Lindblad Expeditions Holdings Inc. (LIND) saw its stock price plummet 6.17% during intraday trading on Thursday, following the release of its fourth-quarter 2025 financial results.

The expedition travel company reported a quarterly loss of $0.45 per share, which missed analyst consensus estimates of a $0.32 loss by 40.63%. This significant bottom-line miss appears to have driven negative investor sentiment, despite the company reporting quarterly sales of $183.181 million that beat expectations by 9.13%.

Other financial metrics from the report included a Q4 net loss of $24.8 million and an operating loss of $5.506 million. While the company's adjusted EBITDA of $14.151 million exceeded analyst expectations, and full-year 2025 revenue grew 20% year-over-year to $771 million, the substantial earnings per share miss dominated market reaction. The company also provided a 2026 outlook projecting tour revenues between $800 million and $850 million and adjusted EBITDA in the range of $130 million to $140 million.