Shares of Lindblad Expeditions Holdings Inc. (LIND) surged 5.33% in pre-market trading on Tuesday following the release of the company's impressive third-quarter financial results and successful debt refinancing.

The cruise and expedition organizer reported a 17% increase in total revenue to $240.2 million for Q3 2025, surpassing analyst expectations. Adjusted EBITDA rose 25% to $57.3 million, significantly beating the consensus estimate of $47.7 million. The company's Lindblad segment showed strong performance with net yield per available guest night increasing 9% to $1,314 and occupancy rising to 88% from 82% in the same quarter last year.

Adding to the positive sentiment, Lindblad Expeditions announced the successful refinancing of its long-term debt, reducing the interest rate to 7.00% and extending maturity to 2030. This move is expected to strengthen the company's financial position and provide greater flexibility for future growth. Furthermore, the company provided an optimistic outlook for the full year 2025, projecting tour revenues between $745 million and $760 million, and adjusted EBITDA between $119 million and $123 million. The strong quarterly performance and positive forward guidance have likely contributed to investor enthusiasm, driving the stock's pre-market rally.