GlobeNewswire·May 11, 2026, 4:05 PM ET

Playboy Reports First Quarter 2026 Financial Results

PLBY

Playboy, Inc. reported Q1 2026 revenue of $30.2 million, a 5% increase from $28.9 million in Q1 2025.
The company recorded a net loss of $4.0 million, an improvement of $5.1 million compared to a $9.0 million loss in the prior year period.
Adjusted EBITDA for Q1 2026 was $5.0 million, a 111% increase from $2.4 million in Q1 2025, rising to $5.8 million when excluding litigation expenses.
Direct-to-consumer revenue grew 15% to $18.8 million, driven by strong Honey Birdette sales in the United States.
Licensing revenue decreased 5% to $10.9 million due to the expiration of certain agreements.
Operating expenses fell 9% to $31.9 million, primarily due to lower payroll costs despite higher sales costs & transaction expenses related to the China joint venture.
Playboy closed a deal with UTG Brands Management Group for its China licensing business, receiving $15.0 million to pay down senior debt & a $4.0 million brand support payment.
Future UTG proceeds include $30 million for additional equity interest & $6 million in brand support by January 2028, with $62 million in total JV distributions expected through 2033.
Approximately $37 million of additional UTG proceeds are earmarked for further senior debt reduction.
The company appointed David Miller as President, Media & Brand, and Phillip Picardi as Chief Brand Officer and Editor-in-Chief.
Licensing revenue remains predictable with 90% of fiscal 2025 revenue supported by contractual guarantees & nearly $333 million in unrecognized future revenue.
Honey Birdette achieved 15% year-over-year sales growth in Q1 2026 with a 57% gross margin.
As of March 31, 2026, the company held $34.7 million in cash.
Management hosted an investor conference call on May 11, 2026, to discuss the financial results.