par value $0.0001 per share  
Trading Symbol LIND  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   55,400,743
v3.25.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 261,781 $ 183,941
Restricted cash 28,343 32,202
Prepaid expenses and other current assets 73,664 62,290
Total current assets 363,788 278,433
Property and equipment, net 527,609 518,390
Goodwill 61,145 59,031
Intangibles, net 17,365 15,923
Other long-term assets 6,627 5,128
Total assets 976,534 876,905
Current Liabilities:    
Unearned passenger revenues 362,276 318,666
Accrued expenses 54,848 58,054
Accounts payable 20,650 13,860
Lease liabilities - current 821 1,845
Long-term debt - current 10 29
Total current liabilities 438,605 392,454
Long-term debt, less current portion 663,443 625,425
Deferred tax liabilities 2,545 3,537
Other long-term liabilities 745 1,024
Total liabilities 1,105,338 1,022,440
Commitments and contingencies
Redeemable noncontrolling interests 45,968 29,424
Temporary equity, including noncontrolling interest 127,789 107,579
STOCKHOLDERS’ DEFICIT    
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 0 0
Common stock, $0.0001 par value, 200,000,000 shares authorized; 55,392,217 and 54,507,977 issued, 55,294,328 and 54,376,154 outstanding as of September 30, 2025 and December 31, 2024, respectively 6 6
Additional paid-in capital 127,973 109,473
Accumulated deficit (384,572) (362,881)
Accumulated other comprehensive income 0 288
Total stockholder’s deficit (256,593) (253,114)
Total liabilities, mezzanine equity and stockholders’ deficit 976,534 876,905
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 September 30, 2025 and December 31, 2024, respectively $ 81,821 $ 78,155
v3.25.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Sep. 30, 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) 55,392,217 54,507,977
Common stock, shares outstanding (in shares) 55,294,328 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
Preferred stock, par value (in dollars per share) $ 0.0001  
Preferred stock, shares outstanding (in shares) 62,000  
v3.25.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Tour revenues $ 240,172 $ 206,005 $ 587,838 $ 496,118
Operating expenses:        
Cost of tours 124,373 109,786 308,611 277,191
General and administrative 34,808 29,002 98,613 86,074
Selling and marketing 30,091 25,003 84,722 66,042
Depreciation and amortization 14,930 12,733 44,899 37,687
Total operating expenses 204,202 176,524 536,845 466,994
Operating income 35,970 29,481 50,993 29,124
Other (expense) income:        
Interest expense, net (11,256) (11,234) (34,503) (34,140)
(Loss) gain on foreign currency (318) 203 982 (48)
Other income 1,105 1 1,134 9
Loss on extinguishment of debt (23,492) 0 (23,492) 0
Total other expense (33,961) (11,030) (55,879) (34,179)
Income (loss) before income taxes 2,009 18,451 (4,886) (5,055)
Income tax benefit (2,564) (6,747) (3,503) (2,050)
Net income (loss) 4,573 25,198 (1,383) (3,005)
Net income attributable to noncontrolling interest 3,383 2,683 4,783 3,125
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. 1,190 22,515 (6,166) (6,130)
Series A redeemable convertible preferred stock dividend 1,239 1,168 3,667 3,455
Net (loss) income available to stockholders $ (49) $ 21,347 $ (9,833) $ (9,585)
Weighted average shares outstanding        
Basic (in shares) 55,557,530 54,097,365 54,859,959 53,662,237
Diluted (in shares) 55,557,530 62,591,165 54,859,959 53,662,237
Undistributed (loss) income per share available to stockholders:        
Basic (in dollars per share) $ (0) $ 0.39 $ (0.18) $ (0.18)
Diluted (in dollars per share) $ (0) $ 0.36 $ (0.18) $ (0.18)
v3.25.3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net loss $ 4,573 $ 25,198 $ (1,383) $ (3,005)
Other comprehensive income:        
Change in foreign currency translation adjustments 0 0 (288) 0
Total other comprehensive loss 0 0 (288) 0
Total comprehensive income (loss) 4,573 25,198 (1,671) (3,005)
Less: comprehensive income attributive to non-controlling interest 3,383 2,683 4,783 3,125
Comprehensive income (loss) attributable to Lindblad Expeditions Holdings, Inc. $ 1,190 $ 22,515 $ (6,454) $ (6,130)
v3.25.3
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - 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, 2023 53,390,082        
Balance at Dec. 31, 2023 $ 5 $ 97,139 $ (322,208)   $ (225,064)
Stock-based compensation $ 0 7,362 0   7,362
Net activity related to equity compensation plans (in shares) 422,663        
Net activity related to equity compensation plans $ 1 (838) 0   (837)
Redeemable noncontrolling interest 0 (1,924) (2,830)   (4,754)
Series A preferred stock dividend     (3,455)   (3,455)
Net income attributable to Lindblad Expeditions Holdings, Inc. $ 0 0 (6,130)   (6,130)
Net activity related to equity compensation plans (in shares) 422,663        
Net activity related to equity compensation plans $ 1 (838) 0   (837)
Other comprehensive loss, net         0
Redeemable noncontrolling interest $ 0 1,924 2,830   4,754
Balance (in shares) at Sep. 30, 2024 54,495,338        
Balance at Sep. 30, 2024 $ 6 107,739 (334,623)   (226,878)
Issuance of stock for acquisition (in shares) 682,593        
Issuance of stock for acquisition $ 0 6,000 0   6,000
Balance (in shares) at Jun. 30, 2024 53,564,680        
Balance at Jun. 30, 2024 $ 6 99,351 (354,844)   (255,487)
Stock-based compensation $ 0 2,529 0   2,529
Net activity related to equity compensation plans (in shares) 248,065        
Net activity related to equity compensation plans $ 0 (141) 0   (141)
Redeemable noncontrolling interest 0 0 (1,126)   (1,126)
Series A preferred stock dividend     (1,168)   (1,168)
Net income attributable to Lindblad Expeditions Holdings, Inc. $ 0 0 22,515   22,515
Net activity related to equity compensation plans (in shares) 248,065        
Net activity related to equity compensation plans $ 0 (141) 0   (141)
Other comprehensive loss, net         0
Redeemable noncontrolling interest $ 0 0 1,126   1,126
Balance (in shares) at Sep. 30, 2024 54,495,338        
Balance at Sep. 30, 2024 $ 6 107,739 (334,623)   (226,878)
Issuance of stock for acquisition (in shares) 682,593        
Issuance of stock for acquisition $ 0 6,000 0   6,000
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 14,489 0 0 14,489
Net activity related to equity compensation plans (in shares) 884,240        
Net activity related to equity compensation plans $ 0 4,011 0 0 4,011
Redeemable noncontrolling interest 0 0 (11,858) 0 (11,858)
Series A preferred stock dividend     (3,667)   (3,667)
Net income attributable to Lindblad Expeditions Holdings, Inc. $ 0 0 (6,166) 0 (6,166)
Net activity related to equity compensation plans (in shares) 884,240        
Net activity related to equity compensation plans $ 0 4,011 0 0 4,011
Other comprehensive loss, net 0 0 0 (288) (288)
Redeemable noncontrolling interest $ 0 0 11,858 0 11,858
Balance (in shares) at Sep. 30, 2025 55,392,217        
Balance at Sep. 30, 2025 $ 6 127,973 (384,572) 0 (256,593)
Balance (in shares) at Jun. 30, 2025 54,733,299        
Balance at Jun. 30, 2025 $ 6 118,007 (381,822) 0 (263,809)
Stock-based compensation $ 0 5,370 0 0 5,370
Net activity related to equity compensation plans (in shares) 658,918        
Net activity related to equity compensation plans $ 0 4,596 0 0 4,596
Redeemable noncontrolling interest 0 0 (2,701) 0 (2,701)
Series A preferred stock dividend     (1,239)   (1,239)
Net income attributable to Lindblad Expeditions Holdings, Inc. $ 0 0 1,190 0 1,190
Net activity related to equity compensation plans (in shares) 658,918        
Net activity related to equity compensation plans $ 0 4,596 0 0 4,596
Other comprehensive loss, net         0
Redeemable noncontrolling interest $ 0 0 2,701 0 2,701
Balance (in shares) at Sep. 30, 2025 55,392,217        
Balance at Sep. 30, 2025 $ 6 $ 127,973 $ (384,572) $ 0 $ (256,593)
v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows From Operating Activities    
Net loss $ (1,383) $ (3,005)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 44,899 37,687
Amortization of deferred financing costs, net 2,684 2,775
Amortization of right-to-use lease assets 1,254 705
Stock-based compensation 14,489 7,362
Deferred income taxes (984) (2,118)
(Gain) loss on foreign currency (982) 48
Write-off of unamortized deferred financing costs due to debt extinguishment 7,111 0
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (8,891) (2,221)
Unearned passenger revenues 41,134 48,440
Other long-term assets (1,023) (519)
Other long-term liabilities (1,010) 0
Accounts payable and accrued expenses 1,147 2,256
Operating lease liabilities (1,304) (735)
Net cash provided by operating activities 97,141 90,675
Cash Flows From Investing Activities    
Purchases of property and equipment (36,778) (23,647)
Acquisitions (net of cash acquired) (17,359) (10,741)
Net cash used in investing activities (54,137) (34,388)
Cash Flows From Financing Activities    
Proceeds from long-term debt 675,010 0
Repayments of long-term debt (635,029) (78)
Payment of deferred financing costs (11,777) (21)
Additional acquisition of redeemable noncontrolling interest 0 (16,720)
Repurchase under stock-based compensation plans and related tax impacts 3,061 (2,237)
Net cash provided by (used in) financing activities 31,265 (19,056)
Net increase in cash, cash equivalents and restricted cash 73,981 37,231
Cash, cash equivalents and restricted cash at beginning of period 216,143 187,344
Cash, cash equivalents and restricted cash at end of period 290,124 224,575
Effect of exchange rate changes on cash (288) 0
Supplemental disclosures of cash flow information:    
Interest 43,875 36,994
Income taxes 2,239 0
Non-cash investing and financing activities:    
Shares issued in connection with acquisition 0 6,000
Non-cash preferred stock dividend 3,667 3,455
Additional paid-in capital exercise proceeds of option shares 358 117
Additional paid-in capital exchange proceeds used for option shares $ (358) $ (117)
v3.25.3
Note 1 - Business and Basis of Presentation
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

NOTE 1—BUSINESS AND BASIS OF PRESENTATION

 

Business

 

Lindblad Expeditions Holdings, Inc.’s and its consolidated subsidiaries’ (collectively, the “Company” or “Lindblad”) mission is offering life-changing adventures around the world and pioneering innovative ways to allow its guests to connect with exotic and remote places. The Company’s common stock is listed on the NASDAQ Capital Market under the symbol “LIND”.

 

The Company operates the following two reportable business segments:

 

Lindblad Segment. The Lindblad segment currently operates a fleet of 12 owned expedition ships and seven 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 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 a brand license 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, comprised of Wineland-Thomson Adventures, LLC and Thomson Safaris Ltd (together “Thomson Safaris”), Nature Discovery Ltd (“Nature Discovery”), and the Ngorongoro lodge and farm under the 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 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, global custom and private tours, family travel experiences, and operates the historic award-winning Gibb’s Farm, an 80-acre sanctuary and high-end lodge located near the Ngorongoro Crater. 

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not necessarily indicative of the results of operations to be expected for the full year due to seasonality and other factors. Certain information and note disclosures normally included in the consolidated financial statements in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC for interim reporting. All intercompany balances and transactions have been eliminated in these unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto for the year ended December 31, 2024 contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2025 (the “2024 Annual Report”).

 

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 to conform with the 2025 presentation.

 

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 on January 1, 2025, as required. These amendments will increase 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 ASU on January 1, 2027, as required, and the amendments will increase the Company’s financial statement disclosures of certain expense items reported within its expense categories presented on its statement 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 adopt this ASU, as required, and is in the process of determining the impact that this ASU will have on its financial statements. 

 
v3.25.3
Note 2 - Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 2—EARNINGS PER SHARE

 

Earnings (loss) per Common Share

 

Earnings (loss) per common share is computed using the two-class method related to the Company’s Series A Redeemable Convertible Preferred Stock, par value of $0.0001 (“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 the 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 and 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 three and nine months ended September 30, 2025 and the nine months ended September 30, 2024, the Company incurred net losses available to stockholders, therefore potential common shares were excluded from the diluted earnings per share calculation and basic and diluted net loss per share are the same in each respective period. For the three and nine months ended September 30, 2025, 1.1 million unvested restricted shares, 1.2 million shares issuable upon exercise of options and 8.8 million common shares issuable upon the conversion of the Preferred Stock were excluded from the calculation of dilutive potential common shares for the period as they were anti-dilutive. For the nine months ended September 30, 2024, 0.8 million unvested restricted shares, 2.4 million shares issuable upon exercise of options and 8.3 million common shares issuable upon the conversion of the Preferred Stock were excluded from the calculation of dilutive potential common shares for the period as they were anti-dilutive.  

 

Loss per share was calculated as follows:

 

  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 
  

(unaudited)

  

(unaudited)

 

(In thousands, except share and per share data)

                

Net income (loss) attributable to Lindblad Expeditions Holdings, Inc.

 $1,190  $22,515  $(6,166) $(6,130)

Series A redeemable convertible preferred stock dividend

  1,239   1,168   3,667   3,455 

Undistributed (loss) income available to stockholders

 $(49) $21,347  $(9,833) $(9,585)
                 

Weighted average shares outstanding:

                

Total weighted average shares outstanding, basic

  55,557,530   54,097,365   54,859,959   53,662,237 

Dilutive potential common shares

  -   163,798   -   - 

Dilutive potential options

  -   129,796   -   - 

Dilutive potential redeemable convertible preferred shares

  -   8,200,206   -   - 

Total weighted average shares outstanding, diluted

  55,557,530   62,591,165   54,859,959   53,662,237 
                 

Undistributed (loss) income per share available to stockholders:

                

Basic

 $(0.00) $0.39  $(0.18) $(0.18)

Diluted

 $(0.00) $0.36  $(0.18) $(0.18)

 
v3.25.3
Note 3 - Revenues
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

NOTE 3—REVENUES

 

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. Contract liabilities represent the Company's obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. 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

 

(In thousands)

  (unaudited) 

Balance as of December 31, 2024

 $190,281 

Recognized in tour revenues during the period

  (564,920)

Additional contract liabilities in period

  597,820 

Balance as of September 30, 2025

 $223,181 

 

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

 

  

For the three months ended September 30,

  

For the nine months ended September 30,

 

Lindblad Segment

  2025   2024   2025   2024 
  

(unaudited)

  

(unaudited)

 

Guest ticket revenue:

                

Direct (a)

 $86,543  $81,607  $233,556  $216,631 

Agencies

  34,436   27,533   98,248   79,096 

Guest ticket revenue

  120,979   109,140   331,804   295,727 

Other tour revenue

  16,582   12,128   47,910   36,897 

Tour revenues

 $137,561  $121,268  $379,714  $332,624 
             
  For the three months ended September 30,  For the nine months ended September 30, 

Land Experiences Segment

  2025   2024   2025   2024 
  (unaudited)  (unaudited) 

Guest ticket revenue:

                

Direct (a)

 $88,162  $73,073  $178,303  $139,783 

Agencies

  9,788   7,801   19,561   15,619 

Guest ticket revenue

  97,950   80,874   197,864   155,402 

Other tour revenue

  4,661   3,863   10,260   8,092 

Tour revenues

 $102,611  $84,737  $208,124  $163,494 
 (a)Direct bookings in the table above are inclusive of affinity group sales. During the three and nine months ended September 30, 2024, affinity sales were $8.4 million and $21.5 million, respectively, for the Lindblad segment, and $1.8 million and $2.9 million, respectively, for the Land Experiences segment.

 

 
v3.25.3
Note 4 - Financial Statement Details
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Condensed Financial Statements [Text Block]

NOTE 4—FINANCIAL STATEMENT DETAILS

 

The following is a reconciliation of cash, cash equivalents and restricted cash to the statement of cash flows:

 

  

As of September 30,

 
  

2025

  

2024

 

(In thousands)

  (unaudited) 

Cash and cash equivalents

 $261,781  $193,881 

Restricted cash

  28,343   30,694 

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

 $290,124  $224,575 

 

Restricted cash consists of the following:

 

  

As of September 30, 2025

  

As of December 31, 2024

 

(In thousands)

 

(unaudited)

     

Credit card processor reserves

 $12,500  $12,750 

Federal Maritime Commission and other escrow

  14,476   18,101 

Certificates of deposit and other restricted deposits

  1,367   1,351 

Total restricted cash

 $28,343  $32,202 

 

Prepaid expenses and other current assets are as follows: 

 

  

As of September 30, 2025

  

As of December 31, 2024

 

(In thousands)

  (unaudited)     

Prepaid tour expenses

 $34,422  $28,585 

Other

  39,242   33,705 

Total prepaid expenses and other current assets

 $73,664  $62,290 

 
v3.25.3
Note 5 - Long-term Debt
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Debt Disclosure [Text Block]

NOTE 5—LONG-TERM DEBT

 

  

As of September 30, 2025

  

As of December 31, 2024

 
      

(unaudited)

                 

(In thousands)

 

Principal

  

Deferred Financing Costs, net

  

Balance

  

Principal

  

Deferred Financing Costs, net

  

Balance

 

7.00% Notes

 $675,000  $(11,557) $663,443  $-  $-  $- 

6.75% Notes

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

9.00% Notes

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

Other

  10   -   10   29   -   29 

Total long-term debt

  675,010   (11,557)  663,453   635,029   (9,575)  625,454 

Less current portion

  (10)  -   (10)  (29)  -   (29)

Total long-term debt, non-current

 $675,000  $(11,557) $663,443  $635,000  $(9,575) $625,425 

 

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”) (see discussion below). The Company used 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. The Company recorded $11.8 million in deferred financing costs related to its issuance of the 7.00% Notes.

 

For the three and nine months ended September 30, 2025, $0.8 million and $2.7 million, respectively, of deferred financing costs were charged to interest expense, and for the three and nine months ended September 30, 2024, $0.9 million and $2.8 million, respectively, of deferred financing costs were charged to interest expense. 

 

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 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 of net proceeds received from the 7.00% Notes, the Company used $667.5 million to prepay in full all outstanding borrowings under the 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 will be used for future 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 September 30, 2025, the Company had no borrowings under the Revolving Credit Facility.

 

Covenants

 

The Company’s 7.00% Notes and Revolving Credit Facility contain covenants that include, among others, limits on 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. The Company was in compliance with the covenants in effect as of September 30, 2025.

 
v3.25.3
Note 6 - Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Derivatives and Fair Value [Text Block]

NOTE 6—FAIR VALUE MEASUREMENTS

 

The carrying amounts of cash and cash equivalents, accounts payable and accrued expenses, approximate fair value due to the short-term nature of these instruments. The Company estimates the approximate fair value of its long-term debt as of September 30, 2025 to be $687.2 million based on the terms of the agreements and comparable market data as of September 30, 2025. As of September 30, 2025 and December 31, 2024, the Company had no other significant liabilities that were measured at fair value on a recurring basis.

 
v3.25.3
Note 7 - Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Equity [Text Block]

NOTE 7—STOCKHOLDERS’ EQUITY

 

Preferred Stock

 

In August 2020, the Company issued and sold 85,000 shares of Preferred Stock for $1,000 per share for gross proceeds of $85.0 million. The Preferred Stock has senior and preferential ranking to the Company’s common stock. The Preferred Stock is 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 may be paid-in-kind or be paid in cash at the Company’s option. During 2025, the Company thus far has continued to pay Preferred Stock dividends in-kind. At any time the Company  may, at its option, convert all, but not less than all, of the Preferred Stock into common stock if the volume-weighted average closing price of shares of common stock is at least 150% of the conversion price (currently $14.25) for 20 out of 30 consecutive trading days. The Preferred Stock is 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 Preferred Stock deferred issuance costs were $2.1 million as of September 30, 2025, recorded as a reduction to preferred stock. The Company recorded accrued dividends for Preferred Stock of $1.2 million and $3.7 million for the three and nine months ended September 30, 2025, respectively, and $1.2 million and $3.5 million for the three and nine months ended  September 30, 2024, respectively. As of September 30, 2025, the 62,000 shares of Preferred Stock outstanding and accumulated dividends could be converted at the option of the holders into 8.8 million shares of the Company’s common stock.

 
v3.25.3
Note 8 - Stock Based Compensation
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

NOTE 8—STOCK BASED COMPENSATION

 

The Company is authorized to issue up to 9.3 million shares of common stock under the amended 2021 Long-Term Incentive Plan (the “Plan”) which was approved by shareholders in September 2021, and as amended in June 2025. As of September 30, 2025, 5.5 million shares were available to be granted under the Plan.

 

The Company recorded stock-based compensation expense of $5.4 million and $14.5 million for the three and nine months ended September 30, 2025, respectively, and $2.5 million and $7.4 million during the three and nine months ended September 30, 2024, respectively.

 

Long-Term Incentive Compensation

 

During the nine months ended September 30, 2025, the Company awarded 583,400 restricted stock units (“RSUs”) with a weighted average grant price of $10.78. The RSUs will primarily vest equally over three years on the anniversary of the grant date, subject to the recipient’s continued employment or service with the Company on the applicable vesting date. The number of shares were determined based upon the closing price of our common stock on the date of the award.

 

During the nine months ended September 30, 2025, the Company awarded 229,023 performance-based restricted share units (“PSUs”) with a weighted average grant price of $10.57. The 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. 

 

Options

 

As of September 30, 2025 and December 31, 2024, options to purchase an aggregate of 1.7 million and 2.4 million shares of the Company’s common stock, respectively, with a weighted average exercise price of $8.92 as of September 30, 2025 and $8.77 as of December 31, 2024, were outstanding. As of September 30, 2025, 1.2 million options were exercisable.

 

In connection with the 2016 acquisition of Natural Habitat, Mr. Bressler’s employment agreement, as amended, provides Mr. Bressler, Founder and Chief Executive Officer of Natural Habitat, with an equity incentive opportunity to earn an award of options 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, as amended, exceeds $25.0 million, effective as of  December 31, of any given year that Mr. Bressler exercises his put right (see Note 10—Commitments and Contingencies), 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, subject to certain conditions. The actual number of options granted will be determined by the calculated final year equity value of Natural Habitat and the Black-Scholes per share option value, factoring in the Company’s stock price on the date of the grant, its volatility and an appropriate risk-free rate. During the three months ended March 31, 2024, Mr. Bressler exercised a previous one-time right to elect to receive 50% of such award early, which is 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 granted 1.3 million options, with an exercise price of $8.44, to Mr. Bressler. The options vested on the grant date and have a term of ten years. In 2023, the Company determined it was probable the performance condition would be met related to this award and recorded all expense related to it. The performance condition related to the remaining equity incentive opportunity through December 31, 2025 was also deemed probable in 2023 and is being expensed over Mr. Bressler’s service period. For the three and nine months ended  September 30, 2025, stock-based compensation expense related to this award was $2.9 million and $7.0 million, respectively.

 

Additionally, Mr. Bressler’s employment agreement, as amended, provides an equity incentive opportunity to earn an award of Company stock based on the financial performance of the Land Experiences segment businesses that Mr. Bressler manages for the year-ended 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 nine months ended September 30, 2025, the Company recorded $2.8 million in stock-compensation expense related to this award.

 
v3.25.3
Note 9 - Income Taxes
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 9—INCOME TAXES

 

As of September 30, 2025 and December 31, 2024, the Company had no unrecognized tax benefits recorded. The Company recorded an income tax benefit of $2.6 million and $3.5 million for the three and nine months ended September 30, 2025, respectively, versus a benefit of $6.7 million and an expense of $2.1 million, for the three and nine months ended September 30, 2024, respectively. In 2025, the effective rate differs from the statutory rate primarily due to mix of jurisdictions generating income, non-deductible employee compensation, changes in valuation allowances and tax impact of the deductibility of issuance costs. In 2024, the effective tax rate differs from the statutory rate because of the mix of jurisdictions generating income and the valuation allowance against certain loss and interest carryforwards in the United States. 

 

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 this quarter. The Company will continue to assess the OBBB for its potential impact on the Company’s consolidated financial statements.

 
v3.25.3
Note 10 - Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

NOTE 10—COMMITMENTS AND CONTINGENCIES

 

Redeemable Non-Controlling Interest

 

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 put options 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 do 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. 

 

Since the redemption of the noncontrolling interests are 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, 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 methods 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 redemption value of the noncontrolling interest, are classified to retained earnings. Adjustments in excess of the redemption value of the noncontrolling interest are treated as a decrease to net income available to common stockholders.

 

On July 8, 2025, the Company entered into the Third Amendment to the Stockholders’ Agreement, dated as of May 6, 2016 (the “Third Amendment”) to replace the previous put right for the Company’s purchase of all of Bressler’s remaining interest in Natural Habitat with a put right that may be exercised annually, up to 50% in any given year, for so long as Bressler holds any interest in Natural Habitat. In addition, on July 8, 2025, the Company and Mr. Bressler entered into the Second Amended and Restated Employment Agreement, replacing prior agreements to extend the term of the Employment Agreement through December 31, 2028 and align Mr. Bressler’s ability to receive options with the exercise of the perpetual put right.

 

The redemption value of the put options were determined using a discounted cash flow model. The redemption values were adjusted to their present value using the Company’s weighted average cost of capital. The following is a rollforward of redeemable non-controlling interest: 

 

  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 
  (unaudited)  (unaudited) 

(In thousands)

      

Beginning balance

 $39,186  $24,233  $29,424  $37,784 

Net income attributable to noncontrolling interest

  3,383   2,683   4,783   3,125 

Redemption value adjustment of put option

  2,701   1,126   11,858   2,830 

Distribution

  (155)  (500)  (950)  (1,400)

Acquired businesses᾽ noncontrolling interest

  853   -   853   - 

Redemption of put and/or call options

  -   -   -   (14,797)

Ending balance

 $45,968  $27,542  $45,968  $27,542 

 

Charter Commitments

 

From time to time, the Company enters into agreements to charter vessels onto which it holds its tours and expeditions. Future minimum payments on its charter agreements as of September 30, 2025 are as follows:

 

For the years ended December 31,

 

Amount

 

(In thousands)

    

2025 (three months)

 $3,901 

2026

  16,800 

2027

  6,882 

Total

 $27,583 

 
v3.25.3
Note 11 - Segment Information
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 11—SEGMENT INFORMATION

 

The Company is primarily a specialty cruise and experiential travel operator with operations in two reportable segments, Lindblad, which provides ship-based expeditions, and Land Experiences, which provides active, land-based trips, tours, treks and safari adventures. In identifying its reportable segments, the Company organized them around the nature of services provided and other relevant factors. 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’s chief operating decision maker, or CODM, is Natalya Leahy, the Chief Executive Officer. The CODM assesses performance and allocates resources based upon the separate financial information from the Company’s operating segments. 

 

The CODM and management review operating results monthly, and evaluate the performance of the business segments and base operating decisions on the total results at a consolidated level, as well as at a segment level, based largely on tour revenues and operating income without allocating other income and expenses, net, income taxes and interest expense, net. The reports provided to the Board of Directors are at a consolidated level and contain information regarding the separate results of both segments. Operating results for the Company’s reportable segments were as follows: 

 

  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues:

                

Lindblad

 $137,561  $121,268  $379,714  $332,624 

Land Experiences

  102,611   84,737   208,124   163,494 

Total tour revenues

 $240,172  $206,005  $587,838  $496,118 

Operating income:

                

Lindblad

 $13,236  $11,680  $19,553  $10,092 

Land Experiences

  22,734   17,801   31,440   19,032 

Operating income

 $35,970  $29,481  $50,993  $29,124 

 

For the three and nine months ended September 30, 2025, there was $2.4 million and $7.8 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences segments, which were eliminated in consolidation. For the three and nine months ended  September 30, 2024, there was $1.3 million and $5.1 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences segments, which were eliminated in consolidation.

 

The following table presents the Lindblad segment expenses: 

 

  

Lindblad Segment

 
  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues

 $137,561  $121,268  $379,714  $332,624 
                 

Cost of tours

  63,800   59,202   187,092   177,306 

General and administrative

  23,682   19,089   65,758   57,628 

Selling and marketing

  23,483   19,536   66,639   52,606 

Depreciation and amortization

  13,360   11,761   40,672   34,992 

Operating income

 $13,236  $11,680  $19,553  $10,092 

 

The following table presents the Land Experiences segment expenses: 

 

  

Land Experiences Segment

 
  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues

 $102,611  $84,737  $208,124  $163,494 
                 

Cost of tours

  60,573   50,584   121,519   99,885 

General and administrative

  11,126   9,913   32,855   28,446 

Selling and marketing

  6,608   5,467   18,083   13,436 

Depreciation and amortization

  1,570   972   4,227   2,695 

Operating income

 $22,734  $17,801  $31,440  $19,032 

 

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

 

  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Depreciation and amortization:

                

Lindblad:

                

Depreciation

 $13,338  $11,739  $40,606  $34,926 

Amortization

  22   22   66   66 

Land Experiences:

                

Depreciation

  972   542   2,432   1,405 

Amortization

  598   430   1,795   1,290 

Total depreciation and amortization

 $14,930  $12,733  $44,899  $37,687 

 

The following table presents our total assets, intangibles, net and goodwill by segment:

 

  As of September 30, 2025  As of December 31, 2024 

(In thousands)

 

(unaudited)

    
         

Total Assets:

        

Lindblad

 $701,288  $667,799 

Land Experiences

  275,246   209,106 

Total assets

 $976,534  $876,905 
         

Intangibles, net:

        

Lindblad

 $4,739  $1,505 

Land Experiences

  12,626   14,418 

Total intangibles, net

 $17,365  $15,923 
         

Goodwill:

        

Lindblad

 $-  $- 

Land Experiences

  61,145   59,031 

Total goodwill

 $61,145  $59,031 

 
v3.25.3
Note 12 - Acquisition
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Business Combination [Text Block]

NOTE 12—ACQUISITIONS

 

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 nine months ended  September 30, 2025 were $0.2 million 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. The revenue and operating income contributed by the acquisition during the three and nine months ended September 30, 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. 
v3.25.3
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Sep. 30, 2025
shares
Sep. 30, 2025
shares
Trading Arrangements, by Individual [Table]    
Material Terms of Trading Arrangement [Text Block]  

ITEM 5.

OTHER INFORMATION

 

 

Rule 10b5-1 Trading Plans

 

Directors and Executive Officers. Our directors and executive officers  may purchase or sell shares of our common stock in the market from time to time, including pursuant to equity trading plans adopted in accordance with Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”) and in compliance with guidelines specified by the Company. In accordance with Rule 10b5-1 and the Company’s insider trading policy, directors, officers and certain employees who, at such time, are not in possession of material non-public information about the Company are permitted to enter into written plans that pre-establish amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s common stock, including shares acquired pursuant to the Company’s equity plans (“Rule 10b5-1 Trading Plans”). Under a Rule 10b5-1 Trading Plan, a broker executes trades pursuant to parameters established by the director or executive officer when entering into the plan, without further direction from them. The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted, terminated or modified by our directors and executive officers during the three months ended  September 30, 2025, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

 

Name and Title

 

Adoption, Termination or Modification

 

Date of Adoption, Termination or Modification

 

Scheduled Expiration Date of Plan

 

Number of Shares to be Purchased under the Plan

Alex P. Schultz (Director)

 

Modification

 

September 10, 2025

 

September 8, 2026

 

247,970

Sven-Olof Lindblad (Director) Adoption  September 18, 2025  December 22, 2026 1,000,000

 
Rule 10b5-1 Arrangement Terminated [Flag] false  
Non-Rule 10b5-1 Arrangement Terminated [Flag] false  
Non-Rule 10b5-1 Arrangement Adopted [Flag] false  
Alex P. Schultz [Member]    
Trading Arrangements, by Individual [Table]    
Trading Arrangement, Securities Aggregate Available Amount 247,970 247,970
Trading Arrangement, Individual Name Alex P. Schultz  
Trading Arrangement, Individual Title Director  
Rule 10b5-1 Arrangement Adopted [Flag] true  
Trading Arrangement Adoption Date September 10, 2025  
Trading Arrangement Expiration Date September 8, 2026  
Sven-Olof Lindblad [Member]    
Trading Arrangements, by Individual [Table]    
Trading Arrangement, Securities Aggregate Available Amount 1,000,000 1,000,000
Trading Arrangement, Individual Name Sven-Olof Lindblad  
Trading Arrangement, Individual Title Director  
Rule 10b5-1 Arrangement Adopted [Flag] true  
Trading Arrangement Adoption Date September 18, 2025  
Trading Arrangement Expiration Date December 22, 2026  
v3.25.3
Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding unaudited interim financial information and include the accounts and transactions of the Company. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for the periods presented. Operating results for the periods presented are not necessarily indicative of the results of operations to be expected for the full year due to seasonality and other factors. Certain information and note disclosures normally included in the consolidated financial statements in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC for interim reporting. All intercompany balances and transactions have been eliminated in these unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto for the year ended December 31, 2024 contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2025 (the “2024 Annual Report”).

 

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 to conform with the 2025 presentation.

 
New Accounting Pronouncements, Policy [Policy Text Block]

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 on January 1, 2025, as required. These amendments will increase 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 ASU on January 1, 2027, as required, and the amendments will increase the Company’s financial statement disclosures of certain expense items reported within its expense categories presented on its statement 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 adopt this ASU, as required, and is in the process of determining the impact that this ASU will have on its financial statements. 
v3.25.3
Note 2 - Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 
  

(unaudited)

  

(unaudited)

 

(In thousands, except share and per share data)

                

Net income (loss) attributable to Lindblad Expeditions Holdings, Inc.

 $1,190  $22,515  $(6,166) $(6,130)

Series A redeemable convertible preferred stock dividend

  1,239   1,168   3,667   3,455 

Undistributed (loss) income available to stockholders

 $(49) $21,347  $(9,833) $(9,585)
                 

Weighted average shares outstanding:

                

Total weighted average shares outstanding, basic

  55,557,530   54,097,365   54,859,959   53,662,237 

Dilutive potential common shares

  -   163,798   -   - 

Dilutive potential options

  -   129,796   -   - 

Dilutive potential redeemable convertible preferred shares

  -   8,200,206   -   - 

Total weighted average shares outstanding, diluted

  55,557,530   62,591,165   54,859,959   53,662,237 
                 

Undistributed (loss) income per share available to stockholders:

                

Basic

 $(0.00) $0.39  $(0.18) $(0.18)

Diluted

 $(0.00) $0.36  $(0.18) $(0.18)
v3.25.3
Note 3 - Revenues (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]
  

Contract Liabilities

 

(In thousands)

  (unaudited) 

Balance as of December 31, 2024

 $190,281 

Recognized in tour revenues during the period

  (564,920)

Additional contract liabilities in period

  597,820 

Balance as of September 30, 2025

 $223,181 
Disaggregation of Revenue [Table Text Block]
  

For the three months ended September 30,

  

For the nine months ended September 30,

 

Lindblad Segment

  2025   2024   2025   2024 
  

(unaudited)

  

(unaudited)

 

Guest ticket revenue:

                

Direct (a)

 $86,543  $81,607  $233,556  $216,631 

Agencies

  34,436   27,533   98,248   79,096 

Guest ticket revenue

  120,979   109,140   331,804   295,727 

Other tour revenue

  16,582   12,128   47,910   36,897 

Tour revenues

 $137,561  $121,268  $379,714  $332,624 
             
  For the three months ended September 30,  For the nine months ended September 30, 

Land Experiences Segment

  2025   2024   2025   2024 
  (unaudited)  (unaudited) 

Guest ticket revenue:

                

Direct (a)

 $88,162  $73,073  $178,303  $139,783 

Agencies

  9,788   7,801   19,561   15,619 

Guest ticket revenue

  97,950   80,874   197,864   155,402 

Other tour revenue

  4,661   3,863   10,260   8,092 

Tour revenues

 $102,611  $84,737  $208,124  $163,494 
v3.25.3
Note 4 - Financial Statement Details (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block]
  

As of September 30,

 
  

2025

  

2024

 

(In thousands)

  (unaudited) 

Cash and cash equivalents

 $261,781  $193,881 

Restricted cash

  28,343   30,694 

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

 $290,124  $224,575 
Restricted Cash and Marketable Securities [Table Text Block]
  

As of September 30, 2025

  

As of December 31, 2024

 

(In thousands)

 

(unaudited)

     

Credit card processor reserves

 $12,500  $12,750 

Federal Maritime Commission and other escrow

  14,476   18,101 

Certificates of deposit and other restricted deposits

  1,367   1,351 

Total restricted cash

 $28,343  $32,202 
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]
  

As of September 30, 2025

  

As of December 31, 2024

 

(In thousands)

  (unaudited)     

Prepaid tour expenses

 $34,422  $28,585 

Other

  39,242   33,705 

Total prepaid expenses and other current assets

 $73,664  $62,290 
v3.25.3
Note 5 - Long-term Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Schedule of Long-Term Debt Instruments [Table Text Block]
  

As of September 30, 2025

  

As of December 31, 2024

 
      

(unaudited)

                 

(In thousands)

 

Principal

  

Deferred Financing Costs, net

  

Balance

  

Principal

  

Deferred Financing Costs, net

  

Balance

 

7.00% Notes

 $675,000  $(11,557) $663,443  $-  $-  $- 

6.75% Notes

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

9.00% Notes

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

Other

  10   -   10   29   -   29 

Total long-term debt

  675,010   (11,557)  663,453   635,029   (9,575)  625,454 

Less current portion

  (10)  -   (10)  (29)  -   (29)

Total long-term debt, non-current

 $675,000  $(11,557) $663,443  $635,000  $(9,575) $625,425 
v3.25.3
Note 10 - Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Redeemable Noncontrolling Interest [Table Text Block]
  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 
  (unaudited)  (unaudited) 

(In thousands)

      

Beginning balance

 $39,186  $24,233  $29,424  $37,784 

Net income attributable to noncontrolling interest

  3,383   2,683   4,783   3,125 

Redemption value adjustment of put option

  2,701   1,126   11,858   2,830 

Distribution

  (155)  (500)  (950)  (1,400)

Acquired businesses᾽ noncontrolling interest

  853   -   853   - 

Redemption of put and/or call options

  -   -   -   (14,797)

Ending balance

 $45,968  $27,542  $45,968  $27,542 
Shcedule of Future Minimum Payments for Charter Commitments [Table Text Block]

For the years ended December 31,

 

Amount

 

(In thousands)

    

2025 (three months)

 $3,901 

2026

  16,800 

2027

  6,882 

Total

 $27,583 
v3.25.3
Note 11 - Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues:

                

Lindblad

 $137,561  $121,268  $379,714  $332,624 

Land Experiences

  102,611   84,737   208,124   163,494 

Total tour revenues

 $240,172  $206,005  $587,838  $496,118 

Operating income:

                

Lindblad

 $13,236  $11,680  $19,553  $10,092 

Land Experiences

  22,734   17,801   31,440   19,032 

Operating income

 $35,970  $29,481  $50,993  $29,124 
  

Lindblad Segment

 
  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues

 $137,561  $121,268  $379,714  $332,624 
                 

Cost of tours

  63,800   59,202   187,092   177,306 

General and administrative

  23,682   19,089   65,758   57,628 

Selling and marketing

  23,483   19,536   66,639   52,606 

Depreciation and amortization

  13,360   11,761   40,672   34,992 

Operating income

 $13,236  $11,680  $19,553  $10,092 
  

Land Experiences Segment

 
  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Tour revenues

 $102,611  $84,737  $208,124  $163,494 
                 

Cost of tours

  60,573   50,584   121,519   99,885 

General and administrative

  11,126   9,913   32,855   28,446 

Selling and marketing

  6,608   5,467   18,083   13,436 

Depreciation and amortization

  1,570   972   4,227   2,695 

Operating income

 $22,734  $17,801  $31,440  $19,032 
  

For the three months ended September 30,

  

For the nine months ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 

(In thousands)

  (unaudited)   (unaudited) 

Depreciation and amortization:

                

Lindblad:

                

Depreciation

 $13,338  $11,739  $40,606  $34,926 

Amortization

  22   22   66   66 

Land Experiences:

                

Depreciation

  972   542   2,432   1,405 

Amortization

  598   430   1,795   1,290 

Total depreciation and amortization

 $14,930  $12,733  $44,899  $37,687 
  As of September 30, 2025  As of December 31, 2024 

(In thousands)

 

(unaudited)

    
         

Total Assets:

        

Lindblad

 $701,288  $667,799 

Land Experiences

  275,246   209,106 

Total assets

 $976,534  $876,905 
         

Intangibles, net:

        

Lindblad

 $4,739  $1,505 

Land Experiences

  12,626   14,418 

Total intangibles, net

 $17,365  $15,923 
         

Goodwill:

        

Lindblad

 $-  $- 

Land Experiences

  61,145   59,031 

Total goodwill

 $61,145  $59,031 
v3.25.3
Note 1 - Business and Basis of Presentation (Details Textual)
 9 Months Ended
Sep. 30, 2025
Number of Reportable Segments 2
Number of Expedition Ships Operated 12
Number of Seasonal Charter Vessels Operated 7
v3.25.3
Note 2 - Earnings Per Share (Details Textual) - $ / shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Preferred Stock, Par or Stated Value Per Share (in dollars per share) $ 0.0001   $ 0.0001   $ 0.0001
Restricted Stock [Member]          
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 1.1 0.8 1.1 0.8  
Share-Based Payment Arrangement, Option [Member]          
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 1.2 2.4 1.2 2.4  
Series A Redeemable Convertible Preferred Stock [Member]          
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 8.8 8.3 8.8 8.3  
Series A Redeemable Convertible Preferred Stock [Member]          
Preferred Stock, Par or Stated Value Per Share (in dollars per share) $ 0.0001   $ 0.0001    
v3.25.3
Note 2 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc. $ 1,190 $ 22,515 $ (6,166) $ (6,130)
Series A redeemable convertible preferred stock dividend 1,239 1,168 3,667 3,455
Net (loss) income available to stockholders $ (49) $ 21,347 $ (9,833) $ (9,585)
Total weighted average shares outstanding, basic (in shares) 55,557,530 54,097,365 54,859,959 53,662,237
Dilutive potential common shares (in shares) 0 163,798 0 0
Dilutive potential options (in shares) 0 129,796 0 0
Dilutive potential redeemable convertible preferred shares (in shares) 0 8,200,206 0 0
Total weighted average shares outstanding, diluted (in shares) 55,557,530 62,591,165 54,859,959 53,662,237
Basic (in dollars per share) $ (0) $ 0.39 $ (0.18) $ (0.18)
Diluted (in dollars per share) $ (0) $ 0.36 $ (0.18) $ (0.18)
v3.25.3
Note 3 - Revenues (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Lindblad Segment [Member]        
Revenues $ 137,561 $ 121,268 $ 379,714 $ 332,624
Lindblad Segment [Member] | Sales Channel, Affinity [Member]        
Revenues   8,400   21,500
Land-experience [Member]        
Revenues $ 102,611 84,737 $ 208,124 163,494
Land-experience [Member] | Sales Channel, Affinity [Member]        
Revenues   $ 1,800   $ 2,900
v3.25.3
Note 3 - Revenues - Change in Contract Liabilities (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Balance $ 190,281
Recognized in tour revenues during the period (564,920)
Additional contract liabilities in period 597,820
Balance $ 223,181
v3.25.3
Note 3 - Revenues - Disaggregation of Revenues by Type (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Lindblad Segment [Member]        
Revenues $ 137,561 $ 121,268 $ 379,714 $ 332,624
Land-experience [Member]        
Revenues 102,611 84,737 208,124 163,494
Guest Ticket [Member] | Lindblad Segment [Member]        
Revenues 120,979 109,140 331,804 295,727
Guest Ticket [Member] | Land-experience [Member]        
Revenues 97,950 80,874 197,864 155,402
Guest Ticket [Member] | Sales Channel, Directly to Consumer [Member] | Lindblad Segment [Member]        
Revenues [1] 86,543 81,607 233,556 216,631
Guest Ticket [Member] | Sales Channel, Directly to Consumer [Member] | Land-experience [Member]        
Revenues [1] 88,162 73,073 178,303 139,783
Guest Ticket [Member] | Sales Channel, Agencies [Member] | Lindblad Segment [Member]        
Revenues 34,436 27,533 98,248 79,096
Guest Ticket [Member] | Sales Channel, Agencies [Member] | Land-experience [Member]        
Revenues 9,788 7,801 19,561 15,619
Other Tour [Member] | Lindblad Segment [Member]        
Revenues 16,582 12,128 47,910 36,897
Other Tour [Member] | Land-experience [Member]        
Revenues $ 4,661 $ 3,863 $ 10,260 $ 8,092
[1] Direct bookings in the table above are inclusive of affinity group sales. During the three and nine months ended September 30, 2024, affinity sales were $8.4 million and $21.5 million, respectively, for the Lindblad segment, and $1.8 million and $2.9 million, respectively, for the Land Experiences segment.
v3.25.3
Note 4 - Financial Statement Details - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Cash and cash equivalents $ 261,781 $ 183,941 $ 193,881  
Restricted cash 28,343 32,202 30,694  
Total cash, cash equivalents and restricted cash as presented in the statement of cash flows $ 290,124 $ 216,143 $ 224,575 $ 187,344
v3.25.3
Note 4 - Financial Statement Details - Restricted Cash and Marketable Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Total restricted cash and marketable securities $ 28,343 $ 32,202 $ 30,694
Credit Card Processor Reserves [Member]      
Total restricted cash and marketable securities 12,500 12,750  
Federal Maritime Commission Escrow [Member]      
Total restricted cash and marketable securities 14,476 18,101  
Certificates of Deposit and Other Restricted Securities [Member]      
Total restricted cash and marketable securities $ 1,367 $ 1,351  
v3.25.3
Note 4 - Financial Statement Details - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Prepaid tour expenses $ 34,422 $ 28,585
Other 39,242 33,705
Total prepaid expenses and other current assets $ 73,664 $ 62,290
v3.25.3
Note 5 - Long-term Debt (Details Textual) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Aug. 20, 2025
Sep. 30, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Feb. 04, 2022
Proceeds from Issuance of Long-Term Debt         $ 675,010 $ 0    
Gain (Loss) on Extinguishment of Debt     $ (23,492) $ 0 (23,492) 0    
Deferred Debt Issuance Cost, Writeoff         7,111 0    
Debt Issuance Costs, Net   $ 11,557 11,557   11,557   $ 9,575  
Amortization of Debt Issuance Costs     $ 800 $ 900 $ 2,700 $ 2,800    
The 7.00% Senior Secured Note [Member]                
Proceeds from Issuance of Long-Term Debt $ 675,000              
Debt Instrument, Interest Rate, Stated Percentage 7.00%              
Debt Issuance Costs, Net $ 11,800              
Debt Instrument, Face Amount $ 675,000              
The 6.75% Note [Member]                
Debt Instrument, Interest Rate, Stated Percentage 6.75%              
The 9.00% Note [Member]                
Debt Instrument, Interest Rate, Stated Percentage 9.00%              
Senior Secured Notes [Member]                
Gain (Loss) on Extinguishment of Debt $ 23,500              
Deferred Debt Issuance Cost, Writeoff 7,100              
Extinguishment of Debt, Tendering of Call Premiums 16,400              
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              
v3.25.3
Note 5 - Long-term Debt - Long-term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Principal $ 675,010 $ 635,029
Deferred Financing Costs, Net (11,557) (9,575)
Balance 663,453 625,454
Principal, Current (10) (29)
Deferred Financing Costs, Net, Current 0 0
Balance, Current (10) (29)
Principal, Non-current 675,000 635,000
Deferred Financing Costs, Net, Non-current (11,557) (9,575)
Balance, Non-current 663,443 625,425
The 7.00% Senior Secured Note [Member]    
Principal 675,000 0
Deferred Financing Costs, Net (11,557) 0
Balance 663,443 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 10 29
Deferred Financing Costs, Net 0 0
Balance $ 10 $ 29
v3.25.3
Note 6 - Fair Value Measurements (Details Textual)
$ in Millions
Sep. 30, 2025
USD ($)
Long-Term Debt, Fair Value $ 687.2
v3.25.3
Note 7 - Stockholders' Equity (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2020
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Dividends, Preferred Stock   $ 1,239 $ 1,168 $ 3,667 $ 3,455  
Preferred Stock, Shares Outstanding (in shares)   62,000   62,000   62,000
Convertible Preferred Stock, Shares Reserved for Future Issuance (in shares)   8,800,000   8,800,000    
Series A Redeemable Convertible Preferred Stock [Member]            
Temporary Equity, Shares Issued (in shares)   62,000   62,000   62,000
Deferred Offering Costs   $ 2,100   $ 2,100    
Dividends, Preferred Stock   $ 1,200 $ 1,200 $ 3,700 $ 3,500  
Preferred Stock, Shares Outstanding (in shares)   62,000   62,000    
Series A Redeemable Convertible Preferred Stock [Member] | Private Placement [Member]            
Temporary Equity, Shares Issued (in shares) 85,000          
Shares Issued, Price Per Share (in dollars per share) $ 1,000          
Proceeds from Issuance of Preferred Stock and Preference Stock $ 85,000          
Preferred Stock, Dividend Rate, Percentage 6.00%          
Preferred Stock, Convertible, Conversion Price (in dollars per share) $ 9.5 $ 14.25   $ 14.25    
v3.25.3
Note 8 - Stock Based Compensation (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Share-Based Payment Arrangement, Expense $ 5.4 $ 2.5   $ 14.5 $ 7.4  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) 1,700,000     1,700,000   2,400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) $ 8.92     $ 8.92   $ 8.77
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) 1,200,000     1,200,000    
Natural Habitat, Inc [Member] | Mr. Bressler [Member]            
Share-Based Payment Arrangement, Expense       $ 2.8    
Equity Incentive Opportunity, Floor Value $ 25.0     $ 25.0    
Stock Options, Excess of Fair Value, Percent 5.05%     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      
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)     $ 8.44      
Deferred Compensation Arrangement with Individual, Allocated Share-Based Compensation Expense $ 2.9     $ 7.0    
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     9,300,000    
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) 5,500,000     5,500,000    
2021 Long-Term Incentive Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)       583,400    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)       $ 10.78    
2021 Long-Term Incentive Compensation Plan [Member] | Performance Shares [Member]            
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)       229,023    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)       $ 10.57    
v3.25.3
Note 9 - Income Taxes (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Expense (Benefit) $ (2,564) $ (6,747) $ (3,503) $ (2,050)
v3.25.3
Note 10 - Commitments and Contingencies - Redeemable Non-controlling Interest (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Balance $ 39,186 $ 24,233 $ 29,424 $ 37,784
Net income attributable to noncontrolling interest 3,383 2,683 4,783 3,125
Redemption value adjustment of put option 2,701 1,126 11,858 2,830
Distribution (155) (500) (950) (1,400)
Acquired businesses' noncontrolling interest 853 0 853 0
Redemption of put and/or call options 0 0 0 (14,797)
Balance $ 45,968 $ 27,542 $ 45,968 $ 27,542
v3.25.3
Note 10 - Commitments and Contingencies - Charter Commitments (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
2025 (three months) $ 3,901
2026 16,800
2027 6,882
Total $ 27,583
v3.25.3
Note 11 - Segment Information (Details Textual)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Number of Operating Segments     2  
Revenue from Contract with Customer, Including Assessed Tax $ 240,172 $ 206,005 $ 587,838 $ 496,118
Intersegment Eliminations [Member]        
Revenue from Contract with Customer, Including Assessed Tax $ 2,400 $ 1,300 $ 7,800 $ 5,100
v3.25.3
Note 11 - Segment Information - Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Tour revenues $ 240,172 $ 206,005 $ 587,838 $ 496,118  
Operating (loss) income 35,970 29,481 50,993 29,124  
Cost of tours 124,373 109,786 308,611 277,191  
General and administrative 34,808 29,002 98,613 86,074  
Selling and marketing 30,091 25,003 84,722 66,042  
Depreciation and amortization 14,930 12,733 44,899 37,687  
Total Assets 976,534   976,534   $ 876,905
Total intangibles, net 17,365   17,365   15,923
Total goodwill 61,145   61,145   59,031
Operating Segments [Member]          
Tour revenues 240,172 206,005 587,838 496,118  
Operating (loss) income 35,970 29,481 50,993 29,124  
Lindblad Segment [Member]          
Depreciation 13,338 11,739 40,606 34,926  
Amortization 22 22 66 66  
Total Assets 701,288   701,288   667,799
Total intangibles, net 4,739   4,739   1,505
Total goodwill 0   0   0
Lindblad Segment [Member] | Operating Segments [Member]          
Tour revenues 137,561 121,268 379,714 332,624  
Operating (loss) income 13,236 11,680 19,553 10,092  
Cost of tours 63,800 59,202 187,092 177,306  
General and administrative 23,682 19,089 65,758 57,628  
Selling and marketing 23,483 19,536 66,639 52,606  
Depreciation and amortization 13,360 11,761 40,672 34,992  
Land-experience [Member]          
Depreciation 972 542 2,432 1,405  
Amortization 598 430 1,795 1,290  
Total Assets 275,246   275,246   209,106
Total intangibles, net 12,626   12,626   14,418
Total goodwill 61,145   61,145   $ 59,031
Land-experience [Member] | Operating Segments [Member]          
Tour revenues 102,611 84,737 208,124 163,494  
Operating (loss) income 22,734 17,801 31,440 19,032  
Cost of tours 60,573 50,584 121,519 99,885  
General and administrative 11,126 9,913 32,855 28,446  
Selling and marketing 6,608 5,467 18,083 13,436  
Depreciation and amortization $ 1,570 $ 972 $ 4,227 $ 2,695  
v3.25.3
Note 12 - Acquisition (Details Textual)
$ in Thousands
 9 Months Ended
Jan. 09, 2025
USD ($)
Jul. 31, 2024
USD ($)
shares
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Goodwill     $ 61,145 $ 59,031
Torcatt Enterprises Limitada [Member]        
Number of Vessels Owned 2      
Payments to Acquire Businesses, Gross $ 16,000      
Business Combination, Acquisition-Related Cost, Expense     200  
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill     3,300  
Increase (Decrease) in Value of Acquired Vessels     (12,100)  
Business Combination, Recognized Asset Acquired, Other Asset, Noncurrent     1,700  
Business Combination, Bargain Purchase, Gain Recognized, Amount     $ 1,100  
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