The combination of a revenue beat, positive net income, doubling of adjusted EBITDA, and a deeply discounted share buyback is clearly bullish. Monitor the Q3 call for updates on Honey Birdette momentum and debt reduction progress. The stock may re-rate on the profitability inflection and index inclusion benefits.
Price Chart
Executive Summary
Playboy reported Q2 2026 revenue of $31.2M (+11% YoY), above the $29.7M consensus, and net income of $0.2M versus a -$7.7M loss a year ago. Adjusted EBITDA doubled to $7.0M. The company also announced a 16.6M share repurchase at a 28% discount and highlighted 91% licensing revenue visibility. The revenue beat and profitability inflection are positive, but the company did not provide EPS or formal guidance, and Street EPS was effectively zero, capping the bullish impact.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $31.2M, +11% YoY, above $29.7M consensus
- Net income $0.2M versus net loss of $7.7M in Q2 2025
- Adjusted EBITDA $7.0M, +100% YoY, sixth consecutive positive quarter
- Honey Birdette DTC revenue $19.5M, +18.2% YoY; 65.1% gross margin
- Licensing revenue $11.2M, +2.2% YoY; 91% of FY2026 licensing revenue contractually guaranteed
- Announced $1.05/share repurchase of 16.6M shares (14% of outstanding), 28% discount
- Closed Q2 with $37.1M total cash; added $2.5M cash during the quarter
- Joining Russell 2000 and Russell 3000 indices at June 2026 reconstitution
- No formal forward guidance provided; management commentary positive
- Net income per share was less than $0.01 (rounded to $0.00), GAAP diluted EPS $0.00
- EPS miss vs $0.00 consensus (reported EPS $0.00 versus consensus $0.00 — effectively in line on a rounded basis)
Financial Impact
Revenue beat consensus by ~$1.5M (+5%); profitability swung from -$7.7M net loss to +$0.2M net income; share repurchase at 28% discount accretive to NAV
Risk Factors
- No formal guidance provided; management commentary is forward-looking but not quantified
- Interest expense $2.2M remains a drag; net leverage still a concern on the $141M market cap
- EPS effectively zero; any operating misstep could reverse profitability quickly
- Share count reduction is modest relative to overall diluted shares; backstop arrangement may create overhang if not fully executed
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3342202 |
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
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