Accessibility StatementSkip Navigation LOS ANGELES, Oct. 2, 2025 /PRNewswire/ -- Playboy, Inc. (Nasdaq: PLBY) (the "Company" or "Playboy"), a leading pleasure and leisure lifestyle company and one of the most recognizable and iconic brands in the world, today announced that fan voting is officially open for The Great Playmate Search — Playboy's global digital casting competition to discover a 2026 Playmate of the Month and inside cover star. Fans worldwide can now cast one free vote per day for their favori ...

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]