# EDGAR Filing Document

**Accession Number:** 0001512499
**File Stem:** 0001437749-26-014912
**Filing Date:** 2026-5
**Character Count:** 103995
**Document Hash:** df8471b3623ba11b4d4616bde081e153
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-014912.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001437749-26-014912

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINDBLAD EXPEDITIONS HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0001512499
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRANSPORTATION SERVICES [4700]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 274749725
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35898
- **FILM NUMBER:** 26943953

**BUSINESS ADDRESS:**
- **STREET 1:** 11 WEST 42ND STREET
- **STREET 2:** SUITE 22 B3
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-261-9000

**MAIL ADDRESS:**
- **STREET 1:** 11 WEST 42ND STREET
- **STREET 2:** SUITE 22 B3
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Capitol Acquisition Corp. II
- **DATE OF NAME CHANGE:** 20110208

?xml version='1.0' encoding='ASCII'? lindb20260331_10q.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended March 31, 2026

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **to** 

**Commission file number 001-35898**

**LINDBLAD EXPEDITIONS HOLDINGS, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **27-4749725** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**11 W 42nd Street, Suite 22 B3, New York, New York, 10036**

(Address of principal executive offices) (Zip Code)

&nbsp;&nbsp;&nbsp;&nbsp;**(212) 261-9000**

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| Title of each class | Name of each exchange on which registered |
| Common Stock, par value $0.0001 per share<br> LIND | The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of April 27, 2026, 65,571,318 shares of common stock, par value $0.0001 per share, were outstanding.

------

**LINDBLAD EXPEDITIONS HOLDINGS, INC.**

**Quarterly Report On Form 10-Q**

**For The Quarter Ended March 31, 2026**

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page(s)** |
| **PART I. FINANCIAL INFORMATION**  | **PART I. FINANCIAL INFORMATION**  |  |
| **ITEM 1.**  | **Financial Statements**  |  |
|  | [<u>Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025</u>](#bs) | <u>[1](#bs)</u> |
|  | [<u>Condensed Consolidated Statements of Operations</u> <u>for the Three Months Ended March 31, 2026</u> <u>and 2025</u> <u>(Unaudited)</u>](#income) | <u>[2](#income)</u> |
|  | [<u>Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2026</u> <u>and 2025</u> <u>(Unaudited)</u>](#cinc) | <u>[3](#cinc)</u> |
|  | [<u>Condensed Consolidated Statements of Stockholders</u><u>'</u> <u>Deficit</u> <u>for the Three Months Ended March 31, 2026</u> <u>and 2025</u> <u>(Unaudited)</u>](#equity) | <u>[4](#equity)</u> |
|  | [<u>Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026</u> <u>and 2025</u> <u>(Unaudited)</u>](#cashflows) | <u>[5](#cashflows)</u> |
|  | [<u>Notes to the Condensed Consolidated Financial Statements (Unaudited)</u>](#notes) | <u>[6](#notes)</u> |
| **ITEM 2.** | [**<u>Management</u>**<u>'</u>**<u>s Discussion and Analysis of Financial Condition and Results of Operations</u>**](#mda) | <u>[15](#mda)</u> |
| **ITEM 3.**  | [**<u>Quantitative and Qualitative Disclosures about Market Risk</u>**](#qqdmr) | <u>[25](#qqdmr)</u> |
| **ITEM 4.**  | [**<u>Controls and Procedures</u>**](#cps) | <u>[25](#cps)</u> |
| **PART II. OTHER INFORMATION** | **PART II. OTHER INFORMATION** |  |
| **ITEM 1.**  | [**<u>Legal Proceedings</u>**](#legal) | <u>[26](#legal)</u> |
| **ITEM 1A.** | [**<u>Risk Factors</u>**](#risks) | <u>[26](#risks)</u> |
| **ITEM 2.**  | [**<u>Unregistered Sale of Equity Securities and Use of Proceeds</u>**](#uses) | <u>[26](#uses)</u> |
| **ITEM 3.**  | [**<u>Defaults Upon Senior Securities</u>**](#duss) | <u>[26](#duss)</u> |
| **ITEM 4.**  | [**<u>Mine Safety Disclosures</u>**](#item4) | <u>[26](#item4)</u> |
| **ITEM 5.**  | [**<u>Other Information</u>**](#otherinfo) | <u>[26](#otherinfo)</u> |
| **ITEM 6.**  | [**<u>Exhibits</u>**](#exs) | <u>[27](#exs)</u> |
| [**<u>SIGNATURES</u>**](#sigs) | [**<u>SIGNATURES</u>**](#sigs) | <u>[28](#sigs)</u> |

---

------

---

| | |
|:---|:---|
| **PART 1.** | **FINANCIAL INFORMATION** |
| **ITEM 1.**  | **FINANCIAL STATEMENTS** |

---

**LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES**

**Condensed Consolidated Balance Sheets**

(In thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | ***As of March 31, 2026*** | ***As of December 31, 2025*** |
|  | (unaudited) |  |
| **ASSETS** |  |  |
| Current Assets: |  |  |
| Cash and cash equivalents | $275012 | $256692 |
| Restricted cash | 46067 | 33043 |
| Prepaid expenses and other current assets | 63673 | 78145 |
| Total current assets | 384752 | 367880 |
| Property and equipment, net | 511764 | 522123 |
| Goodwill | 60609 | 60609 |
| Intangibles, net | 16031 | 16599 |
| Other long-term assets | 14026 | 12747 |
| Total assets | $987182 | $979958 |
| **LIABILITIES** |  |  |
| Current Liabilities: |  |  |
| Unearned passenger revenues | $399156 | $361481 |
| Accrued expenses | 47497 | 76732 |
| Accounts payable | 24981 | 22227 |
| Lease liabilities - current portion | 1486 | 1151 |
| Long-term debt - current portion |  | 3 |
| Total current liabilities | 473120 | 461594 |
| Long-term debt, less current portion | 663217 | 662671 |
| Deferred tax liabilities | 227 | 2224 |
| Other long-term liabilities | 7445 | 6968 |
| Total liabilities | 1144009 | 1133457 |
| Commitments and contingencies |  |  |
| Series A redeemable convertible preferred stock, 165,000 shares authorized; no shares issued and outstanding as of March 31, 2026, 62,000 shares issued and outstanding as of December 31, 2025 |  | 83079 |
| Redeemable noncontrolling interests | 33298 | 47948 |
|  | 33298 | 131027 |
| **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; 65,550,401 and 55,421,384 issued, 65,452,512 and 55,323,495 outstanding as of March 31, 2026 and December 31, 2025, respectively | 7 | 6 |
| Additional paid-in capital | 218809 | 126873 |
| Accumulated deficit | (408941) | (411405) |
| Total stockholders' deficit | (190125) | (284526) |
| Total liabilities, mezzanine equity and stockholders' deficit | $987182 | $979958 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1

------

**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 March 31,*** | ***For the three months ended March 31,*** |
|  | ***2026*** | ***2025*** |
| Tour revenues | $208013 | $179721 |
| Operating expenses: |  |  |
| Cost of tours | 106743 | 92848 |
| General and administrative | 32047 | 32722 |
| Selling and marketing | 35936 | 28242 |
| Depreciation and amortization | 17672 | 15295 |
| Total operating expenses | 192398 | 169107 |
| Operating income | 15615 | 10614 |
| Other (expense) income: |  |  |
| Interest expense, net | (10579) | (11630) |
| (Loss) gain on foreign currency | (269) | 542 |
| Other income (expense) | 58 | (1) |
| Total other expense | (10790) | (11089) |
| Income (loss) before income taxes | 4825 | (475) |
| Income tax benefit | (1226) | (1486) |
| Net income | 6051 | 1011 |
| Net loss attributable to noncontrolling interest | (449) | (150) |
| Net income attributable to Lindblad Expeditions Holdings, Inc. | 6500 | 1161 |
| Series A redeemable convertible preferred stock dividend | 497 | 1204 |
| Net income (loss) available to stockholders | $6003 | $(43) |
| Weighted average shares outstanding: |  |  |
| Basic | 60247385 | 54623008 |
| Diluted | 61113044 | 54623008 |
| Undistributed income (loss) per share available to stockholders: |  |  |
| Basic | $0.10 | $(0.00) |
| Diluted | $0.09 | $(0.00) |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2

------

**LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES**

**Condensed Consolidated Statements of Comprehensive Income (Loss)**

(In thousands)

(unaudited)

---

| | | |
|:---|:---|:---|
|  | ***For the three months ended March 31,*** | ***For the three months ended March 31,*** |
|  | ***2026*** | ***2025*** |
| Net income | $6051 | $1011 |
| Other comprehensive income: |  |  |
| Change in foreign currency translation adjustments |  | 6 |
| Total other comprehensive income |  | 6 |
| Total comprehensive income | 6051 | 1017 |
| Less: comprehensive loss attributive to noncontrolling interest | (449) | (150) |
| Comprehensive income attributable to Lindblad Expeditions Holdings, Inc. | $6500 | $1167 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

------

**LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES**

**Condensed Consolidated Statements of Stockholders**' **Deficit**

(In thousands, except share data)

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ***Common Stock*** | ***Common Stock*** | ***Additional Paid-In*** | ***Accumulated*** | ***Total Stockholders̛*** |
|  | ***Shares*** | ***Amount*** | ***Capital*** | ***Deficit*** | ***Deficit*** |
| **Balance as of December 31, 2025** | **55421384** | $**6** | $**126873** | $**(411405)** | $**(284526)** |
| Stock-based compensation | *-* |  | 1746 |  | 1746 |
| Net activity related to equity compensation plans | 1110254 |  | 5670 |  | 5670 |
| Conversion of preferred shares | 9018763 | 1 | 83575 |  | 83576 |
| Redeemable noncontrolling interest | *-* |  | 945 | (3539) | (2594) |
| Series A preferred stock dividend | *-* | *-* | *-* | (497) | *(497*) |
| Net income attributable to Lindblad Expeditions Holdings, Inc. | *-* |  |  | 6500 | 6500 |
| **Balance as of March 31, 2026** | **65550401** | $**7** | $**218809** | $**(408941)** | $**(190125)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Common Stock*** | ***Common Stock*** | ***Additional Paid-In*** | ***Accumulated*** | ***Accumulated Other Comprehensive*** | ***Total Stockholders'*** |
|  | ***Shares*** | ***Amount*** | ***Capital*** | ***Deficit*** | ***Loss*** | ***Deficit*** |
| **Balance as of December 31, 2024** | **54507977** | $**6** | $**109473** | $**(362881)** | $**288** | $**(253114)** |
| Stock-based compensation | *-* |  | 3727 |  |  | 3727 |
| Net activity related to equity compensation plans | 191445 |  | (7) |  |  | (7) |
| Other comprehensive income, net | *-* |  |  |  | 6 | 6 |
| Redeemable noncontrolling interest | *-* |  |  | (2792) |  | (2792) |
| Series A preferred stock dividend | *-* | *-* | *-* | (1204) | *-* | (1204) |
| Net income attributable to Lindblad Expeditions Holdings, Inc. | *-* |  |  | 1161 |  | 1161 |
| **Balance as of March 31, 2025** | **54699422** | $**6** | $**113193** | $**(365716)** | $**294** | $**(252223)** |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

------

**LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES**

**Condensed Consolidated Statements of Cash Flows**

(In thousands)

(unaudited)

---

| | | |
|:---|:---|:---|
|  | ***For the three months ended March 31,*** | ***For the three months ended March 31,*** |
|  | ***2026*** | ***2025*** |
| **Cash Flows From Operating Activities** |  |  |
| Net income | $6051 | $1011 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| Depreciation and amortization | 17672 | 15295 |
| Amortization of deferred financing costs, net | 662 | 924 |
| Amortization of right-to-use lease assets | 767 | 440 |
| Stock-based compensation | 1746 | 3727 |
| Deferred income taxes | (1997) | (1395) |
| Loss (gain) on foreign currency | 269 | (542) |
| Changes in operating assets and liabilities |  |  |
| Prepaid expenses and other current assets | 14472 | 2796 |
| Unearned passenger revenues | 37675 | 36190 |
| Other long-term assets | (539) | (875) |
| Accounts payable and accrued expenses | (26750) | (8717) |
| Operating lease liabilities | (554) | (455) |
| Net cash provided by operating activities | 49474 | 48399 |
| **Cash Flows From Investing Activities** |  |  |
| Purchases of property and equipment | (6886) | (13415) |
| Acquisitions (net of cash acquired) |  | (15582) |
| Net cash used in investing activities | (6886) | (28997) |
| **Cash Flows From Financing Activities** |  |  |
| Repayments of long-term debt | (3) | (10) |
| Payment of deferred financing costs | (116) |  |
| Proceeds from exercise of options | 6603 |  |
| Repurchase under stock-based compensation plans, related tax impacts | (1072) | (7) |
| Additional acquisition of redeemable noncontrolling interest | (16586) |  |
| &nbsp;&nbsp;&nbsp; Noncontrolling interest distributions | (70) | (310) |
| Net cash used in financing activities | (11244) | (327) |
| Effect of exchange rate changes on cash |  | 6 |
| Net increase in cash, cash equivalents and restricted cash | 31344 | 19081 |
| Cash, cash equivalents and restricted cash at beginning of period | 289735 | 216143 |
| Cash, cash equivalents and restricted cash at end of period | $321079 | $235224 |
| Supplemental disclosures of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp; Cash paid during the period: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $26953 | $12261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes | 285 | 416 |
| &nbsp;&nbsp;&nbsp; Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash preferred stock dividend | $497 | $1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash recognition of new leases | 1366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital exercise proceeds of option shares | (933) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital exchange proceeds used for option shares | 933 |  |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5

------

**Lindblad Expeditions Holdings, Inc.**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

**(Unaudited)**

**NOTE *1***—**BUSINESS AND BASIS OF PRESENTATION**

***Business***

Lindblad Expeditions Holdings, Inc. and its consolidated subsidiaries' (collectively, the "Company" or "Lindblad") mission is to offer 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 currently operates the following *two* reportable business segments:

*Lindblad Segment.* The Lindblad segment primarily provides ship-based expeditions.

*Land Experiences Segment.* The Land Experiences segment primarily provides land-based adventure experiences.

***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, 2025* contained in the Company's Annual Report on Form *10*-K filed with the SEC on *February 26, 2026 (*the *"2025* Annual Report").

There have been *no* significant changes to the Company's accounting policies from those disclosed in the *2025* Annual Report.

***Recently Adopted Accounting Pronouncements***

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 improve the alignment between the development of internal-use software and accounting for capitalization and expensing of costs. The Company adopted this guidance on *January 1, 2026,* and it did *not* have a material impact on the Company's consolidated financial statements.

***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 for its annual consolidated financial statements on *January 1, 2027,* as required, and is currently evaluating the impact of the new guidance on the related disclosures of its consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *6*

------

**NOTE *2***—**EARNINGS PER SHARE**

***Earnings (loss) per Common Share***

For the *three* months ended *March 31, 2026,* earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. For the *three* months ended *March 31, 2025,* earnings (loss) per common share was computed using the *two*-class method related to the Company's Series A Redeemable Convertible Preferred Stock, par value of $0.0001 ("Preferred Stock"), prior to its conversion into common shares on *February 3, 2026.* 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, 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* months ended *March 31, 2025,* the Company incurred a net loss available to stockholders, therefore potential common shares were excluded from the diluted earnings per share calculation as being anti-dilutive, and basic and diluted net loss per share is the same in the period. For the *three* months ended *March 31,* 2025, 0.8 million unvested restricted shares, 1.7 million shares issuable upon exercise of options and 8.6 million common shares issuable upon the conversion of the Preferred Stock, were excluded. On *February 3, 2026,* the Company caused all 62,000 outstanding shares of Preferred Stock to be converted into 9,018,763 shares of common stock, see Note *7—Stockholders'* Equity for additional information.

Earnings (loss) per share was calculated as follows:

---

| | | |
|:---|:---|:---|
|  | ***For the three months ended March 31,*** | ***For the three months ended March 31,*** |
|  | ***2026*** | ***2025*** |
|  | (unaudited) | (unaudited) |
| (In thousands, except share and per share data) |  |  |
| Net income attributable to Lindblad Expeditions Holdings, Inc. | $6500 | $1161 |
| Series A redeemable convertible preferred stock dividend | 497 | 1204 |
| Undistributed income (loss) available to stockholders | $6003 | $(43) |
| Weighted average shares outstanding: |  |  |
| Total weighted average shares outstanding, basic | 60247385 | 54623008 |
| &nbsp;&nbsp;&nbsp; Dilutive potential common shares | 545749 |  |
| &nbsp;&nbsp;&nbsp; Dilutive potential options | 319910 |  |
| Total weighted average shares outstanding, diluted | 61113044 | 54623008 |
| Undistributed income (loss) per share available to stockholders: |  |  |
| Basic | $0.10 | $(0.00) |
| Diluted | $0.09 | $(0.00) |

---

**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 revenue 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *7*

------

The change in contract liabilities within unearned passenger revenues are as follows:

---

| | |
|:---|:---|
|  | ***Contract Liabilities*** |
| (In thousands) | (unaudited) |
| Balance as of December 31, 2025 | $231643 |
| Recognized in tour revenues during the period | (194871) |
| Additional contract liabilities in period | 206226 |
| Balance as of March 31, 2026 | $242998 |

---

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 March 31,*** | ***For the three months ended March 31,*** |
| **Lindblad Segment** | ***2026*** | ***2025*** |
| (In thousands) | (unaudited) | (unaudited) |
| Guest ticket revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Direct | $84316 | $78854 |
| &nbsp;&nbsp;&nbsp; Agencies | 39868 | 33795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guest ticket revenue | 124184 | 112649 |
| Other tour revenue | 28305 | 18459 |
| Tour revenues | $152489 | $131108 |
|  | ***For the three months ended March 31,*** | ***For the three months ended March 31,*** |
| **Land Experiences Segment** | ***2026*** | ***2025*** |
| (In thousands) | (unaudited) | (unaudited) |
| Guest ticket revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Direct | $45437 | $41672 |
| &nbsp;&nbsp;&nbsp; Agencies | 5500 | 4004 |
| Guest ticket revenue | 50937 | 45676 |
| Other tour revenue | 4587 | 2937 |
| &nbsp;&nbsp;&nbsp; Tour revenues | $55524 | $48613 |

---

**NOTE *4***—**FINANCIAL STATEMENT DETAILS**

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

---

| | | |
|:---|:---|:---|
|  | ***As of March 31,*** | ***As of March 31,*** |
|  | ***2026*** | ***2025*** |
| (In thousands) | (unaudited) | (unaudited) |
| Cash and cash equivalents | $275012 | $188854 |
| Restricted cash | 46067 | 46370 |
| Total cash, cash equivalents and restricted cash as presented in the statements of cash flows | $321079 | $235224 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *8*

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Restricted cash consists of the following:

---

| | | |
|:---|:---|:---|
|  | ***As of March 31, 2026*** | ***As of December 31, 2025*** |
| (In thousands) | (unaudited) |  |
| Federal Maritime Commission and other escrow | $32082 | $19186 |
| Credit card processor reserves | 12500 | 12500 |
| Certificates of deposit and other restricted deposits | 1485 | 1357 |
| Total restricted cash | $46067 | $33043 |

---

Prepaid expenses and other current assets are as follows:

---

| | | |
|:---|:---|:---|
|  | ***As of March 31, 2026*** | ***As of December 31, 2025*** |
| (In thousands) | (unaudited) |  |
| Prepaid tour expenses | $36548 | $37981 |
| Other | 27125 | 40164 |
| Total prepaid expenses and other current assets | $63673 | $78145 |

---

**NOTE *5***—**LONG-TERM DEBT**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***As of March 31, 2026*** | ***As of March 31, 2026*** | ***As of March 31, 2026*** | ***As of December 31, 2025*** | ***As of December 31, 2025*** | ***As of December 31, 2025*** |
|  |  | (unaudited) |  |  |  |  |
| (In thousands) | ***Principal*** | ***Deferred Financing Costs, net*** | ***Balance*** | ***Principal*** | ***Deferred Financing Costs, net*** | ***Balance*** |
| 7.00% Notes | $675000 | $(11783) | $663217 | $675000 | (12329) | $662671 |
| Other |  |  |  | 3 |  | 3 |
| Total long-term debt | 675000 | (11783) | 663217 | 675003 | (12329) | 662674 |
| Less current portion |  |  |  | (3) |  | (3) |
| Total long-term debt, non-current | $675000 | $(11783) | $663217 | $675000 | $(12329) | $662671 |

---

For the *three* months ended *March 31, 2026* and *2025,* $0.7 million and $0.9 million, respectively, of deferred financing costs were charged to interest expense.

***7.00% Notes***

The Company has $675.0 million aggregate principal 7.00% Notes (the *"7.00%* Notes") outstanding. 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. 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***

The Company has a senior secured revolving credit facility (the "Revolving Credit Facility"), with an aggregate principal commitment amount of $60.0 million, which matures *August 2030,* with a letter of credit sub-facility of $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 *March 31, 2026,* the Company had *no* borrowings under the Revolving Credit Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *9*

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***Covenants***

The Company's *7.00%* Notes and Revolving Credit Facility contain covenants that include, among others, limits on additional indebtedness and making 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 the Revolving Credit Facility. The Company was in compliance with its covenants in effect as of *March 31, 2026.*

**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 *March 31, 2026* to be $661.4 million based on the terms of the agreements and comparable market data as of *March 31, 2026.* As of *March 31, 2026* and *December 31, 2025,* other than derivative instruments and investments in securities, the Company had *no* other significant liabilities that were measured at fair value on a recurring basis.

**NOTE *7***—**STOCKHOLDERS**' **EQUITY**

***Preferred Stock***

On *February 3, 2026,* the Company caused the mandatory conversion of all 62,000 outstanding shares of Preferred Stock into 9,018,763 shares of its common stock. Through conversion, the Company continued to pay dividends in-kind. The Company had the option to convert all, but *not* less than all, of the Preferred Stock into common stock if the volume-weighted average closing price ("VWAP") of shares of common stock was at least *150%* of the conversion price ($14.25) for *20* out of *30* consecutive trading days. The number of shares of common stock received in such conversion shall be equal to the quotient obtained by dividing the then-current accrued value by the conversion price. This VWAP threshold was satisfied on *January 16, 2026* and on *January 20, 2026,* the Company issued a Notice of Conversion to each holder of the Company's Preferred Stock, providing that the Company intended to exercise its right, pursuant to the terms of the Certificate of Designations of the Preferred Stock, to effect a mandatory conversion of all the shares of Preferred Stock.

The Company recorded accrued dividends for Preferred Stock of $0.5 million for the *three* months ended *March 31, 2026* and $1.2 million for the *three* months ended *March 31, 2025.* 

**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 *March 31, 2026,* 4.6 million shares were available to be granted under the Plan.

The Company recorded stock-based compensation expense of $1.7 million and $3.7 million for the *three* months ended *March 31, 2026* and *2025,* respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *10*

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***Long-Term Incentive Compensation***

During the *three* months ended *March 31, 2026,* the Company awarded 430,072 restricted stock units ("RSUs") with a weighted average grant price of $16.66. The RSUs will generally 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 *three* months ended *March 31, 2026,* the Company awarded 91,109 performance-based restricted share units ("PSUs") with a weighted average grant price of $17.30. The PSUs generally vest three years following the date of grant based on the attainment of performance-based goals, all of which are subject to a service condition. The Company does *not* issue the shares associated with the PSUs to the recipient until the performance and vesting conditions are met.

***Options***

During the *three* months ended *March 31, 2026,* the Company granted 771,863 options, with an average exercise price of $17.65. The options vested on their grant date, with a term of ten years.

---

| | |
|:---|:---|
|  | **Stock Option Grants** |
|  | **2026** |
| Stock price | $17.65 |
| Exercise price | $17.65 |
| Dividend yield | *0.0*% |
| Expected volatility | 65.73% |
| Risk-free rate | 3.73% |
| Expected term (years) | 5.0 |

---

As of *March 31, 2026* and *December 31, 2025,* options to purchase an aggregate of 1.3 million and 1.5 million shares of the Company's common stock, respectively, with weighted average exercise price of $13.98 and $8.91, respectively, were outstanding. As of *March 31, 2026,* 1,069,363 options were exercisable.

Mr. Bressler's employment agreement, as amended, provides Mr. Bressler, Founder and Chief Executive Officer of Natural Habitat, Inc. ("Natural Habitat"), with an equity incentive opportunity, established in *2016,* to earn an award of options based on the long-term future financial performance of Natural Habitat. During *2025,* the award was modified to extend the performance period from *December 31, 2025,* to *December 31,* of any given year that Mr. Bressler exercises his put right (see Note *10—Commitments* and Contingencies), aligning the percentage of the option award to be granted each year with the percentage of put exercised by Mr. Bressler. The equity incentive opportunity award, as amended, is 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, exceeds $25.0 million, effective as of the preceding *December 31,* of any given year that Mr. Bressler exercises a portion of his put right, 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. The actual number of options granted will be determined by the calculated final year equity value of Natural Habitat divided by the Black-Scholes per share option value, factoring in the Company's stock price on the date of the issuance of the options, its volatility and an appropriate risk-free rate. The options will be vested as of the issuance date and have a term of ten years.

During the *three* months ended *March 31, 2026,* Mr. Bressler exercised a portion of his put right and received the equivalent percentage of options under the equity incentive award, which was calculated based on performance through *December 31, 2025.* As a result, the Company issued 771,863 fully vested options to Mr. Bressler, as noted above. The Company had previously determined it was probable the performance condition would be met related to this award and recorded the related expense on a straight-line basis through *December 31, 2025.* Expense related to the incremental fair value measured on the *2025* modification date of the award will be recognized when Mr. Bressler exercises the put and option award and the performance condition is deemed probable. During the *three* months ended *March 31, 2026,* the Company recorded $0.1 million stock-based compensation expense related to this award.

**NOTE *9***—**INCOME TAXES**

As of *March 31, 2026* and *December 31, 2025,* the Company had *no* unrecognized tax benefits recorded. The Company's effective tax rate for the *three* months ended *March 31, 2026* was a benefit of 25.4% versus a benefit of 312.8% for the *three* months ended *March 31, 2025.* In both periods, 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.

**NOTE *10***—**COMMITMENTS AND CONTINGENCIES**

***Redeemable Noncontrolling 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 does *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *11*

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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 noncontrolling 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.

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.

During *January 2026,* Mr. Levine, President of DuVine Cycling + Adventure Company ("DuVine"), entered into a Second Amended and Restated Operating Agreement to replace the previous put for the Company's right to acquire all of Mr. Levine's remaining interests in DuVine, with a put right, but *not* an obligation, that *may* be exercised annually, up to 50% in any given year, beginning *December 31, 2027,* for so long as Mr. Levine holds interest in DuVine, and a *one*-time right to exercise *100%* of the put at *December 31, 2027.* 

During *March 2026,* Mr. Bressler exercised a portion of the put option on Natural Habitat, allowing the Company to acquire an additional 5.0% of Natural Habitat for $16.6 million, increasing its ownership to 95.1%.

The following is a rollforward of redeemable noncontrolling interest:

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| | | |
|:---|:---|:---|
|  | **For the three months ended<br> March 31,** | **For the three months ended<br> March 31,** |
|  | **2026** | **2025** |
|  | (unaudited) | (unaudited) |
| (In thousands) |  |  |
| Beginning balance | $47948 | $29424 |
| Net loss attributable to noncontrolling interest | (449) | (150) |
| Redemption value adjustment of put option | 3539 | 2792 |
| Distribution | (70) | (310) |
| Redemption of put and/or call options | (17670) |  |
| Ending balance | $33298 | $31756 |

---

***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 *March 31, 2026* are as follows:

---

| | |
|:---|:---|
| **For the years ended December 31,** | ***Amount*** |
| (In thousands) | (unaudited) |
| 2026 (nine months) | $10838 |
| 2027 | 17197 |
| 2028 | 4461 |
| 2029 | 4413 |
| Total | $36909 |

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**NOTE *11***—**SEGMENT INFORMATION**

The Company is primarily an 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 its Chief Executive Officer. The CODM assesses performance and allocates resources based upon the separate financial information from the Company's operating segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *12*

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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 March 31,*** | ***For the three months ended March 31,*** |
|  | ***2026*** | ***2025*** |
| (In thousands) | (unaudited) | (unaudited) |
| **Tour revenues:** |  |  |
| Lindblad | $152489 | $131108 |
| Land Experiences | 55524 | 48613 |
| Total tour revenues | $208013 | $179721 |
| **Operating income:** |  |  |
| Lindblad | $10562 | $8387 |
| Land Experiences | 5053 | 2227 |
| Operating income | $15615 | $10614 |

---

For the *three* months ended *March 31, 2026* and *2025,* there was $2.8 million and $3.3 million, respectively, of intercompany tour revenues between the Lindblad and Land Experiences reportable segments, which were eliminated in consolidation.

The following table presents the Lindblad segment expenses:

---

| | | |
|:---|:---|:---|
|  | ***For the three months ended March 31,*** | ***For the three months ended March 31,*** |
|  | ***2026*** | ***2025*** |
| (In thousands) | (unaudited) | (unaudited) |
| **Tour revenues** | $152489 | $131108 |
| Cost of tours | 76896 | 64823 |
| General and administrative | 19675 | 21131 |
| Selling and marketing | 29300 | 22707 |
| Depreciation and amortization | 16056 | 14060 |
| **Operating income** | $10562 | $8387 |

---

The following table presents the Land Experiences segment expenses:

---

| | | |
|:---|:---|:---|
|  | ***For the three months ended March 31,*** | ***For the three months ended March 31,*** |
|  | ***2026*** | ***2025*** |
| (In thousands) | (unaudited) | (unaudited) |
| **Tour revenues** | $55524 | $48613 |
| Cost of tours | 29847 | 28025 |
| General and administrative | 12372 | 11591 |
| Selling and marketing | 6636 | 5535 |
| Depreciation and amortization | 1616 | 1235 |
| **Operating income** | $5053 | $2227 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *13*

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

---

| | | |
|:---|:---|:---|
|  | ***For the three months ended March 31,*** | ***For the three months ended March 31,*** |
|  | ***2026*** | ***2025*** |
| (In thousands) | (unaudited) | (unaudited) |
| **Depreciation and amortization:** |  |  |
| Lindblad: |  |  |
| Depreciation | $15986 | $14038 |
| Amortization | 70 | 22 |
| Land Experiences: |  |  |
| Depreciation | 1118 | 637 |
| Amortization | 498 | 598 |
| Total depreciation and amortization | $17672 | $15295 |

---

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

---

| | | |
|:---|:---|:---|
|  | ***As of March 31, 2026*** | ***As of December 31, 2025*** |
| (In thousands) | (unaudited) |  |
| **Total Assets:** |  |  |
| Lindblad | $683767 | $711211 |
| Land Experiences | 303415 | 268747 |
| Total assets | $987182 | $979958 |
| **Intangibles, net:** |  |  |
| Lindblad | $4453 | $4523 |
| Land Experiences | 11578 | 12076 |
| Total intangibles, net | $16031 | $16599 |
| **Goodwill:** |  |  |
| Lindblad | $- | $- |
| Land Experiences | 60609 | 60609 |
| Total goodwill | $60609 | $60609 |

---

**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. The purchase price allocations are finalized and 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.

**NOTE *13***—**SUBSEQUENT EVENT**

On *April 3, 2026,* Mr. and Mrs. Piegza, President and Vice President, respectively, of Classic Journeys, LLC ("Classic Journeys"), exercised a portion of their put on Classic Journeys, allowing the Company to acquire an additional 9.9% of Classic Journeys for $3.2 million in cash, increasing the Company's ownership to 90.1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *14*

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| | |
|:---|:---|
| **ITEM 2.** | **MANAGEMENT**'**S DISCUSSION AND ANALYSIS OF THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION** |

---

*The following discussion and analysis addresses material changes in the financial condition and results of operations of the Company for the periods presented. This discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q (*"*Form 10-Q*"*), as well as the audited consolidated financial statements and related notes included in the Company*'*s Annual Report on Form 10-K filed with the Securities and Exchange Commission (*"*SEC*"*) on February 26, 2026 (the* "*2025 Annual Report*"*). Unless the context otherwise requires,* "*the Company,*" "*Lindblad,*" "*we,*" "*us,*" "*our,*" *and* "*ours*" *refer to Lindblad Expeditions Holdings, Inc. and its subsidiaries.*

**Cautionary Note Regarding Forward-Looking Statements**

Any statements in this Form 10-Q about our expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance are not historical facts and are "forward-looking statements" as that term is defined under the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "should," "intend," "plan," "will," "expects," "estimates," "projects," "positioned," "strategy," "outlook" and similar words. You should read the statements that contain these types of words carefully. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what is expressed or implied in such forward-looking statements. There may be events in the future that we are not able to predict accurately or over which we have no control. Potential risks and uncertainties include, but are not limited to:

● adverse general economic and/or geopolitical factors that negatively impact the ability or desire of people to travel;

● loss of business due to competition;

● unscheduled disruptions in our business due to travel restrictions, weather events, mechanical failures, pandemics or other events;

● increases in fuel prices, changes in fuel consumed and availability of fuel supply in the geographies in which we operate or in general;

● the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs;

● 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;

● management of our growth and our ability to execute our planned growth, including our ability to successfully close merger and acquisition transactions and integrate acquisitions;

● our ability to maintain our relationships with National Geographic and/or World Wildlife Fund;

● compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions;

● our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements;

● the impact of material litigation, enforcement actions, claims, fines or penalties on our business;

● the impact of severe or unusual weather conditions, including climate change, on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15

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● adverse publicity regarding the travel and cruise industry in general;

● the result of future financing efforts; and

● those risks discussed in our 2025 Annual Report.

We urge you not to place undue reliance on these forward-looking statements, which speak only as of the date of this Form 10-Q. We do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or uncertainties after the date hereof or to reflect the occurrence of unanticipated events.

**Business Overview** 

We provide expedition cruising and land-based adventure travel fostering a spirit of exploration and discovery, using itineraries featuring up-close encounters with wildlife and nature, history and culture, and promote guest empowerment, human connections and interactivity. Our mission is to offer life-enhancing adventures around the world and pioneer innovative ways to allow our guests to connect with exotic and remote places.

We currently operate a fleet of 12 owned expedition ships and 10 seasonal charter vessels (with several other vessels contracted for future expeditions) under the Lindblad brand. Each expedition ship is fully equipped with state-of-the-art tools for in-depth exploration, and the majority of our expeditions involve travel to remote places, such as voyages to Alaska, the Arctic, Antarctic, the Galápagos Islands, Baja's Sea of Cortez, the South Pacific, Costa Rica and Panama. We have a longstanding relationship with the National Geographic Society ("National Geographic") dating back to 2004, which is based on a shared interest in exploration, research, technology and conservation. This relationship, which extends through 2040, includes a co-selling, co-marketing and global branding arrangement whereby our owned vessels carry the National Geographic name, and National Geographic sells our expeditions through its internal travel division. We collaborate with National Geographic on voyage planning to enhance the guest experience by having National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews, join our expeditions. Guests have the ability to interact with these experts through lectures, excursions, dining and other experiences throughout their voyage.

We also operate land-based adventure travel experiences around the globe, with unique itineraries designed to offer intimate encounters with nature and the planet's remarkable destinations including the animals and people who live there.

Natural Habitat, Inc. ("Natural Habitat") provides eco-conscious expeditions and nature-focused, small-group experiences 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, LLC ("Off the Beaten Path") provides small group travel, 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 Cycling + Adventure Company ("DuVine") provides intimate cycling adventures and travel experiences, led by expert guides, with a focus on connecting with local character and culture, including high-quality local cuisine and 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, LLC ("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 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, consisting of Wineland-Thomson Adventures, LLC ("Thomson Safaris"), Nature Discovery Ltd ("Nature Discovery"), Thomson Safaris Ltd ("Thomson Safaris Tanzania"), and Ngorongoro Safari Lodge Ltd ("Gibb's Farm"), provides socially responsible and positively impactful light-treading adventures in East Africa. They specialize in immersive safaris featuring an exclusive system of camps and expert local wildlife guides, high-end treks to the summit of Kilimanjaro, the Roof of Africa, and offer luxurious stays at the award-winning Gibb's Farm, an 80-acre sanctuary located near the Ngorongoro Crater. Forty-five (45) years of experience and a commitment to environmental and social responsibility make every adventure exceptional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16

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We operate two segments consisting of (i) the Lindblad segment, which consists of the operations of our Lindblad brand, and (ii) the Land Experiences segment, consisting of our Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys brands and the Thomson Group.

**First Quarter Highlights**

During February 2026, we caused the conversion of all outstanding Series A Redeemable Convertible Preferred Stock, par value of $0.0001 ("Preferred Stock") into common stock, saving a potential $88.0 million if we were required to repurchase the Preferred Stock at maturity.

During February 2026, we signed an agreement with Earthwatch Institute ("Earthwatch"), where Natural Habitat will market, sell and operate Earthwatch branded tours where guests can join scientists studying such topics as climate effects on wildlife and geography, conservation, biodiversity and archaeology.

During March 2026, we increased our ownership of Natural Habitat by 5% to 95.1% for $16.6 million, as Mr. Bressler, Founder and Chief Executive Officer of Natural Habitat, exercised a portion of his put option.

**The discussion and analysis of our results of operations and financial condition are organized as follows**:

● a description of certain line items and operational and financial metrics we utilize to assist us in managing our business;

● results and a comparable discussion of our consolidated and segment results of operations;

● a discussion of our liquidity and capital resources, including future capital and contractual commitments and potential funding sources; and

● a review of our critical accounting policies.

**Financial Presentation**

***Description of Certain Line Items***

***Tour revenues***

Tour revenues consist of the following:

● Guest ticket revenues recognized from the sale of guest tickets; and

● Other tour revenues from the sale of pre- or post-expedition excursions, hotel accommodations, air transportation to and from the ships and excursions, goods and services rendered onboard that are not included in guest ticket prices, trip insurance, and cancellation fees.

***Cost of tours***

Cost of tours includes the following:

● Direct costs associated with revenues, including cost of pre- or post-expedition excursions, hotel accommodations, and land-based expeditions, air and other transportation expenses, and cost of goods and services rendered onboard;

● Payroll costs and related expenses for shipboard and expedition personnel;

● Food costs for guests and crew, including complimentary food and beverage amenities for guests;

● Fuel costs and related costs of delivery, storage and safe disposal of waste; and

● Other tour expenses, such as land costs, port costs, repairs and maintenance, equipment expense, drydock, ship insurance, charter hire costs and credit card fees.

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***Selling and marketing***

Selling and marketing expenses include commissions, royalties and a broad range of advertising and promotional expenses.

***General and administrative***

General and administrative expenses include the cost of shoreside vessel support, reservations and other administrative functions, including salaries and related benefits, professional fees and rent.

***Operational and Financial Metrics***

We use a variety of operational and financial metrics, including non-GAAP financial measures, such as Adjusted EBITDA, Net Yields, Occupancy and Net Cruise Costs, to enable us to analyze our performance and financial condition. We utilize these financial measures to manage our business on a day-to-day basis and believe 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. We believe 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. You should read this discussion and analysis of our financial condition and results of operations together with the condensed consolidated financial statements and the related notes thereto also included within.**

***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 our 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 and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period. We also record the number of guest nights available on our limited land programs in this definition.

***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 less insurance proceeds 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).

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***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 who 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.

***The following metrics apply to our Land Experiences segment:***

***Guests*** represents the number of guests who travel with us in a period.

***Departures*** represent the number of trips, tours, treks and safaris completed during the period.

**Foreign Currency Translation**

The U.S. dollar, and Tanzanian and Kenyan shilling are the functional currencies in our foreign operations and re-measurement adjustments and gains or losses resulting from foreign currency transactions are recorded as foreign exchange gains or losses in the condensed consolidated statements of operations.

**Seasonality**

Traditionally, our Lindblad brand tour revenues are mildly seasonal, historically larger in the first and third quarters. The seasonality of our operating results fluctuates due to our vessels being taken out of service for scheduled maintenance or drydocking, which is typically during nonpeak demand periods, generally in the second and fourth quarters. Our drydock schedules are subject to cost and timing differences from year-to-year due to the availability of shipyards for certain work, drydock locations based on ship itineraries, operating conditions experienced especially in the polar regions and the applicable regulations of class societies in the maritime industry, which require more extensive reviews periodically. Drydocking impacts operating results by reducing tour revenues and increasing cost of tours. Our Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys brands and Thomson Group are seasonal businesses, with the majority of Natural Habitat's tour revenue recorded in the third and fourth quarters from its summer season departures and polar bear tours, the majority of Off the Beaten Path and DuVine's revenues are recorded during the second and third quarters from their spring and summer season departures, and the majority of Thomson Group's revenues being recorded during the third quarter from the height of their safari season tours, while Classic Journeys' revenue is somewhat less seasonal with the majority of revenues recorded during their second, third and fourth quarters.

**Results of Operations** — **Consolidated**

Our consolidated results for the three months ended March 31, 2026 and 2025 are set forth below.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
| (In thousands) | **2026** | **2025** | **Change** | % |
| Tour revenues | $208013 | $179721 | $28292 | 16% |
| Cost of tours | 106743 | 92848 | 13895 | 15% |
| General and administrative | 32047 | 32722 | (675) | (2)% |
| Selling and marketing | 35936 | 28242 | 7694 | 27% |
| Depreciation and amortization | 17672 | 15295 | 2377 | 16% |
| Operating income | $15615 | $10614 | $5001 | 47% |
| Net income | $6051 | $1011 | $5040 | 499% |
| Undistributed income (loss) per share available to stockholders: |  |  |  |  |
| Basic | $0.10 | $(0.00) | $0.10 |  |
| Diluted | $0.09 | $(0.00) | $0.09 |  |

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**Comparison of the Three Months Ended March 31, 2026 and 2025** — **Consolidated**

***Tour Revenues***

Tour revenues for the three months ended March 31, 2026 increased $28.3 million, or 16%, to $208.0 million, compared to $179.7 million for the three months ended March 31, 2025. Of the $28.3 million increase, we realized a $16.1 million increase due to a 12% increase in guest nights sold and a $12.2 million increase due to the change in mix of itineraries and trips and pricing.

***Cost of Tours***

Total cost of tours for the three months ended March 31, 2026 increased $13.9 million, or 15%, to $106.7 million, compared to $92.8 million for the three months ended March 31, 2025, primarily due to operating additional voyages and trips, and increased operating costs, including operating additional guest flights over the Drake Passage to Antarctica.

***General and Administrative***

General and administrative expenses for the three months ended March 31, 2026 decreased $0.7 million, or 2%, to $32.0 million, compared to $32.7 million for the three months ended March 31, 2025. The decrease was primarily related to lower stock-based compensation expense.

***Selling and Marketing***

Selling and marketing expenses for the three months ended March 31, 2026 increased $7.7 million, or 27%, to $35.9 million, compared to $28.2 million for the three months ended March 31, 2025, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement, higher commissions associated with increased revenues and increased marketing spend to support future growth.

***Depreciation and Amortization***

Depreciation and amortization expenses for the three months ended March 31, 2026 increased $2.4 million, or 16%, to $17.7 million, compared to $15.3 million for the three months ended March 31, 2025. The increase was primarily related to depreciation of assets placed into service to support our vessel fleet.

***Other Income (Expense)***

Other expense for the three months ended March 31, 2026, decreased $0.3 million to an expense of $10.8 million from an expense of $11.1 million for the three months ended March 31, 2025.

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**Results of Operations** — **Segments**

Selected information for our reportable segments is below. 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. Percentages that are not meaningful to the change are noted as NM in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
| (In thousands) | **2026** | **2025** | **Change** | % |
| **Tour revenues:** |  |  |  |  |
| Lindblad | $152489 | $131108 | $21381 | 16% |
| Land Experiences | 55524 | 48613 | 6911 | 14% |
| Total tour revenues | $208013 | $179721 | $28292 | 16% |
| **Operating income:** |  |  |  |  |
| Lindblad | $10562 | $8387 | $2175 | 26% |
| Land Experiences | 5053 | 2227 | 2826 | 127% |
| Operating income | $15615 | $10614 | $5001 | 47% |
| **Adjusted EBITDA:** |  |  |  |  |
| Lindblad | $27942 | $26320 | $1622 | 6% |
| &nbsp;&nbsp;&nbsp; Land Experiences | 6887 | 3662 | 3225 | 88% |
| Total adjusted EBITDA | $34829 | $29982 | $4847 | 16% |

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**Guest Metrics** — **Lindblad Segment**

The following table sets forth our Available Guest Nights, Guest Nights Sold, Occupancy, Maximum Guests, Number of Guests and Voyages:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2026** | **2025** |
| **Available Guest Nights** | 80161 | 75325 |
| **Guest Nights Sold** | 74722 | 66974 |
| **Occupancy** | 93% | 89% |
| **Maximum Guests** | 11363 | 9604 |
| **Number of Guests** | 10504 | 8543 |
| **Voyages** | 156 | 121 |

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The following table shows the calculations of Gross and Net Yield. Gross Yield is calculated by dividing Tour Revenues by Available Guest Nights and Net Yield is calculated by dividing Net Revenue by Available Guest Nights:

---

| | | |
|:---|:---|:---|
| **Calculation of Gross and Net Yield per Available Guest Night** | **For the three months ended March 31,** | **For the three months ended March 31,** |
| (In thousands, except for Available Guest Nights, Gross and Net Yield per Available Guest Night) | **2026** | **2025** |
| Guest ticket revenues | $124184 | $112649 |
| Other tour revenue | 28305 | 18459 |
| **Tour revenues** | **152489** | **131108** |
| Less: Commissions | (6032) | (5621) |
| Less: Other tour expenses | (15701) | (10889) |
| **Net Yield** | $**130756** | $**114598** |
| Available Guest Nights | 80161 | 75325 |
| **Gross Yield per Available Guest Night** | $1902 | $1741 |
| **Net Yield per Available Guest Night** | 1631 | 1521 |

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The following table reconciles operating income to our Net Yield Guest Metric for the Lindblad Segment:

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| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
| (In thousands) | **2026** | **2025** |
| **Operating income** | $10562 | $8387 |
| Cost of tours | 76896 | 64823 |
| General and administrative | 19675 | 21131 |
| Selling and marketing | 29300 | 22707 |
| Depreciation and amortization | 16056 | 14060 |
| Less: Commissions | (6032) | (5621) |
| Less: Other tour expenses | (15701) | (10889) |
| **Net Yield** | $**130756** | $**114598** |

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The following table shows the calculations of Gross and Net Cruise Costs:

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| | | |
|:---|:---|:---|
| **Calculation of Gross and Net Cruise Cost** | **For the three months ended March 31,** | **For the three months ended March 31,** |
| (In thousands, except for Available Guest Nights, Gross and Net Cruise Cost per Avail. Guest Night) | **2026** | **2025** |
| Cost of tours | $76896 | $64823 |
| Plus: Selling and marketing | 29300 | 22707 |
| Plus: General and administrative | 19675 | 21131 |
| **Gross Cruise Cost** | **125871** | **108661** |
| Less: Commissions | (6032) | (5621) |
| Less: Other tour expenses | (15701) | (10889) |
| **Net Cruise Cost** | **104138** | **92151** |
| Less: Fuel Expense | (7985) | (7309) |
| **Net Cruise Cost Excluding Fuel** | **96153** | **84842** |
| **Non-GAAP Adjustments:** |  |  |
| Stock-based compensation | (1603) | (3727) |
| Reorganization costs | 279 |  |
| Transaction-related costs |  | (146) |
| **Adjusted Net Cruise Cost Excluding Fuel** | $**94829** | $**80969** |
| **Adjusted Net Cruise Cost** | $**102814** | $**88278** |
| **Available Guest Nights** | 80161 | 75325 |
| Gross Cruise Cost per Available Guest Night | $1570 | $1443 |
| Net Cruise Cost per Available Guest Night | 1299 | 1223 |
| Net Cruise Cost Excluding Fuel per Available Guest Night | 1199 | 1126 |
| Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night | 1183 | 1075 |
| Adjusted Net Cruise Cost per Available Guest Night | 1283 | 1172 |

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**Comparison of the Three Months Ended March 31, 2026 and 2025 at the Lindblad Segment**

***Tour Revenues***

Tour revenues for the three months ended March 31, 2026 increased $21.4 million, or 16%, to $152.5 million, compared to $131.1 million for the three months ended March 31, 2025. Of the $21.4 million increase, $15.8 million is related to a 12% increase in guest nights sold and $5.6 million is related to a 4% increase in revenue per guest nights sold as compared to the prior year period. Net yield per available guest night increased 7% to $1,631 from $1,521 in 2025, reflecting the higher pricing and a 4-basis point increase in occupancy to 93% for 2026 compared with the same period in 2025.

***Operating Income***

Operating income was $10.6 million for the three months ended March 31, 2026, an increase of $2.2 million compared to $8.4 million for the three months ended March 31, 2025, as the increase in tour revenues was partially offset by higher operating expenses. Operating expenses were impacted by higher cost of tours related to an increase of voyages and operating additional guest charter flights over the Drake Passage for certain Antarctica expeditions, higher sales and marketing costs, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement and increased marketing spend to support future growth, partially offset by lower general and administrative costs primarily due to decreased stock-based compensation expense and lower personnel costs, partially offset by increased information technology costs, higher legal and consulting expenses.

**Comparison of Three Months Ended March 31, 2026 and 2025 at the Land Experiences Segment**

The following table shows number of guests and the number of tour departures in the Land Experiences Segment:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
| **Guests** |  | 4431 |  | 4409 |
| **Departures** |  | 525 |  | 499 |

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***Tour Revenues***

Tour revenues for the three months ended March 31, 2026 increased $6.9 million, or 14%, to $55.5 million compared to $48.6 million for the three months ended March 31, 2025. Of the $6.9 million increase, $6.6 million is related to an increase in revenue per guest as compared to the prior year period due to a change in itineraries, destinations and pricing, and $0.3 million of the increase was due to an increase in the number of guests traveled.

***Operating Income***

Operating income for the three months ended March 31, 2026 was $5.1 million compared to $2.2 million for the three months ended March 31, 2025, as the increase in tour revenue was partially offset by higher operating and personnel costs, and higher marketing spend to drive future growth.

**Adjusted EBITDA** 

The following table outlines the reconciliation of net income (loss) to Adjusted EBITDA on a consolidated basis and for each reportable segment. 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.

**Reconciliation of Net (Loss) Income to Adjusted EBITDA** — **Consolidated**

---

| | | |
|:---|:---|:---|
| **Consolidated** | **For the three months ended March 31,** | **For the three months ended March 31,** |
| (In thousands) | **2026** | **2025** |
| Net income | $6051 | $1011 |
| Interest expense, net | 10579 | 11630 |
| Income tax benefit | (1226) | (1486) |
| Depreciation and amortization | 17672 | 15295 |
| Loss (gain) on foreign currency | 269 | (542) |
| Stock-based compensation | 1746 | 3727 |
| Transaction-related costs | 75 | 346 |
| Reorganization costs | (279) |  |
| Other (income) expense | (58) | 1 |
| **Adjusted EBITDA** | $34829 | $29982 |

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The following tables outline the reconciliation for each reportable segment from operating income to Adjusted EBITDA.

**Reconciliation of Operating Income to Adjusted EBITDA** — **Segments**

---

| | | |
|:---|:---|:---|
| **Lindblad Segment** | **For the three months ended March 31,** | **For the three months ended March 31,** |
| (In thousands) | **2026** | **2025** |
| Operating income | $10562 | $8387 |
| Depreciation and amortization | 16056 | 14060 |
| Stock-based compensation | 1603 | 3727 |
| Reorganization costs | (279) |  |
| Transaction-related costs |  | 146 |
| **Adjusted EBITDA** | $27942 | $26320 |

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| | | |
|:---|:---|:---|
| **Land Experiences Segment** | **For the three months ended March 31,** | **For the three months ended March 31,** |
| (In thousands) | **2026** | **2025** |
| Operating income | $5053 | $2227 |
| Depreciation and amortization | 1616 | 1235 |
| Stock-based compensation | 143 |  |
| Transaction-related costs | 75 | 200 |
| **Adjusted EBITDA** | $6887 | $3662 |

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**Liquidity and Capital Resources**

As of March 31, 2026, the Company had $275.0 million in unrestricted cash and cash equivalents and $46.1 million in restricted cash primarily related to deposits on future travel originating from U.S. ports and credit card reserves.

As of March 31, 2026, we had $675.0 million in long-term debt obligations, including the current portion of long-term debt. We believe that our cash on hand and expected future operating cash inflows as well as availability under our Revolving Credit Facility will be sufficient to fund operations, debt service requirements and necessary capital expenditures for at least the next 12 months.

***Sources and Uses of Cash for the Three Months Ended March 31, 2026 and 2025***

*Net cash provided by operating activities* was $49.5 million for the three months ended March 31, 2026 compared to $48.4 million for the same period in 2025. The $1.1 million increase is primarily due to improved operating results.

*Net cash used in investing activities* was $6.9 million for the three months ended March 31, 2026 compared to $29.0 million in cash used in investing activities during the same period in 2025. 2026 primarily included capital expenditures on our vessels, while 2025 primarily included the acquisition of Torcatt Enterprises Limitada and capital expenditures on our vessels.

*Net cash used in financing activities* was $11.2 million for the three months ended March 31, 2026 compared to $0.3 million for the same period in 2025. 2026 primarily included $16.6 million for the additional 5% ownership of Natural Habitat related to the put of the redeemable noncontrolling interests, partially offset by $6.6 million for proceeds on the exercise of options, while 2025 primarily included income tax withholdings for stock-based compensation*.*

***Funding Sources***

***Debt Facilities***

***7.00% Notes***

We have $675.0 million in senior secured notes outstanding (the "7.00% Notes"). 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 and are due September 15, 2030, subject to earlier repurchase or redemption. Refer to Note 5 in the Notes to Condensed Consolidated Financial Statements for a further description of the 7.00% Notes.

***Revolving Credit Facility***

We have a senior secured revolving credit facility (the "Revolving Credit Facility") in an aggregate amount of $60.0 million, maturing August 2030. As of March 31, 2026, we had no borrowings under the Revolving Credit Facility. Refer to Note 5 in the Notes to Condensed Consolidated Financial Statements for a further description of the Revolving Credit Facility.

***Covenants***

The 7.00% Notes and Revolving Credit Facility contain covenants that, among other things, restrict our ability and the ability of our restricted subsidiaries to incur certain 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. As of March 31, 2026, we were in compliance with the covenants currently in effect.

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***Equity***

***Preferred Stock***

On February 3, 2026 we caused the conversion of all 62,000 outstanding shares of Preferred Stock into 9,018,763 shares of our Common Stock. We had the option to convert all, but not less than all, of the Preferred Stock into common stock if the volume-weighted average closing price ("VWAP") of shares of common stock was at least 150% of the conversion price ($14.25) for 20 out of 30 consecutive trading days. The number of shares of common stock received in such conversion shall be equal to the quotient obtained by dividing the then-current accrued value by the conversion price. This VWAP threshold was satisfied on January 16, 2026, and on January 20, 2026, we issued a Notice of Conversion to each holder of our Preferred Stock, providing that we intended to exercise our right, pursuant to the terms of the Certificate of Designations the Preferred Stock to effect a mandatory conversion of all of the shares of Preferred Stock.

***Funding Needs***

We generally rely on a combination of cash flows provided by operations and the incurrence of additional debt to fund obligations. A vast majority of guest ticket receipts are collected in advance of the applicable expedition date. These advance passenger receipts remain a current liability until the expedition date, and the cash generated from these advance receipts is used interchangeably with cash on hand from other cash from operations. The cash received as advanced receipts can be used to fund operating expenses for the applicable future expeditions or otherwise, pay down debt, make long-term investments or any other use of cash. Traditionally we run a working capital deficit due primarily to a large balance of unearned passenger revenues. As of March 31, 2026, we had a working capital deficit of $88.4 million, and as of December 31, 2025, we had a working capital deficit of $93.7 million.

**Critical Accounting Policies**

Our preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts and related disclosures. For a detailed discussion of our Critical Accounting Policies, please see our 2025 Annual Report, where we have discussed those policies and estimates that we believe are critical and require the use of complex judgment in their application. There have been no significant changes to our accounting policies from those disclosed in the 2025 Annual Report.

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| | |
|:---|:---|
| **ITEM 3.** | **QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** |

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We may be exposed to a market risk for interest rates related to our revolving credit facility. As of March 31, 2026 no amounts were outstanding under the revolving credit facility. There have otherwise been no other material changes in our exposure to market risks from the information set forth in the "Quantitative and Qualitative Disclosures About Market Risk" sections contained in our 2025 Annual Report.

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| | |
|:---|:---|
| **ITEM 4.** | **CONTROLS AND PROCEDURES** |

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***Evaluation of Disclosure Controls and Procedures***

Based on an evaluation under the supervision and with the participation of the Company's management, the Company's principal executive officer and principal financial officer have concluded that the Company's disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") were effective as of March 31, 2026 to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to the Company's management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

***Changes in Internal Control over Financial Reporting***

There was no change in our internal control over financial reporting that occurred during the quarter covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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| | |
|:---|:---|
| **PART 2.** | **OTHER INFORMATION** |

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| | |
|:---|:---|
| **ITEM 1.** | **LEGAL PROCEEDINGS** |

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The Company is involved in various claims, legal actions and regulatory proceedings arising from time to time in the ordinary course of business. We have protection and indemnity insurance that would be expected to cover any damages.

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| | |
|:---|:---|
| **ITEM 1A.** | **RISK FACTORS** |

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We operate in a rapidly changing environment that involves a number of risks that could materially affect our business, financial condition or future results, some of which are beyond our control. The risks and uncertainties that we believe are most important for you to consider are discussed under the heading "Risk Factors" in the 2025 Annual Report.

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| | |
|:---|:---|
| **ITEM 2.** | **UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS** |

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**Recent Sales by the Company of Unregistered Securities**

There were no unregistered sales of equity securities during the quarter ended March 31, 2026.

**Repurchases of Securities**

The following table represents information with respect to shares of common stock withheld from vesting's of stock-based compensation awards for employee income tax withholding for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total number of shares purchased** | **Average price paid per share** | **Dollar value of shares purchased as part of publicly announced plans or programs** | **Maximum dollar value of warrants and shares that may be purchased under approved plans or programs** |
| January 1 through January 31, 2026 | 8926 | $15.00 | $- | $11974787 |
| February 1 through February 28, 2026 | 12078 | 20.02 | - | 11974787 |
| March 1 through March 31, 2026 | 184850 | 17.05 | - | 11974787 |
| Total | 205854 |  | $- |  |

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| | |
|:---|:---|
| **ITEM 3.** | **DEFAULTS UPON SENIOR SECURITIES** |

---

Not applicable.

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| | |
|:---|:---|
| **ITEM 4.** | **MINE SAFETY DISCLOSURES** |

---

Not applicable.

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| | |
|:---|:---|
| **ITEM *5.*** | **OTHER INFORMATION** |

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***Rule *10b5*-*1* Trading Plans***

During the *three* months ended *March 31, 2026, no* director or Section *16* officer of the Company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item *408*(a) of Regulation S-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *26*

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| | |
|:---|:---|
| **ITEM 6.** | **EXHIBITS** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Number** | **Description** | **Included** | **Form** | **Filing Date** |
| 31.1 | [Certification of Chief Executive Officer of Lindblad Expeditions Holdings, Inc. pursuant to Rule 13a-14(a) or Rule 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended.](ex_929572.htm) | Herewith |  |  |
| 31.2 | [Certification of Chief Financial Officer of Lindblad Expeditions Holdings, Inc. pursuant to Rule 13a-14(a) or Rule 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended.](ex_929573.htm) | Herewith |  |  |
| 32.1 | [Certification of Chief Executive Officer of Lindblad Expeditions Holdings, Inc. pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex_929574.htm) | Herewith |  |  |
| 32.2 | [Certification of Chief Financial Officer of Lindblad Expeditions Holdings, Inc. pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex_929575.htm) | Herewith |  |  |
| 101.INS | Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | Herewith |  |  |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | Herewith |  |  |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Herewith |  |  |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Herewith |  |  |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Herewith |  |  |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Herewith |  |  |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on May 5, 2026.

---

| | |
|:---|:---|
| **LINDBLAD EXPEDITIONS HOLDINGS, INC.** | **LINDBLAD EXPEDITIONS HOLDINGS, INC.** |
| (Registrant) | (Registrant) |
| By | /s/ Natalya Leahy |
|  | Natalya Leahy |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |
| By | /s/ Frederick Goldberg |
|  | Frederick Goldberg |
|  | Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28

## Exhibit 31.1

**Exhibit 31.1**

**Certification**

I, Natalya Leahy, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Lindblad Expeditions Holdings, Inc. (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as identified in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: May 5, 2026

---

| |
|:---|
| /s/ Natalya Leahy |
| Natalya Leahy |
| Chief Executive Officer  |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification**

I, Frederick Goldberg, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Lindblad Expeditions Holdings, Inc. (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as identified in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: May 5, 2026

---

| |
|:---|
| /s/ Frederick Goldberg |
| Frederick Goldberg |
| Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification of CEO Pursuant To**

**18 U.S.C. Section 1350, As Adopted Pursuant To**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report on Form 10-Q for the period ended March 31, 2026 of Lindblad Expeditions Holdings, Inc., a Delaware corporation (the "Company"), as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Natalya Leahy, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: May 5, 2026 |  |
|  | /s/ Natalya Leahy |
|  | Natalya Leahy |
|  | Chief Executive Officer  |

---

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

**Certification of CFO Pursuant To**

**18 U.S.C. Section 1350, As Adopted Pursuant To**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report on Form 10-Q for the period ended March 31, 2026 of Lindblad Expeditions Holdings, Inc., a Delaware corporation (the "Company"), as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Frederick Goldberg, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: May 5, 2026 |  |
|  | /s/ Frederick Goldberg |
|  | Frederick Goldberg |
|  | Chief Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.