{"id":825720,"date":"2025-03-13T16:40:43","date_gmt":"2025-03-13T20:40:43","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/plby-group-reports-fourth-quarter-and-full-year-2024-financial-results\/"},"modified":"2025-03-13T16:40:43","modified_gmt":"2025-03-13T20:40:43","slug":"plby-group-reports-fourth-quarter-and-full-year-2024-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/plby-group-reports-fourth-quarter-and-full-year-2024-financial-results\/","title":{"rendered":"PLBY Group Reports Fourth Quarter and Full Year 2024 Financial Results"},"content":{"rendered":"

\nEnters 2025 Poised for Growth and Profitability with Asset-Light Model
\n<\/h2>\n
\n

LOS ANGELES, March 13, 2025 (GLOBE NEWSWIRE) — PLBY Group, Inc. (NASDAQ: PLBY) (\u201cPLBY Group\u201d or the \u201cCompany\u201d), a leading pleasure and leisure lifestyle company and owner of Playboy, one of the most recognizable and iconic brands in the world, today announced financial and operational results for the quarter and year ended December 31, 2024.<\/p>\n

\n
\n Comments from Ben Kohn, Chief Executive Officer of PLBY Group<\/u>
\n <\/strong>\n <\/p>\n

\u201cDuring 2024, we largely completed a comprehensive transformation of the Company, moving to an asset-light model, reducing corporate overhead and laying the groundwork for positive free cash flow and substantial growth. With a leaner operating model and stronger balance sheet, we are now well-positioned to focus on growth.\u201d<\/p>\n

\u201cOur Q4 results started to demonstrate this progress, with revenue of $33.5 million and adjusted EBITDA of $2.6 million, excluding foreign currency losses. Q4 net loss was $12.5 million. The $5.9 million year-over-year decline in revenue from $39.4 million in Q4 2023 was mostly attributable to a one-time accounting acceleration in Q4 2023, due to the termination of a former Chinese licensing partner as we rebuilt the China business, and on a normalized basis would have been flat. The signing of the Byborg licensing deal and equity investment agreements in Q4, of which only the initial $22.4 million investment is reflected in our reported results, have enabled us to begin deleveraging the Company through that initial equity investment and approximately $37 million in negotiated debt forgiveness. It also established a new baseline of cash flow positivity, which we plan to grow moving forward. We made continued progress in the turnaround of Honey Birdette and its return to generating meaningful cash flow of $6.1 million for 2024. Although our gross sales were lower in Q4 due to meaningfully reducing our promotional activity, as we focus on brand health and profitability, full price sales showed year-over-year growth, and gross margins expanded to 60% from 51% in Q4. Same store sales returned to growth and were up 4% year-over-year.\u201d<\/p>\n

\u201cFollowing our extensive restructuring and the transition of our adult properties to Byborg, which we expect to largely complete by the end of June, we expect to generate approximately $120 million in revenue in 2025. This is underpinned by our strong licensing business with approximately 86% of the licensing revenue currently secured through contracted guaranteed minimums. Our significantly reduced fixed cash costs position us for positive adjusted EBITDA and cash generation this year, even with certain one-time transition service expenses in the first half of this year related to the agreement with Byborg.\u201d<\/p>\n

\u201cIn addition to securing a strong pipeline of licensing deals, we are also focused on elevating the powerful Playboy brand. We are extremely encouraged by the relaunch of PLAYBOY magazine, and we are focused on producing the magazine quarterly, which serves not only as a brand bible but also as a driver of potential new revenue. In parallel, we are relaunching our Playmate franchise, with plans to introduce 12 Playmates a year. Our aim is to monetize the relaunch through various subscription and sponsorship models, while also expanding some of the magazine\u2019s franchises into multimedia formats such as podcasts and videos. Additionally, we are considering introducing paid fan voting into the selection of Playmates on a global scale as we expand the Playmate search worldwide. We are also planning exciting parties and events tied to each magazine launch, along with other events throughout the year.\u201d<\/p>\n

\n
\n Recent Highlights<\/u>
\n <\/strong>\n <\/p>\n