PLBYHIGH SIGNALFINANCIAL10-K

PLBY achieved a dramatic turnaround with substantially reduced losses while maintaining revenue growth and strengthening its balance sheet position.

The company's operating losses narrowed substantially from $50.8M to $8.0M, indicating significant operational improvements and cost discipline. This represents a fundamental shift from the prior year's heavy impairment charges and operational restructuring costs, suggesting the digital business revamp and strategic initiatives are bearing fruit.

Comparing 2026-03-16 vs 2025-03-13View on EDGAR →
FINANCIAL ANALYSIS

PLBY delivered a strong financial turnaround with net losses substantially reduced while gross profit grew 15.5% to $85.9M, demonstrating improved operational efficiency. The company strengthened its liquidity position with cash increasing 22.3% to $37.8M despite higher interest expenses of $23.3M. Current assets grew proportionally with current liabilities, maintaining a stable working capital structure, while the significant reduction in capital expenditures suggests disciplined investment spending during the operational improvement phase.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+84.2%
-$50.8M→-$8.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+84%
-$79.4M→-$12.7M

Net income grew 84% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
-54.7%
$2.3M→$1.0M

Capex reduced 54.7% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Inventory
Balance Sheet
+45%
$8.9M→$12.9M

Inventory surged 45% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Accounts Receivable
Balance Sheet
-43.3%
$7.3M→$4.1M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Interest Expense
P&L
+31.5%
$17.7M→$23.3M

Interest expense surged 31.5% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
+22.3%
$30.9M→$37.8M

Cash grew 22.3% — improving liquidity position supports investment and shareholder returns.

Gross Profit
P&L
+15.5%
$74.4M→$85.9M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Current Liabilities
Balance Sheet
+14.2%
$55.8M→$63.8M

Current liabilities rose 14.2% — increased short-term obligations, watch current ratio.

Current Assets
Balance Sheet
+13.8%
$57.5M→$65.5M

Current assets grew 13.8% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-03-16
PRIOR — 2025-03-13
ADDED
As of March 10, 2026, there were 114,859,723 shares of the registrant s common stock outstanding.
These statements are based on the expectations and beliefs of the management of Playboy, Inc.
from February 10, 2021 through June 24, 2025), together with its subsidiaries through which it conducts business, is a pleasure and leisure company.
For the fiscal years ended December 31, 2025 and 2024, our consolidated revenue was $120.9 million and $116.1 million, respectively, and our consolidated net loss was $12.7 million and $79.4 million, respectively.
Playboy-branded product and experience offerings are primarily delivered by our strategic licensing partners.
Digital : Our digital operations include our owned-and-operated playboy.com website and legacy digital platforms, including our content creator platform ( Playboy Club ) and Playboy programming distributed through various other websites and domestic and international television providers offering on-demand entertainment.
In the fourth quarter of 2024, we entered into the LMA with Byborg to license intellectual property and certain legacy Playboy digital assets, including the operation of such legacy digital businesses, which continue to be owned by us.
As a result, as of January 1, 2025, such legacy digital subscriptions and content operations transitioned into a licensing model in conjunction with the LMA.
We continue to operate and offer free and subscription-based digital content on playboy.com.
In 2025, we also resumed publishing Playboy magazine, which we use to support brand marketing and awareness, create content and other new intellectual property, and develop potential new revenue streams associated with the magazine s content.
REMOVED
As of March 10, 2025, there were 93,747,069 shares of the registrant s common stock outstanding.
These statements are based on the expectations and beliefs of the management of PLBY Group, Inc.
For the fiscal years ended December 31, 2024 and 2023, our consolidated revenue was $116.1 million and $143.0 million, respectively, and our consolidated net loss was $79.4 million and $180.4 million, respectively.
Our consolidated net loss for the year ended December 31, 2024 was largely driven by non-cash asset impairment charges of $26.1 million related to the write-down of intangible assets, including goodwill, a $24.8 million decrease in licensing gross profit, due to lower revenues and commission accrual reversals in the prior comparative period, and a $8.2 million increase in expenses related to the revamp of our digital business that started in the first half of 2024.
Playboy-branded product and experience offerings are primarily delivered by our strategic licensing partners, and some products are offered for resale on shop.playboy.com , the operation of which we have licensed to third-parties since the third quarter of 2023.
Digital : Our digital operations build upon our legacy in visual media and entertainment and include our content creator platform on playboy.com ( Playboy Club ), which lets customers interact directly with influencers and other creators that generate their own array of content, and Playboy programming distributed through various websites and domestic and international television providers offering on-demand entertainment.
In the fourth quarter of 2024, we entered into a licensing agreement with Byborg Enterprises SA ( Byborg ) to license intellectual property and certain Playboy digital assets, as well as for the operation of our digital businesses, which will continue to be owned by us.
Direct-to-Consumer Since the third quarter of 2023, our Direct-to-Consumer segment has only consisted of our Honey Birdette business, which primarily sells luxury lingerie online and at physical stores in Australia, the United States and the United Kingdom.
Prior to the third quarter of 2023, we also owned and operated digital commerce retail stores, including on playboy.com (transitioned to a licensing model effective July 2023), yandy.com (sold in April 2023), and loversstores.com , as well as Lovers retail stores (the entire Lovers business was sold in November 2023).
During the year ended December 31, 2024, our Direct-to-Consumer segment contributed $69.7 million in revenue and $2.3 million in operating loss.
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