Core Viewpoint - Playboy, Inc. reported a significant improvement in its financial performance for Q2 2025, with a focus on transforming into an asset-light business model centered around its iconic brand [2][3]. Financial Performance - Total revenue for Q2 2025 was $28.1 million, representing a 13% increase from $24.9 million in Q2 2024 [4]. - Licensing revenue surged to $10.9 million, a 105% increase from $5.3 million in Q2 2024, driven by new licensing partnerships and renegotiated agreements [5]. - Direct-to-consumer revenue reached $16.5 million, up 14% from $14.5 million in Q2 2024, attributed to improved consumer perception of the Honey Birdette brand [6]. - The net loss narrowed to $7.7 million, compared to a net loss of $16.7 million in Q2 2024, reflecting a significant improvement of $9.0 million [7]. - Adjusted EBITDA was $3.5 million, an improvement from an adjusted EBITDA loss of $2.9 million in Q2 2024 [8]. Operational Highlights - The company experienced a 14% revenue increase from Honey Birdette, with same-store sales rising by 28% and gross margins improving by approximately 200 basis points to 59% [3]. - The launch of the Great Playmate Search and plans for a Playboy hospitality venue in Miami Beach indicate new growth opportunities [3]. - The company holds over $30 million in cash, positioning it to explore deleveraging opportunities and reduce leverage costs [3].

Financial Data and Key Metrics Changes - Revenue increased by 13% year over year, with licensing revenue surging by 105% [5] - Adjusted EBITDA improved to $3,500,000, a positive swing of $6,400,000 compared to a loss of $2,900,000 in the same quarter last year [5] - The net loss included $1,900,000 in impairment charges and $2,100,000 related to a one-time settlement, resulting in an adjusted net loss of approximately $3,700,000 [6] Business Line Data and Key Metrics Changes - The licensing business is thriving, with new agreements in gaming, beauty, grooming, energy drinks, and fashion, guaranteeing $300,000,000 in minimum royalties over fifteen years for the digital business [10] - Honey Burdette brand showed strong growth with gross margins expanding, supported by a 28% increase in retail business at full price [36][38] Market Data and Key Metrics Changes - The company is focusing on the Miami market for its new Playboy Club concept, which is expected to be a significant revenue driver [10][26] - The reintroduction of the Playboy magazine is aimed at enhancing brand relevance, with the next issue featuring 12 Playmates, marking a historic first [8] Company Strategy and Development Direction - The company is evolving into a licensing-focused, asset-light business, aiming to enhance brand relevance through compelling content and experiences [5][7] - Plans to relocate corporate headquarters to Miami Beach to leverage a vibrant content creation and event strategy [9][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current strategy, team, and momentum to continue building on recent successes [11] - The company is focused on maintaining brand health and is selective about new licensing deals to avoid brand dilution [20][22] Other Important Information - The company has over $30,000,000 in cash on hand and a clear plan to reduce debt and lower the cost of capital [6] - Legal expenses related to litigation are expected to continue impacting EBITDA, but management is confident in their cases against former partners [40][41] Q&A Session Summary Question: Opportunity and registrations for paid voting - Management indicated that over 50% of expected registrations were achieved in the first few days without any marketing [13][14] Question: Materiality and timing of new licensing deals - Management emphasized the importance of strategic partnerships and brand health over rushing into deals, noting that annual deals exceed seven figures [18][20][21] Question: Structure and development of the Miami hospitality venue - Management confirmed that plans are in progress with a partner, focusing on remaining asset-light while exploring opportunities in other cities [25][26] Question: Impact of licensing commissions settlement on expense structure - Management noted that the settlement would reduce expenses moving forward, although specifics were not disclosed for competitive reasons [28][29] Question: Growth expectations for Honey Burdette - Management expects continued growth in the back half of the year, supported by strong retail performance [36][37]

Core Viewpoint - Playboy, Inc. has launched "The Great Playmate Search," a global digital casting call to identify the 2026 Playmate of the Month, marking the relaunch of Playboy magazine and engaging fans in the selection process [1][2]. Group 1: Competition Details - Registration for the competition is open for eight weeks, allowing aspiring creators to apply via Playboy.com [2]. - Contestants will be voted on by fans, with the top 50 advancing to a judges' panel featuring notable legacy playmates and a celebrity photographer [2]. - Voting begins on October 1st, with one free vote per day and additional paid voting options available to enhance contestant visibility [2]. Group 2: Prizes and Awards - The Playmate Pictorial Competition winner will be featured as Playmate of the Month in Spring 2026, receiving a $25,000 cash prize, a professional photoshoot, and a year of premium Honey Birdette lingerie, among other benefits [3]. - The winner will also have a personal signature PSD collection with royalties on sales and VIP access to PSD events [3]. - The Inside Cover Competition winner will receive a $15,000 cash prize and similar benefits, including a year of Honey Birdette lingerie and exclusive event access [4]. Group 3: Company Overview - Playboy, Inc. is a global pleasure and leisure company, recognized for its iconic brand and products available in approximately 180 countries [5]. - The company's mission focuses on creating a culture where individuals can pursue pleasure, rooted in values of equality and freedom of expression [5].

Core Insights - PLBY Group, Inc. reported Q1 2025 revenue of $28.9 million, a 2% increase from $28.3 million in Q1 2024, driven by a significant rise in licensing revenue [4][7] - The company achieved a net loss of $9.0 million, an improvement of $7.4 million compared to a net loss of $16.4 million in Q1 2024 [7][21] - Adjusted EBITDA for the quarter was $2.4 million, marking a substantial improvement from an adjusted EBITDA loss of $2.5 million in the same quarter last year [8][21] Financial Performance - Total revenue for Q1 2025 was $28.9 million, reflecting a year-over-year increase of $0.6 million, or 2% [4][21] - Licensing revenue surged to $11.4 million, a 175% increase from $4.1 million in Q1 2024, primarily due to the Byborg licensing agreement [6][21] - Direct-to-consumer revenue decreased by 13% to $16.3 million, attributed to reduced promotional activities for the Honey Birdette brand [7][21] Operational Highlights - The company transitioned to an asset-light business model, focusing on licensing the Playboy brand, which is showing positive results [3][6] - The Byborg partnership generated $5 million in guaranteed royalties in Q1, with expectations of at least $20 million annually for the next 15 years [3][6] - The relaunch of Playboy magazine in February 2025 was successful, leading to plans for additional issues and new revenue streams [3][6] Cost Management - Total operating expenses decreased by 6% to $35.1 million from $37.2 million in Q1 2024 [7][21] - The company incurred approximately $1 million in costs during Q1 2025, which have since been eliminated, indicating a focus on cost reduction [3][8] Future Outlook - PLBY Group is actively pursuing new licensing opportunities, particularly in land-based entertainment and gaming [3][6] - The company plans to publish four issues of Playboy magazine in 2026, aiming to create additional excitement and revenue [3][6]

Financial Data and Key Metrics Changes - 2024 was a challenging year for the company, but it was necessary for repositioning to an asset-light model, with positive EBITDA starting to emerge in Q4 excluding foreign currency effects [7] - The company expects to be free cash flow positive on a full-year basis starting in 2025, following the completion of the transition of legacy adult properties to the buy board [8][36] Business Line Data and Key Metrics Changes - The buy board deal completed in Q4 significantly enhances profitability and cash flow moving forward, with a minimum guarantee of $20 million from this deal [25] - The company is focusing on fewer but larger licensing deals, particularly in the clothing sector, while also exploring new opportunities in gaming and other categories [21][24] Market Data and Key Metrics Changes - The company is optimistic about the growth prospects in existing licensing deals and new opportunities in food categories and gaming, which historically generated significant revenue [9][22] - The relaunch of the Playboy magazine is seen as a key marketing vehicle, with plans to release four issues annually and develop new revenue streams around it [10][11] Company Strategy and Development Direction - The company is transitioning to an asset-light model, aiming to reduce corporate overhead and focus on partnerships with skilled operators [38] - The strategy includes leveraging the Playboy brand through various media channels, including podcasts and social media, to stay relevant with consumers [46][50] Management's Comments on Operating Environment and Future Outlook - Management acknowledges potential risks in consumer spending and economic uncertainty but believes there is more upside than downside in the business [26][27] - The focus is on rebuilding revenue streams and enhancing brand visibility through innovative marketing strategies and partnerships [48][52] Other Important Information - The company plans to bring back twelve Playmates and explore sponsorship opportunities tied to the magazine and events [39][56] - Management emphasizes the importance of using the magazine as a marketing tool rather than solely for print revenue [11][47] Q&A Session Summary Question: Inquiry about revenue and licensing guarantees - Management discussed the risk assessment for non-minimum guarantee licensing revenue and expressed confidence in the pipeline set in 2024 for 2025 [18][21] Question: Discussion on corporate infrastructure and G&A - Management confirmed ongoing assessments of corporate structure post-buy board deal, aiming for a leaner, asset-light operation [32][35] Question: Rationale for additional revenue sources - Management explained the strategy to engage consumers through various content distribution channels, enhancing brand presence without significant marketing expenditure [46][50]