LINDMEDIUM SIGNALMANAGEMENT10-K

Lindblad Expeditions restructured its cybersecurity governance by elevating oversight from an Information Security Committee to direct executive and board-level management with a virtual CISO model.

This governance change suggests management is taking a more centralized approach to cybersecurity risk management, potentially in response to evolving threats in the travel industry. The shift from committee-based oversight to direct executive reporting could indicate either proactive risk management improvements or response to previous cybersecurity concerns.

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

Lindblad showed solid operational momentum with operating cash flow growing over 20% and gross profit expanding 19%, while the company strengthened its balance sheet position with cash rising nearly 40% to $257M. Capital expenditures increased meaningfully to $48M, suggesting continued investment in fleet or infrastructure expansion. However, the company maintains negative stockholders' equity of -$285M, reflecting its capital-intensive expedition cruise business model and likely debt-financed growth strategy.

FINANCIAL STATEMENT CHANGES
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.

Gross Profit
P&L
+19.1%
$131.0M→$156.0M

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

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.

Stockholders Equity
Balance Sheet
-12.4%
-$253.1M→-$284.5M

Equity decreased 12.4% — buybacks or losses reducing book value, monitor solvency ratios.

Total Assets
Balance Sheet
+11.8%
$876.9M→$980.0M

Asset base grew 11.8% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+10.9%
$1.0B→$1.1B

Liabilities increased 10.9% — monitor debt-to-equity ratio and interest coverage.

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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