Playboy, Inc. 8-K Filings

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.

Playboy, Inc. entered into a stock repurchase agreement to buy 16,589,531 shares of its common stock from affiliates of Fortress Investment Group at $1.05 per share, for total consideration of about $17.4 million. These shares represent 100% of Fortress’s beneficial ownership and nearly 15% of Playboy’s total shares outstanding.

The buyback will be completed in four installments by December 31, 2026, including payments of $2.0 million on the effective date, $3.0 million on or before August 31, 2026, $5.0 million on or before November 1, 2026, with remaining shares purchased by year-end at the same fixed price. Playboy can accelerate purchases at any time.

A concurrent Backstop Agreement with large shareholders affiliated with Rizvi Traverse Management and Byborg Enterprises commits them to purchase any shares Playboy does not acquire, subject to a 29.99% ownership cap and a 5% backstop fee on unused commitments. An amendment to the existing credit agreement modifies negative covenants to permit these transactions while Fortress remains the company’s primary senior secured lender.

Playboy, Inc. reports shareholder approval of a larger equity plan and highlights a continuing turnaround. Stockholders approved amending the 2021 Equity and Incentive Compensation Plan to add 10 million shares and re-elected two Class III directors, ratified RSM US LLP, backed executive pay on an advisory basis, and approved an adjournment proposal.

The company’s investor presentation shows Q1 2026 net revenues of about $30.2 million and Adjusted EBITDA of about $5.0 million, up from about $2.4 million a year earlier. Management cites five consecutive quarters of positive Adjusted EBITDA and a strategy centered on high-margin licensing and a premium Honey Birdette direct-to-consumer business.

Playboy describes a deleveraging plan, noting senior debt reduced from $218 million to $145 million with a path toward about $108 million by Q1 2028. A joint venture with UTG for a 50% interest in its China licensing business includes $45 million in cash, $67 million in guaranteed minimum annual distributions over eight years, and $10 million in brand support payments, with $52 million earmarked for debt reduction.

Playboy, Inc. appointed finance executive Jennifer Cabalquinto to its Board of Directors as a new independent Class I director, restoring the Board to seven members, four of whom are independent. She brings more than 30 years of strategic finance, audit, and governance experience across media, entertainment, sports, consumer, and technology businesses, including prior CFO roles at 2K and Golden State Warriors Sports.

Her appointment enabled Playboy to regain compliance with Nasdaq Listing Rule 5605(b)(1), which requires a majority of independent directors. Cabalquinto will receive standard non-employee director compensation, enter into the company’s standard indemnification agreement, and serve until the 2027 annual meeting of stockholders unless she resigns or is removed earlier.

Playboy, Inc. has amended and expanded its Miami Beach office lease through its subsidiary Playboy Enterprises, Inc. The amendment shifts the existing lease’s delivery and commencement dates to January 1, 2027, extends the lease expiration to November 30, 2037, and provides rent, tax, and operating expense abatements from January through July 2027, followed by an escalating rent schedule with a lower maximum rent than before.

On the same date, the subsidiary signed an Additional Lease for the remaining space on the same floor, so the company will occupy the entire floor as offices for the company and its subsidiaries. The Additional Lease runs through November 30, 2037, includes two five-year renewal options, abates base rent through February 2027, then starts base rent at $49,840 per month from March 2027 with escalations. Playboy must also cover operating expenses and property taxes and provide an irrevocable letter of credit of $600,000. Both leases include cross-default provisions and customary covenants and assignment restrictions.

Playboy, Inc. reported first quarter 2026 revenue of $30.2 million, up 5% from $28.9 million a year earlier, driven by a 15% increase in direct-to-consumer sales to $18.8 million, mainly from Honey Birdette. Licensing revenue was $10.9 million, down 5%.

Net loss improved to $4.0 million, or $0.03 per share, compared with a $9.0 million loss, helped by a 9% reduction in operating expenses to $31.9 million. Adjusted EBITDA more than doubled to $5.0 million, and would have been $5.8 million excluding litigation expenses.

The company closed the first stage of its China joint venture with UTG, receiving $15.0 million for a 16.67% JV stake and a $4.0 million brand support payment, using the $15.0 million to pay down senior secured debt. Playboy expects an additional $30 million of purchase price proceeds, $6 million of brand support payments and $62 million of JV distributions through 2033. Cash was $34.7 million as of March 31, 2026.

Playboy, Inc. entered into retention agreements with its named executive officers Ben Kohn, Marc Crossman, Chris Riley and David Miller on April 10, 2026. These agreements acknowledge RSU grants made on April 8, 2026 for 645,161 shares to Kohn and 225,806 shares each to Crossman, Riley and Miller, vesting on April 30, 2027. The agreements also contemplate additional RSU grants in 2027 in the same amounts, vesting on April 30, 2028, which remain subject to future approval by the Compensation Committee. Under certain limited conditions, the intended 2027 RSUs may instead be settled in cash, and executives who resign or are terminated for cause before grant would not receive the 2027 awards or related cash payments.

Playboy, Inc. has replaced its long-time auditor. On March 26, 2026 the company dismissed BDO USA, P.C. as its independent registered public accounting firm, and on March 31, 2026 engaged RSM US LLP as auditor for the year ending December 31, 2026.

The company reports no disagreements with BDO over accounting principles, disclosures, or audit procedures, and BDO’s opinions for 2024 and 2025 were clean. However, previously disclosed material weaknesses in internal control over financial reporting, including entity-level, IT, review, and inventory controls, remain unremediated as of this report.

Playboy, Inc. provided an investor presentation outlining a licensing-led turnaround, balance sheet deleveraging, and growth plans across four pillars: licensing, media & experiences, hospitality, and Honey Birdette. For 2025, the company generated net revenues of $120.9M and improved its net loss to $12.7M from $79.4M in 2024, with Adjusted EBITDA rising to $17.0M.

The presentation highlights a strategic China licensing partnership with UTG, including $45M cash for 50% of the China licensing business and $122M in total guaranteed minimum payments, of which $52M is earmarked for debt reduction upon closing. Senior debt was already cut from $218M to $153M in Q4 2024, and the company targets about $105M of debt and roughly $9M in annual cash interest by Q1 2028.

Licensing delivered about $120M of 2025 revenue, with licensing representing 38% of total revenue, 90% gross margin, and 90% of licensing revenue under guarantees, totaling more than $340M in unrecognized future revenue. Honey Birdette returned to growth with 2025 sales of $71M, gross margin of 60%, and Adjusted Operating Income of $6.6M, driven by full-price selling and strong U.S. economics. Management emphasizes recurring, high-margin cash flow, four consecutive quarters of positive Adjusted EBITDA, and an asset-light strategy built around the Playboy brand’s 72-year cultural IP.

Playboy, Inc. has completed the initial closing of a transaction to sell 50% of its China, Hong Kong and Macau licensing business to UTG Brands Management Group for an aggregate purchase price of $45,000,000, executed through a joint venture structure.

At the first closing on March 20, 2026, UTG acquired a 16.67% stake in the JV for $15,003,000, of which $15,000,000 was used to pay down senior secured debt. Playboy also received a $4,000,000 brand support payment and began receiving guaranteed minimum JV distributions of $10,000,000 in 2026, $9,000,000 in 2027 and $8,000,000 annually from 2028 through 2033, backed by UTG. Pro forma data show lower interest expense and a gain on debt extinguishment, supporting Playboy’s shift to an asset-light, licensing-focused model while maintaining ongoing economic participation in its China business.

Playboy, Inc. reported stronger fourth quarter and full-year 2025 results as it continued shifting to an asset-light, licensing-led model. Q4 revenue rose to $34.9 million from $33.5 million, and the company generated net income of $3.6 million versus a prior-year loss of $12.5 million. Adjusted EBITDA improved to $7.1 million, or $8.0 million excluding litigation expenses.

For full-year 2025, revenue increased to $120.9 million from $116.1 million, while operating expenses dropped to $129.0 million from $167.0 million. The net loss narrowed sharply to $12.7 million compared with $79.4 million in 2024, and Adjusted EBITDA swung to a $17.0 million profit from a $6.3 million loss.

Licensing remains a key driver, with about 90% of 2025 licensing revenue backed by guarantees and more than $343 million in unrecognized future licensing revenue. A new partnership with UTG Brands Management Group for Playboy’s China licensing business includes $122 million in contracted cash payments and supports debt reduction. Senior debt fell by nearly $58 million to $160 million between the third quarter of 2024 and the fourth quarter of 2025, and the company plans to apply almost $52 million of UTG proceeds to further pay down debt. Cash on hand increased to $42.8 million as of December 31, 2025, up from $33.3 million a year earlier.

Playboy, Inc. appointed David Miller as President, Playboy, Media & Brand, effective February 23, 2026, making him an executive officer. He previously led National Geographic’s global media business and held senior roles at AOL.

Under his employment agreement, Miller receives a $400,000 annual base salary and is eligible for an annual cash bonus targeted at 80% of salary. He will also receive annual equity awards targeting $700,000 in grant date fair value and an initial grant of 248,869 RSUs vesting over three years, subject to continued employment. If terminated without cause or he resigns for good reason, he may receive salary-based severance, a pro-rated bonus, COBRA premium coverage, and partial acceleration of equity, depending on timing and whether a change in control has occurred.

Playboy, Inc. released preliminary, unaudited results for the fourth quarter ended December 31, 2025, showing a sharp turnaround in profitability. The company expects Q4 2025 revenue between $34.0 million and $35.0 million. Net income is projected between $2.5 million and $3.5 million, compared with a $12.5 million net loss in Q4 2024, indicating a move back into the black. Adjusted EBITDA is estimated between $6.6 million and $7.0 million, versus an Adjusted EBITDA loss of $0.1 million a year earlier. Management attributes the improvement to stronger licensing performance, support from its UTG partnership in China, cost discipline, and margin expansion at its Honey Birdette subsidiary with fewer promotions.

Playboy, Inc. has signed a definitive agreement to sell 50% of its China, Hong Kong and Macau licensing business to UTG Brands Management Group via a joint venture structure for a total cash package of $122 million.

Playboy will receive $45 million over two years for a 50% equity interest in Playboy China (BVI) Limited, plus $10 million over three years for brand support services and guaranteed minimum distributions of $10 million in 2026, $9 million in 2027, and $8 million annually from 2028 through 2033. UTG has already paid a $9 million signing deposit, and the initial closing is expected by March 31, 2026, subject to regulatory and other customary conditions, including Chinese outbound investment approvals.

Playboy plans to use all transaction proceeds from the three equity closings to pay down debt and has committed to apply at least $50 million of total deal proceeds toward debt reduction, which the company expects, including lower interest expense, to be immediately accretive to earnings while supporting an asset‑light, licensing‑focused strategy.

Playboy, Inc. (PLBY) announced that it has made a new investor presentation available on its website as of November 20, 2025. The company plans to use this presentation in future investor communications and conferences, and has also attached it as Exhibit 99.1 to this current report. The materials discuss management’s views on its markets, business model and future plans, but are furnished rather than filed, meaning they are not subject to certain liability provisions and are not automatically incorporated into other SEC reports. Playboy also includes a standard caution that the presentation contains forward-looking statements that involve risks and uncertainties, and directs readers to its SEC filings for a more complete description of these risks.

Playboy, Inc. (PLBY) furnished an update on Q3 2025. The company announced it issued a press release with financial results for the quarter ended September 30, 2025 and posted a stockholder letter on its investor site. These materials were furnished under Items 2.02 and 7.01 and are not deemed “filed” under Section 18. The press release and letter are attached as Exhibits 99.1 and 99.2.

Playboy, Inc. reported that a Hong Kong International Arbitration Centre tribunal ruled in favor of its wholly owned subsidiary Playboy Enterprises International, Inc. against former Chinese licensee New Handong Investment (Guangdong) Co., Ltd. The Tribunal found PEII's termination notice lawful, dismissed New Handong's counterclaims, and ordered New Handong to cease use of Playboy intellectual property and to pay guaranteed royalties, a termination fee, unpaid marketing expenses and other fees and expenses totaling approximately $81 million plus interest. Interest will accrue at 8.25% from the award date if the award is not paid in full by September 20, 2025. The decision is final, and PEII may seek enforcement in China if New Handong does not comply. The Company issued a press release on September 8, 2025; a copy is attached as Exhibit 99.1.

On August 22, 2025, Playboy, Inc. completed the conversion of all remaining 21,000.00001 shares of its Series B Convertible Preferred Stock into 12,439,730 shares of common stock at a conversion price of $1.74448 per share. As a result, the company no longer has any preferred stock outstanding and now has 107,548,055 shares of common stock outstanding. The conversion was pro rata, produced no cash proceeds, and the issued common shares were restricted and relied on the Section 3(a)(9) exemption from registration. A press release about the conversion was furnished on August 25, 2025.

Playboy, Inc. issued a press release announcing its financial results for the second fiscal quarter of 2025, which ended June 30, 2025, and posted a letter to stockholders on its investor relations website at investors.playboy.com. Both documents are attached to this Current Report on Form 8-K as Exhibit 99.1 (press release) and Exhibit 99.2 (stockholder letter).

The filing notes the company uses multiple public channels to distribute material information and states that the content of Items 2.02 and 7.01 and Exhibits 99.1 and 99.2 is furnished, not "filed," for purposes of Section 18 of the Exchange Act and is not incorporated by reference in other filings except where expressly indicated. The report is signed by Chris Riley, General Counsel and Secretary.

Playboy, Inc. (formerly PLBY Group, Inc.) filed an 8-K to disclose two charter amendments that became effective at 12:01 a.m. ET on 25 June 2025.

• Corporate rebranding: The corporate name changes from “PLBY Group, Inc.” to “Playboy, Inc.” All Nasdaq trading details—including ticker symbol (PLBY) and CUSIP—remain unchanged.
• Authorized Share Increase: The number of authorized common shares rises from 150 million to 400 million, a 167% expansion that materially increases the company’s capacity to issue new equity.
• Governance housekeeping: The Board adopted conforming amendments to (i) the Second Amended & Restated Bylaws and (ii) the 2021 Equity & Incentive Compensation Plan. No substantive terms were altered beyond reflecting the new corporate name.
• Stockholder approval: Both the name change and share-increase proposals were approved at the 16 June 2025 annual meeting.
• No immediate shareholder action required: The amendments do not affect existing share rights, certificates, or trading mechanics.

The filing does not contain financial results, M&A activity, or operational updates. However, the substantial increase in authorized shares signals management’s desire for added capital-raising flexibility—which can be positive for growth initiatives but introduces dilution risk if new shares are issued.