LINDBLAD EXPEDITIONS HOLDINGS, INC.

For the period ended Sep 30, 2026. Filed Nov 3, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2026 · Filed Nov 3, 2026

LIND$33.98+7.6%Stored close · as of Nov 6, 2026

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Contents

Item 1. Condensed Consolidated Balance Sheets as of September 30, 2026 (Unaudited) and December 31, 2025

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

	As of September 30, 2026	As of December 31, 2025
(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$274,949	$256,692
Restricted cash	33,223	33,043
Prepaid expenses and other current assets	89,650	78,145
Total current assets	397,822	367,880
Property and equipment, net	508,235	522,123
Goodwill	104,938	60,609
Intangibles, net	97,053	16,599
Other long-term assets	17,474	12,747
Total assets	$1,125,522	$979,958
LIABILITIES
Current Liabilities:
Unearned passenger revenues	$431,788	$361,481
Accrued expenses and other	66,871	77,883
Accounts payable	24,059	22,227
Long-term debt - current portion	-	3
Total current liabilities	522,718	461,594
Long-term debt, less current portion	664,516	662,671
Other long-term liabilities	32,396	9,192
Total liabilities	1,219,630	1,133,457
Commitments and contingencies
Series A redeemable convertible preferred stock, 165,000 shares authorized; no shares issued and outstanding as of September 30, 2026, 62,000 shares issued and outstanding as of December 31, 2025	-	83,079
Redeemable noncontrolling interests	77,609	47,948
	77,609	131,027
STOCKHOLDERS’ DEFICIT
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of December 31, 2025	-	-
Common stock, $0.0001 par value, 200,000,000 shares authorized; 65,655,769 and 55,421,384 issued, 65,620,129 and 55,323,495 outstanding as of September 30, 2026 and December 31, 2025, respectively	7	6
Additional paid-in capital	217,240	126,873
Accumulated deficit	(388,944)	(411,405)
Accumulated other comprehensive loss	(20)	-
Total stockholders’ deficit	(171,717)	(284,526)
Total liabilities, mezzanine equity and stockholders’ deficit	$1,125,522	$979,958

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

	For the three months ended September 30,		For the nine months ended September 30,
	2026	2025	2026	2025
Tour revenues	$269,151	$240,172	$676,411	$587,838
Operating expenses:
Cost of tours	135,927	124,373	345,282	308,611
General and administrative	35,749	34,808	101,965	98,613
Selling and marketing	37,775	30,091	105,735	84,722
Depreciation and amortization	16,949	14,930	53,109	44,899
Total operating expenses	226,400	204,202	606,091	536,845
Operating income	42,751	35,970	70,320	50,993
Other (expense) income:
Interest expense, net	(10,191)	(11,256)	(31,264)	(34,503)
(Loss) gain on foreign currency	(886)	(318)	(1,515)	982
Other (expense) income	(114)	1,105	(59)	1,134
Loss on extinguishment of debt	-	(23,492)	-	(23,492)
Total other expense	(11,191)	(33,961)	(32,838)	(55,879)
Income (loss) before income taxes	31,560	2,009	37,482	(4,886)
Income tax provision (benefit)	4,473	(2,564)	4,687	(3,503)
Net income (loss)	27,087	4,573	32,795	(1,383)
Net income attributable to noncontrolling interest	2,848	3,383	3,463	4,783
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc.	24,239	1,190	29,332	(6,166)
Series A redeemable convertible preferred stock dividend	-	1,239	497	3,667
Net income (loss) available to stockholders	$24,239	$(49)	$28,835	$(9,833)
Weighted average shares outstanding:
Basic	65,560,483	55,557,530	64,206,682	54,859,959
Diluted	66,680,459	55,557,530	65,154,789	54,859,959
Undistributed income (loss) per share available to stockholders:
Basic	$0.37	$(0.00)	$0.45	$(0.18)
Diluted	$0.36	$(0.00)	$0.44	$(0.18)

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In thousands)

	For the three months ended September 30,		For the nine months ended September 30,
	2026	2025	2026	2025
Net income (loss)	$27,087	$4,573	$32,795	$(1,383)
Other comprehensive income (loss):
Change in foreign currency translation adjustments	(20)	-	(20)	(288)
Total other comprehensive loss	(20)	-	(20)	(288)
Total comprehensive income (loss)	27,067	4,573	32,775	(1,671)
Less: comprehensive income attributable to noncontrolling interest	2,848	3,383	3,463	4,783
Comprehensive income (loss) attributable to Lindblad Expeditions Holdings, Inc.	$24,219	$1,190	$29,312	$(6,454)

Condensed Consolidated Statements of Stockholders’Deficit

(In thousands, except share data)

Common Stock · Additional Paid-In · Accumulated · Accumulated Other Comprehensive · Total Stockholders’
Shares · Amount · Capital · Deficit · Loss · Deficit
Balance as of June 30, 2026	65,613,308	$7	$216,460	$(412,305)	$	-	$(195,838)
Stock-based compensation	-	-	1,540	-		-	1,540
Net activity related to equity compensation plans	42,461	-	(760)	-		-	(760)
Other comprehensive loss, net	-	-	-	-		(20)	(20)
Redeemable noncontrolling interest	-	-	-	(878)		-	(878)
Net income attributable to Lindblad Expeditions Holdings, Inc.	-	-	-	24,239		-	24,239
Balance as of September 30, 2026	65,655,769	$7	$217,240	$(388,944)		$(20)	$(171,717)
Common Stock · Additional Paid-In · Accumulated · Accumulated Other Comprehensive · Total Stockholders’
Shares · Amount · Capital · Deficit · Loss · Deficit
Balance as of December 31, 2025	55,421,384	$6	$126,873	$(411,405)	$	-	$(284,526)
Stock-based compensation	-	-	5,221	-		-	5,221
Net activity related to equity compensation plans	1,215,622	-	1,386	-		-	1,386
Issuance of stock for conversion of preferred stock	9,018,763	1	83,575	-		-	83,576
Other comprehensive loss, net	-	-	-	-		(20)	(20)
Redeemable noncontrolling interest	-	-	185	(6,374)		-	(6,189)
Series A preferred stock dividend	-	-	-	(497)		-	(497)
Net income attributable to Lindblad Expeditions Holdings, Inc.	-	-	-	29,332		-	29,332
Balance as of September 30, 2026	65,655,769	$7	$217,240	$(388,944)		$(20)	$(171,717)

Condensed Consolidated Statements of Stockholders’Deficit (continued)

(In thousands, except share data)

Common Stock · Additional Paid-In · Accumulated · Accumulated Other Comprehensive · Total Stockholders’
Shares · Amount · Capital · Deficit · Income · Deficit
Balance as of June 30, 2025	54,733,299	$6	$118,007	$(381,822)	$	-	$(263,809)
Stock-based compensation	-	-	5,370	-		-	5,370
Net activity related to equity compensation plans	658,918	-	4,596	-		-	4,596
Redeemable noncontrolling interest	-	-	-	(2,701)		-	(2,701)
Series A preferred stock dividend	-	-	-	(1,239)		-	(1,239)
Net income attributable to Lindblad Expeditions Holdings, Inc.	-	-	-	1,190		-	1,190
Balance as of September 30, 2025	55,392,217	$6	$127,973	$(384,572)	$	-	$(256,593)
Common Stock · Additional Paid-In · Accumulated · Accumulated Other · Total Stockholders’
Shares · Amount · Capital · Deficit · Comprehensive Income · Deficit
Balance as of December 31, 2024	54,507,977	$6	$109,473	$(362,881)		$288	$(253,114)
Stock-based compensation	-	-	14,489	-		-	14,489
Net activity related to equity compensation plans	884,240	-	4,011	-		-	4,011
Other comprehensive loss, net	-	-	-	-		(288)	(288)
Redeemable noncontrolling interest	-	-	-	(11,858)		-	(11,858)
Series A preferred stock dividend	-	-	-	(3,667)		-	(3,667)
Net loss attributable to Lindblad Expeditions Holdings, Inc.	-	-	-	(6,166)		-	(6,166)
Balance as of September 30, 2025	55,392,217	$6	$127,973	$(384,572)	$	-	$(256,593)

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