The discounted share repurchase of 14% of outstanding shares is a strong signal of management's confidence and is immediately accretive. The continued revenue acceleration (11% vs 5% in Q1) and Honey Birdette's 18.2% growth with expanding margins suggest the turnaround is gaining traction. Monitor the Q3 earnings call for updates on the remaining UTG proceeds and debt reduction progress.
Price Chart
Executive Summary
Playboy reported Q2 2026 revenue of $31.2M (+11% YoY) and net income of $0.2M, a $7.9M improvement from a net loss in Q2 2025. Adjusted EBITDA doubled to $7.0M, and the company announced a discounted share repurchase of 16.6M shares (14% of outstanding) at $1.05/share, a 28% discount to market. The results show accelerating revenue growth, profitability, and a shareholder-friendly capital allocation move, but the company remains small-cap with a history of negative stock reactions to prior reports.
Key Financial Metrics
Key Facts
- Q2 2026 revenue of $31.2M, up 11% YoY from $28.1M
- Net income of $0.2M vs net loss of $7.7M in Q2 2025
- Adjusted EBITDA of $7.0M, up 100% YoY from $3.5M
- Direct-to-consumer revenue (Honey Birdette) grew 18.2% YoY to $19.5M with 65.1% gross margin
- Licensing revenue grew 2.2% YoY to $11.2M
- Announced agreement to repurchase 16.6M shares (14% of outstanding) at $1.05/share, a 28% discount
- Total cash of $37.1M as of June 30, 2026, up ~$2.5M during Q2
- Sixth consecutive quarter of positive Adjusted EBITDA
Financial Impact
Revenue beat consensus by ~5% ($31.2M vs $29.7M est). EPS of $0.00 vs consensus of $-0.00 (in-line). Share repurchase of 16.6M shares at 28% discount is immediately accretive to book value per share.
Risk Factors
- Small market cap ($141M) with limited liquidity
- Licensing revenue growth remains modest at 2.2%
- Company still carries significant debt with $4.7M in interest expense in H1 2026
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-055251 |
| Document: ply-20260810.htm | 0001628280-26-055251 |
| Document: 0001628280-26-055251-index-headers.html | 0001628280-26-055251 |
| Document: 0001628280-26-055251-index.html | 0001628280-26-055251 |
| Document: 0001628280-26-055251.txt | 0001628280-26-055251 |
| 8-K Data (Synthetic) | 0001628280-26-055251 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | Press Release | $1.10 | awaiting T+60 | — | $1.13 (+2.73%) |
Aug 28, 2026 8w ago | Insider Cluster | $1.18 | awaiting T+60 | — | $1.13 (+4.24%) |
Aug 25, 2026 9w ago | Insider Cluster | $1.22 | awaiting T+60 | — | $1.13 (+7.38%) |
Aug 10, 2026 11w ago | 8-K | $1.36 | awaiting T+60 | — | $1.13 (−16.91%) |
Aug 10, 2026 11w ago | Press Release | $1.36 | awaiting T+60 | — | $1.13 (−16.91%) |
Jul 9, 2026 15w ago | Insider Cluster | $1.16 $1.03 | ▲ +11.21% | ▲ +13.84% | $1.13 (+2.59%) |
Jul 7, 2026 16w ago | Insider Cluster | $1.14 $1.01 | ▼ −11.40% | ▼ −13.90% | $1.13 (−0.88%) |
Jul 2, 2026 16w ago | 144 | $1.26 $1.03 | ▼ −18.25% | ▼ −21.82% | $1.13 (−10.32%) |
Jul 1, 2026 16w ago | 144 | $1.25 $1.06 | ▼ −15.20% | ▼ −18.16% | $1.13 (−9.60%) |
Jun 30, 2026 17w ago | 144 | $1.22 $1.08 | ▼ −11.48% | ▼ −15.04% | $1.13 (−7.38%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers