PLBY Group Q2 Earnings Call Highlights

PLBY Group returned to profitability in Q2: Revenue rose 10.9% year over year to $31.2 million, adjusted EBITDA doubled to $7 million, operating income reached $3 million, and operating cash flow was approximately $2 million. Honey Birdette was the main growth driver, with revenue up 18% to $19.5 million and double-digit comparable-sales growth across retail and online channels. Licensing also returned to growth, supported by collaborations including Supreme and Missguided. PLBY is focused on deleveraging and expanding recurring revenue: The company expects additional UTG proceeds to reduce debt, while media subscriptions, sponsorships and paid contests are being developed; it also agreed to repurchase nearly 15% of outstanding shares for about $17 million.

PLBY Group NASDAQ: PLBY reported second-quarter revenue growth, a return to operating profitability and positive operating cash flow, as the company cited continued momentum at Honey Birdette, growth in licensing and early progress in its media and experiences strategy. Revenue for the quarter totaled approximately $31.2 million, up 10.9% from $28.1 million in the second quarter of 2025. Adjusted EBITDA rose to $7 million from $3.5 million a year earlier, producing a 22% adjusted EBITDA margin and marking the company’s sixth consecutive quarter of positive adjusted EBITDA. Operating income was approximately $3 million, compared with an operating loss of $5.9 million in the prior-year period. Net income was about $200,000, or break-even on a per-share basis, versus a net loss of $7.7 million, or $0.08 per share, a year earlier. The company generated roughly $2 million of positive operating cash flow during the quarter.

Honey Birdette revenue increased 18% year over year to $19.5 million, compared with $16.5 million in the prior-year quarter. The lingerie brand recorded 15% total comparable sales growth, including a 13% increase in retail comparable sales and a 16% increase online. Every region posted positive comparable sales, according to Chief Financial Officer and Chief Operating Officer Marc Crossman. Crossman said the business benefited from full-price selling, higher average selling prices and improved product margins. Honey Birdette has now delivered seven consecutive quarters of double-digit brick-and-mortar comparable-store sales growth and five consecutive quarters of double-digit combined retail and online comparable sales growth. During the question-and-answer session, Crossman said online sales have become an increasingly important source of growth, particularly in the U.S. market. CEO Ben Kohn said the company is evaluating opportunities to open additional stores but is being selective because of high rents and the need to preserve store-level margins. He said e-commerce provides another avenue for growth without the capital expenditures associated with physical locations.

Licensing revenue rose approximately 2% to $11.2 million from $10.9 million in the prior-year quarter. The company said growth was partially offset by a reduction of a couple hundred thousand dollars per quarter in China as its joint-venture partner, UTG, transitions the business to an owner-operator structure. PLBY cited its sold-out Supreme collaboration and an expanding relationship with Missguided as contributors to licensing performance. Kohn said the company scaled back one major apparel licensee, enabling Missguided to invest more heavily in the market and potentially expand into additional categories. The company also said its Byborg strategic partnership cont...