Playboy, Inc. (PLBY) SEC Filings, Feb-Apr 2026

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. CFO & COO Marc Crossman reported a tax-related share sale. He sold 104,035 shares of common stock on March 25, 2026 at a weighted average price of $1.6614 per share. Footnotes explain the sale was made solely to cover tax withholding obligations tied to the settlement of previously granted restricted stock units, rather than a discretionary open-market liquidation. After the transaction, he held 769,759 shares directly and 19,608 shares indirectly through his wife.

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. reports 2025 revenue of $120.9 million and a sharply reduced net loss of $12.7 million, compared with a $79.4 million net loss in 2024. The improvement is driven by a $19.4 million increase in licensing gross profit from its License & Management Agreement with Byborg, lower digital revamp expenses by $22.0 million, and $24.0 million less in non‑cash impairment charges.

The Honey Birdette direct‑to‑consumer segment generated $70.9 million of revenue and $0.3 million of operating income in 2025, while the Licensing segment produced $46.4 million of revenue and $31.8 million of operating income. Byborg was the largest licensee, contributing $20.0 million, or 17% of consolidated revenue, under a 15‑year deal with $300 million in minimum guaranteed payments and total licensing contract future royalty revenue of about $343.1 million through 2034.

Strategically, Playboy is shifting to a capital‑light, high‑margin model centered on licensing, media, experiences and hospitality. A new China joint venture with UTG Brands Management Group includes a $45,000,000 sale of 50% of its China licensing business over three closings, with all proceeds earmarked for debt repayment, plus expected brand support fees and minimum annual distributions. Key risks include dependence on the Playboy brand, adult‑content regulatory pressure, material weaknesses in internal control over financial reporting, significant international exposure and sensitivity to interest rates and foreign exchange.

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. reported that executive David Edward Miller, President of Playboy Media & Brand, received an equity award of 248,869 restricted stock units tied to the company’s common stock. The award has no cash exercise price and represents stock-based compensation rather than an open-market purchase.

These restricted stock units vest in three equal installments on each of the first three anniversaries of the February 23, 2026 vesting start date, subject to their terms. After this grant, Miller’s directly held equity position from this award is 248,869 units, which will convert into shares of common stock as they vest over time.

Playboy, Inc. officer David Edward Miller, President of Playboy Media & Brand, has filed an initial statement of beneficial ownership on Form 3. This filing identifies him as an officer and subject to insider reporting rules but does not report any buy, sell, or other share transactions.