Lindblad Expeditions Converts 62,000 Preferred Shares into 9 Million Common Shares
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 20 2026
0mins
Should l Buy LIND?
Source: seekingalpha
- Mandatory Conversion: Lindblad Expeditions has exercised its right to convert 62,000 shares of its 6.0% Series A convertible preferred stock into approximately 9 million common shares, effective February 3, marking a significant shift in the company's capital structure.
- Trigger Conditions Met: The conversion right was triggered on January 16 after the common shares traded above $14.25 for 20 out of 30 consecutive trading days, indicating strong stock performance and investor confidence.
- Change in Common Shares: Following the conversion, Lindblad expects to have about 64.4 million common shares outstanding with no preferred stock remaining, which will simplify the capital structure and enhance liquidity.
- Positive Market Reaction: Following the announcement of the conversion, Lindblad's stock price rose 0.55% in pre-market trading to $16.14, reflecting investor optimism regarding the company's future prospects.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy LIND?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on LIND
Wall Street analysts forecast LIND stock price to rise
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 17.650
Low
18.00
Averages
19.00
High
20.00
Current: 17.650
Low
18.00
Averages
19.00
High
20.00
About LIND
Lindblad Expeditions Holdings, Inc. is an experiential travel operator offering immersive, ship- and land-based journeys on all seven continents through its six pioneering brands. The Company operates in two segments: Lindblad and Land Experiences. Lindblad provides ship-based expeditions and Land Experiences provides active, land-based trips, tours, treks and safari adventures. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, offering ship-based voyages. The Company offers wildlife, cultural, and adventure-focused experiences through its land-based brands, which include Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures, in addition to its expedition cruises. Together, these brands connect travelers with some of the planet’s natural and cultural landscapes, fostering a deep appreciation for the world.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Sven-Olof Lindblad Sells Shares in Lindblad Expeditions
- Transaction Overview: Sven-Olof Lindblad, founder of Lindblad Expeditions, sold 28,002 directly-held shares in an open market transaction valued at approximately $493,000, while still retaining over 10.7 million shares worth about $193.9 million, indicating his confidence in the company's future.
- Scale of Sale Analysis: The number of shares sold is significantly lower than his recent average sell size of 130,641 shares, impacting only 0.26% of his direct holdings, suggesting a more cautious approach to selling, possibly reflecting optimism about market conditions.
- Company Performance Highlights: Lindblad Expeditions reported a revenue of $771 million in 2025, representing a robust 20% increase from 2024, with forecasts for 2026 revenue expected to range between $800 million and $850 million, showcasing strong growth potential in the high-end adventure travel market.
- Investor Confidence: The share sale was executed under a Rule 10b5-1 trading plan to avoid insider trading accusations, and with nearly 11 million shares remaining post-sale, it indicates Lindblad's optimistic outlook on the company's future, alleviating investor concerns about the transaction.
See More
Sven-Olof Lindblad Sells Shares in Lindblad Expeditions
- Share Sale Details: Sven-Olof Lindblad sold 28,002 shares on February 4, 2026, for approximately $493,000 at around $17.61 per share, reducing his direct holdings to 10,783,962 shares, a decrease of 0.26%.
- Transaction Context: This sale was executed under his Rule 10b5-1 trading plan to avoid insider trading accusations, and post-sale, Lindblad retains nearly 11 million shares, indicating he is not in a hurry to liquidate his holdings.
- Company Performance: Lindblad Expeditions reported $771 million in revenue for 2025, reflecting a robust 20% increase over 2024, with forecasts for 2026 revenue between $800 million and $850 million, showcasing strong growth potential.
- Market Reaction and Investment Advice: Although the stock reached a 52-week high of $21.23 and the price-to-sales ratio is at a multi-year high, analysts suggest that investors should wait for a price drop before buying to secure a better entry point.
See More
Lindblad Expeditions Reports Record Financial Performance in Q4 2025
- Significant Revenue Growth: Lindblad Expeditions achieved full-year revenues of $771 million in 2025, a 20% year-over-year increase, with Q4 revenues reaching $183.2 million, up 23%, reflecting strong market demand and customer satisfaction.
- Enhanced Profitability: Adjusted EBITDA rose 38% to $126.2 million, with margins expanding to 16.4%, indicating substantial improvements in operational efficiency and cost management, thereby strengthening financial stability.
- Strategic Investments and Expansion: The company appointed a new Chief Marketing Officer to enhance its leadership team and acquired two Galapagos ships along with Earthwatch, demonstrating proactive efforts to expand market presence and service capabilities.
- Optimistic Future Outlook: Management projects 2026 revenues between $800 million and $850 million, with adjusted EBITDA of $130 million to $140 million, reflecting confidence in sustained growth, particularly with rising online bookings and customer satisfaction.
See More
Lindblad Expeditions Reports Record 2025 Financial Results
- Record Adjusted EBITDA: In 2025, Lindblad Expeditions achieved an Adjusted EBITDA of $126.2 million, a $35 million increase from 2024, reflecting the company's success in enhancing guest satisfaction and yield, thereby solidifying its market leadership.
- Significant Revenue Growth: The total tour revenue for 2025 reached $771 million, a 20% increase year-over-year, with the Lindblad segment contributing $495.6 million, up 17%, showcasing the company's strong performance in a high-demand market.
- Improved Net Loss: The net loss for 2025 was $34.6 million, a decrease from $35.8 million in 2024, primarily due to improved operating results, despite pressures from debt extinguishment losses and increased commission expenses.
- Strong Cash Position: As of December 31, 2025, the company's cash and cash equivalents totaled $289.7 million, a 33.9% increase from 2024, indicating enhanced financial flexibility for future investments and business expansion.
See More
Lindblad Expeditions Q4 2026 Financial Overview
- Earnings Performance: Lindblad Expeditions reported a Q4 GAAP EPS of -$0.45, missing expectations by $0.12, indicating challenges in profitability that may affect investor confidence.
- Revenue Growth: The company achieved revenue of $183.2 million in Q4, a 23.3% year-over-year increase, surpassing market expectations of $167.66 million, demonstrating strong performance in the recovering travel market.
- Future Outlook: Lindblad expects tour revenues between $800 million and $850 million for 2026, with adjusted EBITDA projected at $130 million to $140 million, reflecting management's confidence in future growth despite current profitability challenges.
- Stock Repurchase Plan: As of February 23, 2026, the company has repurchased 875,218 shares and 6 million warrants under a $35 million stock repurchase plan, totaling $23 million, with $12 million remaining, indicating management's recognition of the stock's value.
See More
Lindblad Reports Record Adjusted EBITDA in 2025 Financial Results
- Performance Highlights: In 2025, Lindblad achieved a record Adjusted EBITDA of $126.2 million, an increase of $35 million from 2024, demonstrating the company's strong performance and enhanced profitability, further solidifying its leadership in the expedition travel industry.
- Revenue Growth: Total tour revenues reached $771 million for the year, a 20% increase, with the Lindblad segment contributing $495.6 million, up 17%, indicating significant improvements in customer demand and market share.
- Customer Satisfaction: The company recorded unprecedented guest satisfaction and a net yield of $1,335 per available guest night, a 14% increase from last year, which not only enhances brand image but also lays the groundwork for future customer loyalty and revenue growth.
- Financial Health: As of December 31, 2025, the company reported cash and cash equivalents of $289.7 million, a 33.9% increase from 2024, reflecting strong cash flow and solid financial health, providing support for future expansion and investments.
See More
Sven-Olof Lindblad Sells Shares in Lindblad Expeditions
- Transaction Overview: Sven-Olof Lindblad, founder of Lindblad Expeditions, sold 28,002 directly-held shares in an open market transaction valued at approximately $493,000, while still retaining over 10.7 million shares worth about $193.9 million, indicating his confidence in the company's future.
- Scale of Sale Analysis: The number of shares sold is significantly lower than his recent average sell size of 130,641 shares, impacting only 0.26% of his direct holdings, suggesting a more cautious approach to selling, possibly reflecting optimism about market conditions.
- Company Performance Highlights: Lindblad Expeditions reported a revenue of $771 million in 2025, representing a robust 20% increase from 2024, with forecasts for 2026 revenue expected to range between $800 million and $850 million, showcasing strong growth potential in the high-end adventure travel market.
- Investor Confidence: The share sale was executed under a Rule 10b5-1 trading plan to avoid insider trading accusations, and with nearly 11 million shares remaining post-sale, it indicates Lindblad's optimistic outlook on the company's future, alleviating investor concerns about the transaction.
See More
Sven-Olof Lindblad Sells Shares in Lindblad Expeditions
- Share Sale Details: Sven-Olof Lindblad sold 28,002 shares on February 4, 2026, for approximately $493,000 at around $17.61 per share, reducing his direct holdings to 10,783,962 shares, a decrease of 0.26%.
- Transaction Context: This sale was executed under his Rule 10b5-1 trading plan to avoid insider trading accusations, and post-sale, Lindblad retains nearly 11 million shares, indicating he is not in a hurry to liquidate his holdings.
- Company Performance: Lindblad Expeditions reported $771 million in revenue for 2025, reflecting a robust 20% increase over 2024, with forecasts for 2026 revenue between $800 million and $850 million, showcasing strong growth potential.
- Market Reaction and Investment Advice: Although the stock reached a 52-week high of $21.23 and the price-to-sales ratio is at a multi-year high, analysts suggest that investors should wait for a price drop before buying to secure a better entry point.
See More
Lindblad Expeditions Reports Record Financial Performance in Q4 2025
- Significant Revenue Growth: Lindblad Expeditions achieved full-year revenues of $771 million in 2025, a 20% year-over-year increase, with Q4 revenues reaching $183.2 million, up 23%, reflecting strong market demand and customer satisfaction.
- Enhanced Profitability: Adjusted EBITDA rose 38% to $126.2 million, with margins expanding to 16.4%, indicating substantial improvements in operational efficiency and cost management, thereby strengthening financial stability.
- Strategic Investments and Expansion: The company appointed a new Chief Marketing Officer to enhance its leadership team and acquired two Galapagos ships along with Earthwatch, demonstrating proactive efforts to expand market presence and service capabilities.
- Optimistic Future Outlook: Management projects 2026 revenues between $800 million and $850 million, with adjusted EBITDA of $130 million to $140 million, reflecting confidence in sustained growth, particularly with rising online bookings and customer satisfaction.
See More
Lindblad Expeditions Reports Record 2025 Financial Results
- Record Adjusted EBITDA: In 2025, Lindblad Expeditions achieved an Adjusted EBITDA of $126.2 million, a $35 million increase from 2024, reflecting the company's success in enhancing guest satisfaction and yield, thereby solidifying its market leadership.
- Significant Revenue Growth: The total tour revenue for 2025 reached $771 million, a 20% increase year-over-year, with the Lindblad segment contributing $495.6 million, up 17%, showcasing the company's strong performance in a high-demand market.
- Improved Net Loss: The net loss for 2025 was $34.6 million, a decrease from $35.8 million in 2024, primarily due to improved operating results, despite pressures from debt extinguishment losses and increased commission expenses.
- Strong Cash Position: As of December 31, 2025, the company's cash and cash equivalents totaled $289.7 million, a 33.9% increase from 2024, indicating enhanced financial flexibility for future investments and business expansion.
See More
Lindblad Expeditions Q4 2026 Financial Overview
- Earnings Performance: Lindblad Expeditions reported a Q4 GAAP EPS of -$0.45, missing expectations by $0.12, indicating challenges in profitability that may affect investor confidence.
- Revenue Growth: The company achieved revenue of $183.2 million in Q4, a 23.3% year-over-year increase, surpassing market expectations of $167.66 million, demonstrating strong performance in the recovering travel market.
- Future Outlook: Lindblad expects tour revenues between $800 million and $850 million for 2026, with adjusted EBITDA projected at $130 million to $140 million, reflecting management's confidence in future growth despite current profitability challenges.
- Stock Repurchase Plan: As of February 23, 2026, the company has repurchased 875,218 shares and 6 million warrants under a $35 million stock repurchase plan, totaling $23 million, with $12 million remaining, indicating management's recognition of the stock's value.
See More
Lindblad Reports Record Adjusted EBITDA in 2025 Financial Results
- Performance Highlights: In 2025, Lindblad achieved a record Adjusted EBITDA of $126.2 million, an increase of $35 million from 2024, demonstrating the company's strong performance and enhanced profitability, further solidifying its leadership in the expedition travel industry.
- Revenue Growth: Total tour revenues reached $771 million for the year, a 20% increase, with the Lindblad segment contributing $495.6 million, up 17%, indicating significant improvements in customer demand and market share.
- Customer Satisfaction: The company recorded unprecedented guest satisfaction and a net yield of $1,335 per available guest night, a 14% increase from last year, which not only enhances brand image but also lays the groundwork for future customer loyalty and revenue growth.
- Financial Health: As of December 31, 2025, the company reported cash and cash equivalents of $289.7 million, a 33.9% increase from 2024, reflecting strong cash flow and solid financial health, providing support for future expansion and investments.
See More
