PLBY Group reports Q1 EPS (10c), consensus (10c)

Reports Q1 revenue $28.88M, consensus $26.7M. The company said, “The business plan we have been executing on, transitioning to an asset-light business model underpinned by the licensing of the iconic Playboy brand, is starting to deliver positive results. Licensing revenue grew 175% Q1 year-over-year, as the Byborg licensing deal went into effect on January 1. Even without the benefit of Byborg, licensing still grew 54% YoY, primarily from the rebuilding of our China licensing business. Honey Birdette also performed well, despite a 13% YoY decline in total revenue, as we prioritize brand health and reduce days on sale. The decline in Honey Birdette revenue was solely related to cutting sale days and was offset by full price sales being up 8% YoY, which now represent 80% of Honey Birdette’s total sales, up from 65% a year ago. Honey Birdette’s gross margin expanded to 58% from 52% YoY. Primarily due to these results, we significantly reduced net loss and achieved our first positive adjusted EBITDA quarter since 2023, with adjusted EBITDA of $2.4 million, up almost $5 million from a loss of over $2.5 million in Q1 of 2024. The first quarter of 2025 was still burdened with approximately $1 million of costs, which we have now eliminated. On a proforma basis, adjusted EBITDA would have been $3.4 million without those costs.”