Lindblad Expeditions Sees Revenue Rise Amid Surging Interest in Expedition Cruises

Lindblad Expeditions Holdings has reported a notable increase in revenue for the fourth quarter of 2023, fueled by robust demand for expedition cruises. The latest financial update reveals a fourth-quarter net loss of $28.5 million, or $0.53 per share, an improvement from the $33.2 million loss, or $0.63 per share, recorded in the same period of 2022. Revenue for the quarter grew by 6 percent, reaching $125.4 million.

The surge in revenue is attributed primarily to a 7 percent increase in cruise revenue, which hit $85.5 million, bolstered by an 18 percent rise in available guest nights as Lindblad continues to expand its fleet and offerings. Additionally, revenue from land programs saw a 5 percent increase to $39.6 million, thanks to more departures and higher pricing strategies.

Over the entirety of 2023, Lindblad Expeditions reported total revenue of $569.5 million and a net loss of $66.1 million, with an occupancy rate of 77 percent and a net yield per available guest night of $1,097. The company also saw a 33 percent increase in available guest nights, pointing to significant growth in its operational capacity.

Sven Lindblad, CEO of Lindblad Expeditions, highlighted the record results of 2023 as indicative of the company’s potential earnings power as it continues to expand its expedition operations and capitalize on its portfolio of leading land-based travel companies. The company’s renewed partnership with National Geographic, extending their two-decade-long collaboration for another 17 years through 2040, was also celebrated as a milestone achievement.

Looking forward to 2024, Lindblad Expeditions anticipates revenue to be between $610 million and $630 million, with bookings for 2024 trips up 2 percent as of February 26 compared to the same date in 2023. Despite facing short-term challenges such as instability in Ecuador and the Middle East, the company remains optimistic about its future bookings, supported by strong gross bookings and substantial advance reservations for future travel.

This financial update underscores Lindblad Expeditions’ resilience and growth potential in the expedition cruise market, as well as its commitment to delivering unique and immersive travel experiences to its guests.