PLBY Group, Inc. announced its financial results for the first quarter ended March 31, 2025, on May 15, 2025. Total revenue increased by 2% year-over-year to $28.9 million, up from $28.3 million in Q1 2024. The net loss significantly improved to $9.0 million, or $0.10 per diluted share, compared to a net loss of $16.4 million, or $0.23 per diluted share, in the prior year.
Adjusted EBITDA turned positive at $2.4 million, a notable improvement from an Adjusted EBITDA loss of $2.5 million in Q1 2024, marking the first positive Adjusted EBITDA quarter since 2023. This improvement was primarily driven by a 175% surge in licensing revenue, which reached $11.4 million, including $5.0 million in minimum guaranteed royalties from the Byborg agreement and growth in China licensing.
Direct-to-consumer revenue declined by 13% to $16.3 million, a deliberate outcome of reducing promotional activity at Honey Birdette to improve margins, which expanded to 58% from 52%. The company incurred $3.8 million in nonrecurring transition expenses related to the Byborg deal, with an additional $1.2 million expected by the end of May, after which Byborg will reimburse remaining legacy digital business costs. PLBY Group expects $20 million in payments from Byborg by July 1, 2025.
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