Lindblad Expeditions stunned investors with stellar Q2 2025 results, sending its stock soaring 10.8% in pre-market trading. The adventure cruise specialist reported a narrower-than-expected loss of $0.18 per share (beating estimates by 35.7%) and revenue of $167.9 million—a 23% year-over-year surge that exceeded forecasts by 5.5%. Key metrics dazzled: ship occupancy jumped from 78% to 86% despite a 5% capacity increase, while net yield per available guest night hit a Q2 record of $1,241, up 13%. Adjusted EBITDA nearly doubled to $24.8 million (+139%), with margins expanding by 720 basis points to 14.8%.
Demand Outpaces Expectations
The company raised its full-year guidance, projecting revenue of $725–750 million and adjusted EBITDA of $108–115 million, buoyed by a booking surge stretching into 2026. Its Disney partnership drove a 45% spike in reservations, while new European river cruises are already 50% booked for 2026, with some dates sold out. Liquidity remains robust at $247.3 million, fueling growth investments. The stock, now at $11.73, has gained 22% over three months and 61% year-to-date, reflecting investor confidence in its premium pricing power and expansion strategy.
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