PLBY (US:PLBY)2025-03-13 20:35Revenue Performance - Q4 2024 revenue was $33.5 million, a decrease of 15% from $39.4 million in Q4 2023, primarily due to a one-time accounting acceleration related to a former Chinese licensing partner[5] - Licensing revenue fell to $7.8 million, down 42% year-over-year from $13.4 million, largely due to the termination of a major Chinese licensing agreement[6] - Direct-to-Consumer revenue was $19.9 million, slightly down from $20.4 million in Q4 2023, attributed to reduced promotional activity[7] - Full year 2024 total revenue was $116.1 million, a decrease of 19% from $143.0 million in 2023, with significant declines in licensing revenue and e-commerce[9] - The company expects to generate approximately $120 million in revenue in 2025, supported by a strong licensing business with 86% of revenue secured through contracted minimums[2] Net Loss and Financial Performance - The net loss for Q4 2024 was $12.5 million, compared to a net loss of $9.6 million in Q4 2023[7] - The total net loss improved to $79.4 million in 2024 from $180.4 million in 2023[10] - Adjusted EBITDA loss improved to $6.3 million in 2024, compared to a loss of $7.3 million in 2023[11] - The net loss for Q4 2024 was $12,543 million, compared to a net loss of $3,758 million in Q4 2023, indicating a significant increase in losses[20] - Adjusted EBITDA for Q4 2024 was $(131) million, a decrease from $1,122 million in Q4 2023[26] - The company reported a net loss per share from continuing operations of $0.15 for Q4 2024, compared to $0.13 in Q4 2023[20] - The total net loss attributable to PLBY Group, Inc. for the year ended December 31, 2024, was $79,397 million, down from $180,418 million in 2023[20] Cash and Debt Management - As of December 31, 2024, cash and cash equivalents were $30.9 million, up from $28.1 million a year earlier, while long-term debt decreased to $122.2 million from $183.5 million[12] - Total operating expenses decreased to $37,947 million in Q4 2024 from $45,659 million in Q4 2023, reflecting a reduction of 17%[20] - Interest expense for Q4 2024 was $4,008 million, a decrease from $5,707 million in Q4 2023, reflecting a reduction of 30%[26] Strategic Initiatives - PLBY Group plans to relaunch PLAYBOY magazine quarterly and introduce 12 Playmates a year, aiming to monetize through subscriptions and sponsorships[2] Impairments and Operational Losses - Impairments for Q4 2024 were $1,356 million, down from $8,252 million in Q4 2023, showing a reduction of 84%[26] - The company incurred a loss from continuing operations before income taxes of $11,658 million in Q4 2024, compared to $11,817 million in Q4 2023[20] - The weighted average shares used in computing net loss per share increased to 83,893,637 in Q4 2024 from 73,676,424 in Q4 2023[20]