PLBY Group Q1 2025 revenue $28.9M, net loss narrows to $9.0M, adj. EBITDA turns positive

Playboy, Inc.

2025-Q1 EPS reported -$0.10 revenue$28,875,000

Revenue $28.9M (+2% YoY); licensing rev. $11.4M (+175% YoY) on Byborg deal and China rebuild.
Net loss $9.0M (improvement of $7.4M); adj. EBITDA $2.4M vs -$2.5M in Q1 2024, first positive since 2023.
Honey Birdette rev. $16.3M (-13% YoY) due to fewer sale days; full-price sales +8%, gross margin 58% vs 52%.
Byborg deal: $5M guaranteed royalties in Q1, $20M/yr for 15 yrs; $3.8M transition costs incurred, $20M due by July 1.
Cash $23.7M, long-term debt $155.1M; operating expenses down 6% YoY to $35.1M.

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