Lindblad Expeditions Holdings Inc (NASDAQ: LIND) is an expedition travel company that operates ship-based and land-based adventure travel experiences to remote and wildlife-rich destinations globally. Revenue comes from per-guest fees paid for expedition voyages and land-based itineraries sold under six brands: Lindblad Expeditions, Natural Habitat, Off the Beaten Path, DuVine Cycling + Adventure Company, Classic Journeys, and the Thomson Group (which includes Thomson Safaris, Nature Discovery, and Gibb's Farm lodge in Tanzania). The company operates two reportable segments: the Lindblad segment, which centers on small-ship ocean expeditions aboard intimately scaled vessels designed to reach destinations inaccessible to larger cruise ships, and an adventure travel segment covering land-based, cycling, safari, and cultural itineraries. Lindblad has operated expedition travel since 1979. The small-vessel model is structurally capital-intensive, requiring owned or chartered ships, and targets guests seeking close-encounter wildlife and nature experiences rather than conventional mass-market cruising.

Revenue model

Transactional per-guest pricing for expedition voyages and land-based adventure travel packages sold across six brands. Revenue is recognized as expeditions are completed. No subscription or membership model is described in the FY2025 10-K filing.

Products and services

Ship-based expedition cruises to remote and wildlife destinations (Lindblad Expeditions brand); nature-focused land tours (Natural Habitat); off-the-beaten-path cultural and active itineraries (Off the Beaten Path); cycling and adventure travel (DuVine Cycling + Adventure Company); guided walking and cultural journeys (Classic Journeys); Africa safaris and lodge accommodation (Thomson Safaris, Nature Discovery, Thomson Safaris Tanzania, Gibb's Farm/Ngorongoro Safari Lodge).

Customers and end markets

Individual leisure travelers seeking expedition, wildlife, nature, and adventure travel experiences in remote global destinations. End market is high-engagement experiential travel, distinct from mass-market cruising.

Value-chain role

Direct operator and seller of expedition travel experiences. Owns or charters vessels, designs itineraries, and delivers end-to-end guest experiences across marine and land-based formats.

Geographic exposure

Global operations covering remote and wild destinations across multiple continents, including Africa (Tanzania safari operations and lodge), and marine expedition routes to destinations inaccessible to large cruise ships. Specific revenue by geography is not broken out in the available filing excerpts.

Source: SEC 10-K, filed 2026-02-26

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