Playboy (PLBY) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 5% year-over-year to $30.2 million, driven by strong Honey Birdette U.S. sales and direct-to-consumer growth.

• Adjusted EBITDA reached $5.0 million, up 111% year-over-year, marking the fifth consecutive positive quarter.

• Net loss improved to $4.0 million from $9.0 million in Q1 2025, reflecting operational efficiency and cost structure improvements.

• Strategic partnership with UTG for China licensing business closed, generating $15 million in proceeds used to repay debt and establish a new joint venture.

• Major leadership hires and brand initiatives, including new President, Media & Brand, and Chief Brand Officer appointments, and high-profile magazine covers.

Financial highlights

• Honey Birdette net revenue grew 15.4% year-over-year to $18.8 million, with double-digit comp store growth and strong U.S. performance.

• Licensing revenue was $10.9 million, down 5% year-over-year due to expiring agreements and strategic repositioning.

• Gross margin remained strong at 68%, with Honey Birdette at 57% and licensing at 86%.

• Operating expenses decreased 9% year-over-year, mainly from lower payroll and rent.

• Cash balance at quarter-end was $34.7 million, up from $23.7 million a year earlier.

Outlook and guidance

• No formal guidance, but management expects Honey Birdette growth rates to remain near current levels despite tougher comps.

• Expectation to receive $30 million in additional proceeds and $6 million in brand support from UTG by January 2028, with $62 million in JV distributions anticipated through 2033.

• Capital expenditures and working capital requirements for 2026 expected to remain consistent with 2025.

• Licensing revenue remains highly predictable, with $333 million in unrecognized future revenue.

• Ongoing macroeconomic uncertainty and potential for adverse impacts on sales and cash flows noted.