Playboy (PLBY) Company Report

Playboy, Inc. reported a strategic transformation, achieving three consecutive quarters of positive Adjusted EBITDA and reducing senior debt by $57 million to $160 million between Q3 2024 and Q3 2025.
The company provided full year 2025 revenue guidance of $120 million.
Licensing is a core revenue pillar, with 40% expected licensing revenue as a percentage of total in 2025 and 86% of 2025 licensing revenue guaranteed.
The Honey Birdette segment's adjusted operating income became positive in 2024 and remained positive in 2025, marked by a 20 percentage point increase in gross margin and 22% comparable store sales growth in Q3 2025.
For the third quarter of 2025, Playboy, Inc. reported net revenues of $28,994 thousand and Adjusted EBITDA of $4,065 thousand.

Nov 20, 2025, 12:53 PM

Playboy, Inc. Reports Q3 2025 Financial Results and Strategic Progress

PLBY

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Playboy, Inc. reported Q3 2025 revenue of $29.0 million, with net income of $0.5 million and Adjusted EBITDA of $4.1 million. This marks the company's first quarter of net income since going public and its third consecutive quarter of growing adjusted EBITDA.
The company's licensing revenue increased by 61% year-over-year to $12.0 million in Q3 2025. Adjusting for one-time revenue items in Q3 2024, total revenue would have been up 4.2% for Q3 2025.
Playboy ended Q3 2025 with over $32 million in cash on its balance sheet and extended the maturity of its senior debt to May 2028.
The company is focusing its strategy on three high-potential verticals: licensing, media and experiences, and hospitality, including plans for a Playboy Club in Miami Beach with a non-binding term sheet for $25 million in investor funding for hospitality.

Nov 12, 2025, 9:14 PM

PLBY CEO Outlines Asset-Light Strategy and Byborg Partnership

PLBY

New Projects/Investments

Revenue Acceleration/Inflection

M&A

PLBY has transitioned to an asset-light business model, focusing on licensing and partnerships, and has achieved free cash flow positive status.
The company finalized a deal with Byborg in the fourth quarter of last year, licensing its legacy adult properties. This deal is expected to generate $20 million a year in minimum profitability for PLBY, with a 100% margin.
PLBY's core licensing business (excluding Byborg) is approximately $25-$30 million with a 70% margin, and about 86% of total licensing revenue is from minimum guarantees.
The Honey Birdette lingerie business, acquired in August 2021, generated about $6 million of cash last year and currently operates at a 10% margin, with PLBY considering its sale in the future.
PLBY relaunched its magazine in February 2025 as a brand marketing expense, with plans to produce four issues annually starting in 2026, costing $500,000-$600,000 per issue.