Playboy, Inc.

Consolidated second-quarter revenue was $31.2 million, up from $28.1 million in Q2 2025, an increase of 10.9% year over year. Honey Birdette net revenue was $19.5 million, up 18% from $16.5 million, and licensing revenue was $11.2 million, up about 2% from $10.9 million. Operating income was $3 million versus an operating loss of $5.9 million a year ago; net income was about $200,000, versus a net loss of $7.7 million, or $0.08 per share, in the prior-year quarter; adjusted EBITDA was $7 million versus $3.5 million last year, for a 22% margin. The company generated about $2 million of operating cash flow, ended the quarter with $37.1 million of total cash including restricted cash, and had $144.9 million of total debt. For guidance, management said sponsorship revenue tied to short-form content will begin showing up in Q3, paid voting revenue from contests will land in Q3, and the remaining $36.7 million of UTG proceeds are earmarked for debt reduction, which would bring net debt well below $100 million.

Ben Kohn framed the quarter as proof that Playboy’s restructuring strategy is working, emphasizing a return to cultural relevance, profitability, and cash generation. He said the business is being built around three verticals—licensing, media and experiences, and hospitality—while also deleveraging and repurchasing shares. His tone was confident but disciplined: he repeatedly stressed testing, measuring, and only scaling what works.

Marc Crossman focused on the financial bridge from revenue growth to margin expansion. He cited $31.2 million of revenue, $19.8 million of SG&A down 12% year over year, $3 million of operating income, $7 million of adjusted EBITDA, and $2 million of operating cash flow. On capital allocation, he detailed the repurchase of approximately 16.6 million shares for about $17 million at $1.05 per share, including a $2 million initial payment and a planned $3 million installment by August 31, and noted that nearly $37 million of UTG proceeds remain for debt paydown.

Analysts pressed on where the next leg of growth will come from, and management said it should come from both licensing and media/experiences. Ben Kohn said licensing still has white space in geography and categories, but the digital and recurring-revenue side—subscriptions, paid voting, and sponsorships—could become as large as licensing over time. On Honey Birdette, management said online growth is now reaccelerating, especially in the U.S., while new physical stores remain selective because rents are high and they do not want to hurt margins. Questions on leadership hiring and capital allocation were met with a consistent answer: add talent only where the business justifies it, and continue using cash carefully to buy back shares and reduce debt.