PLBY Group (PLBY) Financials

PLBY Group’s second-quarter 2026 results show meaningful improvement in profitability, although the company remains highly leveraged and dependent on financing activity. Revenue was $31.1 million, essentially flat with the first quarter but up approximately 12% from $27.8 million in the restated second quarter of 2025. Operating expenses declined to $28.2 million from $32.8 million in the prior quarter, helping PLBY generate $1.3 million of pretax income and $198,000 of net income, compared with a $4.0 million net loss in Q1 2026 and a $7.7 million net loss in Q2 2025.

Cash flow also improved sequentially. Operating cash flow was negative $414,000 in Q2, compared with negative $8.1 million in Q1 and negative $3.9 million a year earlier. However, the quarter’s $2.5 million increase in cash was primarily supported by $3.1 million of financing inflows, including $2.7 million from common-stock issuance and $2.4 million in other financing activities. This suggests that PLBY has not yet established consistently self-funding operations.

The balance sheet remains a significant concern. PLBY held $31.9 million in cash and $5.3 million in restricted cash at June 30, 2026, while total debt was approximately $182.7 million. Total liabilities reached $266.2 million against only $22.9 million of equity. Although total equity improved from negative levels in 2025, retained earnings remained deeply negative at $710.7 million. Investors should also note that weighted-average basic shares increased to 114.7 million from 94.4 million in the restated year-ago quarter, indicating substantial dilution.

• Return to modest profitability: PLBY reported $198,000 of net income in Q2 2026 after losses in Q1 2026 and Q2 2025.
• Improved cost control: Operating expenses fell approximately 14% sequentially, from $32.8 million to $28.2 million.
• Revenue growth from the prior year: Q2 revenue increased approximately 12% year over year, despite being nearly unchanged from Q1.
• Operating cash burn narrowed: Negative operating cash flow improved to $414,000 from $8.1 million in Q1 2026 and $3.9 million in Q2 2025.
• Cash reserves have improved: Cash and restricted cash totaled approximately $37.1 million at quarter-end, up from roughly $21.7 million at June 30, 2025.
• Impairment pressure has eased: PLBY recorded no impairment charge in Q1 or Q2 2026, compared with impairment charges in several earlier periods, including $21.7 million in Q3 2024. The sustainability of this improvement remains uncertain.
• Revenue remains concentrated in non-interest income: Nearly all Q2 revenue came from other non-interest income, making the company’s growth and earnings profile difficult to evaluate from traditional operating metrics.
• High leverage persists: Total debt was approximately $182.7 million, including $156.0 million of long-term debt, substantially exceeding the company’s cash balance.
• Operating cash flow remains negative: Despite the quarterly improvement, operating cash flow was still negative, and first-half 2026 operating cash flow totaled approximately negative $8.5 million.
• Shareholder dilution is substantial: Weighted-average basic shares rose more than 20% year over year, while common-stock issuance contributed $2.7 million of Q2 financing inflows.