PLBY on Nasdaq

Playboy, Inc.

American retail-miscellaneous retail company based in Wilmington2

In its 2026 annual report the company says: “We provide consumers around the world with products, content and experiences that help them lead happier, healthier and more fulfilling lives. Our flagship consumer brand, Playboy, is one of the most recognizable brands in the world, with Playboy-branded products and content available in approximately 180 countries. We also own and operate the brand Honey Birdette, which specializes in luxury lingerie that it sells online and at physical stores in Australia, the United States and the United Kingdom.”5 Its shares trade on Nasdaq under the symbol PLBY.2

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Last updated Oct 21, 2026.

Overview

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  • TickerPLBY on Nasdaq2
  • IndustryRetail-Miscellaneous Retail2
  • HeadquartersWilmington, United States2
  • Incorporated inDE3
  • Business address10960 Wilshire Blvd, Suite 2200, Los Angeles, Ca 900243
  • Filer categoryAccelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI529900X8FVJ8AKUOS1782
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o CORPORATION SERVICE COMPANY, 251 LITTLE FALLS DRIVE, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 76995642

Playboy, Inc. (formerly known as PLBY Group, Inc. from February 10, 2021 through June 24, 2025), together with its subsidiaries through which it conducts business, is a pleasure and leisure company. We provide consumers around the world with products, content and experiences that help them lead happier, healthier and more fulfilling lives. Our flagship consumer brand, Playboy, is one of the most recognizable brands in the world, with Playboy-branded products and content available in approximately 180 countries. We also own and operate the brand Honey Birdette, which specializes in luxury lingerie that it sells online and at physical stores in Australia, the United States and the United Kingdom.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

71.0%Gross margin6
-6.6%Operating margin6
-10.5%Net margin6
4.1%Revenue growth, 20256
-69.0%Return on equity6
9.40×Debt to equity6
-$1.0MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Consumer Products brought in 59% of the revenue Playboy, Inc. broke down this way in fiscal 2025.

  1. Consumer Products$71.0M659%up 2% from 2024
  2. Trademark Licensing$46.4M638%up 87% from 2024
  3. Digital Subscriptions And Products$3.3M63%down 77% from 2024
  4. Events And Sponsorships$236.0K60%down 41% from 2024
Products and services by year
Products and services20242025
Consumer Products$69.7M$71.0M
Trademark Licensing$24.8M$46.4M
Digital Subscriptions And Products$14.4M$3.3M
Events And Sponsorships$398.0K$236.0K

Business segments

Direct To Consumer brought in 60% of the revenue Playboy, Inc. broke down this way in fiscal 2025.

  1. Direct To Consumer$70.9M660%up 2% from 2024
  2. Licensing$46.4M640%up 87% from 2024
Business segments by year
Business segments20242025
Direct To Consumer$69.7M$70.9M
Licensing$24.8M$46.4M

Regions

United States brought in 33% of the revenue Playboy, Inc. broke down this way in fiscal 2025.

  1. United States$40.2M633%down 28% from 2024
  2. AUMember$29.2M624%down 7% from 2024
  3. LU$20.0M617%
  4. [Canada]$12.6M610%up 14% from 2024
  5. United Kingdoms$12.2M610%up 22% from 2024
  6. Other Countries$6.8M66%down 14% from 2024
Regions by year
Regions20242025
United States$55.9M$40.2M
AUMember$31.3M$29.2M
LU$0$20.0M
[Canada]$11.0M$12.6M
United Kingdoms$10.0M$12.2M
Other Countries$7.9M$6.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue28¢$35.1M
  • Selling, general and admin71¢$91.0M
  • Income tax1¢$1.2M

Out of $120.9M in revenue.6 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$1.0M

Out of $18.0K of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue7896$120.9M in 2025−18% since 2020
0$100.0M$200.0M$300.0M2020: $147.7M$147.7M20202021: $246.6M$246.6M2021+67%2022: $185.5M$185.5M2022−25%2023: $142.9M$142.9M2023−23%2024: $116.1M$116.1M2024−19%2025: $120.9M$120.9M2025+4%
Gross profit96$85.9M in 2025−3% since 2023
0$25.0M$50.0M$75.0M$100.0M2023: $88.2M$88.2M20232024: $74.4M$74.4M2024−16%2025: $85.9M$85.9M2025+15%
Operating income7896-$8.0M in 2025
-$300.0M-$200.0M-$100.0M0$100.0M2020: $13.6M$13.6M20202021: -$68.9M-$68.9M20212022: -$296.1M-$296.1M2022+330%2023: -$190.4M-$190.4M2023−36%2024: -$50.8M-$50.8M2024−73%2025: -$8.0M-$8.0M2025−84%
Net income7896-$12.7M in 2025+140% since 2020
-$300.0M-$200.0M-$100.0M02020: -$5.3M-$5.3M20202021: -$77.7M-$77.7M2021+1374%2022: -$277.7M-$277.7M2022+258%2023: -$180.4M-$180.4M2023−35%2024: -$79.4M-$79.4M2024−56%2025: -$12.7M-$12.7M2025−84%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Net revenues$120.9M$116.1M
Cost of sales-$35.1M-$41.8M
Selling and administrative expenses-$91.0M-$98.7M
Impairments-$2.1M-$26.1M
Other operating expense, net-$763.0K-$399.0K
Total operating expense-$129.0M-$167.0M
Operating loss-$8.0M-$50.8M
Interest expense-$8.2M-$23.7M
Other income (expense), net$2.4M-$1.7M
Total nonoperating expense-$5.9M-$25.4M
Loss before income taxes-$13.9M-$76.2M
Benefit (expense) from income taxes$1.2M-$3.1M
Net loss-$12.7M-$79.4M
Net loss attributable to Playboy, Inc.-$12.7M-$79.4M
Net loss per share, basic (in dollars per share)-$0.13-$1.04
Net loss per share, diluted (in dollars per share)-$0.13-$1.04
Weighted average shares, basic (in shares)100.3M shares76.0M shares
Weighted average shares, diluted (in shares)100.3M shares76.0M shares

Compare Playboy, Inc. with another company

Corporate structure

Playboy, Inc. sits at the top of its group. 23 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Playboy, Inc.

  • Playboy, Inc. Wilmington, Delaware, United States
    • Artwork Holdings LLC Subsidiary · Delaware, United States
    • Centerfold Digital, Inc. Subsidiary · Delaware, United States
    • Honey Birdette (Aust) Pty Ltd Subsidiary · Australia
    • Honey Birdette (UK) Limited Subsidiary · United Kingdom
    • Honey Birdette US Inc Subsidiary · Delaware, United States
    • ICS Entertainment, Inc. Subsidiary · Delaware, United States
    • PB Global Acquisition Corp. Subsidiary · Delaware, United States
    • PBTV LLC Subsidiary · Delaware, United States
    • Playboy China (BVI) Limited Subsidiary · British Virgin Islands
    • Playboy China Limited Subsidiary · Hong Kong
    • Playboy Enterprises International, Inc. Subsidiary · Delaware, United States
    • Playboy Enterprises, Inc. Subsidiary · Delaware, United States
    • Playboy Entertainment Group, Inc. Subsidiary · Delaware, United States
    • Playboy New Venture LLC Subsidiary · Delaware, United States
    • Playboy Spirits, LLC Subsidiary · Delaware, United States
    • Playboy TV International LLC Subsidiary · Delaware, United States
    • Playboy.com, Inc. Subsidiary · Delaware, United States
    • PLBY (BVI) Limited Subsidiary · British Virgin Islands
    • PLBY Australia Pty Ltd Subsidiary · Australia
    • Products Licensing LLC Subsidiary · Delaware, United States
    • Spice Entertainment, Inc. Subsidiary · Delaware, United States
    • Spice Hot Entertainment, Inc. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Playboy, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$500.0K6 Dec 31, 2025$300.0K6 Dec 31, 2024+66.7%
Property and equipment, before depreciation$22.2M6 Dec 31, 2025$23.1M6 Dec 31, 2024−3.8%
Accumulated depreciation$17.9M6 Dec 31, 2025$18.2M6 Dec 31, 2024−1.3%
Property and equipment, net$4.2M6 Dec 31, 2025$4.9M6 Dec 31, 2024−13.2%
Operating-lease assets (leased space)$16.0M6 Dec 31, 2025$19.5M6 Dec 31, 2024−17.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$37.8M6 Dec 31, 2025$30.9M6 Dec 31, 2024+22.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$37.5M6 Dec 31, 2025$36.0M6 Dec 31, 2024+4.1%
Intangible assets, net (excluding goodwill)$155.9M6 Dec 31, 2025$156.0M6 Dec 31, 2024−0.1%
Indefinite-lived intangibles (excluding goodwill)$146.3M6 Dec 31, 2025$145.7M6 Dec 31, 2024+0.5%
Finite-lived intangibles, gross$74.8M6 Dec 31, 2025$73.4M6 Dec 31, 2024+1.9%
Accumulated amortization$14.5M6 Dec 31, 2025$12.3M6 Dec 31, 2024+17.6%
Finite-lived intangibles, net$9.6M6 Dec 31, 2025$10.3M6 Dec 31, 2024−7.3%

Inventory

ItemLatestA year beforeChange
Inventory, total$12.9M6 Dec 31, 2025$8.9M6 Dec 31, 2024+45.0%
Work in process$06 Dec 31, 2025$59.0K6 Dec 31, 2024−100.0%
Finished goods$12.9M6 Dec 31, 2025$8.9M6 Dec 31, 2024+45.9%

Properties, in its own words

Our corporate headquarters is located in Los Angeles, California, where we lease approximately 45,000 square feet of office space, out of which we sublease 37,000 square feet and occupy 8,000 square feet. Our Direct-to-Consumer and Licensing segments both use our corporate headquarters.

Through Honey Birdette, we also have over 15,000 square feet of leased office and warehouse space in the Sydney, Australia area. As of December 31, 2025, Honey Birdette operated 51 retail locations in Australia, the U.S. and the U.K., ranging in size between approximately 400 and 1,200 square feet per location. The Honey Birdette properties are used by our Direct-to-Consumer segment.

The rest of Item 2

We believe our properties are suitable for the purposes for which they are being used and fit our needs.

Item 2 of the 10-K filed Mar 16, 2026.5

Leadership

Who has led Playboy, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (16)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Artwork Holdings LLC Delaware4
  • Centerfold Digital, Inc. Delaware4
  • Honey Birdette (Aust) Pty Ltd Australia4
  • Honey Birdette (UK) Limited United Kingdom4
  • Honey Birdette US Inc Delaware4
  • ICS Entertainment, Inc. Delaware4
  • PB Global Acquisition Corp. Delaware4
  • PBTV LLC Delaware4
  • PLBY (BVI) Limited British Virgin Islands4
  • PLBY Australia Pty Ltd Australia4
  • Playboy China (BVI) Limited British Virgin Islands4
  • Playboy China Limited Hong Kong4
  • Playboy Enterprises International, Inc. Delaware4
  • Playboy Enterprises, Inc. Delaware4
  • Playboy Entertainment Group, Inc. Delaware4
  • Playboy New Venture LLC Delaware4
  • Playboy Spirits, LLC Delaware4
  • Playboy TV International LLC Delaware4
  • Playboy.com, Inc. Delaware4
  • Products Licensing LLC Delaware4
  • Spice Entertainment, Inc. Delaware4
  • Spice Hot Entertainment, Inc. Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • PLBY Group, Inc.Dec 4, 2020 to Jun 16, 20253
  • Mountain Crest Acquisition Corp.Feb 21, 2020 to Feb 11, 20213

Timeline

  1. Sep 2, 20268-K Executive or director change31
  2. Aug 10, 20268-K Results of operations32
  3. Jun 22, 20268-K Entered a material agreement; Regulation FD disclosure33
  4. Jun 17, 20268-K Entered a material agreement; Shareholder vote; Other events34
  5. Jun 4, 20268-K Executive or director change35
  6. May 15, 20268-K Entered a material agreement36
  7. May 11, 20268-K Results of operations37
  8. Apr 10, 20268-K Executive or director change38
  9. Mar 31, 20268-K Change of auditor39
  10. Mar 24, 20268-K Entered a material agreement; Completed an acquisition or sale; Regulation FD disclosure40
  11. Mar 24, 20268-K Other events41
  12. Mar 16, 20268-K Results of operations42
  13. Feb 19, 2021New chief executive Bernhard L. Kohn Iii. becomes CEO14
  14. Jun 4, 2020New chief executive Suying Liu becomes CEO15
  15. Nov 12, 2019Founded Playboy, Inc. is founded2

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.02 a share, on Nov 12, 2025.43

When it reported results

  1. Aug 10, 2026Reported quarterly or annual results32
  2. May 11, 2026Reported quarterly or annual results37
  3. Mar 16, 2026Reported quarterly or annual results42
  4. Feb 24, 2026Reported quarterly or annual results44
  5. Nov 12, 2025Reported quarterly or annual results45
  6. Aug 12, 2025Reported quarterly or annual results46
  7. May 15, 2025Reported quarterly or annual results47
  8. Mar 13, 2025Reported quarterly or annual results48

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

411 filings to the SEC since October 2021: 6 annual reports, 18 quarterly reports, 84 major events, 144 insider forms, 27 large holders, 132 other. The latest 20:

  1. Sep 9, 20264 EDGAR
  2. Sep 4, 2026144 EDGAR
  3. Sep 3, 2026144 EDGAR
  4. Sep 3, 20264 EDGAR
  5. Sep 3, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Sep 3, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  7. Sep 3, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  8. Sep 2, 20268-K/A EDGAR
  9. Sep 1, 2026144 EDGAR
  10. Aug 28, 20264 EDGAR
  11. Aug 26, 2026144 EDGAR
  12. Aug 25, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  13. Aug 25, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  14. Aug 14, 2026SCHEDULE 13G/A EDGAR
  15. Aug 10, 202610-Q EDGAR
  16. Aug 10, 20268-K EDGAR
  17. Jul 24, 20264 EDGAR
  18. Jul 24, 20264 EDGAR
  19. Jul 24, 20264 EDGAR
  20. Jul 24, 20264 EDGAR

The 411 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

98 open-market trades by officers, directors and large owners since October 2021: 8 buys and 90 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 4, 2026Edmonds Tracey EDirectorSale25,900$1.16$30.0KForm 4
Sep 3, 2026Edmonds Tracey EDirectorSale4,275$1.18$5.0KForm 4
Sep 1, 2026Edmonds Tracey EDirectorSale4,283$1.18$5.1KForm 4
Aug 26, 2026Edmonds Tracey EDirectorSale16,558$1.21$20.0KForm 4
Aug 24, 2026Drawbridge Special Opportunities Fund LP10% ownerSale2,857,143$1.05$3.0MForm 4
Aug 24, 2026FINCO I Intermediate Holdco LLC10% ownerSale2,857,143$1.05$3.0MForm 4
Jul 9, 2026Kohn Bernhard L IIICEO & PresidentSale106,152$1.14$121.0KForm 4
Jul 8, 2026Kohn Bernhard L IIICEO & PresidentSale109,342$1.14$124.7KForm 4
Jul 7, 2026Kohn Bernhard L IIICEO & PresidentSale108,959$1.19$129.7KForm 4
Jul 6, 2026Riley ChristopherGeneral Counsel & SecretarySale74,949$1.23$92.2KForm 4
Jul 2, 2026Riley ChristopherGeneral Counsel & SecretarySale71,471$1.26$90.1KForm 4
Jul 1, 2026CROSSMAN MARCCFO & COOSale72,000$1.23$88.6KForm 4
Jun 30, 2026CROSSMAN MARCCFO & COOSale70,954$1.28$90.8KForm 4
Jun 29, 2026CROSSMAN MARCCFO & COOSale67,728$1.33$90.1KForm 4
Jun 18, 2026Drawbridge Special Opportunities Fund LP10% ownerSale1,904,762$1.05$2.0MForm 4
Jun 18, 2026FINCO I LLC10% ownerSale1,904,762$1.05$2.0MForm 4
May 27, 2026Edmonds Tracey EDirectorSale8,193$1.33$10.9KForm 4
May 26, 2026Edmonds Tracey EDirectorSale18,198$1.33$24.2KForm 4
May 22, 2026Edmonds Tracey EDirectorSale3,888$1.34$5.2KForm 4
May 20, 2026Edmonds Tracey EDirectorSale30,816$1.24$38.2KForm 4

All 98 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Ben KohnChief Executive Officer & President52$850.7K$3.7M59
2025Chris RileyGeneral Counsel and Secretary58$400.7K$1.4M59
2025Marc CrossmanChief Financial Officer & Chief Operating Officer54$400.7K$1.4M59
2024Ben KohnChief Executive Officer & President52$852.8K$2.4M59
2024Chris RileyGeneral Counsel and Secretary58$401.9K$1.0M59
2024Marc CrossmanChief Financial Officer & Chief Operating Officer54$401.7K$1.0M59

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 86. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Fortress Investment Group LLC14,684,769$17.9M3.4%−1,904,762
Crcm LP11,515,614$14.0M4.6%+7,170,097
BlackRock, Inc.3,132,014$3.8M0.0%+2,535,428
Vanguard Capital Management LLC3,065,204$3.7M0.0%+84,566
Geode Capital Management, LLC1,560,037$1.9M0.0%+778,142
Bbfit Investments Pte Ltd1,221,901$1.5M0.1%No change
Marshall Wace, Llp940,621$1.1M0.0%−872,472
Sfmg, LLC750,000$915.0K0.1%+60,000
State Street Corp675,751$824.4K0.0%+362,700
Vanguard Fiduciary Trust Co483,366$589.7K0.0%+97,320
Northern Trust Corp479,477$585.0K0.0%+338,085
Two Sigma Investments, LP461,632$563.2K0.0%+12,912
Vanguard Portfolio Management LLC400,066$488.1K0.0%New
Hill Investment Group Partners, LLC207,653$253.3K0.0%No change
Bank of New York Mellon Corp162,595$198.4K0.0%+151,346
Charles Schwab Investment Management Inc142,322$173.6K0.0%New
Renaissance Technologies LLC137,800$168.1K0.0%−287,559
UBS Group AG135,997$165.9K0.0%−20,950
Nuveen, LLC99,121$120.9K0.0%New
Citadel Advisors LLC96,059$117.2K0.0%New
Morgan Stanley89,645$109.4K0.0%−97,699
XTX Topco Ltd86,406$105.4K0.0%+36,318
Citigroup Inc81,523$99.5K0.0%+79,985
Susquehanna International Group, Llp80,619$98.4K0.0%−176,786
New York State Common Retirement Fund74,700$91.1K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Playboy, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPlayboy, Inc.1
  • CIK0001803914
  • Employer ID (EIN)37-19587145
  • Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)5900 Retail-Miscellaneous Retail1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address10960 Wilshire Blvd, Suite 2200, Los Angeles, CA 900241
  • Phone310-424-18001
  • Shares outstanding119,807,688 as of Aug 6, 202611
  • Public float$88.9M as of Jun 30, 20255
  • AuditorBDO USA, P.C., Los Angeles, California PCAOB ID 243; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceFeb 21, 20201
  • Filings597 in all: 4 (149), 8-K (100), 144 (57), 424B3 (38), 3 (26), DEFA14A (26), 10-Q (19), CORRESP (19)1
    All 47 form types

    UPLOAD (17), SC 13D/A (11), SC 13G (11), EFFECT (10), SC 13G/A (10), S-8 (8), 424B5 (7), SCHEDULE 13D/A (7), 10-K (6), DEF 14A (6), S-1/A (6), 8-K/A (5), S-1 (5), SD (5), 4/A (4), ARS (4), S-3 (4), SC 13D (4), 10-Q/A (3), NT 10-K (3), PRER14A (3), 424B4 (2), DRS (2), DRS/A (2), DRSLTR (2), PRE 14A (2), SCHEDULE 13G/A (2), 10-K/A (1), 25-NSE (1), 3/A (1), 8-A12B (1), CERT (1), D (1), DEFM14A (1), POS AM (1), PREM14A (1), S-1MEF (1), S-3/A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 16, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Aug 10, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per sharePLBYNasdaq Global Market

From the cover page of the 10-K filed Mar 16, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Playboy, Inc. names in Item 1A of its 10-K filed Mar 16, 2026: 75 risks under these headings, as written.5

  • Risks Related to Our Business and Industry
  • Our success depends on our ability to maintain the value and reputation of the Playboy brand.
  • Our businesses operate in highly competitive industries.
  • The market for our physical and digital products is changing rapidly, and unless we are able to anticipate these changes and rapidly adapt, we will lose market share.
  • If we are unable to obtain, maintain and protect our intellectual property rights, in particular trademarks and copyrights, our ability to compete could be negatively impacted.
  • Our success depends on our ability to operate our business without infringing, misappropriating or otherwise violating the intellectual property of third parties.
  • Our business includes the provision of sexually explicit content which can create negative publicity, lawsuits and boycotts.
  • Companies providing products and services on which we rely have refused, and may refuse in the future, to do business with us because some of our products contain adult content.
  • If we are unable to advertise on certain platforms because of our brand or products, our revenue could be adversely impacted.
  • We have experienced, and may continue to experience, seasonality in our revenues, which may result in volatility in our financial results.
  • We have identified material weaknesses in our internal control over financial reporting. Failure to achieve and maintain effective internal controls over financial reporting could adversely affect our ability to report our results of operations and financial condition accurately and in a timely manner, which could have an adverse impact on our business.
  • Our use of certain tax attributes may be limited.
The other 64 risks
  • We are subject to taxation related risks in multiple jurisdictions.
  • We could be required to collect additional sales taxes or be subject to other tax liabilities that may increase the costs our customers would have to pay for our offering and adversely affect our operating results.
  • Our digital operations are subject to systems failures and disruptions.
  • Any significant disruption in or unauthorized access to our computer systems or those of third parties that we utilize in our operations, including those relating to cybersecurity or arising from cyberattacks, could result in the interruption of operations, unauthorized access, disclosure or destruction of data, including customer, employee and corporate information, or theft of intellectual property, including digital assets, which could adversely impact our business.
  • We are subject to data security and privacy risks.
  • Changes in how network operators handle and charge for access to data that travel across their networks could adversely impact our business.
  • We are subject to payment processing risk.
  • Government regulations could adversely affect our business, financial condition or results of operations.
  • Our variable rate debt subjects us to interest rate risk that could cause our debt service obligations to increase significantly.
  • We are subject to risks resulting from our operations outside the U.S., and we face additional risks and challenges as we continue to expand internationally.
  • We are exposed to fluctuations in currency exchange rates.
  • Operating as a public company requires us to incur substantial costs and requires substantial management attention.
  • Any expansion into new products, technologies, and geographic regions may subject us to additional risks.
  • We expect to incur transaction costs in connection with our corporate transactions and strategic opportunities, which could require additional financing that may not be available to us on acceptable terms.
  • We have entered into, and may enter into further, joint ventures and strategic partnerships, which could be adversely affected by our lack of sole decision-making authority, our reliance on our partners or disputes between us and our partners.
  • We may seek strategic opportunities in industries or sectors that may be outside of our management’s areas of expertise.
  • Any expansion of our businesses may place a significant strain on our management, operational, financial, and other resources.
  • In pursuing strategic opportunities and corporate transactions, we may incur various costs and liabilities, and we may never realize the anticipated benefits of such opportunities.
  • The success of our business may depend in part on achieving our strategic objectives, including through strategic transactions, dispositions and new initiatives.
  • We may not realize all of the anticipated benefits of our strategic opportunities or corporate transactions or those benefits may take longer to realize than expected.
  • Any future strategic opportunities or corporate transactions may not be accretive, and may be dilutive, to our earnings per share, which may negatively affect the market price of our common stock.
  • Our senior secured credit agreement contains various covenants, restrictions and required financial ratios and tests that limit our operating flexibility. The violation of one or more of these covenants, ratios or tests could have a material adverse effect on our business, financial condition and operating results.
  • A variety of uncontrollable events may reduce demand for our products, impair our ability to provide our products or increase the cost of providing our products.
  • If we do not adequately adopt and manage our reporting and enterprise systems and processes, our ability to manage and grow our business may be adversely impacted.
  • Global economic conditions could have a material adverse effect on our business, operating results and financial condition.
  • We have a material amount of goodwill and other intangible assets, including our trademarks and right-of-use assets, recorded on our balance sheet. As a result of changes in market conditions and declines in the estimated fair value of these assets, we have in the past, and we may in the future, be required to further write down a portion of this goodwill and other intangible assets and such write-down could, as applicable, have a material effect on our financial results.
  • Additional Risks Related to Our Licensing and Direct-to-Consumer Businesses
  • We utilize various licensing and selling models in our operations, and our success is dependent on our ability to manage these different models.
  • Risks that impact our business as a whole may also impact the success of our direct-to-consumer (“DTC”) business.
  • The agency relationship for our consumer brands licensing business may not ultimately be successful.
  • Our growth will depend on our ability to attract and retain customers and subscribers, and the loss of customers or subscribers, failure to attract new customers and subscribers in a cost-effective manner, or failure to effectively manage our growth could adversely affect our business, financial condition, results of operations and prospects.
  • If we are unable to predict or effectively react to changes in consumer demand or shopping patterns, our sales may decline and we may write-down inventory.
  • Our business depends on consumer purchases of discretionary goods and content, which can be negatively impacted during an economic downturn or periods of inflation. This could materially impact our sales, profitability and financial condition.
  • A substantial portion of our licensing revenue is concentrated with a limited number of licensees and retail partners, such that the loss of a licensee or retail partner has in the past decreased, and could in the future materially decrease, our revenue and cash flows.
  • Our licensing arrangements subject us to a number of risks.
  • We rely on the accuracy of our licensees’ sales reports for reporting and collecting our royalty revenues, and if these reports are untimely or incorrect, our revenues could be delayed or inaccurately reported or collected.
  • The failure of licensees to adequately produce, market, import and sell products bearing Playboy’s trademarks in their license categories, continue their operations, renew their license agreements or pay their obligations under their license agreements has resulted in, and could continue to result in, a decline in the results of operations of our business.
  • The imposition of duties, tariffs, trade barriers and retaliatory countermeasures implemented by the U.S. and other governments, and the resulting impacts on customer demand, may have a material adverse effect on our business, financial condition and results of operations.
  • We rely on our suppliers, and the suppliers of our licensees, to comply with our terms and conditions, regulatory requirements and the quality and delivery expectations of our customers.
  • Our commercial agreements, strategic alliances, and other business relationships expose us to risks.
  • We may be subject to product liability claims when people or property are harmed by the products we sell.
  • Our consumer business is subject to additional risks associated with our international licensees.
  • Additional Risks Related to Our Content-Related Offerings
  • Free content on the Internet and competition from free platforms and other social media and content-creator sites is increasing competition for our adult content products and creator platform and is changing the dynamics of the marketplace for our adult content products.
  • Failure to maintain our agreements with multiple system operators (“MSOs”) and direct-to-home (“DTH”) operators on favorable terms could adversely affect our business, financial condition or results of operations.
  • Limits on our access to satellite transponders could adversely affect our business, financial condition or results of operations.
  • There has been a shift in consumer behavior as a result of technological innovations and changes in the distribution of content, which may affect our viewership and the profitability of our content business in unpredictable ways.
  • Our digital content business involves risks of liability claims for media content, which could adversely affect our business, financial condition or results of operations.
  • Risks Related to the Ownership of Our Common Stock
  • If we are not able to comply with the applicable continued listing requirements or standards of Nasdaq, Nasdaq could delist our common stock.
  • Each of our Chairman, Suhail Rizvi, together with entities he controls (“RT”), our director György Gattyán, together with entities he controls (which are affiliates of Byborg), and our primary senior secured lender owns a significant percentage of our common stock, and they may effectively control our major corporate decisions, and their interests may conflict with each other’s interests and your interests as an owner of our common stock and with our interests.
  • The market price of the Company’s common stock is likely to be highly volatile, and you may lose some or all of your investment.
  • If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.
  • Volatility in our share price could subject us to securities class action litigation.
  • Because we do not anticipate paying any cash dividends in the foreseeable future, capital appreciation, if any, would be your sole source of gain.
  • Sales of a substantial number of shares of our common stock in the public market could cause the price of our common stock to decline.
  • Future sales of shares of our common stock may depress our stock price.
  • You may experience future dilution as a result of future equity offerings or other issuances of our shares of common stock.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • General Risk Factors
  • Any inability to identify, fund investment in and commercially exploit new technology could have a material adverse impact on our business, financial condition or results of operations.
  • We will need to generate profits or obtain additional capital to fund our operations in the future. If we are unsuccessful in generating profits or obtaining new capital, we may not be able to continue operations or may be forced to sell assets to do so. Alternatively, capital may not be available to us on favorable terms, or if at all. If available, financing terms may lead to significant dilution of our stockholders’ equity.
  • We may not realize the expected financial benefits from our disposition of assets, transition of owned-and-operated businesses to licensing arrangements and/or our cost reductions, including within the anticipated timelines.
  • We are subject to periodic claims and litigation that could result in unexpected expenses and could ultimately be resolved against us.
  • If we are unable to attract and retain key employees and hire qualified management and personnel our ability to compete could be adversely impacted.
  • Geopolitical risks, such as those associated with Russia’s war with Ukraine, war in the Middle East, other armed conflicts around the world and the imposition of tariffs, could result in a decline in the outlook for the U.S. and global economies.

Legal proceedings

From time to time, we may become involved in additional legal proceedings arising in the ordinary course of our business. Except for the proceedings below, we are not currently a party to any other legal proceedings the outcome of which, if determined adversely to us, would individually or in the aggregate have a material adverse effect on our business, financial condition, and results of operations.

AVS Case

In March 2020, our subsidiary Playboy Enterprises International, Inc. (together with its subsidiaries, “PEII”) terminated its license agreement with a licensee, AVS Products, LLC (“AVS”), for AVS’s failure to make required payments to PEII under the agreement, following notice of breach and an opportunity to cure. On February 6, 2021, PEII received a letter from counsel to AVS alleging that the termination of the contract was improper, and that PEII failed to meet its contractual obligations, preventing AVS from fulfilling its obligations under the license agreement.

On February 25, 2021, PEII brought suit against AVS in Los Angeles Superior Court to prevent further unauthorized sales of Playboy-branded products and for disgorgement of unlawfully obtained funds. On March 1, 2021, PEII also brought a claim in arbitration against AVS for outstanding and unpaid license fees. PEII and AVS subsequently agreed that the claims PEII brought in arbitration would be alleged in the Los Angeles Superior Court case instead, and on April 23, 2021, the parties entered into and filed a stipulation to that effect with the court. On May 18, 2021, AVS filed a demurrer, asking for the court to remove an individual defendant and dismiss PEII’s request for a permanent injunction. On June 10, 2021, the court denied AVS’s demurrer. AVS filed an opposition to PEII’s motion for a preliminary injunction to enjoin AVS from continuing to sell or market Playboy-branded products on July 2, 2021, which the court denied on July 28, 2021.

The opening of Item 3, Legal Proceedings.5

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