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- **First Net Income Since IPO**: Q3 2025 marked the company's first quarter of positive net income, with adjusted EBITDA of $4.1 million (excluding litigation costs).
- **Licensing Boom**: Licensing revenue up 61% YoY, 14 new deals signed year-to-date, and 16,000 creators engaged in paid voting contest.
- **Honey Birdette Growth**: 22% store sales growth, 700bps margin expansion, and plans to raise capital for e-commerce and flagship expansion.
- **Content-Driven Strategy**: Media initiatives like paid voting ($1M+ votes, 100K users) and TV partnerships poised to generate multimillion-dollar annual revenue.
- **Legal Win Potential**: Pursuing $81M China arbitration award and domestic litigation to enhance cash flow.

**【CEO Summary Section】**
- Playboy Inc. reported its first quarter of positive net income since going public, with Q3 revenue of $29 million and adjusted EBITDA of $4.1 million (excluding $2.5 million in litigation expenses). Licensing revenue surged 61% YoY, driven by 14 new deals signed year-to-date.
- Honey Birdette saw 22% comparable store sales growth and 700 basis points margin expansion, with plans to raise capital for expansion without diverting resources from core Playboy growth.
- Media initiatives include the relaunch of Playboy magazine, a paid voting contest generating 1 million votes and 100,000 users, and a TV show partnership with Ben Silverman's Propagate Content.
- Hospitality strategy focuses on a Miami Playboy Club, structured as a licensing deal to minimize capital investment.

**【Q&A Highlights】**
- **Licensing Growth**: CEO Ben Kohn emphasized content as the driver of licensing success, with 14 deals signed year-to-date and pipeline strength for Q4. Content monetization via subscriptions and paid voting is expected to accelerate in 2026.
- **Honey Birdette Expansion**: Management plans to raise third-party capital for e-commerce and flagship store growth, targeting 30%+ EBITDA margins in key markets like Miami.
- **Legal Progress**: Pursuing $81 million China arbitration award and domestic litigation, with potential to enhance cash flow if successful.
- **Content Strategy**: Relaunching Playboy as an aspirational men's lifestyle brand through premium content, with 70-year archive monetization and subscription bundles.

**【Financial & Operational Updates】**
- Ended Q3 with $32 million in cash, amended debt facility extending maturity to May 2028 with reduced interest rates on prepayments.
- Paid voting initiative on track for multimillion-dollar annual revenue, with 16,000 creators and 100,000 users acquired at 0 CAC.
- China restructuring to revenue-based partnership, reducing risk while maintaining brand relevance.

Playboy, Inc.(PLBY)-20251113-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PLBY

PLBY fundamentals

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