Lindblad Expeditions credits higher tour occupancy for 17 per cent jump in Q1 revenue
Lindblad Expeditions Holdings, a provider of expedition cruises and adventure travel experiences, has reported financial results for the first quarter ended March 31, 2025.
First quarter tour revenues of US$179.7 million increased US$26.1 million, or 17 per cent, as compared to the same period in 2024. The increase was driven by a US$12.8 million increase at the Lindblad segment and a US$13.3 million increase at the Lindblad Land Experiences segment.
Lindblad segment tour revenues of US$131.1 million increased US$12.8 million, or 11 per cent, compared to the first quarter a year ago primarily due to a 25 per cent increase in net yield per available guest night to US$1,521 driven by higher pricing and an increase in occupancy to 89 per cent from 76 per cent in the first quarter a year ago.
Net loss available to stockholders for the first quarter was US$40,000, US$0.00 per diluted share, as compared with a net loss available to stockholders of US$5.1 million, US$0.10 per diluted share, in the first quarter of 2024.
The US$5.1 million improvement primarily reflects the higher operating results, a US$1.5 million tax benefit versus a US$200,000 tax expense and a US$500,000 gain on foreign currency versus a US$200,000 loss in the first quarter a year ago.
First quarter adjusted gross operating profit of US$30 million increased US$8.4 million as compared to the same period in 2024 driven by a US$5.9 million increase at the Lindblad segment and US$2.5 million at the Lindblad Land Experiences segment.
Lindblad segment adjusted gross operating profit of US$26.3 million increased US$5.9 million as compared to the same period in 2024, primarily due to increased tour revenues, partially offset by increased marketing spend to drive long-term growth initiatives and higher general and administrative costs.
The company's cash and cash equivalents and restricted cash were US$235.2 million as of March 31, 2025, as compared with US$216.1 million as of December 31, 2024.
The increase primarily reflects US$48.4 million in cash from operations due primarily to increased bookings for future travel, which was partially offset by US$29 million in cash used in the purchasing property and equipment and the addition of the expeditions ships National Geographic Delfina (pictured) and National Geographic Gemini.
The company's current expectations for the full year 2025 are tour revenues of US$700 million to US$750 million and adjusted gross operating profit of US$100 million to US$112 million.
