Playboy, Inc. (NASDAQ: PLBY) turns Q2 2026 profit and doubles adjusted EBITDA
Rhea-AI Filing Summary
Playboy, Inc. reported stronger results for the second quarter ended June 30, 2026. Revenue rose 11% to $31.2 million from $28.1 million, driven mainly by Honey Birdette’s growth. Net income was $0.2 million, compared with a net loss of $7.7 million a year earlier, as operating expenses fell 17% to $28.2 million.
Adjusted EBITDA doubled to $7.0 million, including $0.7 million of litigation expenses. Direct-to-consumer revenue grew to $19.5 million, while licensing revenue increased to $11.2 million, supported by more than $320 million in unrecognized future licensing revenue. Honey Birdette delivered 18.2% sales growth with a 65.1% gross margin.
The company ended the quarter with $37.1 million in total cash and announced an agreement to repurchase 16.6 million shares, nearly 14% of outstanding shares, at $1.05 per share, backed by a stockholder backstop. Playboy also joined the Russell 2000 and Russell 3000 indexes, which it believes may broaden its investor base.
Positive
- Net income turned positive to $0.2 million from a loss of $7.7 million in Q2 2025, reflecting revenue growth and lower operating expenses.
- Adjusted EBITDA doubled to $7.0 million, a 100% increase year over year, despite including $0.7 million of litigation expenses.
- Revenue grew 11% to $31.2 million, led by Honey Birdette’s 18.2% sales growth and strong 65.1% gross margin.
- The company agreed to repurchase 16.6 million shares (nearly 14% of outstanding shares) at $1.05 per share, which management characterizes as accretive to stockholders.
- Licensing remains highly recurring, with about 91% of 2026 licensing revenue under guarantees and over $320 million in unrecognized future licensing revenue.
Negative
- Interest and tax expenses of $2.2 million and $1.1 million, respectively, largely offset operating income of $3.0 million, leaving net income at only $0.2 million.
Filing Explained
The August 10 Form 8-K furnishes Playboy’s second-quarter results; while Q2 net income was positive, the six months ended
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $31.2 million
Q2 2026 Net Income: $0.2 million
Q2 2026 Adjusted EBITDA: $7.0 million
+5 more
8 metrics
Q2 2026 Revenue
$31.2 million
Second quarter 2026 net revenues, up 11% year over year
Q2 2026 Net Income
$0.2 million
Net income for the quarter versus a $7.7 million loss in Q2 2025
Q2 2026 Adjusted EBITDA
$7.0 million
Adjusted EBITDA for Q2 2026, a 100% increase from Q2 2025
Total Cash
$37.1 million
Total cash, including restricted cash, as of June 30, 2026
Unrecognized Future Licensing Revenue
$320 million
More than $320 million in future licensing revenue not yet recognized
Share Repurchase Size
16.6 million shares at $1.05 per share
Agreed repurchase, nearly 14% of outstanding common shares
Honey Birdette Sales Growth
18.2%
Year-over-year sales growth for Honey Birdette in Q2 2026
Honey Birdette Gross Margin
65.1%
Gross margin for Honey Birdette in the second quarter of 2026
Key Terms
Adjusted EBITDA, licensing revenue, backstop agreement, asset-light model, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA of $7.0 Million, an Increase of 100%"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
licensing revenue financial
"91% of fiscal year 2026 licensing revenue supported by contractual guarantees"
Licensing revenue is the money a company earns when another business pays to use its patents, brand names, or technology. It’s like renting out a popular brand or idea so others can sell products under it, providing the company with extra income without selling physical products. This matters because it can be a steady source of profit and shows the value of a company's intellectual properties.
backstop agreement financial
"supported by a backstop agreement with two significant stockholders"
A backstop agreement is a guarantee from a third party to buy any unsold shares or take up remaining financing in a company’s stock sale or fundraising round, acting like a safety net so the deal goes through. For investors, it lowers the chance that a planned capital raise will fail and clarifies how much new stock might be issued and who will hold it, which can affect share value and dilution.
asset-light model financial
"Playboy pursues an asset-light model across licensing, digital content"
A business approach that avoids owning lots of factories, equipment or property and instead relies on partners, contractors or digital platforms to deliver products or services—think renting instead of buying the tools to build everything yourself. Investors care because this model usually requires less upfront cash and can scale faster, potentially boosting profit margins, but it also creates dependence on outside providers and more variable costs, which affects risk and future returns.
Russell 2000® Index market
"Playboy joined the small-cap Russell 2000® Index and the broad-market"
A stock market index that tracks the performance of roughly 2,000 publicly traded U.S. companies with smaller market values, representing the broader small-cap segment of the market. It matters to investors because it acts like a thermometer for smaller companies—used as a benchmark to compare fund performance, guide portfolio allocation, and gauge economic or market trends affecting growth-oriented, higher-risk firms.
forward-looking statements regulatory
"This press release includes “forward-looking statements” within the meaning"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Earnings Snapshot
Revenue: $31.2 million
Second quarter 2026
Revenue
$31.2 million
up 11% from $28.1 million in Q2 2025
Net income
$0.2 million
improved from a $7.7 million net loss in Q2 2025
Adjusted EBITDA
$7.0 million
up 100% from $3.5 million in Q2 2025
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Playboy, Inc. (PLBY) perform financially in Q2 2026?
Playboy reported Q2 2026 revenue of $31.2 million, up 11% year over year, and net income of $0.2 million versus a $7.7 million loss in Q2 2025, supported by lower operating expenses and improved margins.
What was Playboy, Inc. (PLBY)’s adjusted EBITDA for Q2 2026?
Adjusted EBITDA in Q2 2026 was $7.0 million, doubling from $3.5 million a year earlier. This figure includes $0.7 million of litigation expenses and reflects stronger operations in both direct-to-consumer and licensing segments.
How did Honey Birdette impact Playboy, Inc. (PLBY)’s Q2 2026 results?
Honey Birdette delivered 18.2% year-over-year sales growth in Q2 2026 with a 65.1% gross margin. Comparable store sales grew 15% across all regions and channels, making it a key driver of Playboy’s direct-to-consumer revenue gains.
How strong is Playboy, Inc. (PLBY)’s licensing revenue base?
Playboy reports that about 91% of its fiscal 2026 licensing revenue is backed by contractual guarantees and that it has more than $320 million in unrecognized future licensing revenue, providing a sizable and recurring revenue foundation.
What was Playboy, Inc. (PLBY)’s cash position at June 30, 2026?
As of June 30, 2026, Playboy held $37.1 million in total cash, including restricted cash. Management noted cash increased by about $2.5 million during the quarter, reflecting ongoing business operations.
Did Playboy, Inc. (PLBY) gain any index inclusion in 2026?
Playboy joined the Russell 2000® and Russell 3000® indexes at the conclusion of the 2026 reconstitution, which the company believes may enhance its visibility with institutional investors and improve trading liquidity.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 10, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (310 ) 424-1800
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 10, 2026, Playboy, Inc. (the “Company”) issued a press release announcing its financial results for the Company’s second fiscal quarter of 2026 ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”) and incorporated herein by reference.
The information under Item 2.02 of this Report, including Exhibit 99.1, attached hereto, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or Securities Act of 1933, as amended, expect as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits | ||||
| Exhibit No. | Description | |||||||
| 99.1 | Press Release, dated August 10, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 10, 2026 | PLAYBOY, INC. | |||||||
| By: | /s/ Chris Riley | |||||||
| Name: | Chris Riley | |||||||
| Title: | General Counsel and Secretary | |||||||
Exhibit 99.1
Playboy Reports Second Quarter 2026 Financial Results
Second Quarter Revenue of $31.2 Million, an Increase of 11%; Net Income of $0.2 Million, an Improvement of $7.9 Million; and Adjusted EBITDA of $7.0 Million, an Increase of 100% and Inclusive of $0.7 Million of Litigation Expenses in the Quarter
LOS ANGELES – August 10, 2026 (GLOBE NEWSWIRE) – Playboy, Inc. (NASDAQ: PLBY) (the “Company” or “Playboy”), a global pleasure and leisure company connecting consumers with products, content, and experiences that help them lead happier, more fulfilling lives, today announced financial and operational results for its second quarter ended June 30, 2026.
Financial Summary
($ in millions) | Q2 2026 | Q2 2025 | % Change | ||||||||
| Revenues | $31.2 | $28.1 | 11% | ||||||||
| Operating Expenses | $(28.2) | $(34.0) | (17)% | ||||||||
| Net Income (Loss) | $0.2 | $(7.7) | 103% | ||||||||
| Adj. EBITDA (non-GAAP) | $7.0 | $3.5 | 100% | ||||||||
Second Quarter 2026 & Recent Operational Highlights
•Playboy licensing revenue remains highly predictable and recurring, with approximately 91% of fiscal year 2026 licensing revenue supported by contractual guarantees and more than $320 million in unrecognized future revenue.
•Honey Birdette delivered 18.2% year-over-year sales growth in the second quarter of 2026, with gross margin of 65.1%. Comparable store sales grew 15%, with positive comparable store sales growth in all regions and through all channels.
•The Company grew total cash, including restricted cash, by approximately $2.5 million during the second quarter, reflecting ongoing operations of the business, in contrast to the first quarter, which included significant one-time closing costs incurred in connection with the new China JV transaction.
•Opened fan voting in the Company’s global model search collaboration between Playboy and Honey Birdette that attracted nearly 50,000, or three times the number of contestants, and approximately two and a half times the revenue as the Company’s prior contest. The latest contest’s economics are not included in the second quarter results because the contest did not end until August.
•Announced agreement to repurchase 16.6 million shares of common stock, representing nearly 14% of the Company’s outstanding shares, at a fixed price of $1.05 per share, a 28% discount to market value at the time of transaction, and supported by a backstop agreement with two significant stockholders.
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•Playboy joined the small-cap Russell 2000® Index and the broad-market Russell 3000® Index in connection with the conclusion of the 2026 Russell indexes reconstitution, which the Company believes may increase its visibility within the institutional investment community, broaden its shareholder base and enhance trading liquidity.
Management Commentary
Ben Kohn, Chief Executive Officer of Playboy, commented, “The second quarter demonstrated that the platform we have built is compounding, with continued revenue growth, our sixth consecutive quarter of positive adjusted EBITDA, and decisive steps to create shareholder value. Our agreement to repurchase Fortress’s entire 16.6 million-share position, nearly 14% of our shares outstanding, at a 28% discount to market value at the time of the transaction is immediately accretive to stockholders, and we structured the payments to preserve balance sheet flexibility that supports our deleveraging plan.
“Our brand engine continues to gain momentum. Following our sold-out Spring 2026 issue starring Karol G, we revealed Cara Delevingne as our Summer 2026 cover star, and another paid-voting contest, in collaboration with Honey Birdette, attracted nearly 50,000 contestants, nearly three times our prior contest. Our licensing foundation remains highly predictable, anchored by contractual guarantees and more than $320 million in unrecognized future licensing revenue, while Honey Birdette continues to grow with strong gross margins.
“Joining the Russell 2000 and Russell 3000 indexes at the end of June reflects the meaningful progress we have made in strengthening Playboy’s operating performance and balance sheet. With a clear path to further debt reduction and a content engine that keeps Playboy at the center of culture, we are executing from a position of strength as we work to deliver sustainable, long-term value for my fellow stockholders,” concluded Kohn.
Second Quarter 2026 Financial Results
Total revenue grew 11% to $31.2 million, compared to $28.1 million in the second quarter of 2025. The increase in revenue was primarily due to continued strong performance of Honey Birdette.
Direct-to-consumer revenue was $19.5 million, up 18.2% from the $16.5 million in the second quarter of 2025. The increase was driven by stronger than expected growth both online and in stores, with higher gross margins.
Licensing revenue was $11.2 million, compared to $10.9 million in the second quarter of 2025, reflecting a year-over-year increase of $0.2 million, or 2.2%. The change was primarily due to the Company’s continued repositioning of its licensing business around fewer, larger partners.
Operating expenses were $28.2 million, a decrease of 17.0% from $34.0 million in the second quarter of 2025. The decrease is due largely to the prior year comparative period having a $2.4 million non-recurring settlement with a licensing agent, $1.5 million in impairment charges related to right-of-use assets, and lower personnel and legal expenses in the second quarter of 2026.
Net income was $0.2 million, or less than a cent per share, compared to a net loss of $7.7 million, or $(0.08) per share, in the second quarter of 2025. The improvement is due to continued revenue growth and a focus on operating efficiencies.
Adjusted EBITDA was $7.0 million, an increase of 100% from adjusted EBITDA of $3.5 million in the second quarter of 2025. Excluding litigation expenses, adjusted EBITDA would have been $7.7 million.
As of June 30, 2026, the Company had $37.1 million in total cash.
Conference Call
Management will host an investor conference call at 5:00 p.m. Eastern time on Monday, August 10, 2026, to discuss the Company’s second quarter 2026 financial results, provide a corporate update, and conclude with taking questions from telephone participants. To participate, please use the following information:
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Q2 2026 Earnings Conference Call
Date: Monday, August 10, 2026
Time: 5:00 p.m. Eastern time
U.S. Dial-in: 1-877-423-9813
International Dial-in: 1-201-689-8573
Conference ID: 13761740
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1769724&tp_key=2ae57247c3
Please join at least five minutes before the start of the call to ensure timely participation.
A telephone playback of the call will be available through Thursday, September 10, 2026. To listen, please call 1-844-512-2921, using replay pin number 13761740. A webcast replay will be available using the webcast link above.
About Playboy, Inc.
Playboy (Nasdaq: PLBY) is a global pleasure and leisure company, built on one of the most globally recognized brands. By leveraging its iconic intellectual property, Playboy pursues an asset-light model across licensing, digital content, consumer products and experiential offerings, helping consumers worldwide to live more fulfilling lives. To learn more, please visit 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.
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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, 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 high concentration of licensing revenue from a small number of licensees; (12) the Company’s ability to comply with the terms of its indebtedness and other obligations; (13) changes in financing markets or the inability of the Company to obtain financing on attractive terms; and (14) 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.
Investor Relations Contact:
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
+1 (949) 259-4987
PLBY@mzgroup.us or investors@playboy.com
Public Relations Contact: press@playboy.com
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Playboy, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net revenues | $ | 31,218 | $ | 28,148 | $ | 61,454 | $ | 57,023 | ||||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||||||
| Cost of sales | (8,396) | (9,739) | (17,940) | (18,792) | ||||||||||||||||||||||
| Selling and administrative expenses | (19,756) | (22,366) | (42,990) | (47,763) | ||||||||||||||||||||||
| Impairments | — | (1,541) | — | (1,842) | ||||||||||||||||||||||
| Other operating (expense) income, net | (91) | (385) | 810 | (769) | ||||||||||||||||||||||
| Total operating expense | (28,243) | (34,031) | (60,120) | (69,166) | ||||||||||||||||||||||
| Operating income (loss) | 2,975 | (5,883) | 1,334 | (12,143) | ||||||||||||||||||||||
| Nonoperating (expense) income: | ||||||||||||||||||||||||||
| Interest expense, net | (2,218) | (1,907) | (4,717) | (3,795) | ||||||||||||||||||||||
| Other income, net | 500 | 1,000 | 1,527 | 1,202 | ||||||||||||||||||||||
| Total nonoperating expense | (1,718) | (907) | (3,190) | (2,593) | ||||||||||||||||||||||
| Income (loss) before income taxes | 1,257 | (6,790) | (1,856) | (14,736) | ||||||||||||||||||||||
| Expense from income taxes | (1,059) | (889) | (1,909) | (1,984) | ||||||||||||||||||||||
| Net income (loss) | 198 | (7,679) | (3,765) | (16,720) | ||||||||||||||||||||||
| Net income (loss) per share, basic and diluted | $ | — | $ | (0.08) | $ | (0.03) | $ | (0.18) | ||||||||||||||||||
| Weighted-average shares outstanding, basic and diluted | 114,695,987 | 94,397,910 | 114,441,426 | 93,549,044 | ||||||||||||||||||||||
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Adjusted EBITDA Reconciliation
This press 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 the Company’s performance that is neither required by, nor presented in accordance with, GAAP. The Company believes 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, the Company may incur future expenses similar to those excluded when calculating these measures. In addition, the Company’s presentation of these measures should not be construed as an inference that its future results will be unaffected by unusual or nonrecurring items. The Company’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies, because not all companies 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, the Company typically adjusts 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. The Company compensates 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 the Company’s business.
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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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income (loss) | $ | 198 | $ | (7,679) | $ | (3,765) | $ | (16,720) | |||||||||||||||
| Adjusted for: | |||||||||||||||||||||||
| Interest expense | 2,218 | 1,907 | 4,717 | 3,795 | |||||||||||||||||||
| Expense from income taxes | 1,059 | 889 | 1,909 | 1,984 | |||||||||||||||||||
| Depreciation and amortization | 707 | 778 | 1,652 | 1,582 | |||||||||||||||||||
| EBITDA | 4,182 | (4,105) | 4,513 | (9,359) | |||||||||||||||||||
| Adjusted for: | |||||||||||||||||||||||
| Transaction expenses | 155 | — | 3,364 | — | |||||||||||||||||||
| Licensing commissions settlement | — | 2,400 | — | 2,400 | |||||||||||||||||||
| Transition expenses | — | 1,170 | — | 5,000 | |||||||||||||||||||
| Severance | 4 | 322 | 71 | 2,593 | |||||||||||||||||||
| Stock-based compensation | 2,499 | 1,666 | 3,668 | 2,353 | |||||||||||||||||||
| Impairments | — | 1,541 | — | 1,842 | |||||||||||||||||||
| Adjustments | 127 | 477 | 367 | 1,019 | |||||||||||||||||||
| Adjusted EBITDA | $ | 6,967 | $ | 3,471 | $ | 11,983 | $ | 5,848 | |||||||||||||||
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