Playboy Q1 Revenue Rises 5% to $30.2M, Adjusted EBITDA Up 111%
Playboy posted Q1 revenue of $30.2 million, up 5%, with net loss narrowing to $4.0 million and adjusted EBITDA rising 111% to $5.0 million. The company closed a $15.0 million UTG China JV deal, paid down senior debt, and expects $30.0 million more by January 2028.
1. Q1 Financial Results
Playboy reported Q1 2026 revenue of $30.2 million, up 5% year-over-year, with a net loss of $4.0 million, an improvement of $5.1 million, and adjusted EBITDA of $5.0 million (or $5.8 million excluding litigation). Operating expenses declined 9% to $31.9 million.
2. DTC and Licensing Performance
Direct-to-consumer revenue rose 15% to $18.8 million driven by strong Honey Birdette sales with a 57% gross margin, while licensing revenue decreased 5% to $10.9 million due to expiring agreements. Licensing remains backed by nearly $333 million of unrecognized future revenue under contract.
3. UTG China JV and Debt Reduction
On March 20, Playboy closed its initial UTG China joint venture transaction, receiving $15.0 million plus a $4.0 million brand support payment, which was used to pay down senior secured debt. The company expects an additional $30.0 million in equity proceeds and $6.0 million in brand support by January 2028, plus $62.0 million in JV distributions through 2033.
4. Balance Sheet and Leadership
As of March 31, Playboy held $34.7 million in cash and reduced senior debt by $15.0 million in Q1. The company appointed David Miller as President, Media & Brand, and Phillip Picardi as Chief Brand Officer and Editor-in-Chief to strengthen content strategy and media monetization.