Core Viewpoint - Playboy, Inc. reported its third fiscal quarter results for 2025, highlighting a significant improvement in net income and adjusted EBITDA, despite facing litigation costs and a slight decline in total revenue compared to the previous year [2][3][4]. Financial Performance - Total revenue for Q3 2025 was $29.0 million, a decrease from $29.4 million in Q3 2024, but adjusted for one-time revenue items, it would have increased by 4.2% [4][6]. - Licensing revenue reached $12.0 million, marking a 61% increase year-over-year from $7.4 million in Q3 2024, driven by minimum guaranteed royalties and new licensing deals [5][6]. - Direct-to-consumer revenue was $16.4 million, slightly down from $16.6 million in Q3 2024, attributed to a focus on full-price products and the closure of seven stores [6][7]. Profitability Metrics - Net income for Q3 2025 was $0.5 million, a significant improvement from a net loss of $33.8 million in Q3 2024, reflecting the impact of litigation costs and prior-year impairment charges [7][8]. - Adjusted EBITDA for the quarter was $4.1 million, compared to an adjusted EBITDA loss of $0.6 million in Q3 2024, indicating a positive trend in operational efficiency [8][9]. Debt Management - The company extended the maturity of its senior debt to May 2028, which includes provisions for interest rate reductions based on certain prepayments, enhancing its financial stability [3][4]. Strategic Focus - Playboy aims to reignite growth through three high-potential verticals: licensing, media and experiences, and hospitality, which are expected to generate recurring, high-margin revenue [3][4].