Playboy Reports Third Quarter 2025 Financial Results
Playboy (NASDAQ: PLBY) reported Q3 2025 results with total revenue of $29.0 million, net income of $0.5 million (breakeven per diluted share) and Adjusted EBITDA of $4.1 million. Licensing revenue rose to $12.0 million, up 61% year-over-year. The quarter included $2.5 million of litigation costs that reduced adjusted EBITDA; management said adjusted EBITDA would have been $6.6 million without those costs. The company finished the quarter with over $32 million in cash and amended its senior debt facility, extending maturity to May 2028 with potential interest reductions tied to prepayments.
Management highlighted focus on licensing, media & experiences, and hospitality to reignite growth.
Playboy (NASDAQ: PLBY) ha riportato i risultati del terzo trimestre 2025 con un fatturato totale di 29,0 milioni di dollari, un utile netto di 0,5 milioni di dollari (pareggio per utile diluito per azione) e un EBITDA rettificato di 4,1 milioni di dollari. Le entrate da licensing sono aumentate a 12,0 milioni di dollari, in crescita del 61% su base annua. Il trimestre includeva 2,5 milioni di dollari di costi legali che hanno ridotto l'EBITDA rettificato; la direzione ha detto che l'EBITDA rettificato sarebbe stato di 6,6 milioni di dollari senza tali costi. L'azienda ha chiuso il trimestre con oltre 32 milioni di dollari in liquidità e ha modificato la sua facility di debito senior, estendendo la scadenza a maggio 2028 con potenziali riduzioni degli interessi legate ai prepagamenti.
La direzione ha evidenziato l'attenzione su licensing, media & esperienze, e ospitalità per rivitalizzare la crescita.
Playboy (NASDAQ: PLBY) reportó resultados del tercer trimestre de 2025 con ingresos totales de 29,0 millones de dólares, ganancia neta de 0,5 millones de dólares (equivalente a punto de equilibrio por acción diluida) y EBITDA ajustado de 4,1 millones de dólares. Los ingresos por licencias aumentaron a 12,0 millones de dólares, un 61% frente al año anterior. El trimestre incluyó 2,5 millones de dólares en costos de litigio que redujeron el EBITDA ajustado; la dirección dijo que el EBITDA ajustado habría sido de 6,6 millones de dólares sin esos costos. La empresa terminó el trimestre con más de 32 millones de dólares en efectivo y modificó su facilidad de deuda senior, extendiendo su vencimiento hasta mayo de 2028 con posibles reducciones de intereses vinculadas a prepagos.
La dirección destacó el enfoque en licensing, medios y experiencias, y hospitalidad para reimpulsar el crecimiento.
Playboy (NASDAQ: PLBY)가 2025년 3분기 실적을 발표했습니다. 총 매출 2900만 달러, 순이익 50만 달러 (희석 주당순손실은 손익분기점) 및 조정 EBITDA 410만 달러를 기록했습니다. 라이선스 매출은 1200만 달러로 전년 대비 61% 증가했습니다. 분기에는 250만 달러의 소송 비용이 들어 조정 EBITDA가 감소했으며, 경영진은 이러한 비용이 없었다면 조정 EBITDA가 660만 달러였다고 말했습니다. 회사는 현금이 3200만 달러 이상 남고 우선 채무 facility를 개정해 만기를 2028년 5월로 연장했으며 조기 상환에 따른 이자 인하 가능성이 있습니다.
경영진은 성장 재점화를 위해 라이선스, 미디어 및 체험, 환대에 집중하겠다고 강조했습니다.
Playboy (NASDAQ: PLBY) a publié ses résultats du T3 2025 avec un chiffre d'affaires total de 29,0 millions de dollars, un résultat net de 0,5 million de dollars (équilibre par action diluée) et un EBITDA ajusté de 4,1 millions de dollars. Les revenus de licences ont augmenté à 12,0 millions de dollars, soit une hausse de 61% sur un an. Le trimestre comprenait 2,5 millions de dollars de coûts juridiques qui ont réduit l'EBITDA ajusté; la direction a indiqué que l'EBITDA ajusté aurait été de 6,6 millions de dollars sans ces coûts. L'entreprise a terminé le trimestre avec plus de 32 millions de dollars en liquidités et a modifié sa facilité de dette senior, prolongeant l'échéance à mai 2028 avec d'éventuelles réductions d'intérêts liées aux prépaiements.
La direction a souligné son orientation vers le licensing, les médias et les expériences, et l'hôtellerie pour relancer la croissance.
Playboy (NASDAQ: PLBY) meldete die Ergebnisse für das dritte Quartal 2025 mit einen Gesamtumsatz von 29,0 Mio. USD, ein Nettogewinn von 0,5 Mio. USD (Durchschnittlicher verwässerter Gewinn pro Aktie) und ein bereinigtes EBITDA von 4,1 Mio. USD. Lizenzumsätze stiegen auf 12,0 Mio. USD, ein Anstieg von 61% im Jahresvergleich. Das Quartal enthielt 2,5 Mio. USD Rechtsstreitskosten, die das bereinigte EBITDA reduzierten; das Management sagte, dass das bereinigte EBITDA ohne diese Kosten 6,6 Mio. USD betragen hätte. Das Unternehmen schloss das Quartal mit über 32 Mio. USD an Barmitteln ab und passte seine Senior-Darlehensfazilität an, verlängerte die Fälligkeit bis Mai 2028 und sah mögliche Zinsreduzierungen durch Vorauszahlungen vor.
Das Management hob den Fokus auf Licensing, Media & Experiences und Hospitality hervor, um das Wachstum neu zu entfachen.
Playboy (NASDAQ: PLBY) أعلن عن نتائج الربع الثالث من عام 2025 مع إجمالي الإيرادات 29.0 مليون دولار، صافي الدخل 0.5 مليون دولار (التعادل لكل سهم مخفف) و EBITDA المعدل 4.1 مليون دولار. ارتفعت إيرادات الترخيص إلى 12.0 مليون دولار، بزيادة 61% على أساس سنوي. شمل الربع 2.5 مليون دولار من تكاليف التقاضي التي خفضت EBITDA المعدل؛ وأشار الإداريون إلى أن EBITDA المعدل كان سيكون 6.6 مليون دولار بدون تلك التكاليف. اختتمت الشركة الربع بأكثر من 32 مليون دولار من النقد وروّجت لتمديد تسهيلات الدين Senior حتى مايو 2028 مع احتمالية خفض الفوائد المرتبطة بالسداد المسبق.
وأبرزت الإدارة تركيزها على الترخيص والإعلام والتجارب والضيافة لإعادة إشعال النمو.
- Adjusted EBITDA improved to $4.1 million
- Licensing revenue rose to $12.0 million (61% YoY)
- Net income of $0.5 million in Q3 2025
- Ended quarter with over $32 million cash
- Senior debt maturity extended to May 2028
- Total revenue slightly declined to $29.0 million
- Q3 adjusted EBITDA burdened by $2.5 million litigation costs
- Interest expense of $1.9 million in Q3 2025
Insights
Playboy shows improving profitability driven by licensing growth, positive adjusted EBITDA, and a stronger balance sheet.
Full-quarter revenue was
The business model appears to be moving toward higher-margin licensing and an asset-light mix, but the quarter included
Watch for sustained licensing deal flow, recurring adjusted EBITDA trends over the next few quarters, and cash versus debt covenant metrics within a 6–18 month horizon; confirm whether litigation costs recur and monitor comparable-store momentum at Honey Birdette as proof the margin improvement is durable.
Q3 Revenue of
Net Income of
Adjusted EBITDA of
Extends Maturity of Senior Debt to 2028
LOS ANGELES, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Playboy, Inc. (NASDAQ: PLBY) (the “Company” or “Playboy”), one of the most recognizable and iconic lifestyle brands in the world, today announced financial and operational results for its third fiscal quarter ended September 30, 2025.
Comments from Ben Kohn, Chief Executive Officer and President of Playboy
“The third quarter marks our third consecutive quarter of growing adjusted EBITDA and further demonstrates the potential of our high-margin, asset-light model. It’s important to note that Q3 adjusted EBITDA was burdened by
“In addition, we ended the quarter with over
“With a healthier balance sheet, and a stable foundation now in place, we are focused on reigniting growth. Our strategy centers on three high-potential verticals: licensing, media and experiences, and hospitality. Each is designed to expand Playboy’s global reach while generating recurring, high-margin revenue. The momentum we are seeing across initiatives like The Great Playmate Search, the re-launch of our magazine, and the planned Miami Beach membership club, all highlight the strength and versatility of the Playboy brand. We remain highly optimistic about the opportunities ahead for Playboy.”
Third Quarter 2025 Results
Total revenue was
Licensing revenue was
Direct-to-consumer revenue was
Net income was
Adjusted EBITDA was
Webcast Details & Stockholder Letter
The Company will host a webcast at 5 p.m. Eastern Time today to discuss Q3 2025 financial results. Participants may access the live webcast on the Events & Presentations section of the Playboy Investor Relations website at https://investors.playboy.com/. Investors may also access the letter to Playboy stockholders that was posted today to the Events & Presentations section of the Playboy Investor Relations website.
About Playboy, Inc.
Playboy is one of the most recognizable brands in the world, synonymous with pleasure, leisure, style, and sophistication. In collaboration with leading licensees, Playboy connects consumers with products, content and experiences across approximately 180 countries. Our mission—to create a culture where all people can pursue pleasure—builds upon over 70 years of creating groundbreaking media and hospitality experiences and fighting for cultural progress rooted in the core values of equality, freedom of expression and the idea that pleasure is a fundamental human right. Learn more at https://investors.playboy.com/.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “forecast”, “anticipate”, “intend”, “plan”, “may”, “will”, “could”, “should”, “believes”, “predicts”, “potential”, “continue”, and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, growth plans and anticipated financial impacts of its strategic opportunities and corporate transactions.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Factors that may cause such differences include, but are not limited to: (1) the inability to maintain the listing of the Company’s shares of common stock on Nasdaq; (2) the risk that the Company’s completed or proposed transactions disrupt the Company’s current plans and/or operations, including the risk that the Company does not complete any such proposed transactions or achieve the expected benefits from any transactions; (3) the ability to recognize the anticipated benefits of corporate transactions, commercial collaborations, commercialization of digital assets, cost reduction initiatives and proposed transactions, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, and the Company’s ability to retain its key employees; (4) costs related to being a public company, corporate transactions, commercial collaborations and proposed transactions; (5) changes in applicable laws or regulations; (6) the possibility that the Company may be adversely affected by global hostilities, supply chain delays, inflation, interest rates, tariffs, foreign currency exchange rates or other economic, business, and/or competitive factors; (7) risks relating to the uncertainty of the projected financial information of the Company, including changes in the Company’s estimates of cash flows and the fair value of certain of its intangible assets, including goodwill; (8) risks related to the organic and inorganic growth of the Company’s businesses, and the timing of expected business milestones; (9) changing demand or shopping patterns for the Company’s products and services; (10) failure of licensees, suppliers or other third-parties to fulfill their obligations to the Company; (11) the Company’s ability to comply with the terms of its indebtedness and other obligations; (12) changes in financing markets or the inability of the Company to obtain financing on attractive terms; and (13) other risks and uncertainties indicated from time to time in the Company’s annual report on Form 10-K, including those under “Risk Factors” therein, and in the Company’s other filings with the Securities and Exchange Commission. The Company cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date which they were made. The Company does not undertake any obligation to update or revise any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Contact:
Investors: FNK IR – Rob Fink / Matt Chesler, CFA – investors@playboy.com
Media: press@playboy.com
| Playboy, Inc. | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (in thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net revenues | $ | 28,994 | $ | 29,438 | $ | 86,017 | $ | 82,642 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of sales | (6,954 | ) | (11,475 | ) | (25,746 | ) | (32,000 | ) | ||||||||
| Selling and administrative expenses | (20,434 | ) | (24,521 | ) | (68,197 | ) | (71,863 | ) | ||||||||
| Impairments | (245 | ) | (21,706 | ) | (2,087 | ) | (24,722 | ) | ||||||||
| Other operating income (expense), net | 5 | — | (764 | ) | (441 | ) | ||||||||||
| Total operating expense | (27,628 | ) | (57,702 | ) | (96,794 | ) | (129,026 | ) | ||||||||
| Operating income (loss) | 1,366 | (28,264 | ) | (10,777 | ) | (46,384 | ) | |||||||||
| Nonoperating (expense) income: | ||||||||||||||||
| Interest expense, net | (1,926 | ) | (6,666 | ) | (5,721 | ) | (19,681 | ) | ||||||||
| Other income, net | 460 | 1,769 | 1,662 | 1,474 | ||||||||||||
| Total nonoperating expense, net | (1,466 | ) | (4,897 | ) | (4,059 | ) | (18,207 | ) | ||||||||
| Loss before income taxes | (100 | ) | (33,161 | ) | (14,836 | ) | (64,591 | ) | ||||||||
| Benefit (expense) from income taxes | 560 | (594 | ) | (1,424 | ) | (2,263 | ) | |||||||||
| Net income (loss) | 460 | (33,755 | ) | (16,260 | ) | (66,854 | ) | |||||||||
| Net income (loss) attributable to Playboy, Inc. | $ | 460 | $ | (33,755 | ) | $ | (16,260 | ) | $ | (66,854 | ) | |||||
| Net income (loss) per share, basic and diluted | $ | — | $ | (0.45 | ) | $ | (0.17 | ) | $ | (0.91 | ) | |||||
| Weighted-average shares outstanding, basic | 102,503,857 | 74,589,372 | 96,558,050 | 73,438,762 | ||||||||||||
| Weighted-average shares outstanding, diluted | 112,540,226 | 74,589,372 | 96,558,050 | 73,438,762 | ||||||||||||
EBITDA Reconciliation
This release presents the financial measure earnings (net income or loss) before interest, income tax expense or benefit, and depreciation and amortization (“EBITDA”). “Adjusted EBITDA” is defined as EBITDA adjusted for stock-based compensation and other special items determined by management. Adjusted EBITDA is intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, GAAP. We believe that the use of EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, investors should be aware that when evaluating EBITDA and Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Our computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies, because not all companies may calculate Adjusted EBITDA in the same fashion.
In addition to adjusting for non-cash stock-based compensation, non-cash charges for the fair value remeasurements of certain liabilities, non-recurring non-cash impairments and asset write-downs, we typically adjust for non-operating expenses and income, such as nonrecurring special projects, including related consulting expenses, transition expenses, settlements, nonrecurring gain or loss on the sale of assets, expenses associated with financing activities, and reorganization and severance expenses that result from the elimination or rightsizing of specific business activities or operations.
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA on a supplemental basis. Investors should review the reconciliation of net loss to EBITDA and Adjusted EBITDA below and not rely on any single financial measure to evaluate our business.
The following table reconciles the Company’s net income (loss) to EBITDA and Adjusted EBITDA:
| GAAP Net Income (Loss) to Adjusted EBITDA Reconciliation | |||||||||||||||
| (in thousands) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income (loss) | $ | 460 | $ | (33,755 | ) | $ | (16,260 | ) | $ | (66,854 | ) | ||||
| Adjusted for: | |||||||||||||||
| Interest expense | 1,926 | 6,666 | 5,721 | 19,681 | |||||||||||
| (Benefit) expense from income taxes | (560 | ) | 594 | 1,424 | 2,263 | ||||||||||
| Depreciation and amortization | 747 | 1,861 | 2,329 | 6,172 | |||||||||||
| EBITDA | 2,573 | (24,634 | ) | (6,786 | ) | (38,738 | ) | ||||||||
| Adjusted for: | |||||||||||||||
| Licensing commissions settlement | — | — | 2,400 | — | |||||||||||
| Transition expenses | — | — | 5,000 | — | |||||||||||
| Severance | 116 | 141 | 2,709 | 310 | |||||||||||
| Stock-based compensation | 1,149 | 1,502 | 3,502 | 5,341 | |||||||||||
| Impairments | 245 | 21,706 | 2,087 | 24,722 | |||||||||||
| Adjustments | (18 | ) | 647 | 1,001 | 2,242 | ||||||||||
| Adjusted EBITDA | $ | 4,065 | $ | (638 | ) | $ | 9,913 | $ | (6,123 | ) | |||||
FAQ
What were Playboy (PLBY) Q3 2025 revenue and net income figures?
How much did Playboy (PLBY) earn from licensing in Q3 2025?
What was Playboy's (PLBY) Q3 2025 Adjusted EBITDA and what affected it?
Did Playboy (PLBY) change its debt terms in Q3 2025?
How much cash did Playboy (PLBY) hold at the end of Q3 2025?
What key growth areas did Playboy (PLBY) highlight after Q3 2025 results?
