Plby Group Stock Earnings Reports

Playboy reported Q1 2026 consolidated revenue of ~$30.2M (up 5% YoY) and adjusted EBITDA of ~$5.0M (up 111% YoY), marking the fifth consecutive quarter of positive adjusted EBITDA. Management closed the UTG China transaction, used initial proceeds to pay down $15M of debt (total debt down to ~$144.9M) and expects additional UTG-related payments to push net debt below $100M. The company is executing a focused, higher-margin, asset-light strategy across four pillars: licensing, media & experiences, hospitality, and Honey Birdette. Honey Birdette drove the quarter—net revenue $18.8M, +15.4% YoY—with six straight quarters of double-digit brick-and-mortar comp growth; U.S. stores are the highest-return market with ~40% 4-wall EBITDA margins, ~$1,500/sqft productivity, and a new, lower-cost store design (build cost reduced to ~ $500k from ~ $900k). Playboy is investing in brand and editorial: new hires (President of Media & Brand and Editor-in-Chief), a highly visible Karol G cover that generated billions of impressions, and the launch of preliminary subscription products and paid voting contests (paid voting showing early multi–seven-figure potential and strong user acquisition). Management is proactively pruning off-brand licensees in favor of fewer, larger partners aligned with the refreshed editorial strategy and expects further capital-efficient growth (including five new U.S. Honey Birdette stores planned over 12 months). Operational cost controls, AI in tech, and continued focus on disciplined capital allocation were also highlighted.