$PLBY

Playboy, Inc.

CIK:0001803914|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenues	$ 31,218	$ 28,148	$ 61,454	$ 57,023
Costs and expenses:
Cost of sales	(8,396)	(9,739)	(17,940)	(18,792)
Selling and administrative expenses	(19,756)	(22,366)	(42,990)	(47,763)
Impairments	0	(1,541)	0	(1,842)
Other operating (expense) income, net	(91)	(385)	810	(769)
Total operating expense	(28,243)	(34,031)	(60,120)	(69,166)
Operating income (loss)	2,975	(5,883)	1,334	(12,143)
Nonoperating (expense) income:
Interest expense, net	(2,218)	(1,907)	(4,717)	(3,795)
Other income, net	500	1,000	1,527	1,202
Total nonoperating expense	(1,718)	(907)	(3,190)	(2,593)
Income (loss) before income taxes	1,257	(6,790)	(1,856)	(14,736)
Expense from income taxes	(1,059)	(889)	(1,909)	(1,984)
Net income (loss)	$ 198	$ (7,679)	$ (3,765)	$ (16,720)
Net income (loss) per share, basic (in dollars per share)	$ 0	$ (0.08)	$ (0.03)	$ (0.18)
Net income (loss) per share, diluted (in dollars per share)	$ 0	$ (0.08)	$ (0.03)	$ (0.18)
Weighted-average shares outstanding, basic (in shares)	114,695,987	94,397,910	114,441,426	93,549,044
Weighted-average shares outstanding, diluted (in shares)	114,695,987	94,397,910	114,441,426	93,549,044

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities
Net loss	$ (3,765)	$ (16,720)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,652	1,582
Stock-based compensation	3,668	2,353
Amortization of debt premium, net and issuance costs	(2,959)	(4,591)
Impairments	0	1,842
Amortization of right-of-use assets	2,721	2,749
Capitalized paid-in-kind interest	0	5,472
Deferred income taxes	(6)	2,773
Other, net	(696)	(330)
Changes in operating assets and liabilities:
Receivables	(2,877)	4,050
Inventory	1,459	2,574
Contract assets	(1,101)	(1,188)
Accounts payable	488	(3,353)
Accrued agency fees and commissions	(177)	2,309
Deferred revenues, current portion	(1,598)	(7,378)
Operating lease liabilities	(3,252)	(3,247)
Deferred revenues, net of current portion	(2,226)	0
Other, net	198	(404)
Net cash used in operating activities	(8,471)	(11,507)
Cash Flows From Investing Activities
Proceeds from initial closing of new China joint venture	15,003	0
Purchases of property and equipment	(789)	(429)
Proceeds from sale of artwork	0	252
Net cash provided by (used in) investing activities	14,214	(177)
Cash Flows From Financing Activities
Proceeds from sale of common stock, net	5,214	0
Payment of financing costs	(206)	0
Repayment of long-term debt	(15,000)	0
Noncontrolling interest capital contribution	2,402	0
Payment to repurchase shares pursuant to a stock repurchase agreement	(2,000)	0
Payment of tax withholding in connection with vested restricted stock units	(1,828)	0
Other	(20)	(114)
Net cash used in financing activities	(11,438)	(114)
Effect of exchange rate changes on cash and cash equivalents	15	220
Net decrease in cash and cash equivalents and restricted cash	(5,680)	(11,578)
Balance, beginning of year	42,821	33,322
Balance, end of period	37,141	21,744
Cash and cash equivalents and restricted cash consist of:
Cash and cash equivalents	31,853	19,624
Restricted cash	5,288	2,120
Total	37,141	21,744
Supplemental Disclosures
Cash paid for income taxes, net of refunds	1,477	292
Cash paid for interest	7,868	6,120
Supplemental Disclosure of Non-Cash Activities
Liability pursuant to a stock repurchase agreement	14,828	0
Issuance of common stock in relation to the conversion of preferred stock	0	7,000
Preferred stock accretion to redemption value	0	2,269
Dividends payable to related party	0	230
Right-of-use assets in exchange for lease liabilities	3,376	633
Additions to property, plant and equipment in exchange for finance lease obligations	75	129
Common stock sold under an at-the-market offering with proceeds received subsequent to period-end	75	0
Settlement of vendor accounts receivable against accounts payable	479	0
Reduction in right-of-use assets due to lease termination	618	0
Tenant improvement allowance receivable recognized as a reduction of right-of-use assets	$ 1,600	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 31,853	$ 37,801
Restricted cash	100	100
Receivables, net of $0.8 million and $0.7 million of allowance for credit losses as of June 30, 2026 and December 31, 2025, respectively	6,514	4,120
Inventory, net	11,254	12,934
Prepaid expenses and other current assets	9,555	7,425
Assets held for sale	0	3,088
Total current assets	59,276	65,468
Restricted cash	5,188	4,920
Property and equipment, net	4,126	4,227
Operating right-of-use assets	14,731	16,019
Goodwill	38,106	37,467
Other intangible assets, net	155,897	155,882
Contract assets, net of current portion	7,806	7,467
Other noncurrent assets	3,721	922
Total assets	288,851	292,372
Current liabilities:
Accounts payable	11,882	11,930
Deferred revenues, current portion	9,462	11,015
Long-term debt, current portion	0	1,524
Operating lease liabilities, current portion	6,863	7,406
Liability pursuant to a stock repurchase agreement	14,828	0
Other current liabilities and accrued expenses	31,780	31,919
Total current liabilities	74,815	63,794
Deferred revenues, net of current portion	12,026	14,252
Long-term debt, net of current portion	156,004	172,645
Deferred tax liabilities, net	6,412	6,418
Operating lease liabilities, net of current portion	14,569	14,770
Other noncurrent liabilities	2,377	2,326
Total liabilities	266,203	274,205
Commitments and contingencies (Note 13)
Mezzanine equity:
Redeemable noncontrolling interest	(208)	(208)
Stockholders’ equity:
Common stock, par value $0.0001 per share, 400,000,000 shares authorized, 123,460,167 shares issued and 118,353,343 shares outstanding as of June 30, 2026; 400,000,000 shares authorized, 115,069,810 shares issued and 112,819,881 shares outstanding as of December 31, 2025	11	11
Treasury stock, at cost, 5,106,824 and 2,249,929 shares as of June 30, 2026 and December 31, 2025	(9,273)	(5,445)
Additional paid-in capital	767,983	757,441
Accumulated other comprehensive loss	(25,985)	(26,716)
Accumulated deficit	(710,681)	(706,916)
Total stockholders’ equity	22,055	18,375
Noncontrolling interest (Note 9)	801	0
Total equity	22,856	18,375
Total liabilities and equity	$ 288,851	$ 292,372