Playboy, Inc.

Listed Company

PLBYCIK 0001803914NasdaqAcceleratedSmaller ReportingRetail-Miscellaneous RetailDelawareFY ends Dec 31

Period

FY 2025

Revenue

$120.93M

Net Income

$-12.67M

Total Assets

$292.37M

Equity

$18.38M

Shares Out

114.86M

Op. Cash Flow

$20.0K

Business

Playboy, Inc. is a pleasure and leisure company that manages and monetizes consumer brands through product, content and experience offerings. It offers Playboy-branded licensed consumer products and digital content, and owns Honey Birdette, a luxury lingerie and intimate products business. The company reports operations across Direct-to-Consumer (Honey Birdette e-commerce and retail), Licensing (Playboy brand licenses across apparel, spirits, beauty, sexual wellness, venues and gaming) and Digital Subscriptions and Content (creator platform, Playboy programming and subscription services). Its products and content are distributed globally through licensors, e-commerce, retail stores, broadcast and digital channels.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenues	121	116	143	186	247
Cost of sales	−35	−42	−55	−83	−117
Selling and administrative expenses	−91	−99	−123	−151	−197
Impairments	−2	−26	−155	−284	−964,000
Other operating expense, net	−763,000	−399,000	−540,000	482,000	0
Total operating expense	−129	−167	−333	−482	−315
Operating loss	−8	−51	−190	−296	−69
Interest expense	−8	−24	−23	—	—
Other income (expense), net	2	−2	806,000	−711,000	3
Total nonoperating expense	−6	−25	−10	−10	−12
Loss before income taxes	−14	−76	−200	−306	−80
Benefit (expense) from income taxes	1	−3	14	56	3
Net loss	−13	−79	−186	−251	—
Net loss attributable to Playboy, Inc.	−13	−79	−180	−278	−78
Net loss per share, basic (in dollars per share)	−0.13	−1.04	−2.53	−5.86	−2.04
Net loss per share, diluted (in dollars per share)	−0.13	−1.04	−2.53	−5.86	−2.04
Weighted average shares, basic (in shares)	100	76	71	47	38
Weighted average shares, diluted (in shares)	100	76	71	47	38

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	38	31	28	32	69
Restricted cash	100,000	100,000	2	0	2
Receivables, net of $0.7 million and $0.5 million of allowance for credit losses as of December 31, 2025 and 2024, respectively	4	7	7	14	14
Inventories, net	13	9	13	21	40
Prepaid expenses and other current assets	7	5	8	16	13
Assets held for sale, current	3	5	12	38	—
Total current assets	65	58	70	121	139
Restricted cash	5	2	2	4	4
Property and equipment, net	4	5	14	14	26
Operating right-of-use assets	16	19	25	28	39
Goodwill	37	36	55	123	254
Other intangible assets, net	156	156	158	—	—
Contract assets, net of current portion	7	8	9	14	17
Other noncurrent assets	922,000	715,000	2	15	14
Total assets	292	285	334	555	935
Accounts payable	12	11	15	14	21
Deferred revenues, current portion	11	10	9	10	10
Operating lease liabilities, current portion	7	7	7	6	10
Long-term debt, current portion	2	381,000	304,000	2	3
Other current liabilities and accrued expenses	32	28	28	26	32
Total current liabilities	64	56	59	93	118
Deferred revenues, net of current portion	14	6	5	21	43
Deferred tax liabilities, net	6	10	9	27	91
Operating lease liabilities, net of current portion	15	19	25	27	36
Long-term debt, net of current portion	173	176	190	191	226
Other noncurrent liabilities	2	2	957,000	886,000	20,000
Total liabilities	274	269	289	400	513
Commitments and contingencies (Note 14)	—	—	—	—	—
Series B convertible preferred stock, $0.0001 par value per share, 28,001 shares authorized, 0 issued and outstanding as of December 31, 2025; 28,001 shares authorized, 28,000.00001 issued and outstanding as of December 31, 2024	0	24	0	—	—
Redeemable noncontrolling interest	−208,000	−208,000	−208,000	−208,000	—
Common stock, $0.0001 par value per share; 400,000,000 shares authorized, 115,069,810 shares issued and 112,819,881 shares outstanding at December 31, 2025; 92,110,964 shares issued and 89,861,035 shares outstanding at December 31, 2024	11,000	9,000	7,000	5,000	4,000
Treasury stock, at cost: 2,249,929 shares as of December 31, 2025 and 2024	−5	−5	−5	−4	—
Additional paid-in capital	757	719	690	617	586
Accumulated other comprehensive loss	−27	−27	−25	−24	−4
Accumulated deficit	−707	−694	−614	−433	−156
Total stockholders equity (deficit)	18	−8	46	155	422
Total liabilities, mezzanine equity and stockholders equity (deficit)	292	285	334	555	935

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	3	7	7	13	7
Stock-based compensation	5	7	10	21	58
Impairments	2	26	155	—	—
Amortization of right of use assets	5	7	6	5	6
Deferred income taxes	−4	968,000	−18	−63	—
Amortization of debt premium/discount and issuance costs	−9	3	3	—	—
Capitalized paid-in-kind interest	7	7	2	0	—
Other, net	−630,000	197,000	573,000	101,000	850,000
Receivables, net	2	994,000	7	−925,000	−7
Inventories	−3	5	−469,000	−1	−5
Contract assets	192,000	884,000	−1	1	−4
Prepaid expenses and other assets	−2	2	8	−2	−12
Accounts payable	1	−3	512,000	−801,000	8
Accrued agency fees and commissions	−574,000	−215,000	−7	4	−3
Other liabilities and accrued expenses	4	2	2	—	—
Deferred revenues	10	2	−18	−21	−277,000
Operating lease liabilities	−7	−8	−6	−6	−5
Other, net	−884,000	1	1	−7	−1
Net cash provided by (used in) operating activities	20,000	−19	−43	−59	−37
Purchases of property and equipment	−1	−2	−4	−7	−18
Proceeds from sale of artwork	2	2	0	—	—
Net cash provided by (used in) investing activities	550,000	−318,000	13	9	−273
Proceeds from issuance of common stock in private placement, net	0	22	0	0	—
Payment of financing costs	−508,000	0	−508,000	−3	−3
Repayment of long-term debt	−381,000	−228,000	−46	−36	−161
Proceeds from sale of common stock, net	10	0	48	0	203
Other	−792,000	−426,000	0	—	—
Net cash provided by financing activities	9	22	26	12	370
Effect of exchange rate changes on cash and cash equivalents	342,000	−492,000	—	—	—
Net increase in cash and cash equivalents and restricted cash	9	2	−4	−40	60
Cash paid for income taxes	1	2	−2	5	—
Cash paid for interest	13	13	17	16	15
Issuance of common stock in relation to the conversion of preferred stock	27	0	0	237,000	—
Exchange of debt for Series B convertible preferred stock	0	23	0	—	—
Accrued financing fees	0	250,000	0	—	—
Sale of artwork	0	751,000	0	—	—
Purchases of property and equipment	83,000	20,000	596,000	379,000	450,000
Right-of-use assets in exchange for lease liabilities	4	2	5	6	3
Reduction in right-of-use assets in relation to a lease of a formerly disposed of business	870,000	0	—	—	—

Filings

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