Playboy Incorporated's Q3 2025 earnings call highlighted significant financial achievements and strategic initiatives that position the company for growth. The CEO, Ben Kohn, reported a positive net income for the first time since going public, with revenues at $29 million and adjusted EBITDA at $4.1 million, despite substantial litigation costs. Licensing revenue surged by 61% year-on-year, thanks to new deals that reaffirm the company's asset-light strategy. The call emphasized the revitalization of Honey Burdette with impressive 22% growth in comparable store sales and significant margin improvements, marking stability and growth potential. Strategic plans include establishing flagship stores in Miami as part of expanding their hospitality vertical, fueled by successful licensing style partnerships. The Q&A session underscored confidence in recovering an $81 million arbitration award in China and bullish prospects for continued licensing growth driven by new content. Analysts responded positively, focusing on growth strategies and engagement in new verticals like paid voting contests and brand-focused content. Overall, the management expressed high confidence in Playboy's strategic direction and operational execution.
Playboy's first quarter of positive net income since going public.
Licensing revenue up 61% year over year with six new deals signed in Q3.
Honey Burdette's gross margins expanded by 700 basis points to 61%.
Honey Burdette comparable store sales grew 22% year-over-year.
Playboy planning to expand flagship stores in Miami as part of hospitality growth strategy.
Positive discussion on arbitration award of $81 million in China, confident in recovery.
Revenue
$29 million
Net Income
$0.5 million
Adjusted EBITDA
$4.1 million
Licensing Revenue Increase
61% year over year
61% YoY
Comparable Store Sales Growth
22% year-over-year
22% YoY
Gross Margins
61%
+7%