Playboy Q2 revenue up 13% to $28.1M; net loss narrows to $7.7M; adjusted EBITDA turns positive at $3.5M

Playboy, Inc.

2025-Q2 EPS reported -$0.18 vs consensus -$0.04 ▼ miss (-341.2%)

Licensing revenue more than doubled to $10.9M (+105% YoY) driven by $5M in minimum guaranteed royalties and new partners.
Honey Birdette revenue grew 14% to $16.5M; same-store sales up 28%; gross margin improved ~200bps to 59%.
Adjusted EBITDA of $3.5M vs. ($2.9M) in prior year; excludes $1.3M incremental litigation cost from two former licensees.
Company has over $30M cash; plans to move HQ to Miami and launch Playboy hospitality venue in Miami Beach.
Secured two new gaming deals, a beauty/grooming deal, and an energy drink license; pipeline growing.

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