secwatch.observer — SEC 8-K summary
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Issuer:     Playboy, Inc. (PLBY)
CIK:        0001803914
Form:       8-K
Filed at:   2025-05-15T23:59:59+00:00
Accession:  0001803914-25-000085
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1803914/000180391425000085/0001803914-25-000085-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1803914/000180391425000085/ply-20250515.htm
  HTML page:      https://secwatch.observer/filing/0001803914-25-000085

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer