/Lindblad Expeditions Holdings, Inc. Reports 2026 Second Quarter Financial Results

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Lindblad Expeditions Holdings, Inc. Reports 2026 Second Quarter Financial Results

PRNewswire

2026/08/03Earnings

Lindblad Expeditions Holdings, Inc. Reports 2026 Second Quarter Financial Results

Second Quarter 2026 Highlights:

Total revenue increased 19% to $199.2 million
Net loss available to stockholders improved $8.3 million to $1.4 million
Adjusted EBITDA increased 31% to $32.5 million
Lindblad segment net yield per available guest night increased 4% to $1,294
Occupancy increased to 91% from 86%

NEW YORK, Aug. 3, 2026 — Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company" or "Lindblad"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the second quarter ended June 30, 2026.

Natalya Leahy, Chief Executive Officer, said "Our second-quarter results once again demonstrate the strength of our strategy and the focused execution of our team. We achieved another record second-quarter net yield of $1,294 and 91% occupancy, our strongest second-quarter occupancy in a decade, while increasing capacity by 12%. Adjusted EBITDA increased 31%, and margins expanded despite higher fuel costs. These results reinforce our confidence in the company's ability to deliver sustainable long-term growth and value creation."

SECOND QUARTER RESULTS

Tour Revenues

Second quarter tour revenues of $199.2 million increased $31.3 million, or 19%, as compared to the same period in 2025. The increase was driven by an $18.2 million increase at the Lindblad segment and a $13.1 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $129.2 million increased $18.2 million, or 16%, compared to the second quarter a year ago primarily due to a 4% increase in net yield per available guest night to $1,294 driven by an increase in occupancy to 91% from 86% in the second quarter a year ago.

Land Experiences tour revenues of $70.0 million increased $13.1 million, or 23%, compared to the second quarter a year ago primarily due to operating additional trips and higher pricing.

Net Loss

Net loss available to stockholders for the second quarter was $1.4 million, $0.02 per diluted share, as compared with a net loss available to stockholders of $9.7 million, $0.18 per diluted share, in the second quarter of 2025. The $8.3 million decrease in net loss primarily reflects improved operating results, despite a $3.4 million benefit related to employee retention tax credits in the prior year, and the absence of a preferred stock dividend compared to the $1.2 million preferred stock dividend in the same period in 2025.

Adjusted EBITDA

Second quarter Adjusted EBITDA of $32.5 million increased $7.6 million as compared to the same period in 2025 driven by a $6.1 million increase at the Lindblad segment and $1.5 million at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $22.5 million increased $6.1 million as compared to the same period in 2025, primarily due to increased tour revenues, partially offset by higher cost of tours related to an increase in voyages and higher fuel costs, increased sales and marketing costs, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement, higher marketing spend to drive long-term growth initiatives, and the benefit of employee retention tax credits received in prior year.

Land Experiences segment Adjusted EBITDA of $10.0 million increased $1.5 million as compared to the same period in 2025, due to increased tour revenues, partially offset by increased operating and personnel costs related to increased trips, higher marketing spend to drive future growth, and the benefit of employee retention tax credits received in prior year.

For the three months ended June 30,

For the six months ended June 30,

(In thousands)

2026

2025

Change

2026

2025

Change

Tour revenues:

Lindblad

129,232

111,045

18,187

281,721

242,153

39,568

Land Experiences

70,015

56,900

13,115

125,539

105,513

20,026

Total tour revenues

199,247

167,945

31,302

407,260

347,666

59,594

Operating income:

Lindblad

3,850

(2,070)

5,920

14,415

6,316

8,099

128

Land Experiences

8,104

6,477

1,627

13,153

8,705

4,448

Operating income

11,954

4,407

7,547

171

27,568

15,021

12,547

Adjusted EBITDA:

Lindblad

22,460

16,330

6,130

50,405

42,649

7,756

Land Experiences

10,003

8,511

1,492

16,887

12,174

4,713

Total adjusted EBITDA

32,463

24,841

7,622

67,292

54,823

12,469

Balance Sheet and Liquidity

The Company's cash and cash equivalents and restricted cash were $364.9 million as of June 30, 2026, as compared with $289.7 million as of December 31, 2025. The increase primarily reflects $108.5 million of net cash provided by operating activities, due primarily to increased bookings for future travel, which was partially offset by $14.9 million in cash used in purchasing property and equipment and $19.8 million used to acquire an additional 5% ownership of Natural Habitat and an additional 9.9% ownership of Classic Journeys.

As of June 30, 2026, the Company had a total debt position of $675.0 million and was in compliance with all of its applicable debt covenants.

2026 OUTLOOK

The Company's current expectations for the full year 2026 are as follows:

Tour revenues of $830 - $860 million
Adjusted EBITDA of $130 - $140 million

STOCK REPURCHASE PLAN

The Company currently has a $35.0 million stock repurchase plan in place. As of July 31, 2026, the Company had repurchased 875,218 shares and 6.0 million warrants under the plan for a total of $23.0 million and had $12.0 million remaining under the plan. As of July 27, 2026, there were 65.6 million shares common stock outstanding.

NON-GAAP FINANCIAL MEASURES

The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry.

The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the supplemental financial schedules.

Audio Conference Webcast Information

The Company has scheduled an audio conference webcast at 9:00 a.m. Eastern Time on August 3, 2026, to discuss the Company's second quarter financial results. The webcast can be accessed at investors.expeditions.com, or at https://events.q4inc.com/attendee/736341126. Dial-in numbers by country are available at https://help.events.q4inc.com/eahc/international-dial-in-numbers, meeting ID 736341126.

To participate in the Q&A, use the analyst registration, https://events.q4inc.com/analyst/736341126?pwd=ezWQ4MYr, to receive a unique passcode.

A replay of the webcast will be available at the Company's investor relations website, investors.expeditions.com.

About Lindblad Expeditions Holdings, Inc.

Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company") is a leader in global expedition travel, offering immersive, educational journeys that span all seven continents through its six pioneering brands. Driven by a passion for the planet and the belief that there is always more to be discovered, the Company leads travelers to the farthest reaches of the world with an expansive portfolio of ship- and land-based expeditions. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, which offers ship-based voyages that allow guests to explore remote destinations alongside scientists and naturalists, and with state-of-the-art exploration tools. In addition to its renowned modern expedition cruises, the Company's award-winning land-based brands—Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures—provide extraordinary wildlife, cultural, and adventure-focused experiences. Together, these brands connect travelers with some of the planet's most inspiring natural and cultural landscapes, fostering a deep appreciation for the world.

To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, and the Company's commitment to responsible exploration, visit investors.expeditions.com.

Forward Looking Statements

Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's financial projections and may also generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe the Company's financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following: (i) adverse general economic and/or geopolitical factors that negatively impact the ability or desire of people to travel; (ii) loss of business due to competition; (iii) unscheduled disruptions in our business due to travel restrictions, weather events, mechanical failures, crew or guest illness such as a gastrointestinal virus, pandemics, geopolitical issues or other events; (iv) increases in fuel prices, changes in fuel consumed and availability of fuel supply in the geographies in which we operate or in general; (v) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (vi) the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels; (vii) management of our growth and our ability to execute our planned growth, including our ability to successfully integrate any future acquisitions; (viii) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xi) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xii) the impact of severe or unusual weather conditions, including climate change, on our business; (xiii) adverse publicity regarding the travel and cruise industry in general, the safety of travel, or passenger and crew illnesses such as gastrointestinal virus or other health issues; (xiv) the result of future financing efforts; and (xv) those risks described in the Company's filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company's performance may be found in its filings with the SEC, which are available at http://www.sec.gov or at http://www.expeditions.com in the Investor Relations section of the Company's website.

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share and per share data)

As of June 30, 2026

As of December 31, 2025

(unaudited)

ASSETS

Current Assets:

Cash and cash equivalents

318,886

256,692

Restricted cash

46,016

33,043

Prepaid expenses and other current assets

77,834

78,145

Total current assets

442,736

367,880

Property and equipment, net

502,243

522,123

Goodwill

60,609

Intangibles, net

15,542

16,599

Other long-term assets

12,891

12,747

Total assets

1,034,021

979,958

LIABILITIES

Current Liabilities:

Unearned passenger revenues

439,858

361,481

Accrued expenses

68,235

76,732

Accounts payable

15,043

22,227

Lease liabilities - current portion

1,693

1,151

Long-term debt - current portion

Total current liabilities

524,829

461,594

Long-term debt, less current portion

663,871

662,671

Deferred tax liabilities

854

2,224

Other long-term liabilities

6,933

6,968

Total liabilities

1,196,487

1,133,457

Commitments and contingencies

Series A redeemable convertible preferred stock, 165,000 shares authorized; no shares issued and outstanding as of June 30, 2026, 62,000 shares issued and outstanding as of December 31, 2025

83,079

Redeemable noncontrolling interests

33,372

47,948

33,372

131,027

STOCKHOLDERS' DEFICIT

Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of December 31, 2025

Common stock, $0.0001 par value, 200,000,000 shares authorized; 65,613,308 and 55,421,384 issued, 65,515,419 and 55,323,495 outstanding as of June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital

216,460

126,873

Accumulated deficit

(412,305)

(411,405)

Total stockholders' deficit

(195,838)

(284,526)

Total liabilities, mezzanine equity and stockholders' deficit

1,034,021

979,958

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (In thousands, except share and per share data) (unaudited)

For the three months ended June 30,

For the six months ended June 30,

2026

2025

2026

2025

Tour revenues

199,247

167,945

407,260

347,666

Operating expenses:

Cost of tours

102,612

91,391

209,355

184,239

General and administrative

34,169

31,083

66,216

63,805

Selling and marketing

32,024

26,390

67,960

54,632

Depreciation and amortization

18,488

14,674

36,161

29,969

Total operating expenses

187,293

163,538

379,692

332,645

Operating income

11,954

4,407

27,568

15,021

Other (expense) income:

Interest expense, net

(10,494)

(11,617)

(21,073)

(23,247)

(Loss) gain on foreign currency

(360)

759

(629)

1,300

Other (expense) income

(4)

Total other expense

(10,858)

(10,828)

(21,647)

(21,918)

Income (loss) before income taxes

1,096

(6,421)

5,921

(6,897)

Income tax provision (benefit)

1,439

547

213

(939)

Net income (loss)

(343)

(6,968)

5,708

(5,958)

Net income attributable to noncontrolling interest

1,063

1,550

614

1,400

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

(1,406)

(8,518)

5,094

(7,358)

Series A redeemable convertible preferred stock dividend

1,223

497

2,426

Net income (loss) available to stockholders

(1,406)

(9,741)

4,597

(9,784)

Weighted average shares outstanding:

Basic

65,473,335

54,590,783

63,529,776

54,511,173

Diluted

65,473,335

54,590,783

64,354,788

54,511,173

Undistributed income (loss) per share available to stockholders:

Basic

(0.02)

(0.18)

0.07

(0.18)

Diluted

(0.02)

(0.18)

0.07

(0.18)

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (unaudited)

For the six months ended June 30,

2026

2025

Cash Flows From Operating Activities

Net income (loss)

5,708

(5,958)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

36,161

29,969

Amortization of deferred financing costs, net

1,317

1,848

Amortization of right-to-use lease assets

1,477

869

Stock-based compensation

3,681

9,119

Deferred income taxes

(1,370)

(1,135)

Loss (gain) on foreign currency

629

(1,300)

Changes in operating assets and liabilities

Prepaid expenses and other current assets

311

(11,787)

Unearned passenger revenues

78,377

63,026

Other long-term assets

(389)

(1,242)

Accounts payable and accrued expenses

(16,309)

(4,871)

Operating lease liabilities

(1,064)

(924)

Net cash provided by operating activities

108,529

77,614

Cash Flows From Investing Activities

Purchases of property and equipment

(14,885)

(29,159)

Acquisitions (net of cash acquired)

(15,582)

Net cash used in investing activities

(14,885)

(44,741)

Cash Flows From Financing Activities

Repayments of long-term debt

(3)

(21)

Payment of deferred financing costs

(117)

Proceeds from exercise of options

6,603

Repurchase under stock-based compensation plans, related tax impacts

(4,596)

(1,380)

Additional acquisition of redeemable noncontrolling interest

(19,760)

Noncontrolling interest distributions

(604)

Net cash used in financing activities

(18,477)

(1,401)

Effect of exchange rate changes on cash

(288)

Net increase in cash, cash equivalents and restricted cash

75,167

31,184

Cash, cash equivalents and restricted cash at beginning of period

289,735

216,143

Cash, cash equivalents and restricted cash at end of period

364,902

247,327

Supplemental disclosures of cash flow information:

Cash paid during the period:

Interest

27,035

24,730

Income taxes

2,360

1,253

Non-cash investing and financing activities:

Non-cash preferred stock dividend

497

2,426

Non-cash recognition of new leases

1,571

Additional paid-in capital exercise proceeds of option shares

(933)

Additional paid-in capital exchange proceeds used for option shares

933

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Supplemental Financial Schedules (In thousands) (unaudited)

Reconciliation of Net Income (Loss) to Adjusted EBITDA Consolidated

Consolidated

For the three months ended June 30,

For the six months ended June 30,

(In thousands)

2026

2025

2026

2025

Net income (loss)

(343)

(6,968)

5,708

(5,958)

Interest expense, net

10,494

11,617

21,073

23,247

Income tax provision (benefit)

1,439

547

213

(939)

Depreciation and amortization

18,488

14,674

36,161

29,969

Loss (gain) on foreign currency

360

(759)

629

(1,300)

Stock-based compensation

1,935

5,392

3,681

9,119

Transaction-related costs

368

161

714

Reorganization costs

(279)

Other expense (income)

(30)

(55)

(29)

Adjusted EBITDA

32,463

24,841

67,292

54,823

Reconciliation of Operating Income to Adjusted EBITDA

Lindblad Segment

For the three months ended June 30,

For the six months ended June 30,

(In thousands)

2026

2025

2026

2025

Operating income (loss)

3,850

(2,070)

14,415

6,316

Depreciation and amortization

16,843

13,252

32,898

27,312

Stock-based compensation

1,767

5,135

3,371

8,862

Reorganization costs

(279)

Transaction-related costs

159

Adjusted EBITDA

22,460

16,330

50,405

42,649

Land Experiences Segment

For the three months ended June 30,

For the six months ended June 30,

(In thousands)

2026

2025

2026

2025

Operating income

8,104

6,477

13,153

8,705

Depreciation and amortization

1,645

1,422

3,263

2,657

Stock-based compensation

168

257

310

257

Transaction-related costs

355

161

555

Adjusted EBITDA

10,003

8,511

16,887

12,174

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Supplemental Financial Schedules (In thousands, except for Guest Metrics and per Available Guest Night metrics) (unaudited)

Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities

For the six months ended June 30,

2026

2025

Net cash provided by operating activities

108,529

77,614

Less: purchases of property and equipment

(14,885)

(29,159)

Free Cash Flow

93,644

48,455

Guest Metrics — Lindblad Segment

For the three months ended June 30,

For the six months ended June 30,

2026

2025

2026

2025

Available Guest Nights

91,185

81,515

171,346

156,840

Guest Nights Sold

82,922

70,198

157,644

137,172

Occupancy

Maximum Guests

12,561

11,393

23,924

20,997

Number of Guests

11,521

9,937

22,025

18,480

Voyages

162

153

318

274

Calculation of Gross and Net Yield per Available Guest Night

For the three months ended June 30,

For the six months ended June 30,

(In thousands, except for Available Guest Nights, Gross and Net Yield per Available Guest Night)

2026

2025

2026

2025

Guest ticket revenues

113,364

98,175

237,548

210,825

Other tour revenue

15,868

12,870

44,173

31,328

Tour revenues

129,232

111,045

281,721

242,153

Less: Commissions

(4,958)

(4,423)

(10,990)

(10,045)

Less: Other tour expenses

(6,261)

(5,445)

(21,963)

(16,333)

Net Yield

118,013

101,177

248,768

215,775

Available Guest Nights

91,185

81,515

171,346

156,840

Gross Yield per Available Guest Night

1,417

1,362

1,644

1,544

Net Yield per Available Guest Night

1,294

1,241

1,452

1,376

For the three months ended June 30,

For the six months ended June 30,

(In thousands)

2026

2025

2026

2025

Operating income (loss)

3,850

(2,070)

14,415

6,316

Cost of tours

61,644

58,469

138,539

123,292

General and administrative

21,514

20,945

41,188

42,077

Selling and marketing

25,381

20,449

54,681

43,156

Depreciation and amortization

16,843

13,252

32,898

27,312

Less: Commissions

(4,958)

(4,423)

(10,990)

(10,045)

Less: Other tour expenses

(6,261)

(5,445)

(21,963)

(16,333)

Net Yield

118,013

101,177

248,768

215,775

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Supplemental Financial Schedules (In thousands, except for Guest Metrics and per Available Guest Night metrics) (unaudited)

Calculation of Gross and Net Cruise Cost

For the three months ended June 30,

For the six months ended June 30,

(In thousands, except for Available Guest Nights, Gross and Net Cruise Cost per Avail. Guest Night)

2026

2025

2026

2025

Cost of tours

61,644

58,469

138,539

123,292

Plus: Selling and marketing

25,381

20,449

54,681

43,156

Plus: General and administrative

21,514

20,945

41,188

42,077

Gross Cruise Cost

108,539

99,863

234,408

208,525

Less: Commissions

(4,958)

(4,423)

(10,990)

(10,045)

Less: Other tour expenses

(6,261)

(5,445)

(21,963)

(16,333)

Net Cruise Cost

97,320

89,995

201,455

182,147

Less: Fuel Expense

(6,911)

(4,221)

(14,896)

(11,530)

Net Cruise Cost Excluding Fuel

90,409

85,774

186,559

170,617

Non-GAAP Adjustments:

Stock-based compensation

(1,767)

(5,135)

(3,371)

(8,862)

Reorganization costs

279

Transaction-related costs

(13)

(159)

Adjusted Net Cruise Cost Excluding Fuel

88,642

80,626

183,467

161,596

Adjusted Net Cruise Cost

95,553

84,847

198,363

173,126

Available Guest Nights

91,185

81,515

171,346

156,840

Gross Cruise Cost per Available Guest Night

1,190

1,225

1,368

1,330

Net Cruise Cost per Available Guest Night

1,067

1,104

1,176

1,161

Net Cruise Cost Excluding Fuel per Available Guest Night

991

1,052

1,089

1,088

Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night

972

989

1,071

1,030

Adjusted Net Cruise Cost per Available Guest Night

1,048

1,041

1,158

1,104

Reconciliation of 2026 Adjusted EBITDA guidance:

(In millions)

Full Year 2026

Loss before income taxes

(5)

Depreciation and amortization

Interest expense, net

Stock-based compensation

Other

Adjusted EBITDA

130

140

A reconciliation of net income to Adjusted EBITDA is not provided because the Company cannot estimate or predict with reasonable certainty certain discrete tax items, which could significantly impact that financial measure.

Operational and Financial Metrics

Adjusted EBITDA is defined by us as, net income (loss) excluding depreciation and amortization, net interest expense, income tax expense or benefit, foreign currency gains or losses and other certain non-operating items. Other non-operating items excluded, include such items as stock-based compensation, reorganization costs, executive severance costs, debt refinancing costs, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure to evaluate operating performance and trends. We believe this measure provides additional insight into underlying operating results by excluding items that may not be indicative of ongoing performance. Adjusted EBITDA is not intended to be a measure of liquidity or financial performance under GAAP and should not be considered in isolation or as a substitute for GAAP measures such as net income or cash flows from operations. Our definition and use of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.

The following metrics apply to the Lindblad segment:

Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for Non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation and acquisition-related expenses.

Available Guest Nights is a measurement of capacity available for sale and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period.

Gross Cruise Cost represents the sum of cost of tours plus selling and marketing expenses, and general and administrative expenses.

Gross Yield per Available Guest Night represents tour revenues divided by Available Guest Nights.

Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed within the period.

Maximum Guests is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin).

Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues.

Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs.

Net Yield represents tour revenues less insurance proceeds, commissions and direct costs of other tour revenues.

Net Yield per Available Guest Night represents Net Yield divided by Available Guest Nights.

Number of Guests represents the number of guests that travel with us in a period.

Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights.

Voyages represent the number of ship expeditions completed during the period.

Summary

Second Quarter 2026 Highlights: Total revenue increased 19% to 199.2millionNetlossavailabletostockholdersimproved8.3 million to 1.4millionAdjustedEBITDAincreased3132.5 million Lindblad segment net yield per available guest night increased 4% to $1,294 Occupancy...