{"success":true,"data":{"pressRelease":{"id":"30332","rtpr_id":"nGNX9pTnND","ticker":"PLBY","exchange":"NASDAQ","all_tickers":["PLBY"],"title":"Playboy Reports First Quarter 2026 Financial Results","author":"Globe Newswire","published_at":"2026-05-11T20:05:02.315Z","article_body":"Q1 Revenue of $30.2 Million; Net Loss of $4.0 Million, an Improvement of $5.1\nMillion; and Adjusted EBITDA of $5.0 Million, or $5.8 Million Excluding\nLitigation Expenses\n\nLOS ANGELES, May 11, 2026 (GLOBE NEWSWIRE) -- Playboy, Inc. (NASDAQ: PLBY)\n(the “Company” or “Playboy”), a global pleasure and leisure company\nconnecting consumers with products, content, and experiences that help them\nlead happier, more fulfilling lives, today announced financial and operational\nresults for the first quarter ended March 31, 2026.\n\nFinancial Summary\n\n ($ in millions)         Q1 2026        Q1 2025        % Change      \n Revenues                $30.2          $28.9          5%            \n Operating Expenses      $(31.9)        $(35.1)        (9)%          \n Net Loss                $(4.0)         $(9.0)         (56)%         \n Adj. EBITDA (non-GAAP)  $5.0           $2.4           111%          \n\nFirst Quarter 2026 & Recent Operational Highlights:\n* Playboy licensing revenue remains highly predictable and recurring, with\napproximately 90% of fiscal year 2025 licensing revenue supported by\ncontractual guarantees and almost $333 million in unrecognized future\nrevenue.\n\n\n* Honey Birdette delivered 15% year-over-year sales growth in the first\nquarter of 2026, with gross margin of 57%. \n\n\n* The Company closed its deal with UTG Brands Management Group Limited\n(“UTG”) for Playboy’s China licensing business on March 20, 2026. At the\ninitial closing, UTG acquired a 16.67% equity interest in a joint venture that\nmanages and licenses Playboy’s licensing business in China, Hong Kong and\nMacau (the “JV”) in exchange for $15.0 million, which Playboy used to pay\ndown senior secured debt. Playboy also received a $4.0 million brand support\npayment at the initial closing.\n\n\n* The Company expects to receive the remaining $30 million of purchase price\nproceeds for UTG’s acquisition of an additional 33.33% equity interest in\nthe JV, along with a further $6 million in brand support payments, by January\n2028. In addition, a remaining $62 million in total JV distributions will be\npaid to Playboy through 2033.\n\n\n* The Company continued to reduce its senior debt, with $15.0 million paid\ndown in the first quarter of 2026 from the UTG initial closing proceeds and\nnearly $37 million of additional forthcoming UTG proceeds earmarked for\nfurther debt reduction.\n\n\n* Playboy strengthened its leadership team with the appointments of David\nMiller as President, Media & Brand and Phillip Picardi as Chief Brand Officer\nand Editor-in-Chief to drive content strategy, digital platform growth, and\nmedia monetization.\nManagement Commentary\n\nBen Kohn, Chief Executive Officer of Playboy, commented, “Playboy delivered\na strong start to 2026, marked by continued revenue growth, a fifth\nconsecutive quarter of positive Adjusted EBITDA, and meaningful progress\nacross each of our strategic pillars. The initial closing of our partnership\nwith UTG enabled us to immediately pay down $15 million of senior debt,\nfurther strengthening our balance sheet, with almost $37 million of additional\nUTG proceeds earmarked for debt reduction.\n\n“We enter the remainder of 2026 with significant momentum. Our licensing\nfoundation remains highly predictable, anchored by contractual guarantees and\nalmost $333 million in unrecognized future licensing revenue. Honey Birdette\nis growing while maintaining margins, and our content engine is driving\naudience growth through Playboy magazine and related programming.\n\n“With David Miller and Phillip Picardi in senior leadership roles, a\nstrengthening balance sheet, and a world-class partner in UTG now managing our\nChina business, we are executing from a position of strength. I look forward\nto continued execution in the months ahead as we work to deliver sustainable,\nlong-term value for my fellow stockholders,” concluded Kohn.\n\nFirst Quarter 2026 Financial Results\n\nTotal revenue was $30.2 million, compared to $28.9 million in the first\nquarter of 2025, reflecting a year-over-year increase of $1.4 million, or 5%.\nThe increase in revenue was primarily due to a 15% increase in direct to\nconsumer revenue, offset by a decline in licensing revenue, a decrease in\nbrand-supporting activities and lower amortization of deferred revenue\nbalances.\n\nDirect-to-consumer revenue was $18.8 million, up 15% from the $16.3 million\nin the first quarter of 2025. The increase in revenue was driven by continued\nstrong sales of full price Honey Birdette products, particularly in the United\nStates.\n\nLicensing revenue was $10.9 million, compared to $11.5 million in the first\nquarter of 2025, reflecting a year-over-year decrease of $0.5 million, or 5%.\nThe decrease was primarily due to the expiration of a small number of\nlicensing agreements, some of which are expected to be replaced in subsequent\nquarters.\n\nOperating expenses were $31.9 million, a decrease of 9% from $35.1 million\nin the first quarter of 2025. The decrease in operating expenses was primarily\ndue to lower payroll expense, partially offset by higher costs of sales and\ntransaction expenses related to Playboy’s recently announced new China joint\nventure.\n\nNet loss was $4.0 million, or $0.03 per share, compared to a net loss of\n$9.0 million, or $0.10 per share, in the first quarter of 2025. Net loss for\nthe first quarter of 2026 included $3.5 million of transaction expenses\nrelated to the UTG deal. The year-over-year improvement reflects the\nCompany’s continued focus on operational efficiency and disciplined cost\nmanagement.\n\nAdjusted EBITDA was $5.0 million, an increase of 111% from adjusted EBITDA of\n$2.4 million in the first quarter of 2025. Excluding litigation expenses,\nAdjusted EBITDA would have been $5.8 million.\n\nBalance Sheet\n\nAs of March 31, 2026, the Company had $34.7 million in cash.\n\nConference Call\n\nManagement will host an investor conference call at 5:00 p.m. Eastern time on\nMonday, May 11, 2026 to discuss the Company’s first quarter 2026 financial\nresults, provide a corporate update, and conclude with questions from\ntelephone participants. To participate, please use the following information:\n\nQ1 2026 Earnings Conference Call Details\n\nDate: Monday, May 11, 2026\nTime: 5:00 p.m. Eastern time\nU.S. Dial-in: 1-877-423-9813\nInternational Dial-in: 1-201-689-8573\nConference ID: 13760265\nWebcast:\nhttps://viavid.webcasts.com/starthere.jsp?ei=1760907&tp_key=90cd654f67\n\nPlease join at least five minutes before the start of the call to ensure\ntimely participation. A telephone playback of the call will be available\nthrough Thursday, June 11, 2026. To listen, please call 1-844-512-2921, using\nreplay pin number 13760265. A webcast replay will be available using the\nwebcast link above.\n\nAbout Playboy, Inc.\n\nPlayboy (Nasdaq: PLBY) is a global pleasure and leisure company, built on one\nof the most globally recognized brands. By leveraging its iconic intellectual\nproperty, Playboy pursues an asset-light model across licensing, digital\ncontent, consumer products and experiential offerings, helping consumers\nworldwide to live more fulfilling lives. To learn more, please visit\nhttps://investors.playboy.com.\n\nForward-Looking Statements\n\nThis press release includes “forward-looking statements” within the\nmeaning of the “safe harbor” provisions of the United States Private\nSecurities Litigation Reform Act of 1995. The Company’s actual results may\ndiffer from their expectations, estimates, and projections and, consequently,\nyou should not rely on these forward-looking statements as predictions of\nfuture events. Words such as “expect”, “estimate”, “project”,\n“budget”, “forecast”, “anticipate”, “intend”, “plan”,\n“may”, “will”, “could”, “should”, “believes”,\n“predicts”, “potential”, “continue”, and similar expressions (or\nthe negative versions of such words or expressions) are intended to identify\nsuch forward-looking statements. These forward-looking statements include,\nwithout limitation, the Company’s expectations with respect to future\nperformance, growth plans and anticipated financial impacts of its strategic\nopportunities and corporate transactions.\n\nThese forward-looking statements involve significant risks and uncertainties\nthat could cause the actual results to differ materially from those discussed\nin the forward-looking statements. Factors that may cause such differences\ninclude, but are not limited to: (1) the inability to maintain the listing of\nthe Company’s shares of common stock on Nasdaq; (2) the risk that the\nCompany’s completed or proposed transactions disrupt the Company’s current\nplans and/or operations, including the risk that the Company does not complete\nany such proposed transactions or achieve the expected benefits from any\ntransactions; (3) the ability to recognize the anticipated benefits of\ncorporate transactions, commercial collaborations, cost reduction initiatives\nand proposed transactions, which may be affected by, among other things,\ncompetition, the ability of the Company to grow and manage growth profitably,\nand the Company’s ability to retain its key employees; (4) costs related to\nbeing a public company, corporate transactions, commercial collaborations and\nproposed transactions; (5) changes in applicable laws or regulations; (6) the\npossibility that the Company may be adversely affected by global hostilities,\nsupply chain delays, inflation, interest rates, tariffs, foreign currency\nexchange rates or other economic, business, and/or competitive factors; (7)\nrisks relating to the uncertainty of the projected financial information of\nthe Company, including changes in the Company’s estimates of cash flows and\nthe fair value of certain of its intangible assets, including goodwill; (8)\nrisks related to the organic and inorganic growth of the Company’s\nbusinesses, and the timing of expected business milestones; (9) changing\ndemand or shopping patterns for the Company’s products and services; (10)\nfailure of licensees, suppliers or other third-parties to fulfill their\nobligations to the Company; (11) the Company’s high concentration of\nlicensing revenue from a small number of licensees; (12) the Company’s\nability to comply with the terms of its indebtedness and other obligations;\n(13) changes in financing markets or the inability of the Company to obtain\nfinancing on attractive terms; and (14) other risks and uncertainties\nindicated from time to time in the Company’s Annual Report on Form 10-K,\nincluding those under “Risk Factors” therein, and in the Company’s other\nfilings with the Securities and Exchange Commission. The Company cautions that\nthe foregoing list of factors is not exclusive, and readers should not place\nundue reliance upon any forward-looking statements, which speak only as of the\ndate which they were made. The Company does not undertake any obligation to\nupdate or revise any forward-looking statements to reflect any change in its\nexpectations or any change in events, conditions, or circumstances on which\nany such statement is based.\n\nInvestor Relations Contact:\nLucas A. Zimmerman\nManaging Director\nMZ Group - MZ North America\n+1 (949) 259-4987\nPLBY@mzgroup.us or investors@playboy.com\n\nPublic Relations Contact: press@playboy.com\n\n\n\n Playboy, Inc.                                                                                                       \n Condensed Consolidated Statements of Operations                                                                     \n (Unaudited)                                                                                                         \n (in thousands, except share and per share amounts)                                                                  \n                                                                                                                     \n                                                         Three Months Ended March 31,                                \n                                                                2026                              2025               \n Net revenues                                            $      30,236                     $      28,875             \n Costs and expenses:                                                                                                 \n Cost of sales                                                  (9,544       )                    (9,053      )      \n Selling and administrative expenses                            (23,234      )                    (25,397     )      \n Impairments                                                    —                                 (301        )      \n Other operating income (expense), net                          901                               (384        )      \n Total operating expense                                        (31,877      )                    (35,135     )      \n Operating loss                                                 (1,641       )                    (6,260      )      \n Nonoperating (expense) income:                                                                                      \n Interest expense, net                                          (2,499       )                    (1,888      )      \n Other income, net                                              1,027                             202                \n Total nonoperating expense, net                                (1,472       )                    (1,686      )      \n Loss before income taxes                                       (3,113       )                    (7,946      )      \n Expense from income taxes                                      (850         )                    (1,095      )      \n Net loss                                                $      (3,963       )             $      (9,041      )      \n Net loss per share, basic and diluted                   $      (0.03        )             $      (0.10       )      \n Weighted-average shares outstanding, basic and diluted         114,184,037                       92,653,367         \n\nAdjusted EBITDA Reconciliation\n\nThis press release presents the financial measure earnings (net income or\nloss) before interest, income tax expense or benefit, and depreciation and\namortization (“EBITDA”). “Adjusted EBITDA” is defined as EBITDA\nadjusted for stock-based compensation and other special items determined by\nmanagement. Adjusted EBITDA is intended as a supplemental measure of the\nCompany’s performance that is neither required by, nor presented in\naccordance with, GAAP. The Company believes that the use of EBITDA and\nAdjusted EBITDA provides an additional tool for investors to use in evaluating\nongoing operating results and trends and in comparing our financial measures\nwith those of comparable companies, which may present similar non-GAAP\nfinancial measures to investors. However, investors should be aware that when\nevaluating EBITDA and Adjusted EBITDA, the Company may incur future expenses\nsimilar to those excluded when calculating these measures. In addition, the\nCompany’s presentation of these measures should not be construed as an\ninference that its future results will be unaffected by unusual or\nnonrecurring items. The Company’s computation of Adjusted EBITDA may not be\ncomparable to other similarly titled measures computed by other companies,\nbecause not all companies calculate Adjusted EBITDA in the same fashion.\n\nIn addition to adjusting for non-cash stock-based compensation, non-cash\ncharges for the fair value remeasurements of certain liabilities,\nnon-recurring non-cash impairments and asset write-downs, the Company\ntypically adjusts for non-operating expenses and income, such as nonrecurring\nspecial projects, including related consulting expenses, transition expenses,\nsettlements, nonrecurring gain or loss on the sale of assets, expenses\nassociated with financing activities, and reorganization and severance\nexpenses that result from the elimination or rightsizing of specific business\nactivities or operations.\n\nBecause of these limitations, EBITDA and Adjusted EBITDA should not be\nconsidered in isolation or as a substitute for performance measures calculated\nin accordance with GAAP. The Company compensates for these limitations by\nrelying primarily on our GAAP results and using EBITDA and Adjusted EBITDA on\na supplemental basis. Investors should review the reconciliation of net loss\nto EBITDA and Adjusted EBITDA below and not rely on any single financial\nmeasure to evaluate the Company’s business.\n\nThe following table reconciles the Company’s net loss to EBITDA and Adjusted\nEBITDA:\n\n GAAP Net Loss to Adjusted EBITDA Reconciliation                                   \n (in thousands)                                                                    \n                                                                                   \n                                Three Months Ended March 31,                       \n                                       2026                         2025           \n Net loss                       $      (3,963  )             $      (9,041  )      \n Adjusted for:                                                                     \n Interest expense                      2,499                        1,888          \n Expense from income taxes             850                          1,095          \n Depreciation and amortization         945                          804            \n EBITDA                                331                          (5,254  )      \n Adjusted for:                                                                     \n Transaction expenses                  3,474                        —              \n Stock-based compensation              1,169                        687            \n Transition expenses                   —                            3,830          \n Severance                             67                           2,271          \n Impairments                           —                            301            \n Adjustments                           (25     )                    542            \n Adjusted EBITDA                $      5,016                 $      2,377          \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/d2170d95-0b27-4e32-80a9-4bfa7fbefe24)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX9pTnND","title":"Playboy Reports First Quarter 2026 Financial Results","author":"Globe Newswire","ticker":"PLBY","created":"2026-05-11T20:05:02.315Z","tickers":["PLBY"],"exchange":"NASDAQ","article_body":"Q1 Revenue of $30.2 Million; Net Loss of $4.0 Million, an Improvement of $5.1\nMillion; and Adjusted EBITDA of $5.0 Million, or $5.8 Million Excluding\nLitigation Expenses\n\nLOS ANGELES, May 11, 2026 (GLOBE NEWSWIRE) -- Playboy, Inc. (NASDAQ: PLBY)\n(the “Company” or “Playboy”), a global pleasure and leisure company\nconnecting consumers with products, content, and experiences that help them\nlead happier, more fulfilling lives, today announced financial and operational\nresults for the first quarter ended March 31, 2026.\n\nFinancial Summary\n\n ($ in millions)         Q1 2026        Q1 2025        % Change      \n Revenues                $30.2          $28.9          5%            \n Operating Expenses      $(31.9)        $(35.1)        (9)%          \n Net Loss                $(4.0)         $(9.0)         (56)%         \n Adj. EBITDA (non-GAAP)  $5.0           $2.4           111%          \n\nFirst Quarter 2026 & Recent Operational Highlights:\n* Playboy licensing revenue remains highly predictable and recurring, with\napproximately 90% of fiscal year 2025 licensing revenue supported by\ncontractual guarantees and almost $333 million in unrecognized future\nrevenue.\n\n\n* Honey Birdette delivered 15% year-over-year sales growth in the first\nquarter of 2026, with gross margin of 57%. \n\n\n* The Company closed its deal with UTG Brands Management Group Limited\n(“UTG”) for Playboy’s China licensing business on March 20, 2026. At the\ninitial closing, UTG acquired a 16.67% equity interest in a joint venture that\nmanages and licenses Playboy’s licensing business in China, Hong Kong and\nMacau (the “JV”) in exchange for $15.0 million, which Playboy used to pay\ndown senior secured debt. Playboy also received a $4.0 million brand support\npayment at the initial closing.\n\n\n* The Company expects to receive the remaining $30 million of purchase price\nproceeds for UTG’s acquisition of an additional 33.33% equity interest in\nthe JV, along with a further $6 million in brand support payments, by January\n2028. In addition, a remaining $62 million in total JV distributions will be\npaid to Playboy through 2033.\n\n\n* The Company continued to reduce its senior debt, with $15.0 million paid\ndown in the first quarter of 2026 from the UTG initial closing proceeds and\nnearly $37 million of additional forthcoming UTG proceeds earmarked for\nfurther debt reduction.\n\n\n* Playboy strengthened its leadership team with the appointments of David\nMiller as President, Media & Brand and Phillip Picardi as Chief Brand Officer\nand Editor-in-Chief to drive content strategy, digital platform growth, and\nmedia monetization.\nManagement Commentary\n\nBen Kohn, Chief Executive Officer of Playboy, commented, “Playboy delivered\na strong start to 2026, marked by continued revenue growth, a fifth\nconsecutive quarter of positive Adjusted EBITDA, and meaningful progress\nacross each of our strategic pillars. The initial closing of our partnership\nwith UTG enabled us to immediately pay down $15 million of senior debt,\nfurther strengthening our balance sheet, with almost $37 million of additional\nUTG proceeds earmarked for debt reduction.\n\n“We enter the remainder of 2026 with significant momentum. Our licensing\nfoundation remains highly predictable, anchored by contractual guarantees and\nalmost $333 million in unrecognized future licensing revenue. Honey Birdette\nis growing while maintaining margins, and our content engine is driving\naudience growth through Playboy magazine and related programming.\n\n“With David Miller and Phillip Picardi in senior leadership roles, a\nstrengthening balance sheet, and a world-class partner in UTG now managing our\nChina business, we are executing from a position of strength. I look forward\nto continued execution in the months ahead as we work to deliver sustainable,\nlong-term value for my fellow stockholders,” concluded Kohn.\n\nFirst Quarter 2026 Financial Results\n\nTotal revenue was $30.2 million, compared to $28.9 million in the first\nquarter of 2025, reflecting a year-over-year increase of $1.4 million, or 5%.\nThe increase in revenue was primarily due to a 15% increase in direct to\nconsumer revenue, offset by a decline in licensing revenue, a decrease in\nbrand-supporting activities and lower amortization of deferred revenue\nbalances.\n\nDirect-to-consumer revenue was $18.8 million, up 15% from the $16.3 million\nin the first quarter of 2025. The increase in revenue was driven by continued\nstrong sales of full price Honey Birdette products, particularly in the United\nStates.\n\nLicensing revenue was $10.9 million, compared to $11.5 million in the first\nquarter of 2025, reflecting a year-over-year decrease of $0.5 million, or 5%.\nThe decrease was primarily due to the expiration of a small number of\nlicensing agreements, some of which are expected to be replaced in subsequent\nquarters.\n\nOperating expenses were $31.9 million, a decrease of 9% from $35.1 million\nin the first quarter of 2025. The decrease in operating expenses was primarily\ndue to lower payroll expense, partially offset by higher costs of sales and\ntransaction expenses related to Playboy’s recently announced new China joint\nventure.\n\nNet loss was $4.0 million, or $0.03 per share, compared to a net loss of\n$9.0 million, or $0.10 per share, in the first quarter of 2025. Net loss for\nthe first quarter of 2026 included $3.5 million of transaction expenses\nrelated to the UTG deal. The year-over-year improvement reflects the\nCompany’s continued focus on operational efficiency and disciplined cost\nmanagement.\n\nAdjusted EBITDA was $5.0 million, an increase of 111% from adjusted EBITDA of\n$2.4 million in the first quarter of 2025. Excluding litigation expenses,\nAdjusted EBITDA would have been $5.8 million.\n\nBalance Sheet\n\nAs of March 31, 2026, the Company had $34.7 million in cash.\n\nConference Call\n\nManagement will host an investor conference call at 5:00 p.m. Eastern time on\nMonday, May 11, 2026 to discuss the Company’s first quarter 2026 financial\nresults, provide a corporate update, and conclude with questions from\ntelephone participants. To participate, please use the following information:\n\nQ1 2026 Earnings Conference Call Details\n\nDate: Monday, May 11, 2026\nTime: 5:00 p.m. Eastern time\nU.S. Dial-in: 1-877-423-9813\nInternational Dial-in: 1-201-689-8573\nConference ID: 13760265\nWebcast:\nhttps://viavid.webcasts.com/starthere.jsp?ei=1760907&tp_key=90cd654f67\n\nPlease join at least five minutes before the start of the call to ensure\ntimely participation. A telephone playback of the call will be available\nthrough Thursday, June 11, 2026. To listen, please call 1-844-512-2921, using\nreplay pin number 13760265. A webcast replay will be available using the\nwebcast link above.\n\nAbout Playboy, Inc.\n\nPlayboy (Nasdaq: PLBY) is a global pleasure and leisure company, built on one\nof the most globally recognized brands. By leveraging its iconic intellectual\nproperty, Playboy pursues an asset-light model across licensing, digital\ncontent, consumer products and experiential offerings, helping consumers\nworldwide to live more fulfilling lives. To learn more, please visit\nhttps://investors.playboy.com.\n\nForward-Looking Statements\n\nThis press release includes “forward-looking statements” within the\nmeaning of the “safe harbor” provisions of the United States Private\nSecurities Litigation Reform Act of 1995. The Company’s actual results may\ndiffer from their expectations, estimates, and projections and, consequently,\nyou should not rely on these forward-looking statements as predictions of\nfuture events. Words such as “expect”, “estimate”, “project”,\n“budget”, “forecast”, “anticipate”, “intend”, “plan”,\n“may”, “will”, “could”, “should”, “believes”,\n“predicts”, “potential”, “continue”, and similar expressions (or\nthe negative versions of such words or expressions) are intended to identify\nsuch forward-looking statements. These forward-looking statements include,\nwithout limitation, the Company’s expectations with respect to future\nperformance, growth plans and anticipated financial impacts of its strategic\nopportunities and corporate transactions.\n\nThese forward-looking statements involve significant risks and uncertainties\nthat could cause the actual results to differ materially from those discussed\nin the forward-looking statements. Factors that may cause such differences\ninclude, but are not limited to: (1) the inability to maintain the listing of\nthe Company’s shares of common stock on Nasdaq; (2) the risk that the\nCompany’s completed or proposed transactions disrupt the Company’s current\nplans and/or operations, including the risk that the Company does not complete\nany such proposed transactions or achieve the expected benefits from any\ntransactions; (3) the ability to recognize the anticipated benefits of\ncorporate transactions, commercial collaborations, cost reduction initiatives\nand proposed transactions, which may be affected by, among other things,\ncompetition, the ability of the Company to grow and manage growth profitably,\nand the Company’s ability to retain its key employees; (4) costs related to\nbeing a public company, corporate transactions, commercial collaborations and\nproposed transactions; (5) changes in applicable laws or regulations; (6) the\npossibility that the Company may be adversely affected by global hostilities,\nsupply chain delays, inflation, interest rates, tariffs, foreign currency\nexchange rates or other economic, business, and/or competitive factors; (7)\nrisks relating to the uncertainty of the projected financial information of\nthe Company, including changes in the Company’s estimates of cash flows and\nthe fair value of certain of its intangible assets, including goodwill; (8)\nrisks related to the organic and inorganic growth of the Company’s\nbusinesses, and the timing of expected business milestones; (9) changing\ndemand or shopping patterns for the Company’s products and services; (10)\nfailure of licensees, suppliers or other third-parties to fulfill their\nobligations to the Company; (11) the Company’s high concentration of\nlicensing revenue from a small number of licensees; (12) the Company’s\nability to comply with the terms of its indebtedness and other obligations;\n(13) changes in financing markets or the inability of the Company to obtain\nfinancing on attractive terms; and (14) other risks and uncertainties\nindicated from time to time in the Company’s Annual Report on Form 10-K,\nincluding those under “Risk Factors” therein, and in the Company’s other\nfilings with the Securities and Exchange Commission. The Company cautions that\nthe foregoing list of factors is not exclusive, and readers should not place\nundue reliance upon any forward-looking statements, which speak only as of the\ndate which they were made. The Company does not undertake any obligation to\nupdate or revise any forward-looking statements to reflect any change in its\nexpectations or any change in events, conditions, or circumstances on which\nany such statement is based.\n\nInvestor Relations Contact:\nLucas A. Zimmerman\nManaging Director\nMZ Group - MZ North America\n+1 (949) 259-4987\nPLBY@mzgroup.us or investors@playboy.com\n\nPublic Relations Contact: press@playboy.com\n\n\n\n Playboy, Inc.                                                                                                       \n Condensed Consolidated Statements of Operations                                                                     \n (Unaudited)                                                                                                         \n (in thousands, except share and per share amounts)                                                                  \n                                                                                                                     \n                                                         Three Months Ended March 31,                                \n                                                                2026                              2025               \n Net revenues                                            $      30,236                     $      28,875             \n Costs and expenses:                                                                                                 \n Cost of sales                                                  (9,544       )                    (9,053      )      \n Selling and administrative expenses                            (23,234      )                    (25,397     )      \n Impairments                                                    —                                 (301        )      \n Other operating income (expense), net                          901                               (384        )      \n Total operating expense                                        (31,877      )                    (35,135     )      \n Operating loss                                                 (1,641       )                    (6,260      )      \n Nonoperating (expense) income:                                                                                      \n Interest expense, net                                          (2,499       )                    (1,888      )      \n Other income, net                                              1,027                             202                \n Total nonoperating expense, net                                (1,472       )                    (1,686      )      \n Loss before income taxes                                       (3,113       )                    (7,946      )      \n Expense from income taxes                                      (850         )                    (1,095      )      \n Net loss                                                $      (3,963       )             $      (9,041      )      \n Net loss per share, basic and diluted                   $      (0.03        )             $      (0.10       )      \n Weighted-average shares outstanding, basic and diluted         114,184,037                       92,653,367         \n\nAdjusted EBITDA Reconciliation\n\nThis press release presents the financial measure earnings (net income or\nloss) before interest, income tax expense or benefit, and depreciation and\namortization (“EBITDA”). “Adjusted EBITDA” is defined as EBITDA\nadjusted for stock-based compensation and other special items determined by\nmanagement. Adjusted EBITDA is intended as a supplemental measure of the\nCompany’s performance that is neither required by, nor presented in\naccordance with, GAAP. The Company believes that the use of EBITDA and\nAdjusted EBITDA provides an additional tool for investors to use in evaluating\nongoing operating results and trends and in comparing our financial measures\nwith those of comparable companies, which may present similar non-GAAP\nfinancial measures to investors. However, investors should be aware that when\nevaluating EBITDA and Adjusted EBITDA, the Company may incur future expenses\nsimilar to those excluded when calculating these measures. In addition, the\nCompany’s presentation of these measures should not be construed as an\ninference that its future results will be unaffected by unusual or\nnonrecurring items. The Company’s computation of Adjusted EBITDA may not be\ncomparable to other similarly titled measures computed by other companies,\nbecause not all companies calculate Adjusted EBITDA in the same fashion.\n\nIn addition to adjusting for non-cash stock-based compensation, non-cash\ncharges for the fair value remeasurements of certain liabilities,\nnon-recurring non-cash impairments and asset write-downs, the Company\ntypically adjusts for non-operating expenses and income, such as nonrecurring\nspecial projects, including related consulting expenses, transition expenses,\nsettlements, nonrecurring gain or loss on the sale of assets, expenses\nassociated with financing activities, and reorganization and severance\nexpenses that result from the elimination or rightsizing of specific business\nactivities or operations.\n\nBecause of these limitations, EBITDA and Adjusted EBITDA should not be\nconsidered in isolation or as a substitute for performance measures calculated\nin accordance with GAAP. The Company compensates for these limitations by\nrelying primarily on our GAAP results and using EBITDA and Adjusted EBITDA on\na supplemental basis. Investors should review the reconciliation of net loss\nto EBITDA and Adjusted EBITDA below and not rely on any single financial\nmeasure to evaluate the Company’s business.\n\nThe following table reconciles the Company’s net loss to EBITDA and Adjusted\nEBITDA:\n\n GAAP Net Loss to Adjusted EBITDA Reconciliation                                   \n (in thousands)                                                                    \n                                                                                   \n                                Three Months Ended March 31,                       \n                                       2026                         2025           \n Net loss                       $      (3,963  )             $      (9,041  )      \n Adjusted for:                                                                     \n Interest expense                      2,499                        1,888          \n Expense from income taxes             850                          1,095          \n Depreciation and amortization         945                          804            \n EBITDA                                331                          (5,254  )      \n Adjusted for:                                                                     \n Transaction expenses                  3,474                        —              \n Stock-based compensation              1,169                        687            \n Transition expenses                   —                            3,830          \n Severance                             67                           2,271          \n Impairments                           —                            301            \n Adjustments                           (25     )                    542            \n Adjusted EBITDA                $      5,016                 $      2,377          \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/d2170d95-0b27-4e32-80a9-4bfa7fbefe24)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-11T20:05:02.365230775Z","server_sent_at_ms":1778529902365},"received_at":"2026-05-11T20:05:02.579Z","source_url":"https://www.globenewswire.com/news-release/2026/05/11/3292334/0/en/Playboy-Reports-First-Quarter-2026-Financial-Results.html"},"analysis":{"id":"22470","press_release_id":"30332","analysis_json":{"industry":{"label":"Entertainment","sector":"Consumer Discretionary"},"redFlags":[],"eventType":"earnings","narrative":"Playboy reported Q1 revenue of $30.2 million, up 5% year-over-year, with net loss narrowing by $5.1 million to $4.0 million and Adjusted EBITDA surging 111% to $5.0 million.\n\nThe company closed a strategic joint venture with UTG Brands for its China business, receiving $15 million upfront used to immediately pay down senior debt, with another $37 million of proceeds earmarked for further reduction.\n\nManagement highlighted strong DTC growth driven by Honey Birdette and noted $333 million in unrecognized future licensing revenue, signaling stability in the licensing segment.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Earnings beat and EBITDA surge bolstered by $15M debt paydown from China JV deal."},"keyFigures":{"revenue":"$30.2 million","revenueYoy":"5%","customDimensions":{"cash":"$34.7 million","net_loss":"$4.0 million","dtp_revenue":"$18.8 million","adjusted_ebitda":"$5.0 million","licensing_revenue":"$10.9 million","future_licensing_revenue":"$333 million"}},"quotedText":"Playboy delivered a strong start to 2026, marked by continued revenue growth, a fifth consecutive quarter of positive Adjusted EBITDA, and meaningful progress across each of our strategic pillars.","namedEntities":{"people":[{"name":"Ben Kohn","role":"Chief Executive Officer"},{"name":"David Miller","role":"President, Media & Brand"},{"name":"Phillip Picardi","role":"Chief Brand Officer and Editor-in-Chief"}],"products":["Honey Birdette"],"companies":[{"name":"Playboy, Inc.","ticker":"PLBY"},{"name":"UTG Brands Management Group Limited","relationship":"partner / JV investor"}],"dollarAmounts":[{"amount":"$30.2 million","context":"Q1 2026 revenue"},{"amount":"$4.0 million","context":"Q1 2026 net loss"},{"amount":"$5.0 million","context":"Q1 2026 Adjusted EBITDA"},{"amount":"$333 million","context":"unrecognized future licensing revenue"},{"amount":"$15.0 million","context":"UTG initial closing proceeds used for debt paydown"},{"amount":"$4.0 million","context":"brand support payment from UTG"},{"amount":"$30 million","context":"remaining UTG purchase price proceeds expected by Jan 2028"},{"amount":"$6 million","context":"further brand support payments expected by Jan 2028"},{"amount":"$62 million","context":"total JV distributions to be paid through 2033"},{"amount":"$37 million","context":"additional UTG proceeds earmarked for debt reduction"}]},"materialImpact":{"score":4,"reasoning":"Q1 revenue grew 5% and Adjusted EBITDA surged 111% to $5.0M, marking the fifth consecutive quarter of positive Adjusted EBITDA. The company also closed a strategic partnership/joint venture for its China business that immediately paid down $15M of senior debt, with $37M more earmarked for reduction, significantly strengthening the balance sheet."},"tickerRelevance":{"others":[],"primary":"PLBY"},"globalImportance":25,"audienceRelevance":45,"eventTypeSecondary":["partnership","restructuring"],"importanceComponents":{"tickerTier":"small-mid-cap","eventGravity":"earnings-beat-with-strategic-debt-reduction","sectorWeight":"consumer-discretionary","householdBrandBoost":"high"}},"event_type":"earnings","event_type_secondary":["partnership","restructuring"],"sentiment":"bullish","material_impact_score":4,"narrative":"Playboy reported Q1 revenue of $30.2 million, up 5% year-over-year, with net loss narrowing by $5.1 million to $4.0 million and Adjusted EBITDA surging 111% to $5.0 million.\n\nThe company closed a strategic joint venture with UTG Brands for its China business, receiving $15 million upfront used to immediately pay down senior debt, with another $37 million of proceeds earmarked for further reduction.\n\nManagement highlighted strong DTC growth driven by Honey Birdette and noted $333 million in unrecognized future licensing revenue, signaling stability in the licensing segment.","key_figures":{"revenue":"$30.2 million","revenueYoy":"5%","customDimensions":{"cash":"$34.7 million","net_loss":"$4.0 million","dtp_revenue":"$18.8 million","adjusted_ebitda":"$5.0 million","licensing_revenue":"$10.9 million","future_licensing_revenue":"$333 million"}},"named_entities":{"people":[{"name":"Ben Kohn","role":"Chief Executive Officer"},{"name":"David Miller","role":"President, Media & Brand"},{"name":"Phillip Picardi","role":"Chief Brand Officer and Editor-in-Chief"}],"products":["Honey Birdette"],"companies":[{"name":"Playboy, Inc.","ticker":"PLBY"},{"name":"UTG Brands Management Group Limited","relationship":"partner / JV investor"}],"dollarAmounts":[{"amount":"$30.2 million","context":"Q1 2026 revenue"},{"amount":"$4.0 million","context":"Q1 2026 net loss"},{"amount":"$5.0 million","context":"Q1 2026 Adjusted EBITDA"},{"amount":"$333 million","context":"unrecognized future licensing revenue"},{"amount":"$15.0 million","context":"UTG initial closing proceeds used for debt paydown"},{"amount":"$4.0 million","context":"brand support payment from UTG"},{"amount":"$30 million","context":"remaining UTG purchase price proceeds expected by Jan 2028"},{"amount":"$6 million","context":"further brand support payments expected by Jan 2028"},{"amount":"$62 million","context":"total JV distributions to be paid through 2033"},{"amount":"$37 million","context":"additional UTG proceeds earmarked for debt reduction"}]},"model_name":"Qwen/Qwen2.5-72B-Instruct-AWQ","prompt_hash":"sha256:a76fb3b19e8e8b7b","schema_hash":"sha256:8658c370b800cf3d","created_at":"2026-05-11T21:33:06.961Z","global_importance":25,"audience_relevance":45,"importance_components":{"tickerTier":"small-mid-cap","eventGravity":"earnings-beat-with-strategic-debt-reduction","sectorWeight":"consumer-discretionary","householdBrandBoost":"high"}},"durationMs":221650,"modelName":"george-droid-qwen-72b"}}