ply-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-39312

PLBY Group, Inc.

(Exact name of registrant as specified in its charter)


Delaware		37-1958714
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
	10960 Wilshire Blvd., Suite 2200
	Los Angeles, California 90024
(Address of principal executive offices including zip code)
Registrant’s telephone number, including area code: (310) 424-1800

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	PLBY	Nasdaq Global Market

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	£	Accelerated filer	£
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	£

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of Registrant’s Common Stock outstanding as of May 9, 2025 was 93,944,597.

Table of Contents


			Page
Part I - Financial Information
Item 1. Unaudited Condensed Consolidated Financial Statements
Condensed Consolidated Statements of Operations			1
Condensed Consolidated Statements of Comprehensive Loss			2
Condensed Consolidated Balance Sheets			3
Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ (Deficit) Equity			4
Condensed Consolidated Statements of Cash Flows			5
Notes to the Unaudited Condensed Consolidated Financial Statements			6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			25
Item 3. Quantitative and Qualitative Disclosures About Market Risk			39
Item 4. Controls and Procedures			40
Part II - Other Information
Item 1. Legal Proceedings			43
Item 1A. Risk Factors			43
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			44
Item 3. Defaults Upon Senior Securities			44
Item 4. Mine Safety Disclosures			44
Item 5. Other Information			44
Item 6. Exhibits			45
Signatures			46

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements.

PLBY Group, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended March 31,
	2025		2024
Net revenues	$	28,875	$	28,319
Costs and expenses:
Cost of sales	(9,053)		(12,507)
Selling and administrative expenses	(25,397)		(22,012)
Impairments	(301)		(2,417)
Other operating expense, net	(384)		(300)
Total costs and expenses	(35,135)		(37,236)
Operating loss	(6,260)		(8,917)
Nonoperating (expense) income:
Interest expense, net	(1,888)		(6,427)
Other income (expense), net	202		(50)
Total nonoperating expense	(1,686)		(6,477)
Loss before income taxes	(7,946)		(15,394)
Expense from income taxes	(1,095)		(1,053)
Net loss	(9,041)		(16,447)
Net loss attributable to PLBY Group, Inc.	$	(9,041)	$	(16,447)
Net loss per share, basic and diluted	$	(0.10)	$	(0.23)
Weighted-average shares used in computing net loss per share, basic and diluted	92,653,367		72,677,664

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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PLBY Group, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

(in thousands)


	Three Months Ended March 31,
	2025		2024
Net loss	$	(9,041)	$	(16,447)
Other comprehensive loss:
Foreign currency translation adjustment	(741)		(1,733)
Other comprehensive loss	(741)		(1,733)
Comprehensive loss	$	(9,782)	$	(18,180)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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PLBY Group, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share amounts)


	March 31, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	23,719	$	30,904
Restricted cash	100		100
Receivables, net of $0.7 million and $0.5 million of allowance for credit losses as of March 31, 2025 and December 31, 2024, respectively	4,157		7,271
Inventories, net	8,114		8,922
Prepaid expenses and other current assets	5,488		5,472
Assets held for sale	3,890		4,835
Total current assets	45,468		57,504
Restricted cash	1,852		2,318
Property and equipment, net	4,460		4,871
Operating right-of-use assets	18,135		19,468
Goodwill	36,124		36,007
Other intangible assets, net	155,791		155,973
Contract assets, net of current portion	8,044		7,848
Other noncurrent assets	701		715
Total assets	$	270,575	$	284,704
Liabilities, Mezzanine Equity and Stockholders’ (Deficit) Equity
Current liabilities:
Accounts payable	$	9,805	$	10,672
Deferred revenues, current portion	6,188		9,693
Long-term debt, current portion	762		381
Operating lease liabilities, current portion	6,744		6,624
Other current liabilities and accrued expenses	30,484		28,474
Total current liabilities	53,983		55,844
Deferred revenues, net of current portion	3,781		5,762
Long-term debt, net of current portion	175,572		176,194
Deferred tax liabilities, net	11,808		10,302
Operating lease liabilities, net of current portion	17,233		18,843
Other noncurrent liabilities	1,411		1,837
Total liabilities	263,788		268,782
Commitments and contingencies (Note 12)
Mezzanine equity:
Series B convertible preferred stock, $0.0001 par value per share, 28,001 shares authorized, 21,000.00001 shares were issued and outstanding as of March 31, 2025; and 28,000.00001 shares were issued and outstanding as of December 31, 2024	18,374		23,861
Redeemable noncontrolling interest	(208)		(208)
Stockholders’ deficit:
Common stock, $0.0001 par value per share, 150,000,000 shares authorized, 96,184,498 shares issued and 93,934,569 shares outstanding as of March 31, 2025; 92,110,964 shares issued and 89,861,035 shares outstanding as of December 31, 2024	9		9
Treasury stock, at cost, 2,249,929 shares as of March 31, 2025 and December 31, 2024	(5,445)		(5,445)
Additional paid-in capital	724,971		718,797
Accumulated other comprehensive loss	(28,196)		(27,455)
Accumulated deficit	(702,718)		(693,637)
Total stockholders’ deficit	(11,379)		(7,731)
Total liabilities, mezzanine equity and stockholders’ (deficit) equity	$	270,575	$	284,704

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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PLBY Group, Inc.

Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ (Deficit) Equity

(Unaudited)

(in thousands, except share amounts)


	Mezzanine Equity			Stockholders’ Deficit
	Series B Convertible Preferred Stock			Common Stock
	Shares	Amount		Shares	Amount		Treasury Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total
Balance at December 31, 2024	28,000.00001	$	23,861	89,861,035	$	9	$	(5,445)	$	718,797	$	(27,455)	$	(693,637)	$	(7,731)
Shares issued in connection with employee stock plans	—	—		288,846	—		—		—		—		—		—
Stock-based compensation expense and vesting of restricted stock units	—	—		—	—		—		687		—		—		687
Conversion of convertible preferred stock	(7,000)	(7,000)		3,784,688	—

SEC Form 10-Q filed by PLBY Group Inc.