PLBY Group (PLBY) investor relations material

Executive summary

• Q2 2025 revenue increased 13% year-over-year to $28.1 million, driven by licensing and Honey Birdette growth.

• Adjusted EBITDA turned positive at $3.5 million, a $6.4 million improvement from the prior year.

• Net loss improved to $7.7 million from $16.7 million in Q2 2024, reflecting better margins and lower expenses.

• Transitioned further to an asset-light, licensing-focused business model, including licensing digital operations to Byborg.

• Relaunched the magazine, expanded brand engagement, and launched new content and hospitality initiatives.

Financial highlights

• Q2 2025 net revenues: $28.1 million, up 13% year-over-year; licensing revenue up 105% to $10.9 million.

• Adjusted EBITDA of $3.5 million; would have been $4.8 million excluding one-time legal and settlement costs.

• Net loss was $7.7 million, including $1.9 million in impairment and $2.1 million in one-time licensing settlement.

• Direct-to-consumer revenue rose 14% to $16.5 million, with Honey Birdette margins up to 59%.

• Cash and cash equivalents at June 30, 2025: $19.6 million; over $30 million reported in some filings.

Outlook and guidance

• Confident in continued growth, focusing on content, experiences, and licensing, with a robust pipeline.

• Honey Birdette brand expected to grow in the second half, driven by strong retail performance.

• Capital expenditures and working capital for 2025 expected to be consistent with 2024; liquidity sufficient for at least one year.