LINDHIGH SIGNALFINANCIAL10-K

LIND delivered exceptional financial performance with revenue surging 215% to $266.5M and gross profit exploding 269% to $156.0M, indicating a dramatic operational turnaround.

This represents a remarkable transformation for Lindblad Expeditions, with revenue more than tripling year-over-year, suggesting either a major business expansion, acquisition, or significant recovery from previous operational challenges. The disproportionate gross profit growth (269% vs 215% revenue growth) indicates improving operational efficiency and pricing power, which should drive substantial shareholder value creation.

Comparing 2026-02-26 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

LIND experienced explosive growth across all key metrics, with revenue surging 215% to $266.5M and gross profit growing an even more impressive 269% to $156.0M, while operating income doubled to $45.5M. The company strengthened its balance sheet with cash increasing 40% to $256.7M and operating cash flow growing 21% to $111.6M, though current liabilities rose 18% to $461.6M. This financial profile suggests a company in rapid expansion mode with strong cash generation and improving operational leverage, representing a dramatic positive inflection point for the business.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+447.7%
-$12K→$42K

Interest expense surged 447.7% — significant debt increase or rising rates materially impacting earnings.

Gross Profit
P&L
+269%
$42.3M→$156.0M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Revenue
P&L
+215.1%
$84.6M→$266.5M

Strong top-line growth of 215.1% — accelerating demand or successful expansion into new markets.

Operating Income
P&L
+111%
$21.6M→$45.5M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Capital Expenditure
Cash Flow
+42.4%
$33.5M→$47.7M

Capital expenditure jumped 42.4% — major investment cycle underway; assess returns on deployment.

Cash & Equivalents
Balance Sheet
+39.6%
$183.9M→$256.7M

Cash position surged 39.6% — strong cash generation or capital raise providing significant financial cushion.

Current Assets
Balance Sheet
+32.1%
$278.4M→$367.9M

Current assets grew 32.1% — improving short-term liquidity or inventory/receivables build.

Operating Cash Flow
Cash Flow
+20.8%
$92.4M→$111.6M

Operating cash flow grew 20.8% — strong conversion of earnings to cash, healthy business fundamentals.

Current Liabilities
Balance Sheet
+17.6%
$392.5M→$461.6M

Current liabilities rose 17.6% — increased short-term obligations, watch current ratio.

Inventory
Balance Sheet
-13.7%
$2.3M→$2.0M

Inventory reduced 13.7% — lean inventory management or demand outpacing supply.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-28
ADDED
lindb20251231c_10k.htm 0001512499 LINDBLAD EXPEDITIONS HOLDINGS, INC.
false --12-31 FY 2025 We recognize that our business information is a critical asset and as such our ability to manage, control, and protect this asset will have a direct and significant impact on our future success.
Our Board of Directors (the Board ) recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees.
The Audit Committee of the Board is actively involved in oversight of our risk management program, and cybersecurity represents an important component of our overall approach to enterprise risk management ( ERM ).
Our cybersecurity policies, standards, processes, and practices are fully integrated into our ERM program and are based on recognized frameworks established by the National Institute of Standards and Technology, the International Organization for Standardization and other applicable industry standards.
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REMOVED
lindb20241231c_10k.htm 0001512499 LINDBLAD EXPEDITIONS HOLDINGS, INC.
false --12-31 FY 2024 true The Information Security Committee oversees our ERM process, including the management of risks arising from cybersecurity threats.
The Audit Committee of the Board receives regular presentations and reports on cybersecurity risks from the Information Security Committee, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties.
The Audit Committee of the Board and the Risk Management Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed.
true In today s interconnected business environment, reliance on third-party service providers is inevitable.
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