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Lindblad Expeditions Holdings, Inc. is updating its fleet plans, announcing that the National Geographic Sea Bird and National Geographic Sea Lion will retire from its fleet in October 2026 after completing their farewell season.
Beginning in 2027, the company plans to expand its Alaska program by chartering the Greg Mortimer, which it says will support more exploration, offer more modern onboard accommodations and common spaces, introduce new itineraries, and further its long-standing expedition travel legacy.
Lindblad Expeditions (LIND) reported Q3 2025 results. Tour revenues were $240.2 million, up 17% year over year, with operating income of $35.97 million. Net income was $4.57 million, while net income attributable to Lindblad was $1.19 million. After preferred dividends, net loss available to common stockholders was $0.05 million, or $0.00 per basic share.
For the nine months, tour revenues reached $587.8 million, up 18%, with operating income of $50.99 million and a net loss of $1.38 million. Cash and cash equivalents were $261.78 million as of September 30, 2025, and unearned passenger revenues were $362.28 million, reflecting advance customer deposits.
The company issued $675.0 million of 7.00% senior secured notes on August 20, 2025, and used $667.5 million to repay its 6.75% and 9.00% notes, recording a $23.49 million loss on extinguishment. Long‑term debt (net of costs) was $663.44 million. The revolving credit facility was amended and increased to $60.0 million, with no borrowings outstanding.
Lindblad Expeditions Holdings, Inc. (LIND) furnished an Item 2.02 update announcing financial results for the third quarter ended September 30, 2025. The company issued a press release on November 4, 2025, which is provided as Exhibit 99.1.
Consistent with General Instruction B.2, the information in Item 2.02, including Exhibit 99.1, is furnished and not deemed filed under the Exchange Act, and is not incorporated by reference into other filings unless specifically referenced.
Lindblad Expeditions Holdings, Inc. is changing its commercial leadership structure as part of efforts to align the organization with its long-term strategic goals. The company is consolidating all direct and trade sales under Kathi Riddle, who has been appointed Senior Vice President and Chief Sales Officer, and has recently added a revenue manager officer role. Neither of these positions is designated as a Section 16 officer. As a result of this reorganization, the company eliminated the Chief Commercial Officer position, and Noah Brodsky will depart effective October 18, 2025. Going forward, revenue and sales functions will report directly to the CEO, Natalya Leahy.
Benjamin Bressler, an officer of Lindblad Expeditions Holdings, Inc. (LIND), reported option exercise and subsequent share sale on 08/28/2025. He exercised a stock option with an $8.44 exercise price to acquire 21,137 shares and immediately reported a sale of 21,137 shares at a weighted-average price of $15.01 (sales ranged $15.00–$15.04). Following the transactions, Bressler reported beneficial ownership of 23,466 shares. The option exercised was granted under the 2021 Long Term Incentive Plan and was exercisable as of 03/18/2024 with an expiration date of 03/17/2034. The Form 4 was signed by an attorney-in-fact on 08/29/2025.
Trey Byus, Chief Expedition Officer of Lindblad Expeditions Holdings, Inc. (LIND), reported the sale of 16,585 shares of the company's common stock on 08/27/2025. The Form 4 shows the shares were sold at a weighted average price of $14.88 (actual prices ranged $14.88 to $14.90). After the transaction the reporting person beneficially owned 128,996 shares, reported as direct ownership. The filing was signed by an attorney-in-fact on 08/29/2025. The filer checked the box indicating the Form was filed by one reporting person and listed the reporting person's address in New York, NY.
Benjamin Bressler, an officer of Lindblad Expeditions Holdings, Inc. (LIND), reported transactions on 08/27/2025 showing the exercise of stock options and contemporaneous sales. He exercised 61,495 stock options at an exercise price of $8.44 per share, resulting in 61,495 newly acquired common shares. Those same 61,495 shares were sold the same day at a weighted average price of $15.01 (sales ranged from $15.00 to $15.03). After the reported transactions, the Form 4 shows 23,466 shares beneficially owned directly and 803,488 derivative securities (options) beneficially owned. The filing notes the options were granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement and includes an undertaking to provide breakdowns of the multiple sale prices on request.
Lindblad Expeditions Holdings insider filing reports a proposed sale of 21,137 common shares acquired via non-qualified stock options and dated 08/28/2025. The sale is to be executed through Wells Fargo Clearing Services on Nasdaq with an aggregate market value of $316,506.65. The filing lists 54,789,150 shares outstanding for the class. The filer also disclosed multiple recent dispositions by the same person in the past three months, including large blocks sold on 08/05/2025 (167,494 shares) and 08/22/2025 (200,700 shares), with gross proceeds reported for each transaction. The notice includes the standard representation that the seller is not aware of undisclosed material adverse information.
Lindblad Expeditions Holdings, Inc. (LIND) Form 144 notice shows an insider plans to sell 61,495 common shares (approximate market value $920,414.92) via Wells Fargo on Nasdaq with an approximate sale date of 08/27/2025. The shares were acquired on 08/25/2025 through non-qualified stock options from the issuer and paid by wire on that date. The filing also discloses multiple sales by the same person during the prior three months, including transactions on 07/23/2025, 08/04/2025, 08/05/2025, 08/19/2025, 08/20/2025, 08/22/2025, and 08/25/2025, with individual share amounts and gross proceeds listed in the filing. The filer certifies they are not aware of undisclosed material adverse information.
Benjamin Bressler, an officer of Lindblad Expeditions Holdings, Inc. (LIND), exercised stock options and sold the resulting shares on August 25, 2025. He exercised 24,564 options with an $8.44 exercise price, acquiring 24,564 shares. Those 24,564 shares were sold the same day in multiple transactions at a weighted-average price of $15.02 per share (sales ranged from $15.00 to $15.06). After these transactions, the Form 4 reports 864,983 shares underlying derivative securities beneficially owned and either 48,030 or 23,466 shares reported in the non-derivative section following transactions; the form documents both the acquisition and sale of 24,564 common shares and includes an undertaking to provide details of the individual sale prices on request.