PLBY Group Reports First Quarter 2025 Financial Results

Core Insights - PLBY Group, Inc. reported Q1 2025 revenue of $28.9 million, a 2$28.3 million in Q1 2024, driven by a significant rise in licensing revenue [4][7] - The company achieved a net loss of $9.0 million, an improvement of$7.4 million compared to a net loss of $16.4 million in Q1 2024 [7][21] - Adjusted EBITDA for the quarter was$2.4 million, marking a substantial improvement from an adjusted EBITDA loss of $2.5 million in the same quarter last year [8][21] Financial Performance - Total revenue for Q1 2025 was$28.9 million, reflecting a year-over-year increase of $0.6 million, or 2$11.4 million, a 175% increase from $4.1 million in Q1 2024, primarily due to the Byborg licensing agreement [6][21] - Direct-to-consumer revenue decreased by 13$16.3 million, attributed to reduced promotional activities for the Honey Birdette brand [7][21] Operational Highlights - The company transitioned to an asset-light business model, focusing on licensing the Playboy brand, which is showing positive results [3][6] - The Byborg partnership generated $5 million in guaranteed royalties in Q1, with expectations of at least$20 million annually for the next 15 years [3][6] - The relaunch of Playboy magazine in February 2025 was successful, leading to plans for additional issues and new revenue streams [3][6] Cost Management - Total operating expenses decreased by 6% to $35.1 million from$37.2 million in Q1 2024 [7][21] - The company incurred approximately $1 million in costs during Q1 2025, which have since been eliminated, indicating a focus on cost reduction [3][8] Future Outlook - PLBY Group is actively pursuing new licensing opportunities, particularly in land-based entertainment and gaming [3][6] - The company plans to publish four issues of Playboy magazine in 2026, aiming to create additional excitement and revenue [3][6]