PLBY (US:PLBY)2025-11-12 21:14Revenue Performance - Q3 2025 revenue was $29.0 million, a slight decrease from $29.4 million in Q3 2024, but adjusted for one-time revenue items, it reflects a 4.2% increase year-over-year[3] - Licensing revenue reached $12.0 million, up 61% from $7.4 million in Q3 2024, driven by $5.0 million in minimum guaranteed royalties and six new licensing deals signed in Q3 2025[4] - Direct-to-consumer revenue was $16.4 million, a 1% decrease from $16.6 million in Q3 2024, with comparable store sales up 22% and full-price sales up 15%[5] Net Income and EBITDA - Net income for Q3 2025 was $0.5 million, a significant improvement from a net loss of $33.8 million in Q3 2024, reflecting a reduction in impairment charges and legal fees[6] - Adjusted EBITDA for Q3 2025 was $4.1 million, compared to an adjusted EBITDA loss of $0.6 million in Q3 2024, marking the third consecutive quarter of growth in this metric[7] - Adjusted for various expenses, the adjusted EBITDA for Q3 2025 was $4.065 million, compared to $(638,000) in Q3 2024[19] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(6.123) million, compared to $(16.260) million for the same period in 2024[19] Operating Expenses and Financial Health - The company reported a significant reduction in operating expenses, with total operating expenses decreasing from $57.7 million in Q3 2024 to $27.6 million in Q3 2025[14] - Interest expense decreased to $1.926 million in Q3 2025 from $6.666 million in Q3 2024[19] - The company ended the quarter with over $32 million in cash and extended the maturity of its senior debt to May 2028, allowing for potential interest rate reductions[2] Strategic Initiatives - The company is focusing on three high-potential verticals: licensing, media and experiences, and hospitality, to expand its global reach and generate recurring revenue[2] - The Great Playmate Search initiative and the planned Miami Beach membership club are part of the company's strategy to reignite growth and leverage the Playboy brand[2] - The restructuring of the China partnership with Li & Fung aims to better align interests through a percentage of revenue structure[4] Transition and Other Expenses - The company incurred transition expenses of $5 million during the nine months ended September 30, 2025[19] - Severance costs for the nine months ended September 30, 2025, were $2.709 million, compared to $310,000 in 2024[19] - Stock-based compensation for the nine months ended September 30, 2025, totaled $5.341 million, compared to $3.502 million in 2024[19] - Depreciation and amortization expenses for the nine months ended September 30, 2025, were $6.172 million, up from $2.329 million in 2024[19] - Impairments for Q3 2025 were $245,000, a decrease from $21.706 million in Q3 2024[19] - Licensing commissions settlement recognized in the nine months ended September 30, 2024, amounted to $2.4 million[19]