- Lindblad shares rose 15 pc after reporting Q2 earnings and 91 pc occupancy.
- Occupancy was the highest second quarter rate in a decade.
- Net yield per available guest night rose 4 pc to a record $1,294.
- The company narrowed its net loss to $1.4m from $9.7m.
- Lindblad raised full-year revenue guidance to $830-860m.
Like a rising tide, Lindblad Expeditions shares were up 15 pc at market open on 3 August as the company reported second quarter earnings and the best second quarter occupancy in 10 years at 91 pc. Occupancy climbed to 91 pc from 86 pc a year earlier, the highest second quarter rate in a decade and the second consecutive quarter the company topped its 90 pc target. Chief Executive Officer Natalya Leahy confirmed this was the second consecutive quarter the company has hit the 90-plus target.
Leahy stated the gain came alongside a 12 pc increase in capacity, with the company driving both occupancy and yield despite the added berths. Net yield per available guest night rose 4 pc to $1,294, a second quarter record and the sixth straight quarter of record net yields. Asked by analysts on how much further occupancy could climb, Leahy said roughly 90 pc, or slightly higher, is likely the norm given the small size of the company’s ships and its ultra-premium product. She pointed to yield, rather than occupancy, as the primary lever for future growth.
The company narrowed its net loss to $1.4m, or 2 cents per share, from $9.7m, or 18 cents, a year earlier. On booking momentum across 2026, 2027 and its newly launched 2028 season, Lindblad raised full-year revenue guidance to a range of $830m to $860m, up from $800m to $850m. It lifted net yield guidance to between 4.5 and 5.5 pc while maintaining adjusted EBITDA guidance of $130m to $140m.
Natalya Leahy shared: “I do think we have a potential to continue to grow yields at a very healthy rate, which is what current booking trends are showing.”
