0001803914-25-000030 | 10-K | XBRL Viewer

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Fair Value Measurements - Significant Unobservable Inputs of Series B Convertible Preferred Stock (Details) - Level 3 - Series B Convertible Preferred Stock	Nov. 13, 2024 $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible preferred stock, fair value per share (in dollars per share)	$ 823
Yield volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible preferred stock, measurement input	40.00%
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible preferred stock, measurement input	4.30%
Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible preferred stock, measurement input	11.00%

Revenue Recognition - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 7,271	$ 7,496	$ 14,214
Contract Balances:
Contract assets, current portion	1,531	1,547	2,559
Contract assets, net of current portion	7,848	8,716	13,680
Contract liabilities, current portion	(9,693)	(9,205)	(10,480)
Contract liabilities, net of current portion	(5,762)	(4,641)	(21,406)
Contract liabilities, net	$ (6,076)	$ (3,583)	$ (15,647)

Basis of Presentation and Summary of Significant Accounting Policies - Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2023
Revenue Benchmark \| Customer Concentration Risk \| Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 30,904	$ 28,120
Restricted cash	100	1,587
Receivables, net of allowance for credit losses	7,271	7,496
Inventories, net	8,922	13,000
Prepaid expenses and other current assets	5,472	7,802
Assets held for sale	4,835	11,692
Total current assets	57,504	69,697
Restricted cash	2,318	1,969
Property and equipment, net	4,871	13,514
Operating right-of-use assets	19,468	25,284
Goodwill	36,007	54,899
Other intangible assets, net	155,973	157,901
Contract assets, net of current portion	7,848	8,716
Other noncurrent assets	715	2,274
Total assets	284,704	334,254
Current liabilities:
Accounts payable	10,672	14,500
Deferred revenues, current portion	9,693	9,205
Long-term debt, current portion	381	304
Operating lease liabilities, current portion	6,624	6,955
Other current liabilities and accrued expenses	28,474	27,967
Total current liabilities	55,844	58,931
Deferred revenues, net of current portion	5,762	4,641
Long-term debt, net of current portion	176,194	190,115
Deferred tax liabilities, net	10,302	9,304
Operating lease liabilities, net of current portion	18,843	24,621
Other noncurrent liabilities	1,837	957
Total liabilities	268,782	288,569
Commitments and contingencies (Note 15)
Mezzanine equity:
Series B convertible preferred stock, $0.0001 par value per share, 28,001 shares authorized, 28,000.00001 issued and outstanding as of December 31, 2024; 0 shares authorized, issued and outstanding as of December 31, 2023	23,861	0
Redeemable noncontrolling interest	(208)	(208)
Stockholders’ equity:
Preferred stock, $0.0001 par value per share, 5,000,000 shares authorized, 50,000 shares designated Series A preferred stock, of which 0 shares were issued and outstanding as of December 31, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value per share; 150,000,000 shares authorized, 92,110,964 shares issued and 89,861,035 shares outstanding at December 31, 2024; 74,783,683 shares issued and 72,533,754 shares outstanding at December 31, 2023	9	7
Treasury stock, at cost: 2,249,929 shares as of December 31, 2024 and 2023	(5,445)	(5,445)
Additional paid-in capital	718,797	690,055
Accumulated other comprehensive loss	(27,455)	(24,910)
Accumulated deficit	(693,637)	(613,814)
Total stockholders’ (deficit) equity	(7,731)	45,893
Total liabilities, mezzanine equity, redeemable noncontrolling interest, and stockholders’ (deficit) equity	$ 284,704	$ 334,254

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

Our principal lease commitments are for office, retail store and warehouse spaces under noncancellable operating leases with contractual terms expiring from 2025 to 2033. Some of these leases contain renewal options and rent escalations.

We had $1.2 million and $1.4 million in cash collateralized letters of credit related to our corporate headquarters lease as of December 31, 2024 and 2023, respectively.

We sublease a part of our New York office space for a period approximating the remaining term of our lease. Our New York office lease expired in 2024.

In conjunction with the sale of Yandy in the second quarter of 2023, we entered into a sublease agreement with the buyer of Yandy in relation to its warehouse and office space for the remaining term of the lease, which expires in 2031.

In relation to the operations of Honey Birdette, we had 54 retail stores, one warehouse and two office spaces as of December 31, 2024, which Honey Birdette leases and operates in Australia, the United States and the United Kingdom for the purpose of selling its products to customers. The majority of the leases are triple net leases, for which Honey Birdette, as a lessee, is responsible for paying rent as well as common area maintenance, insurance and taxes. Lease terms run between two and 10 years in length, with the average lease term being approximately five years and, in many cases, include renewal options.

Lease cost associated with operating leases is charged to selling, general and administrative expense, with an immaterial amount charged to cost of sales, in the year incurred and is included in our consolidated statements of operations. Most of our leases include one or more options to renew, with renewal terms that generally can extend the lease term for an additional four to five years. The exercise of lease renewal options is at our sole discretion. The extension period has not been included in the determination of the right of use asset or the lease liability, as we concluded that it is not reasonably certain that we would exercise such option.

As of December 31, 2024 and 2023 the weighted average remaining term of these operating leases from continuing operations was 4.5 years and 5.2 years, respectively, and the weighted average discount rate used to estimate the net present value of the operating lease liabilities was 7.2% and 7.0%, respectively. Cash payments for amounts included in the measurement of operating lease liabilities attributable to continuing operations were $8.5 million and $8.8 million for the years ended December 31, 2024 and 2023, respectively. Right of use assets obtained in exchange for new operating lease liabilities attributable to continuing operations for the years ended December 31, 2024 and 2023 were $2.3 million and $4.5 million, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities attributable to discontinued operations for the year ended December 31, 2023 were $1.0 million.

Net lease cost recognized in our consolidated statements of operations as of December 31, 2024 and 2023 is summarized in the table below (in thousands). The table excludes TLA’s total net lease cost of $3.7 million for the year ended 2023, which is included in discontinued operations in the consolidated statement of operations for the year ended December 31, 2023.


	Year Ended December 31,
	2024		2023
Operating lease cost	$	7,803	$	7,989
Variable lease cost	1,626		1,369
Short-term lease cost	1,818		2,086
Sublease income	(880)		(669)
Total	$	10,367	$	10,775

Maturities of our operating lease liabilities as of December 31, 2024 were as follows (in thousands):


Years ending December 31:	Amounts
2025	$	8,067
2026	7,583
2027	5,166
2028	2,779
2029	2,396
Thereafter	3,989
Total undiscounted lease payments	29,980
Less: imputed interest	(4,513)
Total operating lease liabilities	$	25,467

Operating lease liabilities, current portion	$	6,624
Operating lease liabilities, noncurrent portion	$	18,843

Legal Contingencies

From time to time, we may have certain contingent liabilities that arise in the ordinary course of our business activities. We accrue a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount.

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.

On August 10, 2021, AVS filed a cross-complaint for breach of contract, breach of the implied covenant of good faith and fair dealing, quantum meruit and declaratory relief. As in its February 2021 letter, AVS alleges its license was wrongfully terminated and that PEII failed to approve AVS’ marketing efforts in a manner that was either timely or that was commensurate with industry practice. AVS is seeking to be excused from having to perform its obligations as a licensee, payment of the value for services rendered by AVS to PEII outside of the license, and damages to be proven at trial. The court heard PEII’s motion for summary judgment on June 6, 2023, and dismissed six out of 10 of AVS’ causes of action. AVS’ contract-related claims remain to be determined at trial, which is set for September 2025. In addition, PEII filed a new, related complaint against Sunrise Brands based on their participation in AVS’s misconduct, as well as their own direct misconduct. Sunrise Brands has submitted an answer to that complaint. The parties in the AVS and Sunrise Brand cases are currently engaged in discovery, and both cases been related together by the court and will be tried together, for both pretrial and trial purposes. We believe AVS’ remaining claims and allegations are without merit, and we will defend this matter vigorously.

New Handong Arbitration

On February 8, 2024, PEII and certain of its subsidiaries initiated arbitration in the Hong Kong International Arbitration Centre (the “Arbitration”) against PEII’s terminated China licensee, New Handong Investment (Guangdong) Co., Ltd. (“New Handong”). In October 2023, PEII’s subsidiary terminated its license agreement with New Handong due to ongoing, uncured material breaches by New Handong. PEII and certain of its subsidiaries are seeking damages, including the payment of outstanding guaranteed minimum royalties, the payment of all guaranteed minimum royalties for the remainder of the term of the agreement, and other contractual damages for a variety of breaches. Such breaches include unauthorized sales of products, underpayment of earned royalties, failure to use approved trademarks and affix official holograms to all products, and the use of unapproved sublicensees. PEII and certain of its subsidiaries are also seeking a declaration that the termination of the agreement was lawful and valid and the issuance of a legal order to require New Handong to refrain from any further manufacture, sale, distribution or other use of any Playboy intellectual property or products. While PEII believes it has strong claims against New Handong, and that the facts of the matter support those claims, even in the event PEII were to obtain all the relief it seeks from the Arbitration, PEII can provide no assurance or guarantee that it will be able to enforce the results of the Arbitration against New Handong or recover all monetary awards from New Handong.

Former Model Case

On July 5, 2024, a former Playboy model filed a complaint against the Company, certain of the Company’s affiliates and A&E Television Networks LLC (“A&E”, and collectively, with the Company and its affiliates, the “Defendants”) in California Superior Court for claims arising from A&E’s “Secrets of Playboy” show (the “A&E Show”) which showed certain Playboy videos that depicted the former model. Neither the Company nor its affiliates participated in any way in the creation, production, distribution or airing of the A&E Show, nor did the Company or its affiliates license or otherwise authorize use of the videos in the A&E Show. The complaint alleges, among other things, invasion of privacy, appropriation, distribution of private explicit video, negligence and unfair competition by the Defendants to the detriment of the former model. The lawsuit seeks at least $2 million in damages from the Defendants. The Company believes the plaintiff’s claims and allegations with respect to the Company and its affiliates are without merit, and it will defend itself vigorously in this matter.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders’ Equity - Common Stock and Treasury Stock (Details)	12 Months Ended
	Dec. 31, 2024 vote $ / shares shares	Dec. 31, 2023 shares	May 31, 2022 USD ($)
Class of Stock [Line Items]
Dividends declared (in dollars per share) \| $ / shares	$ 0
Treasury stock (in shares)	2,249,929	2,249,929
Value of shares available for repurchase \| $			$ 50,000,000
Shares repurchased (in shares)	0	1,549,929
Common stock
Class of Stock [Line Items]
Number of votes for each share \| vote	1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Inventories, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Editorial and other pre-publication costs	$ 59	$ 242
Merchandise finished goods	8,863	12,758
Total	8,922	13,000
Inventory reserves	$ 4,200	$ 5,500

Debt - Term Loan Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 153,061	$ 211,620
Term Loan
Debt Instrument [Line Items]
2025	381
2026	1,524
2027	151,156
Total	$ 153,061

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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1F
-Subparagraph (b)(1)
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedules of Concentration of Risk, by Risk Factor

The following table represents revenue from our customers exceeding 10% of our total revenue, excluding revenues from discontinued operations:


	Year Ended December 31,
Customer	2024	2023
Customer A (1)	*	16	%
_________________ (1) The agreement with this licensee was terminated in the fourth quarter of 2023. Revenue from this customer was recorded in our licensing segment. *Indicates revenues for the customer did not exceed 10% of our total revenue for the year ended December 31, 2024.

Stockholders’ Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	7,417,534	7,217,181
Shares available for grant under equity incentive plans
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	1,194,947	739,178
Options issued and outstanding under equity incentive plans
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	1,997,466	2,291,328
Unvested restricted stock units
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,660,581	3,214,910
Vested restricted stock units not yet settled
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	72,000	14,994
Unvested performance-based restricted stock units
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	243,424	707,655
Maximum number of shares issuable to GlowUp sellers pursuant to acquisition indemnity holdback
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	249,116	249,116

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Intangible Assets and Goodwill - Summary Of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 75,244	$ 73,429
Accumulated Amortization			(11,610)	(12,288)
Accumulated Impairments			(50,825)	(50,825)
Net Carrying Amount			$ 12,809	$ 10,316
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets (years)			12 years	12 years
Gross Carrying Amount			$ 71,524	$ 69,709
Accumulated Amortization			(8,427)	(8,857)
Accumulated Impairments			(50,825)	(50,825)
Net Carrying Amount			12,272	$ 10,027
Impairment charges	$ 5,100	$ 5,100	$ 5,100
Distribution agreements
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets (years)			15 years	15 years
Gross Carrying Amount			$ 3,720	$ 3,720
Accumulated Amortization			(3,183)	(3,431)
Accumulated Impairments			0	0
Net Carrying Amount			$ 537	$ 289

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets are set forth in the table below (in thousands):


	December 31,
	2024		2023
Contract assets, current portion	$	1,531	$	1,547
Prepaid software	689		1,488
Prepaid insurance	772		858
Promissory note receivable	40		1,632
Other	2,440		2,277
Total	$	5,472	$	7,802

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Other Current Liabilities and Accrued Expense

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Other Current Liabilities and Accrued Expense

Other current liabilities and accrued expenses are set forth in the table below (in thousands):


	December 31,
	2024		2023
Taxes	$	7,346	$	8,479
Accrued creator fees	2,080		2,113
Accrued interest	4,016		3,040
Outstanding gift cards and store credits	1,713		1,618
Accrued salaries, wages and employee benefits	5,014		4,157
Other	8,305		8,560
Total	$	28,474	$	27,967

Basis of Presentation and Summary of Significant Accounting Policies - Stock-Based Compensation (Details)		12 Months Ended
	Oct. 08, 2023	Dec. 31, 2024
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years	2 years
Minimum \| Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Maximum \| Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Stock Unit Activity (Details)		3 Months Ended	12 Months Ended
	Oct. 08, 2023 employee	Dec. 31, 2023 employee $ / shares shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Unvested restricted stock units
Number of Awards
Beginning balance (in shares)			3,214,910
Granted (in shares)			2,654,490
Vested (in shares)			(2,020,056)
Forfeited (in shares)			(188,763)
Ending balance (in shares)		3,214,910	3,660,581	3,214,910
Weighted- Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares			$ 2.91
Granted (in dollars per share) \| $ / shares			0.83	$ 0.66
Vested (in dollars per share) \| $ / shares			3.15
Forfeited (in dollars per share) \| $ / shares			1.51
Ending balance (in dollars per share) \| $ / shares		$ 2.91	$ 1.34	$ 2.91
Performance stock units
Number of Awards
Beginning balance (in shares)			707,655
Granted (in shares)			0
Vested (in shares)			(464,231)	0
Forfeited (in shares)			0
Ending balance (in shares)		707,655	243,424	707,655
Weighted- Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares			$ 10.80
Granted (in dollars per share) \| $ / shares			0	$ 0.64
Vested (in dollars per share) \| $ / shares			12.48
Forfeited (in dollars per share) \| $ / shares			0
Ending balance (in dollars per share) \| $ / shares		$ 10.80	$ 7.59	$ 10.80
Modified (in shares)		635,655
Number of employees with modified awards \| employee	5	5

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Repatriation of foreign earnings	$ 5,500,000
Less valuation allowance	86,826,000	$ 72,141,000
Increase (decrease) in valuation allowance	14,700,000	(13,200,000)
Unrecognized tax benefits recorded	500,000	$ 200,000
Unrecognized tax benefits to be recognized over the next 12 months	0
US
Operating Loss Carryforwards [Line Items]
Net operating loss	346,000,000.0
Net operating loss carryforwards that can be carried forward indefinitely	163,500,000
State
Operating Loss Carryforwards [Line Items]
Net operating loss	145,900,000
Net operating loss carryforwards that can be carried forward indefinitely	9,600,000
Foreign \| Australia
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards that can be carried forward indefinitely	8,600,000
Foreign \| UK
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards that can be carried forward indefinitely	$ 1,200,000

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). As discussed in Note 3, Assets and Liabilities Held for Sale and Discontinued Operations, the Yandy Enterprises LLC (“Yandy”) and TLA Acquisition Corp. (“TLA”, owner of the Lovers business) disposal groups, which were previously included in the Direct-to-Consumer segment in the prior year comparative period prior to them becoming assets held for sale, were classified as discontinued operations in the consolidated statements of operations for the prior year comparative period presented. The sale of Yandy was completed on April 4, 2023 (the “Yandy Sale”). The sale of TLA was completed on November 3, 2023 (the “TLA Sale”). As of December 31, 2024, we determined that our art assets continued to meet the held for sale criteria and were classified as held for sale in the consolidated balance sheet as of December 31, 2024.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include our accounts and all majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The Company follows a monthly reporting calendar, with its fiscal year ending on December 31.
Reclassifications	Reclassifications Certain prior period amounts in the consolidated statements of operations and consolidated balance sheets have been reclassified to conform with the current period presentation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We regularly assess these estimates, including but not limited to, valuation of our trademarks and trade names; valuation of our contingent consideration liabilities; valuation of our income taxes; valuation of our only authorized and issued preferred stock; pay-per-view and video-on-demand buys, and monthly subscriptions to our television and digital content; the adequacy of reserves associated with accounts receivable and inventory; unredeemed gift cards and store credits; licensing commission accruals; and stock-based compensation expense. We base these estimates on historical experience and on various other market-specific and relevant assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates and such differences could be material to the financial position and results of operations.
Concentration of Business and Credit Risk	Concentrations of Business and Credit Risk We maintain certain cash balances in excess of Federal Deposit Insurance Corporation insured limits. We periodically evaluate the credit worthiness of the financial institutions with which we maintain cash deposits. We have not experienced any losses in such accounts and do not believe that there is any material credit risk to our cash. Concentration of credit risk with respect to accounts receivable is limited due to the wide variety of customers to whom our products are sold and/or licensed.
Cash Equivalents	Cash Equivalents Cash equivalents are temporary cash investments with an original maturity of three months or less at the date of purchase and are stated at cost, which approximates fair value.
Restricted Cash	Restricted Cash At December 31, 2024 and 2023, restricted cash was primarily related to cash collateralized letters of credit we maintained in connection with the lease of our Los Angeles headquarters and Honey Birdette’s term deposit in relation to its Sydney office lease. The December 31, 2023 restricted cash balance also included cash held in escrow related to the TLA Sale, which had been released to us in full in the second quarter of 2024.
Accounts Receivable, Net	Accounts Receivable, Net Trade receivables are reported at their outstanding unpaid balances, less allowances for expected credit losses. The allowances for expected credit losses are increased by the recognition of bad debt expense and decreased by charge-offs (net of recoveries) or by reversals to income. In determining expected credit losses, we consider our historical level of credit losses, current economic trends, and reasonable and supportable forecasts that affect the collectability of the future cash flows. A receivable balance is written off when we deem the balance to be uncollectible.
Inventories	Inventories Inventories consist primarily of finished goods and are stated at the lower of cost, using the first-in, first-out (“FIFO”) method, and net realizable value. Inventory reserves are recorded for excess and slow-moving inventory. Our analysis includes a review of inventory quantities on hand at period-end in relation to year-to-date sales, existing orders from customers and projections for sales in the foreseeable future. The net realizable value is determined based on historical sales experience on a style-by-style basis. The valuation of inventory could be impacted by changes in public and consumer preferences, demand for product, changes in the buying patterns of both retailers and consumers and inventory management.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost, less accumulated depreciation, except for assets acquired in connection with our business combinations, which are reflected at fair value at the date of combination. Costs incurred for computer software developed or obtained for internal use are capitalized for application development activities and are immediately expensed for preliminary project activities or post-implementation activities. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. The useful life for furniture and equipment ranges from three to seven years and software from two to three years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the terms of the related leases. The amortization of leasehold improvements is included in depreciation expense. Repair and maintenance costs are expensed as incurred and major betterments are capitalized. Sales and retirements of property and equipment are recorded by removing the related cost and accumulated depreciation from the accounts, after which any related gains or losses are recognized.
Long-Lived Assets	Long-Lived Assets, Indefinite-lived Intangible Assets and Goodwill The carrying amounts of long-lived assets, including property and equipment, stores, internally developed software, acquired definite-lived intangible assets and right-of-use operating lease assets are periodically reviewed for indicators of impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable or that the useful life is shorter than originally estimated. Definite-lived intangible assets include distribution agreements and trade names, which we recognized in connection with our business combinations. Because these assets were recognized as identifiable intangible assets in connection with our previous business combinations, we do not incur costs to renew or extend their terms. All of our definite-lived intangible assets are amortized using the straight-line method over their estimated useful lives. In the third quarter of 2024, we had impairment indicators with respect to our creator digital platform on playboy.com due to a decrease in its revenue projections, and we determined that its carrying value was not recoverable as of September 30, 2024. As a result, we recognized $4.7 million of impairment charges related to the write-off of its internally developed software during the year ended December 31, 2024. Additionally, we recognized $0.6 million of impairment charges on right-of-use assets pertaining to our corporate leases in the third quarter of 2024. During the year ended 2023, we recorded $2.3 million of impairment charges related to certain Honey Birdette right-of-use assets and related leasehold improvements in the fourth quarter of 2023, and $5.1 million of impairment charges on Honey Birdette’s trade names at the impairment date in the third quarter of 2023 Indefinite-lived intangible assets that are not amortized but subject to annual impairment testing consist of Playboy-branded trademarks. Our indefinite-lived Playboy-branded trademarks are periodically reviewed for indicators of impairment whenever events or changes in circumstances indicate that the value of these assets may not be recoverable or that the useful life is shorter than originally estimated. We evaluate the indefinite-lived Playboy-branded trademarks for impairment using the discounted cash flow and relief from royalty method. This valuation approach requires that we make a number of assumptions to estimate fair value, including projections of future revenues, market royalty rates, tax rates, discount rates and other relevant variables. The projections we use in the model are updated annually or more frequently if an impairment triggering event has been identified and will change over time based on the historical performance and changing business conditions. If the carrying value of the trademark exceeds its estimated fair value, an impairment charge is recognized for the excess amount. In the third quarter of 2024, we had impairment indicators with respect to our indefinite-lived Playboy-branded trademarks, causing us to perform a quantitative impairment test on our indefinite-lived Playboy-branded trademarks as of September 30, 2024. The quantitative test indicated that their carrying value was less than their fair value, thus, no impairment charges to our Playboy-branded trademarks were recognized during the year ended December 31, 2024. In the second quarter of 2024, we had impairment indicators to our direct-to-consumer business, causing us to perform a quantitative impairment test for our indefinite-lived and amortizable intangibles, including goodwill, as of June 30, 2024. The quantitative impairment test for indefinite-lived and amortizable intangibles, including goodwill, indicated that their carrying values were less than the fair values, therefore, there were no impairment charges to be recognized on our intangibles, including goodwill during the three and six months ended June 30, 2024. In the second quarter of 2023, we experienced declines in revenue and profitability, causing us to test the recoverability of our indefinite-lived assets as of June 30, 2023. The resulting impairment charges on our indefinite-lived Playboy-branded trademarks were $65.5 million at the impairment date in the second quarter of 2023. We perform annual impairment testing on goodwill in the fourth quarter of each fiscal year or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying value. We may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, an impairment test is unnecessary. If an impairment test is necessary, we will estimate the fair value of a related reporting unit. If the carrying value of a reporting unit exceeds its fair value, the goodwill of that reporting unit is determined to be impaired, and we will proceed with recording an impairment charge equal to the excess of the carrying value over the related fair value. If we determine it is more likely than not that goodwill is not impaired, a quantitative test is not necessary. In the third quarter of 2024, we had declines in our future projected cash flows for Digital Subscriptions and Content, causing us to test our goodwill for impairment as of September 30, 2024. Utilizing the income approach, we performed a quantitative impairment test on goodwill using a discounted cash flow analysis, which determined that the fair value of certain of our reporting units was less than their carrying value. As a result, we recorded $17.0 million of impairment charges to our goodwill at the impairment date in the third quarter of 2024. In the fourth quarter of 2023, we experienced declines in revenue related to the termination of licensing agreements with certain Chinese licensees due to material, uncured breaches resulting in collectability issues, causing us to test the recoverability of our indefinite-lived assets, including goodwill, as of October 31, 2023. As a result, we recognized $5.8 million of impairment charges on our indefinite-lived Playboy-branded trademarks at the impairment date in the fourth quarter of 2023. In the second quarter of 2023, we experienced declines in revenue and profitability, causing us to test our goodwill for impairment as of June 30, 2023. Utilizing the income approach, we performed a quantitative impairment test on goodwill using a discounted cash flow analysis, which determined that the carrying value of certain of our reporting units exceeded their fair value. As a result, we recognized $66.7 million of impairment charges on our goodwill at the impairment date in the second quarter of 2023.
Indefinite-lived Intangible Assets and Goodwill	Long-Lived Assets, Indefinite-lived Intangible Assets and Goodwill The carrying amounts of long-lived assets, including property and equipment, stores, internally developed software, acquired definite-lived intangible assets and right-of-use operating lease assets are periodically reviewed for indicators of impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable or that the useful life is shorter than originally estimated. Definite-lived intangible assets include distribution agreements and trade names, which we recognized in connection with our business combinations. Because these assets were recognized as identifiable intangible assets in connection with our previous business combinations, we do not incur costs to renew or extend their terms. All of our definite-lived intangible assets are amortized using the straight-line method over their estimated useful lives. In the third quarter of 2024, we had impairment indicators with respect to our creator digital platform on playboy.com due to a decrease in its revenue projections, and we determined that its carrying value was not recoverable as of September 30, 2024. As a result, we recognized $4.7 million of impairment charges related to the write-off of its internally developed software during the year ended December 31, 2024. Additionally, we recognized $0.6 million of impairment charges on right-of-use assets pertaining to our corporate leases in the third quarter of 2024. During the year ended 2023, we recorded $2.3 million of impairment charges related to certain Honey Birdette right-of-use assets and related leasehold improvements in the fourth quarter of 2023, and $5.1 million of impairment charges on Honey Birdette’s trade names at the impairment date in the third quarter of 2023 Indefinite-lived intangible assets that are not amortized but subject to annual impairment testing consist of Playboy-branded trademarks. Our indefinite-lived Playboy-branded trademarks are periodically reviewed for indicators of impairment whenever events or changes in circumstances indicate that the value of these assets may not be recoverable or that the useful life is shorter than originally estimated. We evaluate the indefinite-lived Playboy-branded trademarks for impairment using the discounted cash flow and relief from royalty method. This valuation approach requires that we make a number of assumptions to estimate fair value, including projections of future revenues, market royalty rates, tax rates, discount rates and other relevant variables. The projections we use in the model are updated annually or more frequently if an impairment triggering event has been identified and will change over time based on the historical performance and changing business conditions. If the carrying value of the trademark exceeds its estimated fair value, an impairment charge is recognized for the excess amount. In the third quarter of 2024, we had impairment indicators with respect to our indefinite-lived Playboy-branded trademarks, causing us to perform a quantitative impairment test on our indefinite-lived Playboy-branded trademarks as of September 30, 2024. The quantitative test indicated that their carrying value was less than their fair value, thus, no impairment charges to our Playboy-branded trademarks were recognized during the year ended December 31, 2024. In the second quarter of 2024, we had impairment indicators to our direct-to-consumer business, causing us to perform a quantitative impairment test for our indefinite-lived and amortizable intangibles, including goodwill, as of June 30, 2024. The quantitative impairment test for indefinite-lived and amortizable intangibles, including goodwill, indicated that their carrying values were less than the fair values, therefore, there were no impairment charges to be recognized on our intangibles, including goodwill during the three and six months ended June 30, 2024. In the second quarter of 2023, we experienced declines in revenue and profitability, causing us to test the recoverability of our indefinite-lived assets as of June 30, 2023. The resulting impairment charges on our indefinite-lived Playboy-branded trademarks were $65.5 million at the impairment date in the second quarter of 2023. We perform annual impairment testing on goodwill in the fourth quarter of each fiscal year or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying value. We may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, an impairment test is unnecessary. If an impairment test is necessary, we will estimate the fair value of a related reporting unit. If the carrying value of a reporting unit exceeds its fair value, the goodwill of that reporting unit is determined to be impaired, and we will proceed with recording an impairment charge equal to the excess of the carrying value over the related fair value. If we determine it is more likely than not that goodwill is not impaired, a quantitative test is not necessary. In the third quarter of 2024, we had declines in our future projected cash flows for Digital Subscriptions and Content, causing us to test our goodwill for impairment as of September 30, 2024. Utilizing the income approach, we performed a quantitative impairment test on goodwill using a discounted cash flow analysis, which determined that the fair value of certain of our reporting units was less than their carrying value. As a result, we recorded $17.0 million of impairment charges to our goodwill at the impairment date in the third quarter of 2024. In the fourth quarter of 2023, we experienced declines in revenue related to the termination of licensing agreements with certain Chinese licensees due to material, uncured breaches resulting in collectability issues, causing us to test the recoverability of our indefinite-lived assets, including goodwill, as of October 31, 2023. As a result, we recognized $5.8 million of impairment charges on our indefinite-lived Playboy-branded trademarks at the impairment date in the fourth quarter of 2023. In the second quarter of 2023, we experienced declines in revenue and profitability, causing us to test our goodwill for impairment as of June 30, 2023. Utilizing the income approach, we performed a quantitative impairment test on goodwill using a discounted cash flow analysis, which determined that the carrying value of certain of our reporting units exceeded their fair value. As a result, we recognized $66.7 million of impairment charges on our goodwill at the impairment date in the second quarter of 2023.
Assets and Liabilities Held for Sale and Discontinued Operations	Assets and Liabilities Held for Sale and Discontinued Operations We classify assets and liabilities as held for sale, collectively referred to as the disposal group, when management commits to a formal plan to actively market the assets for sale at a price reasonable in relation to fair value, it is unlikely that significant changes will be made to the plan, the assets are available for immediate sale in their present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, and the sale of the assets is expected to be completed within one year. A disposal group that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. The fair value of a disposal group less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. We account for discontinued operations when assets and liabilities of a disposal group are classified as held for sale, or have been sold, and only if the disposal represents a strategic shift that has or will have a meaningful effect on our operations and financial results. We aggregate the results of operations for discontinued operations into a single line item in the consolidated statements of operations for all periods presented. General corporate overhead is not allocated to discontinued operations.
Leases	Leases We determine if an arrangement is a lease at inception. We determine the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use. We use the non-cancelable lease term when recognizing the right-of-use (“ROU”) assets and lease liabilities, unless it is reasonably certain that a renewal or termination option will be exercised. We account for lease components and non-lease components as a single lease component. Modifications are assessed to determine whether incremental differences result in new contract terms and should be accounted for as a new lease or whether the additional right of use should be included in the original lease and continue to be accounted for with the remaining ROU asset. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. Lease payments consist of the fixed payments under the arrangement, less any lease incentives. Variable costs, such as common area maintenance costs and additional payments for percentage rent, are not included in the measurement of the ROU assets and lease liabilities, but are expensed as incurred. As the implicit rate of the leases is not determinable, we use an incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments in determining the present value of the lease payments. Lease expenses are recognized on a straight-line basis over the lease term. We do not recognize ROU assets on lease arrangements with a term of 12 months or less.
Treasury Stock	Treasury Stock Treasury stock is stated at cost.
Revenue Recognition and Contract Assets and Contract Liabilities and Cost of Sales	Revenue Recognition We recognize revenue when we transfer promised goods or services in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. This is determined by following a five-step process which includes (1) identifying the contract with a customer, (2) identifying the performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price and (5) recognizing revenue when or as we satisfy a performance obligation. We apply judgment to determine the nature of the promises within a revenue contract and whether those promises represent distinct performance obligations. In determining the transaction price, we do not include amounts subject to uncertainties unless it is probable that there will be no significant reversal of cumulative revenue when the uncertainty is resolved. We evaluate the nature of the license as to whether it provides a right to access or right to use the intellectual property (“IP”), which then determines whether the revenue is recognized over time or at a point in time. Sales or usage-based royalties received in exchange for licenses of IP are recognized at the later of when (1) the subsequent sale or usage occurs or (2) the performance obligation to which some or all of the sales or usage-based royalty has been allocated is satisfied. Direct-To-Consumer Products We generate revenue from the sale of intimates and other apparel and accessories, primarily through our direct-to-consumer channels (e-commerce sites and brick-and-mortar retail stores). We recognize e-commerce revenue upon delivery of the purchased goods to the buyer as our performance obligation, consisting of the sale of goods, is satisfied at this point in time when control is transferred, and the payment is due when an e-commerce order is made. We recognize retail store revenue at a point in time when a store satisfies a performance obligation and transfers control of the product to the customer, and the payment is due when a store order is made. Our revenue is recognized net of incentives and estimated returns. We periodically offer promotional incentives to customers, including basket promotional code discounts and other credits, that are treated as a reduction of revenue. A portion of consumer product sales is generated through third-party sellers, who list the product on their websites. These sales are either fulfilled by us or through the third-party seller’s fulfillment services. We recognize the fees retained by the third-party sellers as expenses in cost of sales for inventory provided through drop-shipment arrangements. We charge shipping fees to customers. Since control transfers to the customer after the shipping and handling activities, we account for these activities as fulfillment activities. All outbound shipping and handling costs are accounted for as fulfillment costs in cost of sales at the time revenue is recognized. Licensing We license trademarks under multi-year arrangements with consumer products, online and location-based entertainment businesses. Typically, the initial contract term ranges between one to ten years. Renewals are separately negotiated through amendments. Under these arrangements, we generally receive an annual nonrefundable minimum guarantee that is recoupable against a sales-based royalty generated during the license year. Annual minimum guarantee amounts are billed quarterly, semi-annually, or annually in advance and these payments do not include a significant financing component. Earned royalties in excess of the minimum guarantee (“Excess Royalties”) are payable quarterly. The performance obligation is a license of symbolic IP that provides the customer with a right to access the IP, which represents a stand-ready obligation that is satisfied over time. We recognize revenue for the total minimum guarantee specified in the agreement on a straight-line basis over the term of the agreement and recognize Excess Royalties only when the annual minimum guarantee is exceeded. Generally, Excess Royalties are recognized when they are earned and the payment is usually due 30 days after the end of each reporting period. In the event that the collection of any royalty becomes materially uncertain or unlikely, we recognize revenue from our licensees up to the cash we have received. As the sales reports from licensees are typically not received until after the close of the reporting period, we follow the variable consideration framework and constraint guidance using the expected value method to estimate the underlying sales volume to recognize Excess Royalties based on historical experience and general economic trends. Historical adjustments to recorded estimates have not been material. Digital Subscriptions and Content Digital subscription revenue is derived from subscription sales of playboyplus.com and playboy.tv primarily, which are online content platforms. Digital subscriptions represent a stand-ready obligation to provide continuous access to the platform, which is satisfied ratably over the term of the subscription. We receive fixed consideration shortly before the start of the subscription periods from these contracts, which are primarily sold in monthly, annual, or lifetime subscriptions. Revenues from lifetime subscriptions are recognized ratably over a five-year period, representing the estimated period during which the customer accesses the platforms. Revenues from digital subscriptions are recognized ratably over the subscription period. Revenues generated from the sales of creator content offerings to consumers via our creator platform on playboy.com are recognized at the point in time when the sale is processed and the payment is due upon sale. Revenues generated from subscriptions to our creator platform and memberships to consumers are recognized ratably over the subscription/membership period. We receive fixed consideration shortly before the start of such subscription/membership periods, which are monthly, quarterly or annual. Revenues generated from events and sponsorships are recognized when the event occurs, and the payment terms vary on a contract by contract basis and usually are based on contract milestones. We record revenue from sales of our tokenized digital art and collectibles at the point in time when the control is transferred on a gross basis and the payment is due upon sale. We are primarily responsible for fulfillment of the promise, have inventory risk, and have the latitude in establishing pricing and selecting suppliers, among other factors. As such, we determined that we are the principal in these transactions as we have custody and control of our digital assets prior to the sale to the customer, and discretion and latitude in establishing the price. We also license our programming content to certain cable television operators and direct-to-home satellite television operators who pay royalties based on monthly subscriber counts and pay-per-view and video-on-demand buys for the right to distribute our programming under the terms of affiliation agreements. The distinct performance obligations under such affiliation agreements include (i) a continuous transmission service to deliver live linear feeds and (ii) licenses to our functional IP that are provided over the contract term that provide the operators the right to use our content library as it exists at a point in time. For both performance obligations, our IP is the predominant or sole item to which the royalties relate. Royalties are generally collected monthly and revenue is recognized as earned. The amount of royalties due to us is reported by operators based on actual subscriber and transaction levels. Such information is generally not received until after the close of the reporting period. In these cases, we follow the variable consideration framework and constraint guidance to estimate the number of subscribers and transactions to recognize royalty amounts based on historical experience. Historical adjustments to recorded estimates have not been material. We offer sales incentives through various programs, consisting primarily of co-op marketing. We record advertising with customers as a reduction to revenue unless we receive a distinct benefit in exchange for credits claimed by the customer and can reasonably estimate the fair value of the distinct benefit received, in which case we record it as a marketing expense. Contract Assets and Contract Liabilities The timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when we have an unconditional right to consideration which will become due solely due to the passage of time. We record a contract asset when revenue is recognized prior to invoicing or payment is contingent upon transfer of control of an unsatisfied performance obligation. We record a contract liability (deferred revenue) when revenue is recognized subsequent to cash collection. For long-term non-cancelable contracts whereby we have begun satisfying the performance obligation, we will record contract assets for the unbilled consideration which is contingent upon our future performance. Contract assets and contract liabilities are netted on a contract-by-contract basis. Gift Card Liabilities We account for gift cards sold to customers by recording a liability in other current liabilities and accrued expenses in our consolidated balance sheets at the time of sale, which is recognized as revenue when redeemed or when we have determined the likelihood of redemption to be remote, referred to as gift card breakage. Depending on the jurisdiction in which we operate, gift cards sold to customers have expiration dates from three to five years from the date of sale, or they do not expire and may be subject to escheatment rights. Cost of Sales Cost of sales primarily consist of merchandise costs, warehousing and fulfillment costs, agency fees, website expenses, digital platform expenses, marketplace traffic acquisition costs, credit card processing fees, personnel and affiliate costs, including stock-based compensation and costs associated with branding events, customer shipping and handling expenses, fulfillment activity costs, and freight-in expenses, offset by a reversal of related selling and administrative expenses due to settlement at a discount of certain payable balances in 2024.
Selling and Administrative	Selling and Administrative Expenses Selling and administrative expenses primarily consist of corporate office and retail occupancy costs, personnel costs, including stock-based compensation, and contractor fees for accounting/finance, legal, human resources, information technology and other administrative functions, general marketing and promotional activities and insurance.
Advertising Costs	Advertising Costs We expense advertising costs as incurred. Advertising expenses were $4.9 million and $6.0 million for the years ended December 31, 2024 and 2023, respectively, excluding $2.9 million of advertising costs related to discontinued operations for the year ended December 31, 2023. We also have various arrangements with customers pursuant to which we reimburse them for a portion of their advertising costs in the form of co-op marketing which provide advertising benefits to us. The costs that we incur for such advertising costs are recorded as a reduction of revenue.
Stock-Based Compensation	Stock-Based Compensation We measure compensation expense for all stock-based payment awards, including stock options, restricted stock units and performance stock units granted to employees, directors, and non-employees, based on the estimated fair value of the awards on the date of grant. Compensation expense is recognized ratably in earnings, generally over the period during which the recipient is required to provide service. We adjust compensation expense based on actual forfeitures, as necessary. In the event of a modification to a previously granted award, the incremental cost of the modification is added to the unamortized cost as of the modification date and amortized over the remaining portion of the requisite service period of the modified award. Our stock options vest ratably over the contractual vesting period, which is generally three to four years, and the fair value of the awards is estimated on the date of grant using a Black-Scholes option pricing model. The expected term of the stock options is estimated using the simplified method, as the Company has limited historical information from which to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The expected term represents an estimate of the time options are expected to remain outstanding. Our restricted stock units vest ratably over the contractual vesting period and the fair value of the awards is estimated on the date of grant as the underlying value of the award. Awards with graded vesting features are recognized over the requisite service period for the entire award. Our performance-based restricted stock units (“PSUs”) vest ratably over the derived requisite service period, which is generally two years, or upon achieving one of certain PLBY’s performance milestones during the contractual vesting period, with certain awards vesting fully upon change in control of the Company or upon sale of the majority of the assets of the Company. For milestones that have not been achieved, such PSUs vest over the derived requisite service period and the fair value of such awards is estimated on the grant date using Monte Carlo simulations. The determination of the grant date fair value of PSUs issued is affected by a number of variables and subjective assumptions, including (i) the fair value of PLBY’s common stock, (ii) the expected common stock price volatility over the expected life of the award, (iii) the expected term of the award, (iv) risk-free interest rates, (v) the exercise price and (vi) the expected dividend yield. Forfeitures are recognized when they occur.
Troubled Debt Restructuring	Troubled Debt Restructuring As per ASC subtopic 470-60, “Troubled Debt Restructuring by Debtors” (“ASC 470-60”), a Troubled Debt Restructuring refers to a situation where the creditor grants concessions to a borrower experiencing financial difficulties. A lender is deemed to have granted a concession if the borrower’s effective interest rate on the restructured debt is less than the effective interest rate of the old debt immediately before the restructuring. Such restructuring is done with the intent to provide relief to the borrower and to maximize the potential for payable recovery by the lender. In accordance with ASC 470-60, when the total future cash payments under the new terms are less than the carrying amount of the payable at the date of restructuring, the difference between the carrying amount and the total future cash payments is recognized as a gain on troubled debt restructuring in the consolidated financial statements. This gain is recorded immediately in the period the restructuring occurs. If the total future cash payments under the new terms exceed the carrying amount of the debt at the date of restructuring, no adjustment to the carrying amount of the debt is made. Instead, the Company calculates a new effective interest rate (“EIR”) based on the revised terms of the restructured debt. The debt is then amortized over the remaining term of the debt using the new EIR, with interest expense recognized based on such rate in future periods.
Income Taxes	Income Taxes We record income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards. The carrying amounts of deferred tax assets are reduced by a valuation allowance if, based on available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on the more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency, and severity of current and cumulative losses, the duration of statutory carryforward periods, and tax planning alternatives. We use a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals and litigation processes, if any. The second step is to measure the largest amount of tax benefit as the largest amount that is more likely than not to be realized upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Significant management judgment is required in determining provision for income taxes, deferred tax assets and liabilities, tax contingencies, unrecognized tax benefits, and any required valuation allowance, including taking into consideration the probability of the tax contingencies being incurred. Management assesses this probability based upon information provided by its tax advisers, its legal advisers and similar tax cases. If at a later time the assessment of the probability of these tax contingencies changes, accrual for such tax uncertainties may increase or decrease. The Company has a valuation allowance due to management’s overall assessment of risks and uncertainties related to its future ability in the U.S. to realize and, hence, utilize certain deferred tax assets, primarily consisting of net operating losses (“NOLs”), carry forward temporary differences and future tax deductions. The effective tax rate for annual and interim reporting periods could be impacted if uncertain tax positions that are not recognized are settled at an amount which differs from the Company’s estimate. Finally, if the Company is impacted by a change in the valuation allowance resulting from a change in judgment regarding the realizability of deferred tax assets, such effect will be recognized in the interim period in which the change occurs.
Comprehensive Loss	Comprehensive Loss Comprehensive loss consists of net loss and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net loss. Our other comprehensive loss represents foreign currency translation adjustment attributable to Honey Birdette operations. Refer to Consolidated Statements of Comprehensive Loss. Total foreign currency transaction gains and losses were immaterial for the years ended December 31, 2024 and 2023.
Mezzanine Equity	Mezzanine Equity Equity instruments that are redeemable for cash or other assets are classified as temporary equity if the instrument is redeemable, at the option of the holder, at a fixed or determinable price on a fixed or determinable date or upon the occurrence of an event that is not solely within the control of the issuer. Redeemable equity instruments are initially carried at the fair value of the equity instrument at the issuance date, which is subsequently adjusted to its redemptions value at each balance sheet date if the instrument is currently redeemable, or probable of becoming redeemable. Our Series B Convertible Preferred Stock, par value $0.0001 per share, issued in connection with the Exchange Agreement, as described in Note 10, Debt, and Note 13, Preferred Stock, is classified as mezzanine equity in our accompanying consolidated financial statements. We elected the accreted redemption value method under which the Series B Convertible Preferred Stock accretes changes in redemption value over the period from the date of issuance (November 13, 2024) to the potential redemption date (December 31, 2027) using the effective interest method. Such adjustments are included in preferred stock accretion on the Series B Convertible Preferred Stock in our Consolidated Statements of Mezzanine Equity and Stockholders’ Equity (Deficit) and treated similarly to a dividend on preferred stock in accordance with U.S. GAAP.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to PLBY Group, Inc. stockholders by the weighted-average number of shares of common stock outstanding for the period. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period. In calculating basic and diluted earnings per share, the Company must allocate earnings to its participating securities with a corresponding reduction in the earnings attributable to common shares under the two-class method. Losses are only allocated to participating securities when the security holders have a contractual obligation to share in the losses of the Company with common stockholders. Because the holders of the Series B Convertible Preferred Stock do not have a contractual obligation to share in the Company’s losses with its common stockholders, the full amount of the Company’s losses for the year ended December 31, 2024 was attributed to the shares of common stock. Thus, the Series B Convertible Preferred Stock discussed in Note 13, Preferred Stock, has not been included in the diluted earnings per share for the year ended December 31, 2024. In calculating diluted earnings per share, the weighted-average number of shares outstanding for the period is increased to include all potentially dilutive securities. For periods in which we report net losses, diluted net loss per share is the same as basic net loss per share because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Issued but Not Yet Adopted	Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU’s amendments are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted this ASU on December 31, 2024, and applied the amendment retrospectively to all periods presented in our consolidated financial statements (refer to Note 21, Segments, for further details). Accounting Pronouncements Issued but Not Yet Adopted In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which addresses the accounting and disclosure requirements for certain crypto assets. This ASU requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in net income in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. The ASU’s amendments are effective for all entities holding assets that meet certain scope criteria for fiscal years beginning after December 15, 2024, including interim periods within those years. Early adoption is permitted for both interim and annual periods. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. We are currently evaluating the impact of this pronouncement, but we do not expect it to have a material impact on our disclosures and our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under this ASU, public entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU’s amendments are effective for all entities that are subject to Topic 740, Income Taxes, for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our disclosures. In November 2024, FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires entities to disaggregate any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other depletion expenses. An entity’s share of earnings or losses from investments accounted for under the equity method is not a relevant expense caption that requires disaggregation. Such ASU’s amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this pronouncement on our disclosures and our consolidated financial statements.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

In June 2018, Playboy Enterprises, Inc., a Delaware corporation (“Legacy Playboy”) adopted its 2018 Equity Incentive Plan (“2018 Plan”), under which 6,287,687 of Legacy Playboy’s common shares were originally reserved for issuance. Stock options and restricted stock unit awards previously granted under the 2018 Plan that were outstanding immediately prior to the consummation of Legacy Playboy’s 2021 business combination with the predecessor of PLBY Group, Inc. (the “Business Combination”) were accelerated and fully vested, and subsequently converted into options to purchase or the right to receive shares of our common stock. Certain of our officers retain outstanding non-qualified stock options under the 2018 Plan.

On February 9, 2021, our stockholders approved our 2021 Equity and Incentive Compensation Plan (“2021 Plan” and with the 2018 Plan, the “Plans”), which became effective following consummation of the Business Combination. As of December 31, 2024, 10,737,065 shares of common stock had been authorized for issuance under our 2021 Plan. In addition, the shares authorized for the 2021 Plan may be increased on an annual basis via an evergreen refresh mechanism for a period of up to 10 years, beginning with the fiscal year that begins January 1, 2022, in an amount equal up to 4% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year. Following the effectiveness of the 2021 Plan, the 2018 Plan still remains outstanding and continues to govern outstanding awards granted thereunder.

Stock Option Activity

Stock option activity under our Plans in 2024 and 2023 was as follows:


	Number of options	Weighted- average exercise price		Weighted- average remaining contractual term (years)	Aggregate intrinsic value (in thousands)
Balance – December 31, 2023	2,291,328	2.49		6.4	311
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited and cancelled	(293,862)	5.05		—	—
Balance – December 31, 2024	1,997,466	$	2.12	6.3	$	732
Exercisable – December 31, 2024	1,540,180	$	2.55	5.6	$	366
Vested and expected to vest as of December 31, 2024	1,997,466	$	2.12	6.3	$	732

In the fourth quarter of 2023, stock option awards granted to two employees were modified, with respect to which 1,002,534 shares were cancelled and 914,574 shares were granted, with new terms (including the number of underlying shares). We accounted for this as a Type III modification pursuant to ASC 718, Compensation - Stock Compensation. As a result, we recorded an immaterial amount of incremental cost, which was set to amortize ratably over the modified terms. There were no equity awards modifications in 2024.

The aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable stock options and the fair value of the Company’s common stock at December 31, 2024.

The grant date fair value of options that vested during the years ended December 31, 2024 and 2023 was $0.5 million and $1.6 million, respectively. The options granted during the year ended December 31, 2023 had a weighted-average fair value of $1.05 per share at the grant date. There were no options exercised during the year ended December 31, 2023.

Restricted Stock Units

A summary of restricted stock unit activity under our Plans in 2024 and 2023 was as follows:


	Number of awards	Weighted- average grant date fair value per share
Unvested and outstanding balance at December 31, 2023	3,214,910	$	2.91
Granted	2,654,490	0.83
Vested	(2,020,056)	3.15
Forfeited	(188,763)	1.51
Unvested and outstanding balance at December 31, 2024	3,660,581	$	1.34

The total fair value of restricted stock units that vested during the years ended December 31, 2024 and 2023 was approximately $1.9 million and $1.8 million, respectively. The weighted-average fair value of restricted stock units granted during the year ended December 31, 2023 was $0.66 per share at the grant date. We had 72,000 and 14,994 of outstanding and fully vested restricted stock units that remained unsettled at December 31, 2024 and December 31, 2023, respectively, all of which were resolved in 2025 and 2024, respectively. As such, they were excluded from outstanding shares of common stock but were included in weighted-average shares outstanding for the calculation of basic net loss per share for the year ended December 31, 2024 and 2023. The total tax benefit realized from restricted stock units vested was $0.1 million in 2024 and 2023.

Performance Stock Units

Prior to October 9, 2023, our PSUs vested upon achieving each of certain Company stock price milestones during the contractual vesting period. The stock price milestones varied among grantees and are set forth in each grantee’s PSU grant agreement (for example, achievement of each of the following 30-day volume-weighted average prices for a share of Company common stock: $20, $30, $40 and $50). The vesting of PSUs is subject to each grantee’s continued service to the Company. On October 9, 2023, the Compensation Committee approved the amendment of performance stock units granted to five employees to eliminate the performance-based conditions and the unvested shares underlying the original awards were changed to time-based vesting over two subsequent years. On December 7, 2023, a PSU award was granted to an employee, with vesting conditions based on meeting certain performance milestones associated with our creator platform within a period of one year.

Prior to October 9, 2023, to determine the value of PSUs with market conditions for stock-based compensation purposes, the Company used the Monte Carlo simulation valuation model. For each path, the PSUs payoff was calculated based on the contractual terms, whereas the fair value of the PSUs was calculated as the average present value of all modeled payoffs. The determination of the grant date fair value of PSUs issued was affected by a number of variables and subjective assumptions, including (i) the fair value of the Company’s common stock of $9.83, (ii) the expected common stock price volatility over the expected life of the award of 55%, (iii) the term of the award of 7 years, (iv) risk-free interest rate of 2.9%, (v) the exercise price as described above, and (vi) the expected dividend yield of 0%. Forfeitures are recognized when they occur. The Company used the same model to calculate the derived service period for each tranche of performance-based stock corresponding to each stock price threshold. For milestones that have not been achieved, such PSUs vest over the derived requisite service period and the fair value of such awards is estimated on the grant date using Monte Carlo simulations.

To determine the value of PSUs with performance conditions that were granted after October 9, 2023, for stock-based compensation purposes, the Company uses the grant date closing price of the Company’s common stock. The probability of the vesting conditions being met is reevaluated each reporting period. There were no PSUs granted in 2024.

A summary of PSU activity under our 2021 Plan in 2024 and 2023 was as follows:


	Number of awards	Weighted- average grant date fair value per share
Unvested and outstanding balance at December 31, 2023 (1)	707,655	$	10.80
Granted	—	—
Vested (2)	(464,231)	12.48
Forfeited	—	—
Unvested and outstanding balance at December 31, 2024	243,424	$	7.59
_________________ (1) Includes 635,655 PSU awards previously granted to five employees, which were modified in the fourth quarter of 2023. (2) Relates to PSUs that were modified in the fourth quarter of 2023 to change the unvested shares underlying the original awards to time-based vesting.

The total fair value of PSUs that vested during the year ended December 31, 2024 was $0.5 million. There were no PSUs that vested during the year ended December 31, 2023. The weighted-average fair value of PSUs granted during the year ended December 31, 2023 was $0.64 per share at the grant date. The total tax impact realized from performance stock units vested in 2024 was $0.1 million of expense.

Stock Options Granted

To determine the value of stock option awards for stock-based compensation purposes, the Company uses the Black-Scholes option-pricing model and the assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment.

Fair value of common stock – The fair value of our common stock is based on the price of our common stock quoted on Nasdaq.

Expected term — For employee awards granted at-the-money, we estimate the expected term based on the simplified method, which is the midpoint between the vesting date and the end of the contractual term for each award since our historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. For non-employee awards and employee awards granted out-of-the-money, our best estimate of the expected term is the contractual term of the award.

Volatility — We derive the volatility from the average historical stock volatilities of several peer public companies over a period equivalent to the expected term of the awards as we do not have sufficient historical trading history for our stock. We selected companies with comparable characteristics to us, including enterprise value, risk profiles, and position within the industry and with historical share price information sufficient to meet the expected terms of the stock options. We will continue to apply this process until a sufficient amount of historical information regarding the volatility of our own stock price becomes available.

Risk-free interest rate — The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant, the term of which is consistent with the expected life of the award.

Dividend yield — We have never paid dividends on our common stock and have no plans to pay dividends on our common stock. Therefore, we used an expected dividend yield of zero.

For options granted during the applicable period, we estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model and applying the weighted-average assumptions in the following table:


	Year Ended December 31, 2023 (1)
Fair value of common stock	$0.66
Expected term, in years	6
Expected volatility	72	%
Risk-free interest rate	4.64	%
Expected dividend yield	0%
_________________ (1) Assumptions relate to options canceled and granted in the fourth quarter of 2023.

For options subject to modification accounting in the applicable period, we estimate the fair value of each applicable option on the date before and after the modification using the Black-Scholes option pricing model and applying the weighted-average assumptions in the above table.

Stock-Based Compensation Expense

Stock-based compensation expense under our Plans was as follows (in thousands):


	Year Ended December 31,
	2024		2023
Cost of sales (1)	$	651	$	629
Selling and administrative expenses (2)	6,660		8,968
Total	$	7,311	$	9,597

_________________

(1) Cost of sales for the year ended December 31, 2023 includes a net reversal of $1.0 million of stock-based compensation expense associated with equity awards granted to an independent contractor for services pursuant to the terms of a license services and collaboration agreement.

(2) Selling and administrative expenses for the year ended December 31, 2023 includes $2.3 million of accelerated amortization of stock-based compensation expense for certain equity awards, offset by a $2.4 million reduction in stock-based compensation expense due to forfeitures of certain equity grants during the year ended December 31, 2023.

The expense presented in the table above is net of capitalized stock-based compensation relating to software development costs of $1.7 million during the years ended December 31, 2023. There was no capitalized stock-based compensation relating to software development costs during the year ended December 31, 2024, as stock-based compensation relating to software development costs eligible to be capitalized during the year ended December 31, 2024 was immaterial.

At December 31, 2024, total unrecognized compensation expense related to unvested stock option awards was $0.2 million and is expected to be recognized over the remaining weighted-average service period of 0.50 years. Unrecognized compensation cost related to unvested performance-based stock units and restricted stock units was $2.9 million and is expected to be recognized over the remaining weighted-average service period of 0.82 years.

Assets and Liabilities Held for Sale and Discontinued Operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held for Sale and Discontinued Operations

On April 4, 2023, we completed the sale of Yandy to an unaffiliated, private, third-party buyer (“Yandy Buyer”). The consideration paid by the Yandy Buyer for the Yandy Sale consisted of $1 million in cash and a $2 million secured promissory note, which accrued interest at 8% per annum, was payable over three years and was secured by substantially all the assets of Yandy and the Yandy Buyer’s interests in Yandy. The sale resulted in a loss of $0.3 million before income taxes. Transaction expenses incurred in connection with the sale were immaterial. In connection with the Yandy Sale, on April 4, 2023, we entered into a sublease agreement with Yandy (under its new ownership by Yandy Buyer) for Yandy’s warehouse on substantively the same terms as the original lease. As a result, Yandy’s warehouse right of use assets and related lease liabilities, including leasehold improvements associated with the lease, remained on our consolidated balance sheet as of December 31, 2024 and 2023.

On October 3, 2023, we entered into a Stock Purchase Agreement (the “SPA”) with LV Holding, LLC (“TLA Buyer”) for the TLA Sale. We closed the TLA Sale on November 3, 2023. Pursuant to the terms and subject to the conditions set forth in the SPA, TLA Buyer acquired from Playboy Enterprises, Inc., our wholly-owned subsidiary and the holder of all equity of TLA (“Seller”), all of the issued and outstanding equity interests of TLA, which held and operated the Lovers business, for approximately $13.5 million in cash (the “Purchase Price”). We also received approximately $0.8 million as part of a working capital adjustment following closing of the TLA Sale. Approximately $2.1 million of the Purchase Price was placed into a short-term escrow account at the closing of the TLA Sale in connection with a post-closing working capital adjustment, certain possible indemnification claims payable by the Seller and for certain post-closing items to be completed by Seller. The TLA Sale resulted in a gain of $7.7 million before income taxes.

For the year ended December 31, 2023, Yandy and TLA disposal groups met the criteria discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, to be classified as discontinued operations for the year ended December 31, 2023, as the divestiture of Yandy and TLA in the aggregate represented a strategic shift that had a major effect on our operations and financial results.

In the fourth quarter of 2023, in further pursuit of a capital-light business model and to release additional working capital, we initiated the sale of certain pieces of our artwork at auction, but they were not fully disposed of as of December 31, 2023 and 2024. As of December 31, 2024 and 2023, unsold artwork assets met the criteria discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, to be classified as current assets held for sale in our consolidated balance sheets as of December 31, 2024 and 2023.

During the year ended December 31, 2024, we sold certain pieces of our artwork held for sale for $2.7 million, recording a $0.4 million loss on sale. Additionally, we recorded a $3.8 million impairment charge on our artwork for 2024.

In the fourth quarter of 2024, we decided to retain our Honey Birdette business and to not pursue strategic alternatives for it following recent improvements in our financial position. Honey Birdette’s assets and liabilities did not meet the criteria discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, to be classified as assets and liabilities held for sale in the consolidated balance sheet as of December 31, 2024 and 2023. Honey Birdette’s operations are included in our continuing operations in our consolidated statement of operations for all periods presented.

The following table summarizes the components of income from discontinued operations, net of tax in the accompanying consolidated statements of operations for the year ended December 31, 2023 (in thousands):


	Year Ended December 31, 2023
Net revenues	$	39,564
Costs and expenses:
Cost of sales	(17,931)
Selling and administrative expenses	(21,097)
Impairments	—
Total operating expense	(39,028)
Operating income	536
Nonoperating income:
Other income	77
Total nonoperating income	77
Income from discontinued operations	613
Gain on dispositions, net before income taxes	7,489
Income from discontinued operations before income taxes	8,102
Expense from income taxes	(2,072)
Income from discontinued operations, net of tax	$	6,030

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the fair value of our financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities
Contingent consideration liability	$	—	$	—	$	(513)	$	(513)


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities
Contingent consideration liability	$	—	$	—	$	(399)	$	(399)

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table provides information regarding significant unobservable inputs used in the valuation of our Series A Preferred Stock measured and recorded at fair value upon its exchange for debt in connection with the amendment and restatement of our senior secured credit agreement in May 2023 (amounts in thousands):


Total Fair Value		Valuation Technique	Unobservable Inputs	Rate
$	32,594	Binomial lattice model	Preferred credit spread (annual)	18	%
			Yield volatility	50	%
			Dividend settlement	Paid-in-kind (PIK)

The following table provides information regarding significant unobservable inputs used in the valuation of our intangible assets measured and recorded at fair value at the impairment date (dollar amounts in thousands):

Fair Value

Valuation Technique

Unobservable Inputs

Range

September 30, 2024

Goodwill

16,084

Discounted cash flow

Revenue growth rate

3.0% - 25.4%

Discount rate

19.0%

October 31, 2023

Indefinite-lived trademarks

145,087

Multi-period excess earnings method

Revenue growth rate

(39.2)% - 52.4%

Discount rate

17.0%

Relief from royalty

Revenue growth rate

(9.9)% - 233.0%

Royalty rate

7.0%

Discount rate

17.0% - 30.0%

June 30, 2023

Indefinite-lived trademarks

150,650

Multi-period excess earnings method

Revenue growth rate

(0.6)% - 52.6%

Discount rate

16.0%

Relief from royalty

Revenue growth rate

(34.5)% - 200.0%

Royalty rate

7.0%

Discount rate

16.0% - 28.0%

Trade names

12,550

Relief from royalty

Revenue growth rate

3.0% - 10.0%

Royalty rate

3.0%

Discount rate

17.0%

Goodwill

21,176

Discounted cash flow

Revenue growth rate

3.0% - 10.0%

Discount rate

14.0%

The following table provides information regarding significant unobservable inputs used in the valuation of our Series B Convertible Preferred Stock measured and recorded at fair value at the measurement date:


	Fair Value per Share		Unobservable Inputs	Value
November 13, 2024	$	823	Yield volatility	40.0%
			Risk-free rate	4.30%
			Credit spread	11.0%

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a roll-forward of the fair value of the liabilities categorized as Level 3 for the year ended December 31, 2024 (in thousands):


	Contingent Consideration
Balance at December 31, 2023	$	399
Change in fair value and other	114
Balance at December 31, 2024	$	513

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1 inputs: Based on unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 inputs: Based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 inputs: Based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.

For cash equivalents, receivables and certain other current assets and liabilities at December 31, 2024 and 2023, the amounts reported approximate fair value (Level 1) due to their short-term nature. For debt, based upon the refinancing of our senior secured debt in May 2021, its restatement in 2023 and subsequent amendments in 2023 and 2024, we believe that its carrying value as of December 31, 2024 and 2023 approximates fair value, as our debt is variable-rate debt that reprices to current market rates frequently. Refer to Note 10, Debt, for additional disclosures about our debt. Our debt is classified within Level 2 of the valuation hierarchy. The fair value of our artwork is based on Level 2 inputs, which include market prices obtained from recent auctions of similar works of art, or management’s judgment as to their salable value.

Liabilities Measured and Recorded at Fair Value on a Recurring Basis

The following table summarizes the fair value of our financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities
Contingent consideration liability	$	—	$	—	$	(513)	$	(513)


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities
Contingent consideration liability	$	—	$	—	$	(399)	$	(399)

There were no transfers of Level 3 financial instruments during the periods presented.

Contingent consideration liability relates to the contingent consideration recorded in connection with our 2021 acquisition of GlowUp Digital Inc. (“GlowUp”), which was acquired to build our creator platform, and represents the fair value for shares which may be still be issued and cash which may be paid to the GlowUp sellers, subject to certain indemnification obligations that remained unsettled as of December 31, 2024 and 2023.

We recorded the acquisition-date fair value of these contingent liabilities as part of the consideration transferred. The fair value option was elected for these contingent liabilities, as we believe fair value best reflects the expected future economic value. The fair value of contingent and deferred consideration was estimated using either (i) a Monte Carlo simulation analysis in an option pricing framework, using revenue projections, volatility and stock price as key inputs or (ii) a scenario-based valuation model using probability of payment, certain cost projections, and either discounting (in the case of cash-settled consideration) or stock price (for share-settled consideration) as key inputs. The analysis approach was chosen based on the terms of the purchase agreement and our assessment of appropriate methodology. The contingent payments and value of stock issuances are subsequently remeasured to fair value each reporting date using the same fair value estimation method originally applied with updated estimates and inputs as of December 31, 2024. Fair value change as a result of contingent liabilities fair value remeasurement in 2024 and 2023 was immaterial. We classified financial liabilities associated with the contingent consideration as Level 3 due to the lack of relevant observable inputs. Changes in key inputs described above could have an impact on the payout of contingent consideration.

Our Series A Preferred Stock liability, initially valued as of May 16, 2022 (the initial issuance date), and our subsequent Series A Preferred Stock liability, valued as of the August 8, 2022 (the final issuance date), were each calculated using a stochastic interest rate model implemented in a binomial lattice, in order to incorporate the various early redemption features. The fair value option was elected for Series A Preferred Stock liability, as we believe fair value best reflects the expected future economic value. Such liabilities are subsequently remeasured to fair value for each reporting date using the same valuation methodology as originally applied with updated input assumptions. In May 2023, in connection with the amendment and restatement of our senior secured credit agreement, the outstanding Series A Preferred Stock was exchanged for debt (and thereby ceased to be outstanding). Refer to Note 10, Debt, for further details. The fair value gain recorded in nonoperating income as a result of remeasurement of the fair value of our Series A Preferred Stock during the year ended December 31, 2023 was $6.5 million. We classified financial liabilities associated with our Series A Preferred Stock as Level 3 due to the lack of relevant observable inputs.


Total Fair Value		Valuation Technique	Unobservable Inputs	Rate
$	32,594	Binomial lattice model	Preferred credit spread (annual)	18	%
			Yield volatility	50	%
			Dividend settlement	Paid-in-kind (PIK)

The following table provides a roll-forward of the fair value of the liabilities categorized as Level 3 for the year ended December 31, 2024 (in thousands):


	Contingent Consideration
Balance at December 31, 2023	$	399
Change in fair value and other	114
Balance at December 31, 2024	$	513

The decrease in the fair value of the contingent consideration for the year ended December 31, 2024 was primarily due to a decrease in a price per share of our common stock.

Assets and Liabilities Held for Sale

We initially measure an asset that is classified as held for sale at the lower of its carrying amount or fair value less costs to sell. We assess the fair value of an asset less costs to sell each reporting period that it remains classified as held for sale, and report any subsequent changes as an adjustment to the carrying amount of the asset. Assets are not depreciated or amortized while they are classified as held for sale.

In the fourth quarter of 2023, we began the sale of artwork assets, but they were not fully disposed of as of December 31, 2023 and 2024, and as such continued to be classified as current assets held for sale in our consolidated balance sheet as of December 31, 2024. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations, for further details.

The assumptions used in measuring fair value of our artwork held for sale are considered Level 2 inputs, which include market prices obtained from recent auctions of similar works of art, or management’s judgment as to their salable value. During the year ended December 31, 2024, we recorded $3.8 million of impairment charges related to our artwork held for sale.

Assets Measured and Recorded at Fair Value on a Nonrecurring Basis

In addition to liabilities that are recorded at fair value on a recurring basis, the Company records assets and liabilities at fair value on a nonrecurring basis. Generally, the Company’s non-financial instruments, which primarily consist of goodwill, intangible assets, including digital assets, right-of-use assets and property and equipment, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial instruments are assessed for impairment and, if applicable, written-down to and recorded at fair value, considering market participant assumptions. Recognized losses related to the impairment of our digital assets during the year ended December 31, 2024 and 2023 were immaterial, and the fair value of our digital assets was immaterial as of December 31, 2024 and 2023. The fair value of digital assets held is predominantly based on Level 1 inputs.

We use an income approach, using discounted cash flow and relief from royalty valuation models with Level 3 inputs to measure the fair value of our non-financial assets, including goodwill, indefinite-lived trademarks and definite-lived trade names, and liabilities. With respect to goodwill, key assumptions applied in an income approach using the discounted cash flow valuation model include revenue growth rates and discount rates. With respect to indefinite-lived trademarks, key assumptions used in the income approach and the relief from royalty valuation model include revenue growth rates, royalty rates, and discount rates. With respect to the definite-lived trade names, key assumptions used in the relief from royalty valuation model include revenue growth rates, royalty rates and discount rates. Our cash flow projections represent management’s most recent planning assumptions, which are based on a combination of industry outlooks, views on general economic conditions, our expected pricing plans and expected future savings. Terminal values are determined using a common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming a constant weighted-average cost of capital and long-term growth rates. Changes in key assumptions, namely discount rates, royalty rates and growth rates, could have an impact on the fair value of our non-financial assets and liabilities. At the impairment date in the third quarter of 2024, we recorded non-cash asset impairment charges related to the write-down of goodwill of $17.0 million. At the impairment date in the fourth quarter of 2023, we recorded impairment charges on our indefinite-lived Playboy-branded trademarks of $5.8 million. At the impairment date in the second quarter of 2023, we recorded non-cash asset impairment charges of $65.5 million related to the write-down of indefinite-lived trademarks and impairment charges of $66.7 million related to the write-down of goodwill and $5.1 million related to trade names and other assets.

Fair Value

Valuation Technique

Unobservable Inputs

Range

September 30, 2024

Goodwill

16,084

Discounted cash flow

Revenue growth rate

3.0% - 25.4%

Discount rate

19.0%

October 31, 2023

Indefinite-lived trademarks

145,087

Multi-period excess earnings method

Revenue growth rate

(39.2)% - 52.4%

Discount rate

17.0%

Relief from royalty

Revenue growth rate

(9.9)% - 233.0%

Royalty rate

7.0%

Discount rate

17.0% - 30.0%

June 30, 2023

Indefinite-lived trademarks

150,650

Multi-period excess earnings method

Revenue growth rate

(0.6)% - 52.6%

Discount rate

16.0%

Relief from royalty

Revenue growth rate

(34.5)% - 200.0%

Royalty rate

7.0%

Discount rate

16.0% - 28.0%

Trade names

12,550

Relief from royalty

Revenue growth rate

3.0% - 10.0%

Royalty rate

3.0%

Discount rate

17.0%

Goodwill

21,176

Discounted cash flow

Revenue growth rate

3.0% - 10.0%

Discount rate

14.0%

Series B Convertible Preferred Stock

On November 13, 2024, pursuant to the Exchange Agreement (as defined in Note 10 below), we issued an aggregate of 28,000.00001 shares of a newly created series of our preferred stock, par value $0.0001 per share, designated as “Series B Convertible Preferred Stock” (the “Series B Convertible Preferred Stock”), as consideration in exchange for approximately $6.4 million of Tranche A loans and approximately $58.9 million of Tranche B loans under the A&R Credit Agreement (as such terms are defined in Note, 10, Debt, refer to such Note 10, Debt, for additional details).

The fair value of the Series B Convertible Preferred Stock, initially measured as of November 13, 2024 (the initial issuance date), was estimated using a binomial lattice model in a risk-neutral framework (a special case of the income approach). Considering the conversion feature was out-of-the-money as of the issuance date and the Series B Convertible Preferred Stock is redeemable by us without penalty, we valued the Series B Convertible Preferred Stock as a non-convertible callable note. Specifically, our future yield is modeled using the Black-Derman-Toy interest rate model in a risk-neutral framework. For each modeled future yield, the value of the Series B Convertible Preferred Stock was calculated incorporating any optimal early prepayment/redemption. The value of the Series B Convertible Preferred Stock was then calculated as the probability-weighted present value over all future modeled payoffs.

The Series B Convertible Preferred Stock was classified as mezzanine equity in the consolidated balance sheet as of December 31, 2024. No subsequent fair value remeasurement is required.

We classified our Series B Convertible Preferred Stock as Level 3 due to the lack of relevant observable inputs. The following table provides information regarding significant unobservable inputs used in the valuation of our Series B Convertible Preferred Stock measured and recorded at fair value at the measurement date:


	Fair Value per Share		Unobservable Inputs	Value
November 13, 2024	$	823	Yield volatility	40.0%
			Risk-free rate	4.30%
			Credit spread	11.0%

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
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+ Details

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The table below summarizes our intangible assets, net (in thousands):


	December 31,
	2024		2023
Digital assets, net	$	5	$	5
Total amortizable intangible assets, net	10,316		12,809
Total indefinite-lived intangible assets	145,652		145,087
Total	$	155,973	$	157,901

Our amortizable intangible assets consisted of the following (in thousands):


	Weighted- Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairments		Net Carrying Amount
December 31, 2024
Trade names	12	$	69,709	$	(8,857)	$	(50,825)	$	10,027
Distribution agreements	15	3,720		(3,431)		—		289
Total		$	73,429	$	(12,288)	$	(50,825)	$	10,316


	Weighted- Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairments(1)		Net Carrying Amount
December 31, 2023
Trade names	12	$	71,524	$	(8,427)	$	(50,825)	$	12,272
Distribution agreements	15	3,720		(3,183)		—		537
Total		$	75,244	$	(11,610)	$	(50,825)	$	12,809
_________________ (1) Includes the impairment charges on trade names of $5.1 million during the year ended December 31, 2023. The offset relates to foreign currency translation.

Schedule of Indefinite-Lived Intangible Assets

The table below summarizes our intangible assets, net (in thousands):


	December 31,
	2024		2023
Digital assets, net	$	5	$	5
Total amortizable intangible assets, net	10,316		12,809
Total indefinite-lived intangible assets	145,652		145,087
Total	$	155,973	$	157,901

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2024, expected amortization expense relating to definite-lived intangible assets for the next five years and thereafter is as follows (in thousands):


2025	$	1,394
2026	1,187
2027	1,146
2028	1,146
2029	1,146
Thereafter	4,297
Total	$	10,316

Schedule of Goodwill

Changes in the carrying value of goodwill for the years ended December 31, 2024 and 2023 were as follows (in thousands):


	Gross Goodwill		Impairments		Net Goodwill
Balance at December 31, 2022	$	240,657	$	(117,440)	$	123,217
Foreign currency translation adjustment in relation to Honey Birdette	(1,658)		—		(1,658)
Impairments	—		(66,660)		(66,660)
Balance at December 31, 2023	$	238,999	$	(184,100)	$	54,899
Foreign currency translation adjustment in relation to Honey Birdette	(1,876)		—		(1,876)
Impairments	—		(17,016)		(17,016)
Balance at December 31, 2024	$	237,123	$	(201,116)	$	36,007

Changes in the recorded carrying value of goodwill for the year ended December 31, 2024 by reportable segment were as follows (in thousands):


	Direct-to-Consumer		Licensing		Digital Subscriptions and Content
Balance at December 31, 2023	$	21,799	$	—	$	33,100
Foreign currency translation adjustment in relation to Honey Birdette	(1,876)		—		—
Impairments	—		—		(17,016)
Balance at December 31, 2024	$	19,923	$	—	$	16,084

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Segments - Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net revenues	$ 116,135	$ 142,950
Cost of sales	(41,780)	(54,777)
Gross profit	74,355	88,173
Personnel	(48,042)	(54,001)
Rent	(9,911)	(10,402)
Marketing	(7,516)	(7,540)
Other segment items	(59,724)	(206,599)
Operating (loss) income	(50,838)	(190,369)
Interest expense	(23,689)	(23,293)
Gain on extinguishment of debt, net	0	6,133
Fair value remeasurement gain	0	6,505
Other nonoperating income (expense) net	(1,722)	806
Loss from continuing operations before income taxes	(76,249)	(200,218)
Depreciation and amortization	(7,007)	(7,199)
Goodwill	36,007	54,899	$ 123,217
Direct-to-Consumer
Segment Reporting Information [Line Items]
Goodwill	19,923	21,799
Licensing
Segment Reporting Information [Line Items]
Goodwill	0	0
Digital Subscriptions and Content
Segment Reporting Information [Line Items]
Goodwill	16,084	33,100
Operating Segments \| Direct-to-Consumer
Segment Reporting Information [Line Items]
Net revenues	69,729	77,984
Cost of sales	(30,345)	(46,264)
Gross profit	39,384	31,720
Personnel	(16,996)	(20,972)
Rent	(7,238)	(7,277)
Marketing	(6,118)	(7,173)
Other segment items	(11,318)	(95,184)
Operating (loss) income	(2,286)	(98,886)
Depreciation and amortization	(3,583)	(3,669)
Goodwill	19,923	21,799
Operating Segments \| Licensing
Segment Reporting Information [Line Items]
Net revenues	24,552	44,292
Cost of sales	(2,310)	2,798
Gross profit	22,242	47,090
Personnel	(2,093)	(2,309)
Rent	0	0
Marketing	(138)	(59)
Other segment items	(5,615)	(91,620)
Operating (loss) income	14,396	(46,898)
Operating Segments \| Digital Subscriptions and Content
Segment Reporting Information [Line Items]
Net revenues	21,854	20,670
Cost of sales	(9,125)	(11,294)
Gross profit	12,729	9,376
Personnel	(12,710)	(7,473)
Rent	(28)	(28)
Marketing	(1,260)	(305)
Other segment items	(25,881)	(3,300)
Operating (loss) income	(27,150)	(1,730)
Depreciation and amortization	(2,705)	(2,740)
Goodwill	16,084	33,100
Corporate
Segment Reporting Information [Line Items]
Net revenues	0	0
Cost of sales	0	0
Gross profit	0	0
Personnel	(16,255)	(23,247)
Rent	(2,645)	(3,097)
Marketing	0	(3)
Other segment items	(16,910)	(16,495)
Operating (loss) income	(35,810)	(42,842)
Depreciation and amortization	(719)	(790)
Other
Segment Reporting Information [Line Items]
Net revenues	0	4
Cost of sales	0	(17)
Gross profit	0	(13)
Personnel	12	0
Rent	0	0
Marketing	0	0
Other segment items	0	0
Operating (loss) income	$ 12	$ (13)

Revenue Recognition - Contract Balances (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations $ in Millions	Dec. 31, 2022 USD ($)
Revenue from External Customer [Line Items]
Receivables, net of allowance for credit losses	$ 4.2
Deferred revenues	$ 0.3

Basis of Presentation and Summary of Significant Accounting Policies - Liquidity Assessment and Management's Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Increase (decrease) in revenue	$ (26,800)
Operating income (loss)	(50,838)	$ (190,369)
Net cash used in operating activities from continuing operations	(19,139)	(42,788)
Cash and cash equivalents	$ 30,904	$ 28,120

Inventories, Net

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories, Net

The following table sets forth inventories, net, which are stated at the lower of cost (first-in, first-out) and net realizable value (in thousands):


	December 31,
	2024		2023
Editorial and other pre-publication costs	$	59	$	242
Merchandise finished goods	8,863		12,758
Total	$	8,922	$	13,000

At December 31, 2024 and 2023, reserves for slow-moving and obsolete inventory amounted to $4.2 million and $5.5 million, respectively.

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt Instruments

The following table sets forth debt (in thousands):


	December 31,
	2024		2023
Term loan, due 2027	$	144,242	$	209,772
Plus: capitalized payment-in-kind interest	8,819		1,848
Total debt	153,061		211,620
Plus: unamortized debt premium/(discount), net	24,127		(20,619)
Less: unamortized debt issuance costs	(613)		(582)
Total debt, net of unamortized debt issuance costs and debt premium/discount	176,575		190,419
Less: current portion of long-term debt	(381)		(304)
Total debt, net of current portion	$	176,194	$	190,115

Schedule of Maturities of the Principal Amount of Debt

The following table sets forth maturities of the principal amount of our A&R Term Loans as of December 31, 2024 (in thousands):


2025	$	381
2026	1,524
2027	151,156
Total	$	153,061

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 69B
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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-Name Accounting Standards Codification
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-Section 50
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Preferred Stock (Details) $ / shares in Units, $ in Thousands					3 Months Ended	12 Months Ended
	Dec. 14, 2024 day $ / shares shares	Nov. 13, 2024 USD ($) day $ / shares shares	Aug. 08, 2022 USD ($) $ / shares shares	May 16, 2022 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Nov. 11, 2024 shares	Dec. 31, 2023 USD ($) $ / shares shares	May 10, 2023 USD ($)
Class of Stock [Line Items]
Preferred stock authorized (in shares) \| shares					5,000,000	5,000,000		5,000,000
Preferred stock, par value (in dollars per share) \| $ / shares					$ 0.0001	$ 0.0001		$ 0.0001
Preferred stock issued (in shares) \| shares					0	0
Shares issued in connection with preferred shares agreement						$ 23,044
Preferred stock accretion						817
Mezzanine equity					$ 23,861	$ 23,861		$ 0
A&R Term Loans, Tranche A \| Term Loan
Class of Stock [Line Items]
Debt conversion, original debt, amount		$ 6,400
A&R Term Loans, Tranche B \| Term Loan
Class of Stock [Line Items]
Debt conversion, original debt, amount		$ 58,900
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock authorized (in shares) \| shares							50,000
Preferred stock issued (in shares) \| shares				25,000
Price per share (in dollars per share) \| $ / shares				$ 1,000
Proceeds from issuance of stock			$ 25,000	$ 25,000
Payments of stock issuance costs			$ 500	1,500
Stock issuance costs netted against proceeds				$ 1,000
Shares sold in offering (in shares) \| shares			25,000
Offering price per share (in dollars per share) \| $ / shares			$ 1,000
Fair value change as remeasurement of fair value of preferred stock								$ 6,500
Mandatorily redeemable preferred stock, at fair value									$ 32,600
Series B Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock authorized (in shares) \| shares					28,001	28,001
Preferred stock, liquidation preference (in dollars per share) \| $ / shares		$ 1,000
Preferred stock, dividend percentage	12.00%	12.00%
Preferred stock, threshold trading days, default \| day		30
Preferred stock, dividend percentage increase, default		2.00%
Preferred stock, stock price trigger (in dollars per share) \| $ / shares	$ 1.50
Preferred stock, threshold trading days \| day	5	5
Preferred stock, conversion price (in dollars per share) \| $ / shares		$ 1.50
Preferred stock, liquidation value		$ 1,000
Preferred stock, ownership percentage entitled to non-voting observer to board of directors		50.00%
Shares issued in connection with preferred shares agreement		$ 23,100
Preferred stock accretion					$ 800
Mezzanine equity					$ 23,900	$ 23,900
Series B Convertible Preferred Stock \| Minimum
Class of Stock [Line Items]
Preferred stock, stock price trigger (in dollars per share) \| $ / shares		$ 1.50
Preferred stock, conversion price (in dollars per share) \| $ / shares		1.50
Series B Convertible Preferred Stock \| Maximum
Class of Stock [Line Items]
Preferred stock, stock price trigger (in dollars per share) \| $ / shares		4.50
Preferred stock, conversion price (in dollars per share) \| $ / shares		$ 4.50
Series B Convertible Preferred Stock \| A&R Term Loans \| Term Loan
Class of Stock [Line Items]
Convertible debt, shares issued (in shares) \| shares	28,000.00001	28,000.00001

Net Loss Per Share - Schedule of Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss from continuing operations	$ (79,397)	$ (186,448)
Income from discontinued operations, net of tax	0	6,030
Net loss attributable to PLBY Group, Inc.	$ (79,397)	$ (180,418)
Denominator:
Weighted average common shares outstanding - basic (in shares)	76,048,609	71,319,437
Dilutive potential common stock outstanding:
Stock options and RSUs (in shares)	0	0
Weighted average common shares outstanding - diluted (in shares)	76,048,609	71,319,437
Basic loss per share from continuing operations (in dollars per share)	$ (1.04)	$ (2.60)
Basic income per share from discontinued operations (in dollars per share)	0	0.07
Net loss per share, basic (in dollars per share)	(1.04)	(2.53)
Diluted loss per share from continuing operations (in dollars per share)	(1.04)	(2.60)
Diluted income per share from discontinued operations (in dollars per share)	0	0.07
Net loss per share, diluted (in dollars per share)	$ (1.04)	$ (2.53)

Intangible Assets and Goodwill - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Digital assets	$ 5	$ 5
Total amortizable intangible assets, net	10,316	12,809
Total indefinite-lived intangible assets	145,652	145,087
Total	$ 155,973	$ 157,901

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (79,397)	$ (180,418)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)(3)
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
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-Subparagraph (f)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Subparagraph (a)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Fair Value Measurements - Change in Fair Value Of Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value and other	$ 0	$ 6,505
Level 3 \| Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	399
Change in fair value and other	114
Balance at end of period	$ 513	$ 399

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net revenues	$ 116,135	$ 142,950
Costs and expenses:
Cost of sales	(41,780)	(54,777)
Selling and administrative expenses	(98,716)	(123,118)
Impairments	(26,078)	(154,884)
Other operating expense, net	(399)	(540)
Total operating expense	(166,973)	(333,319)
Operating (loss) income	(50,838)	(190,369)
Nonoperating (expense) income:
Interest expense	(23,689)	(23,293)
Gain on extinguishment of debt, net	0	6,133
Fair value remeasurement gain	0	6,505
Other (expense) income, net	(1,722)	806
Total nonoperating expense	(25,411)	(9,849)
Loss from continuing operations before income taxes	(76,249)	(200,218)
(Expense) benefit from income taxes	(3,148)	13,770
Net loss from continuing operations	(79,397)	(186,448)
Income from discontinued operations, net of tax	0	6,030
Net loss	(79,397)	(180,418)
Net loss attributable to PLBY Group, Inc.	$ (79,397)	$ (180,418)
Net loss per share from continuing operations, basic (in dollars per share)	$ (1.04)	$ (2.60)
Net loss per share from continuing operations, diluted (in dollars per share)	(1.04)	(2.60)
Net income per share from discontinued operations, basic (in dollars per share)	0	0.07
Net income per share from discontinued operations, diluted (in dollars per share)	0	0.07
Net loss per share, basic (in dollars per share)	(1.04)	(2.53)
Net loss per share, diluted (in dollars per share)	$ (1.04)	$ (2.53)
Weighted average shares used in computing net loss per share, basic (in shares)	76,048,609	71,319,437
Weighted average shares used in computing net loss per share, diluted (in shares)	76,048,609	71,319,437

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 29, 2025, we completed the conversion of 7,000 shares of the 28,000.00001 outstanding shares of Series B Convertible Preferred Stock into 3,784,688 shares of Common Stock, at a conversion price of $1.84956 per share, in accordance with the terms of the Series B Convertible Preferred Stock. As a result of the Conversion, we reduced the number of shares of Series B Convertible Preferred Stock outstanding to 21,000.00001 shares. On March 12, 2025, we entered into Amendment No. 4 to the A&R Credit Agreement (the “A&R Fourth Amendment”). The A&R Fourth Amendment sets the total net leverage ratio levels applicable under the A&R Credit Agreement, once net leverage testing is resumed as of the quarter ending June 30, 2026. For the quarter ending June 30, 2026, the total net leverage ratio will be initially set at 9.00:1.00, reducing over time until the ratio reaches 7.75:1.00 for the quarter ending June 30, 2027 and any subsequent quarter. In the event we prepay at least $15 million of the principal debt under the A&R Credit Agreement, the total net leverage ratio levels are reduced such that they would be initially set at 7.75:1.00 for the quarter ending June 30, 2026, and would reduce over time until the ratio reaches 6.50:1.00 for the quarter ending June 30, 2027 and any subsequent quarter. The other terms of the A&R Credit Agreement prior to the A&R Fourth Amendment remain substantially unchanged.

Redeemable Noncontrolling Interest	12 Months Ended
Redeemable Noncontrolling Interest	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest On April 13, 2015, the Company sold 25% of the membership interest in its subsidiary, After Dark LLC, to an unaffiliated third party for $1.0 million. As part of the arrangement the Company granted a put right to this party which provides the right, but not the obligation, to the third party to cause the Company to purchase all of the third party’s interest in After Dark LLC at the then fair market value. This put right can be exercised on April 13 of each year. Additionally, the put right can be exercised upon a change of control of the Company. To date, the put right has not been exercised. The Company’s controlling interest in this subsidiary requires the operations of this subsidiary to be included in the consolidated financial statements. Noncontrolling interest with redemption features, such as put options, that are not solely within our control are reported as redeemable noncontrolling interest on the consolidated balance sheets as of December 31, 2024 and 2023, between liabilities and equity. Net income or loss of After Dark LLC is allocated to its noncontrolling member interest based on the noncontrolling member interest’s ownership percentage. There were no operations attributable to redeemable noncontrolling interest that need to be reported in the consolidated statements of operations for the years ended December 31, 2024 and 2023. There was no change in the balance of the redeemable noncontrolling interest as After Dark LLC did not have any operating activities during 2024 and 2023.

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

The following table sets forth debt (in thousands):


	December 31,
	2024		2023
Term loan, due 2027	$	144,242	$	209,772
Plus: capitalized payment-in-kind interest	8,819		1,848
Total debt	153,061		211,620
Plus: unamortized debt premium/(discount), net	24,127		(20,619)
Less: unamortized debt issuance costs	(613)		(582)
Total debt, net of unamortized debt issuance costs and debt premium/discount	176,575		190,419
Less: current portion of long-term debt	(381)		(304)
Total debt, net of current portion	$	176,194	$	190,115

Term Loan

On February 17, 2023, we entered into Amendment No. 4 (the “Fourth Amendment”) to our prior credit agreement (the “Credit Agreement”), which, among other things: (i) required that the mandatory prepayment of 80% of PLBY’s equity offering proceeds apply only to PLBY’s $50 million rights offering completed in February 2023 (thereby reducing the applicable prepayment cap to $40 million), (ii) required an additional $5 million prepayment by us as a condition to completing the Fourth Amendment, and (iii) reduced the prepayment threshold for waiving our Total Net Leverage Ratio financial covenant through June 30, 2024 to $70 million (from the prior $75 million prepayment threshold). Such $70 million of prepayments were achieved by the Company through the combination of a $25 million prepayment in December 2022, a $40 million prepayment made in connection with the Company’s rights offering in February 2023, and an additional $5 million prepayment made at the completion of the Fourth Amendment.

As a result of the prepayments described above, we obtained a waiver of the Total Net Leverage Ratio covenant through the second quarter of 2024, eliminated the cash maintenance covenants, eliminated the lenders’ board observer rights and eliminated applicable additional margin which had previously been provided for under the Credit Agreement, as amended.

On April 4, 2023, we entered into Amendment No. 5 to the Credit Agreement (the “Fifth Amendment”) to permit, among other things, the Yandy Sale, and that the proceeds of such sale would not be required to prepay the loans under the Credit Agreement (as amended through the Fifth Amendment); provided that at least 30% of the consideration for the Yandy Sale was paid in cash.

On May 10, 2023 (the “Restatement Date”), we entered into an amendment and restatement of the Credit Agreement (the “A&R Credit Agreement”) to reduce the interest rate applicable to our senior secured debt and the implied interest rate on our then outstanding Series A Preferred Stock, exchange our then outstanding Series A Preferred Stock for debt (such that the Series A Preferred Stock would cease to be outstanding), and obtain additional covenant relief and funding.

In connection with the A&R Credit Agreement, Fortress Credit Corp. and its affiliates (together, “Fortress”) became our lender with respect to approximately 90% of the term loans under the A&R Credit Agreement (the “A&R Term Loans”). Fortress exchanged 50,000 shares of our Series A Preferred Stock (representing all of our issued and outstanding preferred stock) for approximately $53.6 million of the A&R Term Loans, and we obtained approximately $11.8 million of additional funding as part of the A&R Term Loans. As a result, our Series A Preferred Stock ceased to be outstanding, and the principal balance of the A&R Term Loans under the A&R Credit Agreement became approximately $210.0 million on the Restatement Date.

In connection with the A&R Credit Agreement, the original Credit Agreement’s New Term Loan was apportioned into approximately $20.6 million of Tranche A term loans (“Tranche A”) and approximately $189.4 million of Tranche B term loans (“Tranche B”, and together with Tranche A comprising the A&R Term Loans). The prior amortization payments applicable to the New Term Loan under the original Credit Agreement were eliminated. The A&R Credit Agreement only requires the smaller Tranche A be subject to quarterly amortization payments of approximately $76,000 per quarter. The benchmark rate for the A&R Term Loans is the applicable term of secured overnight financing rate as published by the U.S. Federal Reserve Bank of New York (rather than LIBOR, as under the original Credit Agreement). As of the Restatement Date, Tranche A accrues interest at SOFR plus 6.25% and 0.10% SOFR adjustment, with a SOFR floor of 0.50%. As of the Restatement Date, Tranche B accrues interest at SOFR plus 4.25% and 0.10% SOFR adjustment, with a SOFR floor of 0.50%.

We obtained additional leverage covenant relief through the first quarter of 2025, with testing of a total net leverage ratio covenant commencing following the quarter ending March 31, 2025, which covenant will be initially set at 7.25:1.00, reducing in 0.25 increments per quarter until the ratio reaches 5.25:1.00 for the quarter ending March 31, 2027.

As a result of of entering into the A&R Credit Agreement in the second quarter of 2023, we recorded $8.0 million of gain for partial debt extinguishment and capitalized an additional $21.3 million of debt discount while deferring and continuing to amortize an existing discount of $2.6 million, which will be amortized over the remaining term of our senior secured debt and recorded in interest expense in our consolidated statements of operations. As a result of entering into the A&R Credit Agreement, fees of $0.3 million were expensed as incurred and $0.4 million of debt issuance costs were capitalized in the second quarter of 2023.

In July 2023, DBD Credit Funding LLC, an affiliate of Fortress, became the administrative agent and collateral agent under the A&R Credit Agreement.

In connection with the sale of TLA, on November 2, 2023, we entered into Amendment No. 1 to the A&R Credit Agreement (the “A&R First Amendment”), to permit, among other things: (a) the sale of TLA and the sale of certain other assets (and the proceeds of such sales will not be required to prepay the A&R Term Loans); and (b) the Company to elect, through August 31, 2025, to pay in cash accrued interest equal to the applicable SOFR plus 1.00%, with the remainder of any applicable accrued interest not paid in cash capitalized into the A&R Term Loans. The other terms of the A&R Credit Agreement will remain substantially unchanged from those prior to the A&R First Amendment.

On March 27, 2024, we entered into Amendment No. 2 to the A&R Credit Agreement (the “A&R Second Amendment”), which provided for, among other things:

(a) the amendment of the Total Net Leverage Ratio covenant to (i) suspend testing of such covenant until the quarter ending June 30, 2026, (ii) adjust the Total Net Leverage Ratio financial covenant levels once the covenant testing is resumed, and (iii) add a mechanism for the Total Net Leverage Ratio to be eliminated permanently upon the satisfaction of certain prepayment-related conditions (the date upon which such prepayment-related conditions are satisfied, the “Financial Covenant Sunset Date”);

(b) the addition of a covenant to maintain a $7.5 million minimum balance of unrestricted cash and cash equivalents (on a consolidated basis), subject to periodic testing and certification, as well as the ability to cure a below-minimum balance, and which covenant will be in effect (i) from March 27, 2024 until March 31, 2026 and (ii) from and after the Financial Covenant Sunset Date; and

(c) that assignments of commitments or loans under the A&R Credit Agreement from existing lenders to certain eligible assignees under the A&R Credit Agreement (i.e. a commercial bank, insurance company, investment or mutual fund or other entity that is an “accredited investor” (as defined in Regulation D under the Securities Act of 1933) and which extends credit or buys loans in the ordinary course of business) shall not require consent from us while the minimum cash balance financial covenant is in effect.

The other terms of the A&R Credit Agreement prior to the A&R Second Amendment remained substantially unchanged.

On November 11, 2024, we entered into Amendment No. 3 to the A&R Credit Agreement (the “A&R Third Amendment”). The A&R Third Amendment provides for, among other things:

•reducing the outstanding aggregate term loan amounts under the facility from approximately $218.4 million to approximately $153.1 million in exchange for $28.0 million of Series B Convertible Preferred Stock, to be issued

pursuant to an Exchange Agreement, dated November 11, 2024 (the “Exchange Agreement”), between the Company and the lenders party to the A&R Third Amendment;

•resetting the interest rate margin for both Tranche A term loans and Tranche B term loans to the same rate of SOFR, plus a 0.10% credit spread adjustment, plus 6.25% (with corresponding changes necessary so that all but 1.00% of the interest rate margin can be paid in-kind); and

•applying amortization of 1% per year to all loans, which is to be paid quarterly starting in the fourth quarter of 2025.

The other terms of the A&R Credit Agreement prior to the A&R Third Amendment remain substantially unchanged, and the new terms went into effect upon the closing of the Exchange Agreement and the issuance of the Series B Convertible Preferred Stock, which occurred on November 13, 2024. The Series B Convertible Preferred Stock was established pursuant to the filing of a Certificate of Designation with the state of Delaware, which certificate set forth the terms of the Series B Convertible Preferred Stock. Upon the filing of such certificate, we issued to the Lenders an aggregate of 28,000.00001 shares of Series B Convertible Preferred Stock with a stated value of $28.0 million. The Series B Convertible Preferred Stock includes a 12% annual dividend rate, which will commence accruing six months after the issuance date, which will be payable in cash or in-kind, solely at our discretion. We have the right to redeem for cash (at any time) or convert the Series B Convertible Preferred Stock at any time, provided that the five-day volume-weighted average price of our common stock is $1.50 or above, with a conversion price floor of $1.50 and a cap of $4.50. Refer to Note 13, Preferred Stock, for further details in regards to the Series B Convertible Preferred Stock.

We performed an assessment of the A&R Third Amendment, on a lender-by-lender basis, and determined that the transaction met the criteria for a troubled debt restructuring under ASC 470-60, Troubled Debt Restructurings by Debtors, as we were experiencing financial difficulties and the lenders granted a concession. However, the total future cash payments under the new debt terms exceeded the carrying amount of our senior secured debt at the date of transaction, therefore, no adjustment to the carrying amount of the senior secured debt was made. Instead, we calculated a new effective interest rate (“EIR”) based on the revised terms of the debt. The debt premium/discount is then amortized over the remaining term of the debt using the new EIR, with interest expense recognized based on such rate in future periods. Third party fees of $0.4 million incurred in connection with the A&R Third Amendment were recorded in Other (expense) income, net in the consolidated statements of operations for the year ended December 31, 2024.

The stated interest rate of Tranche A and Tranche B term loans as of December 31, 2024 was 11.01%. The stated interest rate of Tranche A and Tranche B term loans as of December 31, 2023 was 11.41% and 9.41%, respectively. The effective interest rate of Tranche A and Tranche B A&R Term Loans as of December 31, 2024 was 1.05% and 4.93%, respectively. The effective interest rate of Tranche A and Tranche B A&R Term Loans as of December 31, 2023 was 12.03% and 13.27%, respectively. The difference between the stated interest rate and effective interest rate for Tranche B as of December 31, 2023 was driven primarily by the amortization of $21.3 million of debt discount which is included in the calculation of the effective interest rate.

We were in compliance with applicable financial covenants under the terms of the A&R Credit Agreement and its amendments as of December 31, 2024 and 2023.

The following table sets forth maturities of the principal amount of our A&R Term Loans as of December 31, 2024 (in thousands):


2025	$	381
2026	1,524
2027	151,156
Total	$	153,061

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following as of the dates shown:


	December 31,
	2024	2023
Shares available for grant under equity incentive plans	1,194,947	739,178
Options issued and outstanding under equity incentive plans	1,997,466	2,291,328
Unvested restricted stock units	3,660,581	3,214,910
Vested restricted stock units not yet settled	72,000	14,994
Unvested performance-based restricted stock units	243,424	707,655
Maximum number of shares issuable to GlowUp sellers pursuant to acquisition indemnity holdback	249,116	249,116
Total common stock reserved for future issuance	7,417,534	7,217,181

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In the first quarter of 2023, we entered into a joint venture for Playboy’s China business (the “China JV”) with CT Licensing Limited, a brand management unit of Fung Group, representing many global brands in China, to jointly own and operate the Playboy licensed business in China (including Hong Kong and Macau). The China JV is working to reinvigorate our China-market Playboy apparel business, including online and offline retail strategies, product design and assortment, and brand marketing to its multi-generational audience. For the year ended December 31, 2024, the China JV partner has earned approximately $0.4 million in dividends. In December 2023, we entered into a short-term loan agreement with an affiliate of our China JV partner to support the affiliate’s operating activities related to the China JV. The unsecured loan of $1.2 million accrued interest at a rate of 7.82% per annum and matured as of February 28, 2024. As of December 31, 2023, the loan was recorded in prepaid and other current assets in our consolidated balance sheets. In January 2024, the loan was repaid in full. In August 2024, we entered into a short-term loan agreement with an affiliate of our China JV partner and shareholder for $96,000. The loan is being repaid by the retention of applicable dividends earned. The advanced amounts accrue interest at a rate of 5.00% per annum and matures on June 30, 2025. The remaining balance as of December 31, 2024 is approximately $40,000. The remaining balances due under the loan will be repaid through the retention of additional dividends through the maturity date. On November 5, 2024, The Million S.a.r.l (a subsidiary of Byborg) completed the purchase of 14,900,000 shares of common stock of the Company, and it became a significant stockholder of the Company as of such date. Thus, both The Million S.a.r.l and Byborg are considered related parties of the Company. In addition, on December 14, 2024, we entered into a License & Management Agreement (the “LMA”) with Byborg, pursuant to which Byborg agreed to operate our Playboy Plus, Playboy TV (digital and linear) and Playboy Club businesses and to license the right to use certain Playboy trademarks and other intellectual property for related businesses and certain other categories. The LMA has an initial term of 15 years, with the operations and license rights pursuant to the LMA commencing as of January 1, 2025. Pursuant to the LMA, Playboy will receive minimum guaranteed royalties of $20 million per year of the term, to be paid in installments during each year. In addition, Byborg will prepay the minimum guaranteed amount for the second half of year 15 of the initial term of the LMA. Playboy is also entitled to receive excess royalties from the businesses licensed and operated by Byborg, on the terms and conditions set forth in the LMA. On December 14, 2024, the Company also entered into a Securities Purchase Agreement (the “December SPA”) with The Million S.a.r.l, pursuant to which the Company agreed to sell to such purchaser 16,956,842 shares of the Company’s common stock, par value $0.0001 per share, at a price of $1.50 per share. The closing of the sale and issuance of shares pursuant to the December SPA is expected to occur by the end of the first quarter of 2025 and result in aggregate proceeds to us of approximately $25.44 million.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Fair Value Measurements - Significant Unobservable Inputs Valuation of Intangible Assets (Details) - Level 3 $ in Thousands	Sep. 30, 2024 USD ($)	Oct. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, fair value	$ 16,084		$ 21,176
Trade names
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Definite-lived intangible assets, fair value			12,550
Indefinite-lived trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, fair value		$ 145,087	$ 150,650
Discounted cash flow \| Revenue growth rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	0.030		0.030
Discounted cash flow \| Revenue growth rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	0.254		0.100
Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Goodwill, measurement input	0.190		0.140
Multi-period excess earnings method \| Revenue growth rate \| Minimum \| Indefinite-lived trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		(0.392)	(0.006)
Multi-period excess earnings method \| Revenue growth rate \| Maximum \| Indefinite-lived trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.524	0.526
Multi-period excess earnings method \| Discount rate \| Indefinite-lived trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.170	0.160
Relief from royalty \| Revenue growth rate \| Minimum \| Trade names
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Definite-lived intangible assets, measurement input			0.030
Relief from royalty \| Revenue growth rate \| Minimum \| Indefinite-lived trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		(0.099)	(0.345)
Relief from royalty \| Revenue growth rate \| Maximum \| Trade names
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Definite-lived intangible assets, measurement input			0.100
Relief from royalty \| Revenue growth rate \| Maximum \| Indefinite-lived trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		2.330	2.000
Relief from royalty \| Discount rate \| Trade names
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Definite-lived intangible assets, measurement input			0.170
Relief from royalty \| Discount rate \| Minimum \| Indefinite-lived trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.170	0.160
Relief from royalty \| Discount rate \| Maximum \| Indefinite-lived trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.300	0.280
Relief from royalty \| Royalty rate \| Trade names
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Definite-lived intangible assets, measurement input			0.030
Relief from royalty \| Royalty rate \| Indefinite-lived trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.070	0.070

Stockholders’ Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders’ Equity

Common Stock

The holders of the Company’s common stock have one vote for each share of common stock. Common stockholders are entitled to dividends when, as, and if declared by the Company’s Board of Directors (the “Board”). As of December 31, 2024, no dividends had been declared by the Board.

Common stock reserved for future issuance consisted of the following as of the dates shown:


	December 31,
	2024	2023
Shares available for grant under equity incentive plans	1,194,947	739,178
Options issued and outstanding under equity incentive plans	1,997,466	2,291,328
Unvested restricted stock units	3,660,581	3,214,910
Vested restricted stock units not yet settled	72,000	14,994
Unvested performance-based restricted stock units	243,424	707,655
Maximum number of shares issuable to GlowUp sellers pursuant to acquisition indemnity holdback	249,116	249,116
Total common stock reserved for future issuance	7,417,534	7,217,181

Treasury Stock

We held 2,249,929 shares of treasury stock as of December 31, 2024 and 2023.

In May 2022, the Board of Directors approved a common stock repurchase program (the “2022 Stock Repurchase Program”), pursuant to which up to $50 million of shares of Company common stock may be repurchased through May 31, 2024. As of December 31, 2023, we repurchased 1,549,929 shares of our common stock as authorized pursuant to the 2022 Stock Repurchase Program, all of which shares became treasury shares upon their return to the Company. There were no repurchases of common stock in 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Income Taxes - Schedule of Components of Deferred Tax Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 86,460	$ 81,201
Deferred revenue	1,477	1,834
Stock compensation	2,304	1,839
Investment in partnership	2,919	2,729
Property and equipment	385	147
Lease liabilities	6,247	7,451
Other deductible temporary differences	17,808	10,782
Total deferred tax assets	117,600	105,983
Less valuation allowance	(86,826)	(72,141)
Deferred tax assets, net	30,774	33,842
Deferred tax liabilities:
Intangible assets	(35,934)	(36,730)
Right of use assets	(5,142)	(6,416)
Total deferred tax liabilities	(41,076)	(43,146)
Deferred tax liabilities, net	$ (10,302)	$ (9,304)

Segments - Narrative (Details) $ in Thousands	3 Months Ended				6 Months Ended	12 Months Ended
Segments - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) segment store country	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment						3
Goodwill and intangible asset impairment		$ 0			$ 0
Impairment of indefinite-lived intangible assets				$ 65,500
Goodwill, impairment loss	$ 17,000			66,700		$ 17,016	$ 66,660
Impairment loss	$ 600
Disposal Group, Held-for-sale, Not Discontinued Operations
Segment Reporting Information [Line Items]
Non-cash impairment charges						3,800
Corporate
Segment Reporting Information [Line Items]
Impairment loss						600
Corporate \| Disposal Group, Held-for-sale, Not Discontinued Operations
Segment Reporting Information [Line Items]
Non-cash impairment charges						3,800
Indefinite-lived trademarks
Segment Reporting Information [Line Items]
Impairment of indefinite-lived intangible assets			$ 5,800	$ 65,500		$ 0
Honey Birdette
Segment Reporting Information [Line Items]
Number of stores \| store						54
Number of countries \| country						3
Impairment of right-of-use assets and leasehold improvements							2,300
Direct-to-Consumer
Segment Reporting Information [Line Items]
Goodwill and intangible asset impairment							72,600
Goodwill, impairment loss						$ 0
Direct-to-Consumer \| Honey Birdette
Segment Reporting Information [Line Items]
Impairment of right-of-use assets and leasehold improvements							2,300
Licensing
Segment Reporting Information [Line Items]
Goodwill, impairment loss						0
Licensing \| Trademark licensing
Segment Reporting Information [Line Items]
Impairment charges							8,700
Licensing \| Indefinite-lived trademarks
Segment Reporting Information [Line Items]
Impairment of indefinite-lived intangible assets							$ 71,300
Digital Subscriptions and Content
Segment Reporting Information [Line Items]
Goodwill, impairment loss						17,016
Digital Subscriptions and Content \| Internally developed software
Segment Reporting Information [Line Items]
Tangible asset impairment charges						$ 4,700

Schedule II - Valuation and Qualifying Accounts (Details) - Reserve for inventory - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 5,478	$ 3,592
Costs Charged to Expenses	(1,056)	6,935
Deductions and Write-offs	(197)	(5,049)
Balance at End of Year	$ 4,225	$ 5,478

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Liabilities

The following table summarizes our contract assets and certain contract liabilities (in thousands). Such table excludes $4.2 million of accounts receivable included in assets held for sale in the consolidated balance sheets as of December 31, 2022, and $0.3 million of contract liabilities included in liabilities held for sale in the consolidated balance sheets as of December 31, 2022. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations.


	December 31,
	2024		2023		2022
Accounts receivable	$	7,271	$	7,496	$	14,214
Contract Balances:
Contract assets, current portion	$	1,531	$	1,547	$	2,559
Contract assets, net of current portion	7,848		8,716		13,680
Contract liabilities, current portion	(9,693)		(9,205)		(10,480)
Contract liabilities, net of current portion	(5,762)		(4,641)		(21,406)
Contract liabilities, net	$	(6,076)	$	(3,583)	$	(15,647)

The following table provides a roll-forward of our netted contract assets and contract liabilities from continuing operations (in thousands):


	Contract Liabilities, Net
Balance at December 31, 2022	$	(15,647)
Revenues recognized that were included in gross contract liabilities at December 31, 2022 (1)	41,919
Contract assets reclassified to accounts receivable in 2023	(30,295)
Cash received in advance since prior year and remained in net contract liabilities at December 31, 2023	(5,170)
Contract impairments, modifications and terminations in 2023	5,610
Balance at December 31, 2023	$	(3,583)
Revenues recognized that were included in gross contract liabilities at December 31, 2023	25,977
Contract assets reclassified to accounts receivable in 2024	(25,111)
Cash received in advance since prior year and remains in net contract liabilities at December 31, 2024	(3,936)
Billed but unearned revenue that remains in net contract liabilities at 2024	(110)
Contract modifications and terminations in 2024	687
Balance at December 31, 2024	$	(6,076)
_________________ (1) Includes $5.1 million of revenue recognized from prepaid royalty guarantees in connection with a licensing contract terminated in the fourth quarter of 2023.

Schedule of Revenue from External Customers by Products and Services

The following table disaggregates revenue from continuing operations by type (in thousands):


	Year Ended December 31, 2024
	Licensing		Direct-to- Consumer		Digital Subscriptions and Content		Other		Total
Trademark licensing	$	24,552	$	—	$	—	$	—	$	24,552
Digital subscriptions and products	—		—		15,066		—		15,066
TV and cable programming	—		—		6,788		—		6,788
Consumer products	—		69,729		—		—		69,729
Total revenues	$	24,552	$	69,729	$	21,854	$	—	$	116,135


	Year Ended December 31, 2023
	Licensing		Direct-to- Consumer		Digital Subscriptions and Content		Other		Total
Trademark licensing	$	44,292	$	—	$	—	$	—	$	44,292
Digital subscriptions and products	—		—		12,923		4		12,927
TV and cable programming	—		—		7,747		—		7,747
Consumer products	—		77,984		—		—		77,984
Total revenues	$	44,292	$	77,984	$	20,670	$	4	$	142,950

The following table disaggregates revenue from continuing operations by point in time versus over time (in thousands):


	Year Ended December 31,
	2024		2023
Point in time	$	75,752	$	82,395
Over time	40,383		60,555
Total revenues	$	116,135	$	142,950

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 7,803	$ 7,989
Variable lease cost	1,626	1,369
Short-term lease cost	1,818	2,086
Sublease income	(880)	(669)
Total	$ 10,367	$ 10,775

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets are set forth in the table below (in thousands):


	December 31,
	2024		2023
Contract assets, current portion	$	1,531	$	1,547
Prepaid software	689		1,488
Prepaid insurance	772		858
Promissory note receivable	40		1,632
Other	2,440		2,277
Total	$	5,472	$	7,802

In 2023, we significantly restructured our technology expenses, and cost-excessive and under-utilized software packages were either terminated or not renewed upon expiration of applicable agreements. This resulted in a restructuring charge of $5.1 million recorded in selling and administrative expenses in the consolidated results of operations for the year ended December 31, 2023, excluding $0.4 million of costs related to discontinued operations, out of which $1.5 million was the accelerated amortization of prepaid software.

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Description of Business

PLBY Group, Inc. (the “Company”, “PLBY”, “we”, “our” or “us”), together with its subsidiaries, through which it conducts business, is a global consumer and lifestyle company marketing the Playboy brand through a wide range of direct-to-consumer products, licensing initiatives, and digital subscriptions and content, in addition to the sale of direct-to-consumer products under its Honey Birdette brand.

We have three reportable segments: Direct-to-Consumer, Licensing, and Digital Subscriptions and Content. Refer to Note 21, Segments, for further details.

Basis of Presentation

The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

As discussed in Note 3, Assets and Liabilities Held for Sale and Discontinued Operations, the Yandy Enterprises LLC (“Yandy”) and TLA Acquisition Corp. (“TLA”, owner of the Lovers business) disposal groups, which were previously included in the Direct-to-Consumer segment in the prior year comparative period prior to them becoming assets held for sale, were classified as discontinued operations in the consolidated statements of operations for the prior year comparative period presented. The sale of Yandy was completed on April 4, 2023 (the “Yandy Sale”). The sale of TLA was completed on November 3, 2023 (the “TLA Sale”). As of December 31, 2024, we determined that our art assets continued to meet the held for sale criteria and were classified as held for sale in the consolidated balance sheet as of December 31, 2024.

Principles of Consolidation

The consolidated financial statements include our accounts and all majority-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.

The Company follows a monthly reporting calendar, with its fiscal year ending on December 31.

Reclassifications

Certain prior period amounts in the consolidated statements of operations and consolidated balance sheets have been reclassified to conform with the current period presentation.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

We regularly assess these estimates, including but not limited to, valuation of our trademarks and trade names; valuation of our contingent consideration liabilities; valuation of our income taxes; valuation of our only authorized and issued preferred stock; pay-per-view and video-on-demand buys, and monthly subscriptions to our television and digital content; the adequacy of reserves associated with accounts receivable and inventory; unredeemed gift cards and store credits; licensing commission accruals; and stock-based compensation expense. We base these estimates on historical experience and on various other market-specific and relevant assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates and such differences could be material to the financial position and results of operations.

Concentrations of Business and Credit Risk

We maintain certain cash balances in excess of Federal Deposit Insurance Corporation insured limits. We periodically evaluate the credit worthiness of the financial institutions with which we maintain cash deposits. We have not experienced any losses in such accounts and do not believe that there is any material credit risk to our cash. Concentration of credit risk with respect to accounts receivable is limited due to the wide variety of customers to whom our products are sold and/or licensed.

There were no receivables from any individual customers exceeding 10% of our total receivables as of December 31, 2024 and 2023.

The following table represents revenue from our customers exceeding 10% of our total revenue, excluding revenues from discontinued operations:


	Year Ended December 31,
Customer	2024	2023
Customer A (1)	*	16	%
_________________ (1) The agreement with this licensee was terminated in the fourth quarter of 2023. Revenue from this customer was recorded in our licensing segment. *Indicates revenues for the customer did not exceed 10% of our total revenue for the year ended December 31, 2024.

Cash Equivalents

Cash equivalents are temporary cash investments with an original maturity of three months or less at the date of purchase and are stated at cost, which approximates fair value.

Restricted Cash

At December 31, 2024 and 2023, restricted cash was primarily related to cash collateralized letters of credit we maintained in connection with the lease of our Los Angeles headquarters and Honey Birdette’s term deposit in relation to its Sydney office lease. The December 31, 2023 restricted cash balance also included cash held in escrow related to the TLA Sale, which had been released to us in full in the second quarter of 2024.

Liquidity Assessment

Our revenues, results of operations and cash flows have been materially adversely impacted by negative macroeconomic factors beginning in the second quarter of 2022 and continuing through 2024. The persistently challenging macroeconomic and retail environments, including reduced consumer spending and increased price sensitivity in discretionary categories, has significantly impacted our licensees’ performance. Our net revenues from continuing operations for the year ended December 31, 2024 decreased by $26.8 million, compared to the year ended December 31, 2023, and this decline, coupled with investments into our digital operations, drove our impairment charge, operating loss and net loss. For the year ended December 31, 2024, we reported an operating loss from continuing operations of $50.8 million, and negative operating cash flows from continuing operations of $19.1 million. As of December 31, 2024, we had approximately $30.9 million in unrestricted cash and cash equivalents. We expect our capital expenditures and working capital requirements in 2025 to be largely consistent with 2024.

As of December 31, 2024, we were in compliance with the covenants under our senior secured credit agreement (including through there being no testing of our Total Net Leverage Ratio (as defined in the A&R Credit Agreement) until the quarter ending June 30, 2026). However, due to ongoing negative macroeconomic factors and their uncertain impacts on our business, results of operations and cash flows, we could experience further material decreases to net sales and operating cash flows and materially higher operating losses, and could experience difficulty remaining in compliance with such covenants. Refer to Note 10, Debt, for further details regarding the terms of our A&R Credit Agreement and the A&R Term Loans (as such terms are defined in such Note 10).

The accompanying consolidated financial statements are prepared in accordance with GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Although consequences of ongoing macroeconomic uncertainty could adversely affect our liquidity and capital resources in the future, and cash requirements may fluctuate based on the timing and extent of many factors, such as those discussed above, we believe our existing sources of liquidity will be sufficient to meet our obligations as they become due under the A&R Credit Agreement and our other obligations for at least one year following the date of the filing of this Annual Report on Form 10-K. We may seek additional equity or debt financing in the future to satisfy capital requirements, respond to adverse changes in our circumstances or unforeseen events, or fund growth opportunities. However, in the event that additional financing is required from third-party sources, we may not be able to raise it on acceptable terms or at all.

Accounts Receivable, Net

Trade receivables are reported at their outstanding unpaid balances, less allowances for expected credit losses. The allowances for expected credit losses are increased by the recognition of bad debt expense and decreased by charge-offs (net of recoveries) or by reversals to income. In determining expected credit losses, we consider our historical level of credit losses, current economic trends, and reasonable and supportable forecasts that affect the collectability of the future cash flows. A receivable balance is written off when we deem the balance to be uncollectible. The allowance for expected credit losses was immaterial at December 31, 2024 and 2023.

Inventories

Inventories consist primarily of finished goods and are stated at the lower of cost, using the first-in, first-out (“FIFO”) method, and net realizable value. Inventory reserves are recorded for excess and slow-moving inventory. Our analysis includes a review of inventory quantities on hand at period-end in relation to year-to-date sales, existing orders from customers and projections for sales in the foreseeable future. The net realizable value is determined based on historical sales experience on a style-by-style basis. The valuation of inventory could be impacted by changes in public and consumer preferences, demand for product, changes in the buying patterns of both retailers and consumers and inventory management.

Property and Equipment, Net

Property and equipment are stated at cost, less accumulated depreciation, except for assets acquired in connection with our business combinations, which are reflected at fair value at the date of combination. Costs incurred for computer software developed or obtained for internal use are capitalized for application development activities and are immediately expensed for preliminary project activities or post-implementation activities. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. The useful life for furniture and equipment ranges from three to seven years and software from two to three years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the terms of the related leases. The amortization of leasehold improvements is included in depreciation expense. Repair and maintenance costs are expensed as incurred and major betterments are capitalized. Sales and retirements of property and equipment are recorded by removing the related cost and accumulated depreciation from the accounts, after which any related gains or losses are recognized.

Long-Lived Assets, Indefinite-lived Intangible Assets and Goodwill

The carrying amounts of long-lived assets, including property and equipment, stores, internally developed software, acquired definite-lived intangible assets and right-of-use operating lease assets are periodically reviewed for indicators of impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable or that the useful life is shorter than originally estimated.

Definite-lived intangible assets include distribution agreements and trade names, which we recognized in connection with our business combinations. Because these assets were recognized as identifiable intangible assets in connection with our previous business combinations, we do not incur costs to renew or extend their terms. All of our definite-lived intangible assets are amortized using the straight-line method over their estimated useful lives.

In the third quarter of 2024, we had impairment indicators with respect to our creator digital platform on playboy.com due to a decrease in its revenue projections, and we determined that its carrying value was not recoverable as of September 30, 2024. As a result, we recognized $4.7 million of impairment charges related to the write-off of its internally developed software during the year ended December 31, 2024. Additionally, we recognized $0.6 million of impairment charges on right-of-use assets pertaining to our corporate leases in the third quarter of 2024. During the year ended 2023, we recorded $2.3 million of impairment charges related to certain Honey Birdette right-of-use assets and related leasehold improvements in the fourth quarter of 2023, and $5.1 million of impairment charges on Honey Birdette’s trade names at the impairment date in the third quarter of 2023

Indefinite-lived intangible assets that are not amortized but subject to annual impairment testing consist of Playboy-branded trademarks. Our indefinite-lived Playboy-branded trademarks are periodically reviewed for indicators of impairment whenever events or changes in circumstances indicate that the value of these assets may not be recoverable or that the useful life is shorter than originally estimated.

We evaluate the indefinite-lived Playboy-branded trademarks for impairment using the discounted cash flow and relief from royalty method. This valuation approach requires that we make a number of assumptions to estimate fair value, including projections of future revenues, market royalty rates, tax rates, discount rates and other relevant variables. The projections we use in the model are updated annually or more frequently if an impairment triggering event has been identified and will change over time based on the historical performance and changing business conditions. If the carrying value of the trademark exceeds its estimated fair value, an impairment charge is recognized for the excess amount.

In the third quarter of 2024, we had impairment indicators with respect to our indefinite-lived Playboy-branded trademarks, causing us to perform a quantitative impairment test on our indefinite-lived Playboy-branded trademarks as of September 30, 2024. The quantitative test indicated that their carrying value was less than their fair value, thus, no impairment charges to our Playboy-branded trademarks were recognized during the year ended December 31, 2024.

In the second quarter of 2024, we had impairment indicators to our direct-to-consumer business, causing us to perform a quantitative impairment test for our indefinite-lived and amortizable intangibles, including goodwill, as of June 30, 2024. The quantitative impairment test for indefinite-lived and amortizable intangibles, including goodwill, indicated that their carrying values were less than the fair values, therefore, there were no impairment charges to be recognized on our intangibles, including goodwill during the three and six months ended June 30, 2024.

In the second quarter of 2023, we experienced declines in revenue and profitability, causing us to test the recoverability of our indefinite-lived assets as of June 30, 2023. The resulting impairment charges on our indefinite-lived Playboy-branded trademarks were $65.5 million at the impairment date in the second quarter of 2023.

We perform annual impairment testing on goodwill in the fourth quarter of each fiscal year or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying value. We may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, an impairment test is unnecessary. If an impairment test is necessary, we will estimate the fair value of a related reporting unit. If the carrying value of a reporting unit exceeds its fair value, the goodwill of that reporting unit is determined to be impaired, and we will proceed with recording an impairment charge equal to the excess of the carrying value over the related fair value. If we determine it is more likely than not that goodwill is not impaired, a quantitative test is not necessary.

In the third quarter of 2024, we had declines in our future projected cash flows for Digital Subscriptions and Content, causing us to test our goodwill for impairment as of September 30, 2024. Utilizing the income approach, we performed a quantitative impairment test on goodwill using a discounted cash flow analysis, which determined that the fair value of certain of our reporting units was less than their carrying value. As a result, we recorded $17.0 million of impairment charges to our goodwill at the impairment date in the third quarter of 2024.

In the fourth quarter of 2023, we experienced declines in revenue related to the termination of licensing agreements with certain Chinese licensees due to material, uncured breaches resulting in collectability issues, causing us to test the recoverability of our indefinite-lived assets, including goodwill, as of October 31, 2023. As a result, we recognized $5.8 million of impairment charges on our indefinite-lived Playboy-branded trademarks at the impairment date in the fourth quarter of 2023.

In the second quarter of 2023, we experienced declines in revenue and profitability, causing us to test our goodwill for impairment as of June 30, 2023. Utilizing the income approach, we performed a quantitative impairment test on goodwill using a discounted cash flow analysis, which determined that the carrying value of certain of our reporting units exceeded their fair value. As a result, we recognized $66.7 million of impairment charges on our goodwill at the impairment date in the second quarter of 2023.

Assets and Liabilities Held for Sale and Discontinued Operations

We classify assets and liabilities as held for sale, collectively referred to as the disposal group, when management commits to a formal plan to actively market the assets for sale at a price reasonable in relation to fair value, it is unlikely that significant changes will be made to the plan, the assets are available for immediate sale in their present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, and the sale of the assets is expected to be completed within one year. A disposal group that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. The fair value of a disposal group less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale.

We account for discontinued operations when assets and liabilities of a disposal group are classified as held for sale, or have been sold, and only if the disposal represents a strategic shift that has or will have a meaningful effect on our operations and financial results. We aggregate the results of operations for discontinued operations into a single line item in the consolidated statements of operations for all periods presented. General corporate overhead is not allocated to discontinued operations. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations.

Leases

We determine if an arrangement is a lease at inception. We determine the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use. We use the non-cancelable lease term when recognizing the right-of-use (“ROU”) assets and lease liabilities, unless it is reasonably certain that a renewal or termination option will be exercised. We account for lease components and non-lease components as a single lease component. Modifications are assessed to determine whether incremental differences result in new contract terms and should be accounted for as a new lease or whether the additional right of use should be included in the original lease and continue to be accounted for with the remaining ROU asset.

Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. Lease payments consist of the fixed payments under the arrangement, less any lease incentives. Variable costs, such as common area maintenance costs and additional payments for percentage rent, are not included in the measurement of the ROU assets and lease liabilities, but are expensed as incurred. As the implicit rate of the leases is not determinable, we use an incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments in determining the present value of the lease payments. Lease expenses are recognized on a straight-line basis over the lease term. We do not recognize ROU assets on lease arrangements with a term of 12 months or less.

Treasury Stock

Treasury stock is stated at cost.

Revenue Recognition

We recognize revenue when we transfer promised goods or services in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. This is determined by following a five-step process which includes (1) identifying the contract with a customer, (2) identifying the performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price and (5) recognizing revenue when or as we satisfy a performance obligation. We apply judgment to determine the nature of the promises within a revenue contract and whether those promises represent distinct performance obligations. In determining the transaction price, we do not include amounts subject to uncertainties unless it is probable that there will be no significant reversal of cumulative revenue when the uncertainty is resolved. We evaluate the nature of the license as to whether it provides a right to access or right to use the intellectual property (“IP”), which then determines whether the revenue is recognized over time or at a point in time. Sales or usage-based royalties received in exchange for licenses of IP are recognized at the later of when (1) the subsequent sale or usage occurs or (2) the performance obligation to which some or all of the sales or usage-based royalty has been allocated is satisfied.

Direct-To-Consumer Products

We generate revenue from the sale of intimates and other apparel and accessories, primarily through our direct-to-consumer channels (e-commerce sites and brick-and-mortar retail stores). We recognize e-commerce revenue upon delivery of the purchased goods to the buyer as our performance obligation, consisting of the sale of goods, is satisfied at this point in time when control is transferred, and the payment is due when an e-commerce order is made. We recognize retail store revenue at a point in time when a store satisfies a performance obligation and transfers control of the product to the customer, and the payment is due when a store order is made. Our revenue is recognized net of incentives and estimated returns. We periodically offer promotional incentives to customers, including basket promotional code discounts and other credits, that are treated as a reduction of revenue.

A portion of consumer product sales is generated through third-party sellers, who list the product on their websites. These sales are either fulfilled by us or through the third-party seller’s fulfillment services. We recognize the fees retained by the third-party sellers as expenses in cost of sales for inventory provided through drop-shipment arrangements.

We charge shipping fees to customers. Since control transfers to the customer after the shipping and handling activities, we account for these activities as fulfillment activities. All outbound shipping and handling costs are accounted for as fulfillment costs in cost of sales at the time revenue is recognized.

Licensing

We license trademarks under multi-year arrangements with consumer products, online and location-based entertainment businesses. Typically, the initial contract term ranges between one to ten years. Renewals are separately negotiated through amendments. Under these arrangements, we generally receive an annual nonrefundable minimum guarantee that is recoupable against a sales-based royalty generated during the license year. Annual minimum guarantee amounts are billed quarterly, semi-annually, or annually in advance and these payments do not include a significant financing component. Earned royalties in excess of the minimum guarantee (“Excess Royalties”) are payable quarterly. The performance obligation is a license of symbolic IP that provides the customer with a right to access the IP, which represents a stand-ready obligation that is satisfied over time. We recognize revenue for the total minimum guarantee specified in the agreement on a straight-line basis over the term of the agreement and recognize Excess Royalties only when the annual minimum guarantee is exceeded. Generally, Excess Royalties are recognized when they are earned and the payment is usually due 30 days after the end of each reporting period. In the event that the collection of any royalty becomes materially uncertain or unlikely, we recognize revenue from our licensees up to the cash we have received. As the sales reports from licensees are typically not received until after the close of the reporting period, we follow the variable consideration framework and constraint guidance using the expected value method to estimate the underlying sales volume to recognize Excess Royalties based on historical experience and general economic trends. Historical adjustments to recorded estimates have not been material.

Digital Subscriptions and Content

Digital subscription revenue is derived from subscription sales of playboyplus.com and playboy.tv primarily, which are online content platforms. Digital subscriptions represent a stand-ready obligation to provide continuous access to the platform, which is satisfied ratably over the term of the subscription. We receive fixed consideration shortly before the start of the subscription periods from these contracts, which are primarily sold in monthly, annual, or lifetime subscriptions. Revenues from lifetime subscriptions are recognized ratably over a five-year period, representing the estimated period during which the customer accesses the platforms. Revenues from digital subscriptions are recognized ratably over the subscription period.

Revenues generated from the sales of creator content offerings to consumers via our creator platform on playboy.com are recognized at the point in time when the sale is processed and the payment is due upon sale. Revenues generated from subscriptions to our creator platform and memberships to consumers are recognized ratably over the subscription/membership period. We receive fixed consideration shortly before the start of such subscription/membership periods, which are monthly, quarterly or annual. Revenues generated from events and sponsorships are recognized when the event occurs, and the payment terms vary on a contract by contract basis and usually are based on contract milestones.

We record revenue from sales of our tokenized digital art and collectibles at the point in time when the control is transferred on a gross basis and the payment is due upon sale. We are primarily responsible for fulfillment of the promise, have inventory risk, and have the latitude in establishing pricing and selecting suppliers, among other factors. As such, we determined that we are the principal in these transactions as we have custody and control of our digital assets prior to the sale to the customer, and discretion and latitude in establishing the price.

We also license our programming content to certain cable television operators and direct-to-home satellite television operators who pay royalties based on monthly subscriber counts and pay-per-view and video-on-demand buys for the right to distribute our programming under the terms of affiliation agreements. The distinct performance obligations under such affiliation agreements include (i) a continuous transmission service to deliver live linear feeds and (ii) licenses to our functional IP that are provided over the contract term that provide the operators the right to use our content library as it exists at a point in time. For both performance obligations, our IP is the predominant or sole item to which the royalties relate. Royalties are generally collected monthly and revenue is recognized as earned. The amount of royalties due to us is reported by operators based on actual subscriber and transaction levels. Such information is generally not received until after the close of the reporting period. In these cases, we follow the variable consideration framework and constraint guidance to estimate the number of subscribers and transactions to recognize royalty amounts based on historical experience. Historical adjustments to recorded estimates have not been material. We offer sales incentives through various programs, consisting primarily of co-op marketing. We record advertising with customers as a reduction to revenue unless we receive a distinct benefit in exchange for credits claimed by the customer and can reasonably estimate the fair value of the distinct benefit received, in which case we record it as a marketing expense.

Contract Assets and Contract Liabilities

The timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when we have an unconditional right to consideration which will become due solely due to the passage of time. We record a contract asset when revenue is recognized prior to invoicing or payment is contingent upon transfer of control of an unsatisfied performance obligation. We record a contract liability (deferred revenue) when revenue is recognized subsequent to cash collection. For long-term non-cancelable contracts whereby we have begun satisfying the performance obligation, we will record contract assets for the unbilled consideration which is contingent upon our future performance. Contract assets and contract liabilities are netted on a contract-by-contract basis.

Gift Card Liabilities

We account for gift cards sold to customers by recording a liability in other current liabilities and accrued expenses in our consolidated balance sheets at the time of sale, which is recognized as revenue when redeemed or when we have determined the likelihood of redemption to be remote, referred to as gift card breakage. Depending on the jurisdiction in which we operate, gift cards sold to customers have expiration dates from three to five years from the date of sale, or they do not expire and may be subject to escheatment rights. Our gift card liability totaled $1.7 million, $1.6 million and $1.6 million as of December 31, 2024, 2023 and 2022, respectively. Revenue recognized from unredeemed gift card beginning balances was $0.1 million for the years ended December 31, 2024 and 2023.

Cost of Sales

Cost of sales primarily consist of merchandise costs, warehousing and fulfillment costs, agency fees, website expenses, digital platform expenses, marketplace traffic acquisition costs, credit card processing fees, personnel and affiliate costs, including stock-based compensation and costs associated with branding events, customer shipping and handling expenses, fulfillment activity costs, and freight-in expenses, offset by a reversal of related selling and administrative expenses due to settlement at a discount of certain payable balances in 2024.

Selling and Administrative Expenses

Selling and administrative expenses primarily consist of corporate office and retail occupancy costs, personnel costs, including stock-based compensation, and contractor fees for accounting/finance, legal, human resources, information technology and other administrative functions, general marketing and promotional activities and insurance.

Advertising Costs

We expense advertising costs as incurred. Advertising expenses were $4.9 million and $6.0 million for the years ended December 31, 2024 and 2023, respectively, excluding $2.9 million of advertising costs related to discontinued operations for the year ended December 31, 2023. We also have various arrangements with customers pursuant to which we reimburse them for a portion of their advertising costs in the form of co-op marketing which provide advertising benefits to us. The costs that we incur for such advertising costs are recorded as a reduction of revenue.

Stock-Based Compensation

We measure compensation expense for all stock-based payment awards, including stock options, restricted stock units and performance stock units granted to employees, directors, and non-employees, based on the estimated fair value of the awards on the date of grant. Compensation expense is recognized ratably in earnings, generally over the period during which the recipient is required to provide service. We adjust compensation expense based on actual forfeitures, as necessary. In the event of a modification to a previously granted award, the incremental cost of the modification is added to the unamortized cost as of the modification date and amortized over the remaining portion of the requisite service period of the modified award.

Our stock options vest ratably over the contractual vesting period, which is generally three to four years, and the fair value of the awards is estimated on the date of grant using a Black-Scholes option pricing model. The expected term of the stock options is estimated using the simplified method, as the Company has limited historical information from which to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The expected term represents an estimate of the time options are expected to remain outstanding. Our restricted stock units vest ratably over the contractual vesting period and the fair value of the awards is estimated on the date of grant as the underlying value of the award. Awards with graded vesting features are recognized over the requisite service period for the entire award. Our performance-based restricted stock units (“PSUs”) vest ratably over the derived requisite service period, which is generally two years, or upon achieving one of certain PLBY’s performance milestones during the contractual vesting period, with certain awards vesting fully upon change in control of the Company or upon sale of the majority of the assets of the Company. For milestones that have not been achieved, such PSUs vest over the derived requisite service period and the fair value of such awards is estimated on the grant date using Monte Carlo simulations. The determination of the grant date fair value of PSUs issued is affected by a number of variables and subjective assumptions, including (i) the fair value of PLBY’s common stock, (ii) the expected common stock price volatility over the expected life of the award, (iii) the expected term of the award, (iv) risk-free interest rates, (v) the exercise price and (vi) the expected dividend yield. Forfeitures are recognized when they occur.

Troubled Debt Restructuring

As per ASC subtopic 470-60, “Troubled Debt Restructuring by Debtors” (“ASC 470-60”), a Troubled Debt Restructuring refers to a situation where the creditor grants concessions to a borrower experiencing financial difficulties. A lender is deemed to have granted a concession if the borrower’s effective interest rate on the restructured debt is less than the effective interest rate of the old debt immediately before the restructuring. Such restructuring is done with the intent to provide relief to the borrower and to maximize the potential for payable recovery by the lender.

In accordance with ASC 470-60, when the total future cash payments under the new terms are less than the carrying amount of the payable at the date of restructuring, the difference between the carrying amount and the total future cash payments is recognized as a gain on troubled debt restructuring in the consolidated financial statements. This gain is recorded immediately in the period the restructuring occurs. If the total future cash payments under the new terms exceed the carrying amount of the debt at the date of restructuring, no adjustment to the carrying amount of the debt is made. Instead, the Company calculates a new effective interest rate (“EIR”) based on the revised terms of the restructured debt. The debt is then amortized over the remaining term of the debt using the new EIR, with interest expense recognized based on such rate in future periods.

Income Taxes

We record income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards. The carrying amounts of deferred tax assets are reduced by a valuation allowance if, based on available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on the more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency, and severity of current and cumulative losses, the duration of statutory carryforward periods, and tax planning alternatives. We use a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals and litigation processes, if any. The second step is to measure the largest amount of tax benefit as the largest amount that is more likely than not to be realized upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Significant management judgment is required in determining provision for income taxes, deferred tax assets and liabilities, tax contingencies, unrecognized tax benefits, and any required valuation allowance, including taking into consideration the probability of the tax contingencies being incurred. Management assesses this probability based upon information provided by its tax advisers, its legal advisers and similar tax cases. If at a later time the assessment of the probability of these tax contingencies changes, accrual for such tax uncertainties may increase or decrease.

The Company has a valuation allowance due to management’s overall assessment of risks and uncertainties related to its future ability in the U.S. to realize and, hence, utilize certain deferred tax assets, primarily consisting of net operating losses (“NOLs”), carry forward temporary differences and future tax deductions.

The effective tax rate for annual and interim reporting periods could be impacted if uncertain tax positions that are not recognized are settled at an amount which differs from the Company’s estimate. Finally, if the Company is impacted by a change in the valuation allowance resulting from a change in judgment regarding the realizability of deferred tax assets, such effect will be recognized in the interim period in which the change occurs.

Comprehensive Loss

Comprehensive loss consists of net loss and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net loss. Our other comprehensive loss represents foreign currency translation adjustment attributable to Honey Birdette operations. Refer to Consolidated Statements of Comprehensive Loss. Total foreign currency transaction gains and losses were immaterial for the years ended December 31, 2024 and 2023.

Mezzanine Equity

Equity instruments that are redeemable for cash or other assets are classified as temporary equity if the instrument is redeemable, at the option of the holder, at a fixed or determinable price on a fixed or determinable date or upon the occurrence of an event that is not solely within the control of the issuer. Redeemable equity instruments are initially carried at the fair value of the equity instrument at the issuance date, which is subsequently adjusted to its redemptions value at each balance sheet date if the instrument is currently redeemable, or probable of becoming redeemable. Our Series B Convertible Preferred Stock, par value $0.0001 per share, issued in connection with the Exchange Agreement, as described in Note 10, Debt, and Note 13, Preferred Stock, is classified as mezzanine equity in our accompanying consolidated financial statements. We elected the accreted redemption value method under which the Series B Convertible Preferred Stock accretes changes in redemption value over the period from the date of issuance (November 13, 2024) to the potential redemption date (December 31, 2027) using the effective interest method. Such adjustments are included in preferred stock accretion on the Series B Convertible Preferred Stock in our Consolidated Statements of Mezzanine Equity and Stockholders’ Equity (Deficit) and treated similarly to a dividend on preferred stock in accordance with U.S. GAAP.

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss attributable to PLBY Group, Inc. stockholders by the weighted-average number of shares of common stock outstanding for the period. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period. In calculating basic and diluted earnings per share, the Company must allocate earnings to its participating securities with a corresponding reduction in the earnings attributable to common shares under the two-class method. Losses are only allocated to participating securities when the security holders have a contractual obligation to share in the losses of the Company with common stockholders. Because the holders of the Series B Convertible Preferred Stock do not have a contractual obligation to share in the Company’s losses with its common stockholders, the full amount of the Company’s losses for the year ended December 31, 2024 was attributed to the shares of common stock. Thus, the Series B Convertible Preferred Stock discussed in Note 13, Preferred Stock, has not been included in the diluted earnings per share for the year ended December 31, 2024. In calculating diluted earnings per share, the weighted-average number of shares outstanding for the period is increased to include all potentially dilutive securities. For periods in which we report net losses, diluted net loss per share is the same as basic net loss per share because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU’s amendments are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted this ASU on December 31, 2024, and applied the amendment retrospectively to all periods presented in our consolidated financial statements (refer to Note 21, Segments, for further details).

Accounting Pronouncements Issued but Not Yet Adopted

In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which addresses the accounting and disclosure requirements for certain crypto assets. This ASU requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in net income in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. The ASU’s amendments are effective for all entities holding assets that meet certain scope criteria for fiscal years beginning after December 15, 2024, including interim periods within those years. Early adoption is permitted for both interim and annual periods. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. We are currently evaluating the impact of this pronouncement, but we do not expect it to have a material impact on our disclosures and our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under this ASU, public entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU’s amendments are effective for all entities that are subject to Topic 740, Income Taxes, for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our disclosures.

In November 2024, FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires entities to disaggregate any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other depletion expenses. An entity’s share of earnings or losses from investments accounted for under the equity method is not a relevant expense caption that requires disaggregation. Such ASU’s amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this pronouncement on our disclosures and our consolidated financial statements.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The following table sets forth the domestic and foreign components of loss before income taxes (in thousands):


	Year Ended December 31,
	2024		2023
US	$	(67,301)	$	(113,039)
Foreign	(8,948)		(87,179)
Total	$	(76,249)	$	(200,218)

Schedule of Components of Income Tax Expense (Benefit)

The following table sets forth income tax benefit (in thousands):


	Year Ended December 31,
	2024		2023
Current expense from income taxes:
State	$	(36)	$	(244)
Foreign	(2,048)		(4,044)
Total current expense from income taxes	(2,084)		(4,288)

Deferred benefit (expense) from income taxes:
Federal	815		13,886
State	(1,813)		1,737
Foreign	(66)		2,435
Total deferred benefit (expense) from income taxes	(1,064)		18,058
Total	$	(3,148)	$	13,770

Schedule of Effective Income Tax Rate Reconciliation

The following table sets forth a reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate:


	Year Ended December 31,
	2024		2023
Federal income tax rate	21.0	%	21.0	%
State income tax, net of federal benefit	2.3		1.6
Foreign withholding taxes, net of credits (1)	(0.4)		(1.6)
Change in the statutory rate	(1.8)		(0.3)
Change in valuation allowance	(19.7)		(6.6)
Equity compensation(2)	(1.2)		(1.3)
Foreign rate differential	0.6		0.7
Adjustment to deferred taxes	7.3		0.3
Impairments	(4.7)		(7.1)
Contingent consideration	—		0.1
Foreign income inclusion	(3.4)		(0.4)
Nondeductible interest	(2.9)		—
Other	(1.2)		0.5
Effective rate	(4.1)	%	6.9	%

_________________

(1)Foreign withholding taxes, net of credits relate to foreign tax withholding on royalties received from various foreign jurisdictions.

(2)The 2024 and 2023 equity compensation adjustments are mainly related to shortfall and the officer compensation limitations.

Schedule of Deferred Tax Assets and Liabilities

The following table sets forth the significant components of deferred tax assets and liabilities (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	86,460	$	81,201
Deferred revenue	1,477		1,834
Stock compensation	2,304		1,839
Investment in partnership	2,919		2,729
Property and equipment	385		147
Lease liabilities	6,247		7,451
Other deductible temporary differences	17,808		10,782
Total deferred tax assets	117,600		105,983
Less valuation allowance	(86,826)		(72,141)
Deferred tax assets, net	$	30,774	$	33,842

Deferred tax liabilities:
Intangible assets	$	(35,934)	$	(36,730)
Right of use assets	(5,142)		(6,416)
Total deferred tax liabilities	(41,076)		(43,146)
Deferred tax liabilities, net	$	(10,302)	$	(9,304)

Schedule of Unrecognized Tax Benefits Roll Forward

A summary of changes to the amount of unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2024		2023
Balance at the beginning of the year	$	596	$	751
Increase (decrease) for positions taken in the current year	514		456
Decrease from lapse in statute of limitations	—		(611)
Balance at the end of the year	$	1,110	$	596

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash Flows From Operating Activities
Net loss	$ (79,397)	$ (180,418)
Net loss from continuing operations	(79,397)	(186,448)
Income from discontinued operations, net of tax	0	6,030
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	7,007	7,199
Stock-based compensation	7,311	9,597
Fair value remeasurement of liabilities	114	(6,941)
Loss on extinguishment of debt	0	(6,133)
Impairments	26,078	154,884
Amortization of right of use assets	7,037	5,642
Deferred income taxes	968	(18,039)
Inventory reserves	(1,056)	6,935
Amortization of debt premium/discount and issuance costs	2,706	3,242
Capitalized paid-in-kind interest	6,971	1,848
Other, net	1,139	573
Changes in operating assets and liabilities:
Receivables, net	994	6,570
Inventories	4,587	(469)
Contract assets	884	(1,228)
Prepaid expenses and other assets	2,124	7,518
Accounts payable	(3,336)	512
Accrued agency fees and commissions	(215)	(6,884)
Other liabilities and accrued expenses	2,022	1,847
Deferred revenues	1,702	(18,082)
Operating lease liabilities	(7,892)	(6,102)
Other, net	1,113	1,171
Net cash used in operating activities - continuing operations	(19,139)	(42,788)
Net cash used in operating activities - discontinued operations	0	(503)
Net cash used in operating activities	(19,139)	(43,291)
Cash Flows From Investing Activities
Purchases of property and equipment	(2,262)	(3,547)
Proceeds from sale of artwork	1,944	0
Proceeds from promissory note repayment	0	1,290
Net cash (used in) provided by investing activities - continuing operations	(318)	13,060
Net cash used in investing activities - discontinued operations	0	(109)
Net cash (used in) provided by investing activities	(318)	12,951
Cash Flows From Financing Activities
Proceeds from issuance of common stock in private placement, net	22,249	0
Proceeds from issuance of common stock in rights offering, net	0	47,602
Proceeds from issuance of common stock in registered direct offering, net	0	13,890
Repayment of long-term debt	(228)	(45,628)
Proceeds from issuance of long-term debt	0	11,828
Payment of financing costs	0	(508)
Purchase of treasury stock	0	(1,000)
Other	(426)	0
Net cash provided by financing activities - continuing operations	21,595	26,184
Effect of exchange rate changes on cash and cash equivalents	(492)	208
Net decrease in cash and cash equivalents and restricted cash	1,646	(3,948)
Balance, beginning of year	31,676	35,624
Balance, end of year	33,322	31,676
Cash and cash equivalents and restricted cash consist of:
Cash and cash equivalents	30,904	28,120
Restricted cash	2,418	3,556
Total	33,322	31,676
Supplemental Disclosures
Cash paid (refunded) paid for income taxes	2,046	(1,753)
Cash paid for interest	13,033	17,258
Supplemental Disclosure of Non-cash Activities
Exchange of debt for Series B convertible preferred stock	23,044	0
Preferred stock accretion to redemption value	817	0
Accrued financing fees	250	0
Capitalized stock-based compensation expense	0	1,735
Sale of artwork	751	0
Purchases of property and equipment	20	596
Right-of-use assets in exchange for lease liabilities - continuing operations	2,312	4,540
Right-of-use assets in exchange for lease liabilities - discontinued operations	0	1,018
Yandy
Cash Flows From Investing Activities
Proceeds from sale of business	0	1,000
TLA
Cash Flows From Investing Activities
Proceeds from sale of business	$ 0	$ 14,317

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II-Valuation and Qualifying Accounts

Schedule II -Valuation and Qualifying Account


(in thousands)	Balance at Beginning of Year		Costs Charged to Expenses		Deductions and Write-offs		Balance at End of Year
Year Ended December 31, 2023
Reserve for inventory	$	3,592	$	6,935	$	(5,049)	$	5,478
Year Ended December 31, 2024
Reserve for inventory	$	5,478	$	(1,056)	$	(197)	$	4,225

Severance Costs

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Severance Costs

We incurred severance costs during 2024 and 2023 due to the reduction of headcount to shift our business to a capital-light model. Severance costs are recorded in selling and administrative expenses in the consolidated statements of operations, with an immaterial amount recorded in cost of sales, and in accrued salaries, wages, and employee benefits in our consolidated balance sheets. The cumulative amount of related severance costs incurred starting in 2023 was $4.4 million as of December 31, 2024. Severance costs from discontinued operations during the prior year comparative period was immaterial.

Severance costs in our consolidated statements of operations were as follows (in thousands):


	Year Ended December 31,
	2024		2023
Direct-to-Consumer	$	36	$	1,194
Digital Subscriptions and Content	605		1,019
Licensing	—		53
Corporate	245		1,257
Total	$	886	$	3,523

The following is a reconciliation of the beginning and ending severance costs balances recorded in accrued salaries, wages, and employee benefits in our consolidated balance sheets (in thousands):


	Employee Separation Costs
Balance at December 31, 2023	$	1,184
Costs incurred and charged to expense	886
Costs paid or otherwise settled	(1,535)
Balance at December 31, 2024	$	535

Commitments and Contingencies - Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) store warehouse office option	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Number of options to renew \| option	1
Weighted average remaining term of operating lease	4 years 6 months	5 years 2 months 12 days
Weighted average discount rate	7.20%	7.00%
Operating cash flows from operating leases	$ 8,500	$ 8,800
Right-of-use assets in exchange for lease liabilities - continuing operations	2,312	4,540
Right-of-use assets in exchange for lease liabilities - discontinued operations	0	1,018
Lease cost	$ 10,367	10,775
Disposal Group, Held-for-sale, Not Discontinued Operations
Lessee, Lease, Description [Line Items]
Right-of-use assets in exchange for lease liabilities - discontinued operations		1,000
Honey Birdette
Lessee, Lease, Description [Line Items]
Number of stores \| store	54
Number of warehouses \| warehouse	1
Number of offices \| office	2
TLA
Lessee, Lease, Description [Line Items]
Lease cost		3,700
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term	5 years
Maximum \| Honey Birdette
Lessee, Lease, Description [Line Items]
Lease term	10 years
Weighted Average \| Honey Birdette
Lessee, Lease, Description [Line Items]
Lease term	5 years
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term	4 years
Minimum \| Honey Birdette
Lessee, Lease, Description [Line Items]
Lease term	2 years
Los Angeles \| Letter of Credit
Lessee, Lease, Description [Line Items]
Cash collateralized letters of credit	$ 1,200	$ 1,400

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net is set forth in the table below (in thousands):


	December 31,
	2024		2023
Internally developed software	$	7,479	$	10,812
Leasehold improvements	9,759		10,682
Equipment	3,743		3,747
Furniture and fixtures	1,810		1,932
Construction in progress	260		692
Total property and equipment, gross	23,051		27,865
Less: accumulated depreciation	(18,180)		(14,351)
Total	$	4,871	$	13,514

Income Taxes - Schedule of Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal income tax rate	21.00%	21.00%
State income tax, net of federal benefit	2.30%	1.60%
Foreign withholding taxes, net of credits	(0.40%)	(1.60%)
Change in the statutory rate	(1.80%)	(0.30%)
Change in valuation allowance	(19.70%)	(6.60%)
Equity compensation	(1.20%)	(1.30%)
Foreign rate differential	0.60%	0.70%
Adjustment to deferred taxes	7.30%	0.30%
Impairments	(4.70%)	(7.10%)
Contingent consideration	0.00%	0.10%
Foreign income inclusion	(3.40%)	(0.40%)
Nondeductible interest	(2.90%)	0.00%
Other	(1.20%)	0.50%
Effective rate	(4.10%)	6.90%

Accrued Salaries, Wages, and Employee Benefits (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) plan hour	Dec. 31, 2023 USD ($)
United States
Defined Contribution Plan Disclosure [Line Items]
Number of defined contribution plans \| plan	2
401(k) Plan \| United States
Defined Contribution Plan Disclosure [Line Items]
Employer contribution amount	$ 300,000	$ 500,000
401(k) Plan \| AUSTRALIA
Defined Contribution Plan Disclosure [Line Items]
Employer contribution amount	1,000,000	1,000,000
Profit-Sharing Plan
Defined Contribution Plan Disclosure [Line Items]
Employer contribution amount	$ 0	$ 0
Minimum period of continuous service	12 months
Minimum period of continuous service, hours \| hour	1,000

Revenue Recognition - Roll-Forward of Netted Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Contract Liabilities, Net
Balance at beginning of period		$ (3,583)	$ (15,647)
Revenue recognized		25,977	41,919
Contract assets reclassified to accounts receivable		(25,111)	(30,295)
Cash received in advance since prior year and remains in net contract liabilities		(3,936)	(5,170)
Billed but unearned revenue that remains in net contract liabilities		(110)
Contract impairments, modifications and terminations		687	5,610
Balance at end of period	$ (3,583)	$ (6,076)	$ (3,583)
Trademark licensing
Contract Liabilities, Net
Revenue recognized	$ 5,100

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2024	Mar. 10, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39312
Entity Registrant Name	PLBY GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1958714
Entity Address, Address Line One	10960 Wilshire Blvd
Entity Address, Address Line Two	Suite 2200
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90024
City Area Code	(310)
Local Phone Number	424-1800
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	PLBY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 38.3
Entity Common Stock, Shares Outstanding (in shares)		93,747,069
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2025 Annual Meeting of Stockholders (“Proxy Statement”), to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, the Proxy Statement shall not be deemed to be filed as part hereof.
Entity Central Index Key	0001803914
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Assets and Liabilities Held for Sale and Discontinued Operations - Income (Loss) from Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Nonoperating income:
Income from discontinued operations, net of tax	$ 0	$ 6,030
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		39,564
Costs and expenses:
Cost of sales		(17,931)
Selling and administrative expenses		(21,097)
Impairments		0
Total operating expense		(39,028)
Operating income		536
Nonoperating income:
Other income		77
Total nonoperating income		77
Income from discontinued operations		613
Gain on dispositions, net before income taxes		7,489
Income from discontinued operations before income taxes		8,102
Expense from income taxes		(2,072)
Income from discontinued operations, net of tax		$ 6,030

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	5,901,471	6,213,893
Stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	1,997,466	2,291,328
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	3,660,581	3,214,910
Unvested performance-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	243,424	707,655

Revenue Recognition

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Contract Balances

Our contract assets relate to our trademark licensing revenue stream where arrangements are typically long-term and non-cancelable. Contract assets are reclassified to accounts receivable when the right to bill becomes unconditional. Our contract liabilities consist of billings or payments received in advance of revenue recognition and are recognized as revenue when transfer of control to customers has occurred. Contract assets and contract liabilities are netted on a contract-by-contract basis. Contract liabilities are classified as deferred revenue in the consolidated balance sheets as of December 31, 2024 and 2023.


	December 31,
	2024		2023		2022
Accounts receivable	$	7,271	$	7,496	$	14,214
Contract Balances:
Contract assets, current portion	$	1,531	$	1,547	$	2,559
Contract assets, net of current portion	7,848		8,716		13,680
Contract liabilities, current portion	(9,693)		(9,205)		(10,480)
Contract liabilities, net of current portion	(5,762)		(4,641)		(21,406)
Contract liabilities, net	$	(6,076)	$	(3,583)	$	(15,647)

The following table provides a roll-forward of our netted contract assets and contract liabilities from continuing operations (in thousands):


	Contract Liabilities, Net
Balance at December 31, 2022	$	(15,647)
Revenues recognized that were included in gross contract liabilities at December 31, 2022 (1)	41,919
Contract assets reclassified to accounts receivable in 2023	(30,295)
Cash received in advance since prior year and remained in net contract liabilities at December 31, 2023	(5,170)
Contract impairments, modifications and terminations in 2023	5,610
Balance at December 31, 2023	$	(3,583)
Revenues recognized that were included in gross contract liabilities at December 31, 2023	25,977
Contract assets reclassified to accounts receivable in 2024	(25,111)
Cash received in advance since prior year and remains in net contract liabilities at December 31, 2024	(3,936)
Billed but unearned revenue that remains in net contract liabilities at 2024	(110)
Contract modifications and terminations in 2024	687
Balance at December 31, 2024	$	(6,076)
_________________ (1) Includes $5.1 million of revenue recognized from prepaid royalty guarantees in connection with a licensing contract terminated in the fourth quarter of 2023.

Future Performance Obligations

As of December 31, 2024, unrecognized revenue attributable to unsatisfied and partially unsatisfied performance obligations under our long-term contracts was $79.3 million, of which $72.2 million relates to trademark licensing, $5.5 million relates to digital subscriptions and content, and $1.6 million relates to direct-to-consumer products. Due to challenging economic conditions in China, collections from certain Chinese licensees there have slowed significantly. Future contract modifications and collectability issues could further impact the revenue recognized against our ongoing contract assets.

In the fourth quarter of 2024, we entered into a licensing agreement with Byborg Enterprises SA (“Byborg”) to license digital intellectual property and select Playboy digital assets for $300.0 million in minimum guaranteed payments over the initial 15-year term of the license, which began as of January 1, 2025. As a result, Licensing operations will include revenues from licensing Playboy Club, Playboy Plus and Playboy businesses to Byborg effective January 1, 2025.

Unrecognized revenue of the trademark licensing revenue stream will be recognized over the next ten years, of which 93% will be recognized in the first five years. Such unrecognized revenue does not include variable consideration determined based on the customer’s subsequent sale or usage. Unrecognized revenue of the digital subscriptions and products revenue stream will be recognized over the next five years, of which 56% will be recognized in the first year.

Disaggregation of Revenue

The following table disaggregates revenue from continuing operations by type (in thousands):


	Year Ended December 31, 2024
	Licensing		Direct-to- Consumer		Digital Subscriptions and Content		Other		Total
Trademark licensing	$	24,552	$	—	$	—	$	—	$	24,552
Digital subscriptions and products	—		—		15,066		—		15,066
TV and cable programming	—		—		6,788		—		6,788
Consumer products	—		69,729		—		—		69,729
Total revenues	$	24,552	$	69,729	$	21,854	$	—	$	116,135


	Year Ended December 31, 2023
	Licensing		Direct-to- Consumer		Digital Subscriptions and Content		Other		Total
Trademark licensing	$	44,292	$	—	$	—	$	—	$	44,292
Digital subscriptions and products	—		—		12,923		4		12,927
TV and cable programming	—		—		7,747		—		7,747
Consumer products	—		77,984		—		—		77,984
Total revenues	$	44,292	$	77,984	$	20,670	$	4	$	142,950

The following table disaggregates revenue from continuing operations by point in time versus over time (in thousands):


	Year Ended December 31,
	2024		2023
Point in time	$	75,752	$	82,395
Over time	40,383		60,555
Total revenues	$	116,135	$	142,950

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 23,051	$ 27,865
Less: accumulated depreciation	(18,180)	(14,351)
Total	4,871	13,514
Depreciation and amortization	5,500	5,400
Depreciation, discontinued operations		0
Internally developed software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	7,479	10,812
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	9,759	10,682
Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	3,743	3,747
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,810	1,932
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 260	$ 692

Segments (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table sets forth operating results by reportable segment (in thousands):


	Year Ended December 31, 2024
	Direct-to-Consumer		Licensing		Digital Subscriptions and Content		Corporate		All Other		Total
Net revenues	$	69,729	$	24,552	$	21,854	$	—	$	—	$	116,135
Cost of sales (1)	(30,345)		(2,310)		(9,125)		—		—		(41,780)
Gross profit	39,384		22,242		12,729		—		—		74,355
Personnel	(16,996)		(2,093)		(12,710)		(16,255)		12		(48,042)
Rent	(7,238)		—		(28)		(2,645)		—		(9,911)
Marketing	(6,118)		(138)		(1,260)		—		—		(7,516)
Other segment items	(11,318)		(5,615)		(25,881)		(16,910)		—		(59,724)
Operating (loss) income	(2,286)		14,396		(27,150)		(35,810)		12		(50,838)
Interest expense											(23,689)
Other nonoperating expense, net											(1,722)
Loss from continuing operations before income taxes											$	(76,249)


	Year Ended December 31, 2023
	Direct-to-Consumer		Licensing		Digital Subscriptions and Content		Corporate		All Other		Total
Net revenues	$	77,984	$	44,292	$	20,670	$	—	$	4	$	142,950
Cost of sales (1)	(46,264)		2,798		(11,294)		—		(17)		(54,777)
Gross profit	31,720		47,090		9,376		—		(13)		88,173
Personnel	(20,972)		(2,309)		(7,473)		(23,247)		—		(54,001)
Rent	(7,277)		—		(28)		(3,097)		—		(10,402)
Marketing	(7,173)		(59)		(305)		(3)		—		(7,540)
Other segment items	(95,184)		(91,620)		(3,300)		(16,495)		—		(206,599)
Operating loss	(98,886)		(46,898)		(1,730)		(42,842)		(13)		(190,369)
Interest expense											(23,293)
Gain on extinguishment of debt, net											6,133
Fair value remeasurement gain											6,505
Other nonoperating income, net											806
Loss from continuing operations before income taxes											$	(200,218)
_________________ (1) Direct-to-consumer cost of sales includes an immaterial amount of rent for the years ended December 31, 2024 and 2023.

The following table sets forth financial information by reportable segment (in thousands):


	Year Ended December 31,
	2024		2023
Depreciation and amortization:
Direct-to-Consumer	$	(3,583)	$	(3,669)
Digital Subscriptions and Content	(2,705)		(2,740)
Corporate	(719)		(790)
Total	$	(7,007)	$	(7,199)
Goodwill:
Direct-to-Consumer	$	19,923	$	21,799
Digital subscriptions and content	16,084		33,100
Total	$	36,007	$	54,899

Schedule of Geographic Information

The following tables set forth revenue and long-lived assets, net by geographic area (in thousands):


	Year Ended December 31,
Net revenues:	2024		2023
United States	$	55,926	$	61,810
Australia	31,274		32,037
China	11,041		28,949
UK	10,015		10,537
Other	7,879		9,617
Total	$	116,135	$	142,950


	December 31,
Long-lived assets:	2024		2023
United States	$	18,025	$	31,490
Australia	6,044		6,882
Other	270		426
Total	$	24,339	$	38,798

Basis of Presentation and Summary of Significant Accounting Policies - Long-Lived Assets, Indefinite-lived Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]							Asset Impairment Charges
Impairment on right-of-use assets	$ 600
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]				Asset Impairment Charges
Impairment of indefinite-lived intangible assets					$ 65,500
Goodwill and intangible asset impairment		$ 0				$ 0
Impairments	$ 17,000				66,700		$ 17,016	$ 66,660
Honey Birdette
Finite-Lived Intangible Assets [Line Items]
Impairment of right-of-use assets and leasehold improvements								2,300
Indefinite-lived trademarks
Finite-Lived Intangible Assets [Line Items]
Impairment of indefinite-lived intangible assets			$ 5,800		65,500		0
Trade names
Finite-Lived Intangible Assets [Line Items]
Impairment charges				$ 5,100	$ 5,100			$ 5,100
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Impairment charges							$ 4,700

Commitment and Contingencies - Legal Contingencies (Details) $ in Millions	Jul. 05, 2024 USD ($)	Jun. 06, 2023 claim	Feb. 25, 2021 claim
AVS Case
Loss Contingencies [Line Items]
Claims dismissed		6
Claims filed			10
Former Model Case \| Minimum
Loss Contingencies [Line Items]
Damages sought \| $	$ 2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	243
Auditor Name	BDO USA, P.C.
Auditor Location	Los Angeles, California

Intangible Assets and Goodwill - Estimated Future Amortization Of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 1,394
2026	1,187
2027	1,146
2028	1,146
2029	1,146
Thereafter	4,297
Net Carrying Amount	$ 10,316	$ 12,809

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 7,311	$ 9,597
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	651	629
Cost of sales \| Independent Contractor
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense		(1,000)
Selling and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 6,660	8,968
Accelerated amortization of stock-based compensation expense		2,300
Reduction in stock-based compensation expense due to forfeitures		$ 2,400

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The following table sets forth the domestic and foreign components of loss before income taxes (in thousands):


	Year Ended December 31,
	2024		2023
US	$	(67,301)	$	(113,039)
Foreign	(8,948)		(87,179)
Total	$	(76,249)	$	(200,218)

The following table sets forth income tax benefit (in thousands):


	Year Ended December 31,
	2024		2023
Current expense from income taxes:
State	$	(36)	$	(244)
Foreign	(2,048)		(4,044)
Total current expense from income taxes	(2,084)		(4,288)

Deferred benefit (expense) from income taxes:
Federal	815		13,886
State	(1,813)		1,737
Foreign	(66)		2,435
Total deferred benefit (expense) from income taxes	(1,064)		18,058
Total	$	(3,148)	$	13,770

The following table sets forth a reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate:


	Year Ended December 31,
	2024		2023
Federal income tax rate	21.0	%	21.0	%
State income tax, net of federal benefit	2.3		1.6
Foreign withholding taxes, net of credits (1)	(0.4)		(1.6)
Change in the statutory rate	(1.8)		(0.3)
Change in valuation allowance	(19.7)		(6.6)
Equity compensation(2)	(1.2)		(1.3)
Foreign rate differential	0.6		0.7
Adjustment to deferred taxes	7.3		0.3
Impairments	(4.7)		(7.1)
Contingent consideration	—		0.1
Foreign income inclusion	(3.4)		(0.4)
Nondeductible interest	(2.9)		—
Other	(1.2)		0.5
Effective rate	(4.1)	%	6.9	%

_________________

(1)Foreign withholding taxes, net of credits relate to foreign tax withholding on royalties received from various foreign jurisdictions.

(2)The 2024 and 2023 equity compensation adjustments are mainly related to shortfall and the officer compensation limitations.

On August 16, 2022, the Inflation Reduction Act (“IRA”) was signed into law in the United States and includes a 15% book minimum tax on corporations with financial accounting profits over $1 billion and a 1% excise tax on certain stock buybacks. The IRA also contains numerous clean energy tax incentives related to electricity production, carbon sequestration, alternative vehicles and fuels, and residential and commercial energy efficiency. The IRA did not have any material impact on the Company’s consolidated financial statements for the years ended December 31, 2024 and 2023.

As of December 31, 2024, the Company had an immaterial amount of unremitted earnings related to certain foreign subsidiaries and does not expect to incur any material taxes in the United States related to such amounts. The Company intends to continue to reinvest its foreign earnings indefinitely except it may revoke its permanent reinvestment assertion in Hong Kong. The Company repatriated foreign earnings of $5.5 million to the United States for the year ended December 31, 2024. Due to the Company’s overall losses incurred and the deduction in the United States for dividends received, such repatriation did not have any material impact on the Company’s tax provision for the year ended December 31, 2024.

Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between the financial statement and tax bases of assets and liabilities using enacted tax rates expected to apply in the years in which the temporary differences are expected to reverse.

The following table sets forth the significant components of deferred tax assets and liabilities (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	86,460	$	81,201
Deferred revenue	1,477		1,834
Stock compensation	2,304		1,839
Investment in partnership	2,919		2,729
Property and equipment	385		147
Lease liabilities	6,247		7,451
Other deductible temporary differences	17,808		10,782
Total deferred tax assets	117,600		105,983
Less valuation allowance	(86,826)		(72,141)
Deferred tax assets, net	$	30,774	$	33,842

Deferred tax liabilities:
Intangible assets	$	(35,934)	$	(36,730)
Right of use assets	(5,142)		(6,416)
Total deferred tax liabilities	(41,076)		(43,146)
Deferred tax liabilities, net	$	(10,302)	$	(9,304)

The realization of deferred income tax assets may be dependent on the Company’s ability to generate sufficient income in future years in the associated jurisdiction to which the deferred tax assets relate. The Company considers all available positive and negative evidence, including scheduled reversals of deferred income tax liabilities, projected future taxable income, tax planning strategies, and recent financial performance. Based on the review of all positive and negative evidence, including a three-year cumulative pre-tax loss, the Company concluded that except for the deferred tax liability recorded on certain indefinite life intangibles, it should record a full valuation allowance against all other net deferred income tax assets at December 31, 2024 and 2023 as none of these deferred income tax assets were more likely than not to be realized as of the balance sheet dates. However, the amount of the deferred income tax assets considered realizable may be adjusted if estimates of future taxable income during the carryforward period are increased or if objective negative evidence in the form of cumulative losses is no longer present. Based on the level of historical operating results the Company has recorded a valuation allowance of $86.8 million and $72.1 million as of December 31, 2024 and 2023, respectively. During the years ended December 31, 2024 and 2023, the Company’s valuation allowance increased by $14.7 million and decreased by $13.2 million, respectively. The increase in valuation allowance in 2024 and 2023 was primarily driven by the increase of federal and foreign NOLs, partly offset by the impairment of intangibles.

As of December 31, 2024, the Company had U.S. federal and state NOL carryforwards of $346.0 million and $145.9 million, respectively, available to offset taxable income in tax year 2024 and thereafter. Of the $346.0 million in federal NOL carryforwards, $163.5 million can be carried forward indefinitely, and the remaining NOL carryforwards start to expire in 2028. Of the $145.9 million in state NOL carryforwards, $9.6 million can be carried forward indefinitely and the remaining start to expire in 2028. The Company also had Australian NOLs of $8.6 million and U.K. NOLs of $1.2 million that can be carried forward indefinitely.

Tax laws impose restrictions on the utilization of NOL carryforwards in the event of a change in ownership of the Company as defined by Internal Revenue Code Sections 382 and 383. The Company has experienced ownership changes in the past that impact the availability of its net operating losses and tax credits. The Company’s ability to utilize existing carryforwards could be substantially restricted should there be additional ownership changes in the future.

A summary of changes to the amount of unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2024		2023
Balance at the beginning of the year	$	596	$	751
Increase (decrease) for positions taken in the current year	514		456
Decrease from lapse in statute of limitations	—		(611)
Balance at the end of the year	$	1,110	$	596

The Company records a tax benefit from uncertain tax positions only if it is more likely than not the tax position will be sustained with the taxing authority having full knowledge of all relevant information. The Company records a reduction to deferred tax assets for unrecognized tax benefits from uncertain tax positions as discrete tax adjustments in the first period that the more-likely-than-not threshold is not met. For the years ended December 31, 2024 and 2023, the Company recorded unrecognized net tax benefits of $0.5 million and $0.2 million, respectively. The unrecognized tax benefits are related to foreign withholding taxes on the Company’s licensing revenue, allocation of expenses between foreign jurisdictions and permanent establishment risk in a foreign country.

The reversal of the uncertain tax benefits would affect the effective tax rate. The Company has not incurred any material interest or penalties as of the current reporting period with respect to income tax matters. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. We estimate that none of the unrecognized tax benefits will be recognized over the next 12 months. As of December 31, 2024 and 2023, there were no material interest and penalties associated with unrecognized tax benefits recorded in the Company’s consolidated statements of operations or consolidated balance sheets.

The Company is subject to examinations by taxing authorities for income tax returns filed in the U.S. federal and states as well as foreign jurisdictions. The Company is no longer subject to income tax examination by the U.S. federal, state or local tax authorities for years ended December 31, 2019 or prior; however, its tax attributes, such as NOL carryforwards, are still subject to examination in the year they are used. In our foreign tax jurisdictions, the statute of limitation for tax years after 2018 remain open for examinations in Australia, for tax years after 2021 in the U.K., and for tax years after 2023 in China and Hong Kong.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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+ Details

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets

Our indefinite-lived intangible assets that are not amortized but subject to annual impairment testing consist of $145.7 million and $145.1 million of Playboy-branded trademarks as of December 31, 2024 and 2023, respectively. Capitalized trademark costs include costs associated with the acquisition, registration and/or renewal of our trademarks. We expense certain costs associated with the defense of our trademarks. Registration and renewal costs capitalized during the years ended December 31, 2024 and 2023 were immaterial.

As a result of ongoing impacts to our revenue, including declines in consumer demand and discontinued operations, we recorded non-cash asset impairment charges, at the impairment date in the third quarter of 2024, related to the write-down of goodwill of $17.0 million. In the fourth quarter of 2023, we experienced declines in revenue related to the termination of licensing agreements with certain Chinese licensees due to material, uncured breaches resulting in collectability issues. As a result, we recognized $5.8 million of impairment charges on our indefinite-lived Playboy-branded trademarks at the impairment date in the fourth quarter of 2023. At the impairment date in the second quarter of 2023, we recorded non-cash asset impairment charges of $65.5 million related to the write-down of our indefinite-lived trademarks, of $66.7 million related to the write-down of goodwill and of $5.1 million related to trade names and other assets.

The table below summarizes our intangible assets, net (in thousands):


	December 31,
	2024		2023
Digital assets, net	$	5	$	5
Total amortizable intangible assets, net	10,316		12,809
Total indefinite-lived intangible assets	145,652		145,087
Total	$	155,973	$	157,901

Impairment charges related to our digital assets, comprised of the cryptocurrency “Ethereum”, were immaterial for the years ended December 31, 2024 and 2023, respectively.

Our amortizable intangible assets consisted of the following (in thousands):


	Weighted- Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairments		Net Carrying Amount
December 31, 2024
Trade names	12	$	69,709	$	(8,857)	$	(50,825)	$	10,027
Distribution agreements	15	3,720		(3,431)		—		289
Total		$	73,429	$	(12,288)	$	(50,825)	$	10,316


	Weighted- Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairments(1)		Net Carrying Amount
December 31, 2023
Trade names	12	$	71,524	$	(8,427)	$	(50,825)	$	12,272
Distribution agreements	15	3,720		(3,183)		—		537
Total		$	75,244	$	(11,610)	$	(50,825)	$	12,809
_________________ (1) Includes the impairment charges on trade names of $5.1 million during the year ended December 31, 2023. The offset relates to foreign currency translation.

The aggregate amortization expense for definite-lived intangible assets included in loss from continuing operations was $1.5 million and $1.8 million for the years ended December 31, 2024, and 2023, respectively. Amortization expense for definite-lived intangible assets attributable to discontinued operations was immaterial for the year ended December 31, 2023.

As of December 31, 2024, expected amortization expense relating to definite-lived intangible assets for the next five years and thereafter is as follows (in thousands):


2025	$	1,394
2026	1,187
2027	1,146
2028	1,146
2029	1,146
Thereafter	4,297
Total	$	10,316

Goodwill

Changes in the carrying value of goodwill for the years ended December 31, 2024 and 2023 were as follows (in thousands):


	Gross Goodwill		Impairments		Net Goodwill
Balance at December 31, 2022	$	240,657	$	(117,440)	$	123,217
Foreign currency translation adjustment in relation to Honey Birdette	(1,658)		—		(1,658)
Impairments	—		(66,660)		(66,660)
Balance at December 31, 2023	$	238,999	$	(184,100)	$	54,899
Foreign currency translation adjustment in relation to Honey Birdette	(1,876)		—		(1,876)
Impairments	—		(17,016)		(17,016)
Balance at December 31, 2024	$	237,123	$	(201,116)	$	36,007

Changes in the recorded carrying value of goodwill for the year ended December 31, 2024 by reportable segment were as follows (in thousands):


	Direct-to-Consumer		Licensing		Digital Subscriptions and Content
Balance at December 31, 2023	$	21,799	$	—	$	33,100
Foreign currency translation adjustment in relation to Honey Birdette	(1,876)		—		—
Impairments	—		—		(17,016)
Balance at December 31, 2024	$	19,923	$	—	$	16,084

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (79,397)	$ (180,418)
Other comprehensive loss:
Foreign currency translation adjustment	(2,545)	(765)
Other comprehensive loss	(2,545)	(765)
Comprehensive loss	$ (81,942)	$ (181,183)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

+ Details

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at the beginning of the year	$ 596	$ 751
Increase (decrease) for positions taken in the current year	514	456
Decrease from lapse in statute of limitations	0	(611)
Balance at the end of the year	$ 1,110	$ 596

Other Current Liabilities and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Other Current Liabilities and Accrued Expenses

Other current liabilities and accrued expenses are set forth in the table below (in thousands):


	December 31,
	2024		2023
Taxes	$	7,346	$	8,479
Accrued creator fees	2,080		2,113
Accrued interest	4,016		3,040
Outstanding gift cards and store credits	1,713		1,618
Accrued salaries, wages and employee benefits	5,014		4,157
Other	8,305		8,560
Total	$	28,474	$	27,967

Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2025	$ 8,067
2026	7,583
2027	5,166
2028	2,779
2029	2,396
Thereafter	3,989
Total undiscounted lease payments	29,980
Less: imputed interest	(4,513)
Total operating lease liabilities	25,467
Operating lease liabilities, current portion	6,624	$ 6,955
Operating lease liabilities, noncurrent portion	$ 18,843	$ 24,621

Subsequent Events (Details) $ / shares in Units, $ in Millions	Jan. 29, 2025 $ / shares shares	Mar. 12, 2025 USD ($)	Dec. 31, 2024 shares	Nov. 13, 2024 $ / shares	Nov. 11, 2024 shares	Dec. 31, 2023 shares	May 10, 2023
Subsequent Event [Line Items]
Temporary equity, shares outstanding (in shares)			28,000.00001			0
A&R Term Loans \| Term Loan \| Debt Covenant One
Subsequent Event [Line Items]
Total net leverage ratio							7.25
A&R Term Loans \| Term Loan \| Debt Covenant Two
Subsequent Event [Line Items]
Total net leverage ratio							5.25
Series B Convertible Preferred Stock
Subsequent Event [Line Items]
Temporary equity, shares outstanding (in shares)					28,000.00001
Preferred stock, conversion price (in dollars per share) \| $ / shares				$ 1.50
Subsequent Event \| A&R Term Loans \| Term Loan \| Debt Covenant One
Subsequent Event [Line Items]
Total net leverage ratio		9.00
Subsequent Event \| A&R Term Loans \| Term Loan \| Debt Covenant Two
Subsequent Event [Line Items]
Total net leverage ratio		7.75
Subsequent Event \| A&R Term Loans \| Term Loan \| Debt Covenant Three
Subsequent Event [Line Items]
Total net leverage ratio		7.75
Prepayment amount \| $		$ 15
Subsequent Event \| A&R Term Loans \| Term Loan \| Debt Covenant Four
Subsequent Event [Line Items]
Total net leverage ratio		6.50
Subsequent Event \| Series B Convertible Preferred Stock
Subsequent Event [Line Items]
Conversion of stock, shares converted (in dollars per share)	7,000
Temporary equity, shares outstanding (in shares)	21,000.00001
Convertible preferred stock, shares issued upon conversion (in shares)	3,784,688
Preferred stock, conversion price (in dollars per share) \| $ / shares	$ 1.84956

Debt - Narrative (Details) $ / shares in Units, $ in Thousands						3 Months Ended	12 Months Ended
	Dec. 14, 2024 USD ($) day $ / shares shares	Nov. 13, 2024 day $ / shares shares	Nov. 11, 2024 USD ($)	Nov. 02, 2023	May 10, 2023 USD ($) shares	Jun. 30, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 10, 2024 USD ($)	Mar. 27, 2024 USD ($)	Apr. 04, 2023	Feb. 17, 2023 USD ($)	Dec. 06, 2022 USD ($)
Debt Instrument [Line Items]
Minimum consideration paid in cash, percent											30.00%
Total debt							$ 153,061	$ 211,620
Gain on extinguishment of debt, net							0	6,133
Exchange of debt for Series B convertible preferred stock							23,044	0
Other (expense) income, net							(1,722)	$ 806
Series B Convertible Preferred Stock
Debt Instrument [Line Items]
Preferred stock, dividend percentage	12.00%	12.00%
Preferred stock, threshold trading days \| day	5	5
Preferred stock, stock price trigger (in dollars per share) \| $ / shares	$ 1.50
Preferred stock, conversion price (in dollars per share) \| $ / shares		$ 1.50
Maximum \| Series B Convertible Preferred Stock
Debt Instrument [Line Items]
Preferred stock, stock price trigger (in dollars per share) \| $ / shares		4.50
Preferred stock, conversion price (in dollars per share) \| $ / shares		4.50
Minimum \| Series B Convertible Preferred Stock
Debt Instrument [Line Items]
Preferred stock, stock price trigger (in dollars per share) \| $ / shares		1.50
Preferred stock, conversion price (in dollars per share) \| $ / shares		$ 1.50
Term Loan
Debt Instrument [Line Items]
Total debt							153,061
Term Loan \| A&R Term Loans
Debt Instrument [Line Items]
Percent of term loans					90.00%
Term loan, amount borrowed					$ 53,600
Term loan, additional funding					11,800
Total debt			$ 153,100		$ 210,000				$ 218,400
Basis spread on variable rate (as a percent)			6.25%	1.00%
Variable rate adjustment			0.10%
Net leverage ratio reduction per quarter					0.25
Gain on extinguishment of debt, net						$ 8,000
Existing debt discount						2,600
Refinancing fees expensed						300
Debt issuance costs capitalized						400
Minimum consolidated cash balance required										$ 7,500
Basis spread required to be paid in cash			1.00%
Amortization rate			1.00%
Other (expense) income, net							$ (400)
Term Loan \| A&R Term Loans \| Series A Preferred Stock
Debt Instrument [Line Items]
Preferred stock exchanged (in shares) \| shares					50,000
Term Loan \| A&R Term Loans \| Series B Convertible Preferred Stock
Debt Instrument [Line Items]
Exchange of debt for Series B convertible preferred stock	$ 28,000		$ 28,000
Convertible debt, shares issued (in shares) \| shares	28,000.00001	28,000.00001
Term Loan \| A&R Term Loans \| Debt Covenant One
Debt Instrument [Line Items]
Total net leverage ratio					7.25
Term Loan \| A&R Term Loans \| Debt Covenant Two
Debt Instrument [Line Items]
Total net leverage ratio					5.25
Term Loan \| A&R Term Loans, Tranche A
Debt Instrument [Line Items]
Total debt					$ 20,600
Quarterly amortization payments					$ 76
Basis spread on variable rate (as a percent)					6.25%
Variable rate adjustment					0.10%
Interest rate floor (as a percent)					0.50%
Stated interest rate (as a percent)							11.01%	11.41%
Effective interest rate (as a percent)							1.05%	12.03%
Term Loan \| A&R Term Loans, Tranche B
Debt Instrument [Line Items]
Total debt					$ 189,400
Basis spread on variable rate (as a percent)					4.25%
Variable rate adjustment					0.10%
Interest rate floor (as a percent)					0.50%
Debt discount capitalized						$ 21,300
Stated interest rate (as a percent)								9.41%
Effective interest rate (as a percent)							4.93%	13.27%
Term Loan \| Amendment No. 4 to New Credit Agreement \| New Credit Agreement
Debt Instrument [Line Items]
Percent of gross proceeds												80.00%
Prepayment amount												$ 5,000
Term Loan \| Amendment No. 4 to New Credit Agreement \| New Credit Agreement \| Debt Covenant One
Debt Instrument [Line Items]
Prepayment amount												70,000
Term Loan \| Amendment No. 4 to New Credit Agreement \| New Credit Agreement \| Debt Covenant Two
Debt Instrument [Line Items]
Prepayment amount												25,000
Term Loan \| Amendment No. 4 to New Credit Agreement \| New Credit Agreement \| Debt Covenant Three
Debt Instrument [Line Items]
Prepayment amount												40,000
Term Loan \| Amendment No. 4 to New Credit Agreement \| New Credit Agreement \| Debt Covenant Four
Debt Instrument [Line Items]
Prepayment amount												5,000
Term Loan \| Amendment No. 4 to New Credit Agreement \| New Credit Agreement \| Maximum
Debt Instrument [Line Items]
Prepayment amount												50,000
Term Loan \| Amendment No. 4 to New Credit Agreement \| New Credit Agreement \| Maximum \| Debt Covenant One
Debt Instrument [Line Items]
Prepayment amount												$ 40,000
Term Loan \| Amendment No. 3 To New Credit Agreement \| New Credit Agreement \| Debt Covenant Three
Debt Instrument [Line Items]
Prepayment amount													$ 75,000

Income Taxes - Schedule of Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Current expense from income taxes:
State	$ (36)	$ (244)
Foreign	(2,048)	(4,044)
Total current expense from income taxes	(2,084)	(4,288)
Deferred benefit (expense) from income taxes:
Federal	815	13,886
State	(1,813)	1,737
Foreign	(66)	2,435
Total deferred benefit (expense) from income taxes	(1,064)	18,058
Total	$ (3,148)	$ 13,770

Assets and Liabilities Held for Sale and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations


	Year Ended December 31, 2023
Net revenues	$	39,564
Costs and expenses:
Cost of sales	(17,931)
Selling and administrative expenses	(21,097)
Impairments	—
Total operating expense	(39,028)
Operating income	536
Nonoperating income:
Other income	77
Total nonoperating income	77
Income from discontinued operations	613
Gain on dispositions, net before income taxes	7,489
Income from discontinued operations before income taxes	8,102
Expense from income taxes	(2,072)
Income from discontinued operations, net of tax	$	6,030

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

Fair Value Measurements - Significant Unobservable Inputs of Series A Preferred Stock (Details) - Level 3 - Binomial lattice model - Series A Preferred Stock $ in Thousands	May 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mandatorily redeemable preferred stock	$ 32,594
Preferred credit spread (annual)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mandatorily redeemable preferred stock, measurement input	0.18
Yield volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mandatorily redeemable preferred stock, measurement input	0.50

Stock-Based Compensation - Stock Option Activity (Details) - Employee stock option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Number of  options
Beginning balance (in shares)		2,291,328
Granted (in shares)	914,574	0
Exercised (in shares)		0	0
Forfeited and cancelled (in shares)	(1,002,534)	(293,862)
Ending balance (in shares)	2,291,328	1,997,466	2,291,328
Exercisable (in shares)		1,540,180
Vested and expected to vest, number of options (in shares)		1,997,466
Weighted- average  exercise price
Beginning balance (in dollars per share)		$ 2.49
Granted (in dollars per share)		0
Exercised (in dollars per share)		0
Forfeited and cancelled (in dollars per share)		5.05
Ending balance (in dollars per share)	$ 2.49	2.12	$ 2.49
Exercisable (in dollars per share)		2.55
Vested and expected to vest, weighted-average exercise price (in dollars per share)		$ 2.12
Weighted- average remaining  contractual  term (years)
Weighted average remaining contractual term (in years)		6 years 3 months 18 days	6 years 4 months 24 days
Weighted average remaining contractual term, exercisable (in years)		5 years 7 months 6 days
Vested and expected to vest, weighted-average remaining contractual term (in years)		6 years 3 months 18 days
Aggregate intrinsic value (in thousands)
Beginning aggregate intrinsic value		$ 311
Exercises in period, intrinsic value		0
Ending aggregate intrinsic value	$ 311	732	$ 311
Exercisable aggregate intrinsic value		366
Vested and expected to vest, aggregate intrinsic value		$ 732

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 153,061	$ 211,620
Plus: unamortized debt premium/(discount), net	24,127	(20,619)
Less: unamortized debt issuance costs	(613)	(582)
Total debt, net of unamortized debt issuance costs and debt premium/discount	176,575	190,419
Less: current portion of long-term debt	(381)	(304)
Total debt, net of current portion	176,194	190,115
Term Loan
Debt Instrument [Line Items]
Total debt	153,061
Term Loan \| Term loan, due 2027
Debt Instrument [Line Items]
Total debt	144,242	209,772
Plus: capitalized payment-in-kind interest
Debt Instrument [Line Items]
Total debt	$ 8,819	$ 1,848

Net Loss Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

The following table presents the reconciliation of weighted-average shares used in computing net loss per share, basic and diluted:


	Year Ended December 31,
	2024		2023
Numerator:
Net loss from continuing operations	$	(79,397)	$	(186,448)
Income from discontinued operations, net of tax	—		6,030
Net loss attributable to PLBY Group, Inc.	$	(79,397)	$	(180,418)
Denominator:
Weighted average common shares outstanding - basic	76,048,609		71,319,437
Dilutive potential common stock outstanding:	—		—
Stock options and RSUs	—		—
Weighted average common shares outstanding - diluted	76,048,609		71,319,437
Basic loss per share from continuing operations	$	(1.04)	$	(2.60)
Basic income per share from discontinued operations	—		0.07
Basic net loss per share	$	(1.04)	$	(2.53)
Diluted loss per share from continuing operations	$	(1.04)	$	(2.60)
Diluted income per share from discontinued operations	—		0.07
Diluted net loss per share	$	(1.04)	$	(2.53)

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	Year Ended December 31,
	2024	2023
Stock options to purchase common stock	1,997,466	2,291,328
Unvested restricted stock units	3,660,581	3,214,910
Unvested performance-based restricted stock units	243,424	707,655
Total	5,901,471	6,213,893

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Indefinite-lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets		$ 145,087			$ 145,652	$ 145,087
Impairments	$ 17,000			$ 66,700	17,016	66,660
Impairment of indefinite-lived intangible assets				65,500
Digital asset impairments					0	0
Amortization					1,500	1,800
Trade names
Indefinite-lived Intangible Assets [Line Items]
Impairment charges			$ 5,100	5,100		$ 5,100
Indefinite-lived trademarks
Indefinite-lived Intangible Assets [Line Items]
Impairment of indefinite-lived intangible assets		$ 5,800		$ 65,500	$ 0

Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net is set forth in the table below (in thousands):


	December 31,
	2024		2023
Internally developed software	$	7,479	$	10,812
Leasehold improvements	9,759		10,682
Equipment	3,743		3,747
Furniture and fixtures	1,810		1,932
Construction in progress	260		692
Total property and equipment, gross	23,051		27,865
Less: accumulated depreciation	(18,180)		(14,351)
Total	$	4,871	$	13,514

The aggregate depreciation expense related to property and equipment, net was $5.5 million and $5.4 million for the years ended December 31, 2024 and 2023, respectively. Depreciation expense related to property and equipment attributable to discontinued operations for the year ended December 31, 2023 was immaterial.

Related Party Transactions (Details) - USD ($)			1 Months Ended	3 Months Ended	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 14, 2024	Nov. 05, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2024	Aug. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
License agreement term				15 years
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Related Party
Related Party Transaction [Line Items]
Dividends					$ 400,000
Shares sold in offering (in shares)		14,900,000
License agreement term	15 years
License royalty payments receivable each year	$ 20,000,000
Related Party \| Private Placement
Related Party Transaction [Line Items]
Shares sold in offering (in shares)	16,956,842
Common stock, par value (in dollars per share)	$ 0.0001
Offering price per share (in dollars per share)	$ 1.50
Net proceeds received			$ 25,440,000
Affiliated Entity \| Loans Payable
Related Party Transaction [Line Items]
Term loan, amount borrowed						$ 96,000	$ 1,200,000
Stated interest rate (as a percent)						5.00%	7.82%
Short-term debt remaining balance			$ 40,000	$ 40,000	$ 40,000

Segments - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 116,135	$ 142,950
Long-lived assets	24,339	38,798
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	55,926	61,810
Long-lived assets	18,025	31,490
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	31,274	32,037
Long-lived assets	6,044	6,882
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	11,041	28,949
UK
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	10,015	10,537
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	7,879	9,617
Long-lived assets	$ 270	$ 426

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Temporary equity, par value (in dollars per share)	$ 0.0001
Temporary equity, authorized (in shares)	28,001
Temporary equity, shares issued (in shares)	28,000.00001
Temporary equity, shares outstanding (in shares)	28,000.00001	0
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	5,000,000	5,000,000
Preferred stock designated (in shares)	50,000	50,000
Preferred stock issued (in shares)	0
Preferred stock outstanding (in shares)	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	150,000,000	150,000,000
Common stock issued (in shares)	92,110,964	74,783,683
Common stock outstanding (in shares)	89,861,035	72,533,754
Treasury stock (in shares)	2,249,929	2,249,929

Severance Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Severance Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Severance costs incurred	$ 4,400
Severance costs	886	$ 3,523
Restructuring Reserve [Roll Forward]
Costs incurred and charged to expense		5,100
Employee Separation Costs
Restructuring Reserve [Roll Forward]
Beginning balance	1,184
Costs incurred and charged to expense	886
Costs paid or otherwise settled	(1,535)
Ending balance	535	1,184
Operating Segments \| Direct-to-Consumer
Restructuring Cost and Reserve [Line Items]
Severance costs	36	1,194
Operating Segments \| Digital Subscriptions and Content
Restructuring Cost and Reserve [Line Items]
Severance costs	605	53
Operating Segments \| Licensing
Restructuring Cost and Reserve [Line Items]
Severance costs	0	1,019
Corporate
Restructuring Cost and Reserve [Line Items]
Severance costs	245	1,257
Discontinued Operations, Held-for-Sale or Disposed of by Sale
Restructuring Cost and Reserve [Line Items]
Severance costs from discontinued operations	$ 0	$ 0

Assets and Liabilities Held for Sale and Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Nov. 03, 2023	Apr. 04, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of artwork			$ 1,944	$ 0
Yandy
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on dispositions, net before income taxes		$ (300)
Yandy \| Secured Promissory Note
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term loan, amount borrowed		$ 2,000
Stated interest rate (as a percent)		8.00%
Debt instrument, term (in years)		3 years
TLA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on dispositions, net before income taxes	$ 7,700
Escrow deposit	2,100
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on dispositions, net before income taxes				$ 7,489
Discontinued Operations, Disposed of by Sale \| Yandy
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of interest in subsidiary		$ 1,000
Discontinued Operations, Disposed of by Sale \| TLA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration	13,500
Working capital adjustment	$ 800
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of artwork			2,700
Loss on sale of artwork			400
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges			$ 3,800

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2024
Equity [Abstract]
Preferred Stock	Preferred Stock The Company has authorized 5,000,000 shares of preferred stock, with a par value of $0.0001 per share. Of the 5,000,000 authorized preferred shares, 50,000 shares were previously designated as “Series A Preferred Stock” (which series of preferred stock ceased to be outstanding as of May 10, 2023 and was legally eliminated on November 12, 2024), and 28,001 shares are designated as “Series B Convertible Preferred Stock”. Series A Mandatorily Redeemable Preferred Stock On May 16, 2022, we issued and sold 25,000 shares of the Series A Preferred Stock to Drawbridge DSO Securities LLC (“Drawbridge”) at a price of $1,000 per share, resulting in total gross proceeds to us of $25.0 million. We incurred approximately $1.5 million of fees associated with the transaction, out of which $1.0 million was netted against the gross proceeds. On August 8, 2022, the Company issued and sold the remaining 25,000 shares of Series A Preferred Stock to Drawbridge at a price of $1,000 per share, resulting in additional gross proceeds to the Company of $25.0 million (the “Second Drawdown”). The Company incurred approximately $0.5 million of fees associated with the Second Drawdown, which were netted against the gross proceeds. As a result of the transaction, all of the Company’s then-authorized shares of Series A Preferred Stock were issued and outstanding as of August 8, 2022. Our Series A Preferred Stock liability, initially valued as of May 16, 2022 (the initial issuance date), and our subsequent Series A Preferred Stock liability, valued as of the August 8, 2022 (the final issuance date), were each calculated using a stochastic interest rate model implemented in a binomial lattice, in order to incorporate the various early redemption features. Such liabilities are subsequently remeasured to fair value for each reporting date using the same valuation methodology as originally applied with updated input assumptions. We recorded $6.5 million of fair value change in nonoperating income as a result of remeasurement of the fair value of our Series A Preferred Stock during the year ended December 31, 2023. On May 10, 2023, in connection with the A&R Credit Agreement, all of our Series A Preferred Stock ceased to be outstanding as of such date. The fair value of our Series A Preferred Stock liability was $32.6 million as of such date. On November 12, 2024, the Series A Preferred Stock was legally eliminated as a preferred stock of the Company. Series B Convertible Preferred Stock On November 13, 2024, pursuant to the Exchange Agreement, we issued to an aggregate of 28,000.00001 shares of the newly created Series B Convertible Preferred Stock, as consideration in exchange for approximately $6.4 million of Tranche A loans and approximately $58.9 million of Tranche B loans under (and as defined in) that certain A&R Credit Agreement. The Series B Convertible Preferred Stock ranks senior and in priority of payment to the Company’s common stock with respect to distributions on liquidation, winding-up and dissolution. Each share of Series B Convertible Preferred Stock has a liquidation preference equal to the sum of (i) $1,000 (the “Stated Value”) and (ii) all accumulated and unpaid dividends (the “Liquidation Preference”). Commencing as of May 13, 2025, holders of shares of Series B Convertible Preferred Stock shall be entitled to receive dividends on such shares (the “Preferred Dividends”). With respect to each share of Series B Convertible Preferred Stock, Preferred Dividends shall accrue daily at a rate of 12.0% per annum (the “Dividend Rate”) on the Stated Value of such share, and will either be payable quarterly in arrears in cash at the sole discretion of the Company’s board of directors, or automatically accrue by increasing the Stated Value of such share and compounded quarterly in arrears. In the event of an Event of Default (as defined in the Certificate of Designation) that remains uncured for 30 days following its occurrence, the Dividend Rate will increase 2% for so long as such Event of Default is continuing. Holders of shares of Series B Convertible Preferred Stock are also entitled, in certain limited circumstances set forth in the Certificate of Designation, to receive distributions in the same form as dividends actually paid on shares of any Common Stock of the Company (the “Participating Dividends”). With respect to each share of Series B Convertible Preferred Stock, the Participating Dividends will be paid at the Conversion Price (as defined below) as if such share were to be converted into a share of Common Stock. The Company may, in its sole discretion, effect a conversion of all or a portion of the Series B Convertible Preferred Stock according to the terms set forth in the Certificate of Designations, at the Conversion Price, provided that, on the date of delivery of conversion notice, the Average Price (as defined below) of such Series B Convertible Preferred Stock is at least $1.50. “Conversion Price” means, with respect to each share of Series B Convertible Preferred Stock, (i) if the average of the volume-weighted average price per share of Common Stock over the five-day trading period prior to the delivery of conversion notice (the “Average Price”) is equal to $1.50, then $1.50; (ii) if such Average Price is greater than $1.50 but less than $4.50, then the Average Price; and (iii) if such Average Price is equal to or greater than $4.50, then $4.50. In connection with conversions, the Certificate of Designation contains limitations on beneficial ownership that, notwithstanding the above, a conversion may still not occur in certain cases where such conversion would result in a holder’s ownership exceeding certain customary limitations. At any time, the Company will have the right, at its option, to redeem, in whole or in part, the Series B Convertible Preferred Stock for cash. The Company will also be required to redeem any then-still outstanding Series B Convertible Preferred Stock in full on December 31, 2027, or upon certain changes of control of the Company, subject to the terms of the Certificate of Designation. The redemption price will be equal to (i) in the event of a voluntary redemption, the aggregate Liquidation Preference of shares of Series B Convertible Preferred Stock being redeemed, and (ii) in the event of a mandatory redemption, the greater of (a) the Liquidation Preference of such shares and (b) the Average Price of the Common Stock issuable upon conversion of a number of shares Series B Convertible Preferred Stock, which number is equal to the quotient of the Conversion Price of such shares (as if the redemption of such shares were a conversion thereof) divided by $1.50; provided, however, if the mandatory conversion is triggered by a change of control event and the obligations under the Credit Agreement have been paid in full, then the redemption price will be an amount equal to the Liquidation Preference. Holders of the Series B Convertible Preferred Stock will generally not be entitled to vote on any matter required or permitted to be voted upon by the stockholders of the Company. However, certain matters will require the approval of the holders of not less than the majority of the aggregate Liquidation Preference of the outstanding Series B Convertible Preferred Stock, voting as a separate class, including (1) certain business activities of the Company, (2) certain amendments to the organizational documents of the Company, (3) the incurrence or issuance by the Company of certain indebtedness or shares of senior equity securities, (4) any change to the authorized number of Series B Convertible Preferred Stock shares or (5) taking any action to effect any voluntary deregistration of the Company’s common stock or any voluntary delisting with Nasdaq of the common stock, in each case subject to certain conditions and exceptions. Holders who each hold Series B Convertible Preferred Stock with aggregate Liquidation Preference in excess of $1 million are entitled to certain customary information rights. Holders of at least 50% of the Series B Convertible Preferred Stock outstanding are entitled to designate one individual as a non-voting observer to the Company’s board of directors. The fair value of the Series B Convertible Preferred Stock, initially measured as of November 13, 2024 (the initial issuance date) was $23.1 million. In the fourth quarter of 2024, we recognized a $0.8 million of accretion to its redemption value, resulting in a $23.9 million mezzanine equity balance in the consolidated balance sheet as of December 31, 2024. Refer to Note 2, Fair Value Measurement, for further details.

Accrued Salaries, Wages, and Employee Benefits	12 Months Ended
Accrued Salaries, Wages, and Employee Benefits	Dec. 31, 2024
Retirement Benefits [Abstract]
Accrued Salaries, Wages, and Employee Benefits	Accrued Salaries, Wages, and Employee Benefits Our U.S. Employee Investment Savings Plan is a defined-contribution plan consisting of two components: a 401(k) plan and a profit-sharing plan. Eligible employees may participate in our 401(k) plan upon their date of hire. The 401(k) plan offers several mutual fund investment options. The purchase of our stock has never been an option. We make matching contributions to the 401(k) plan based on each participating employee’s contributions and eligible compensation. The matching contribution expense related to this plan and attributable to the continuing operations was $0.3 million and $0.5 million for the years ended December 31, 2024 and 2023, respectively. We are also party to an Australian contribution plan that requires contributions based on a percentage of annual compensation. Contributions to these plans totaled $1.0 million for the years ended December 31, 2024 and 2023. The profit-sharing plan covers all employees who have completed 12 months of service or at least 1,000 hours. Our discretionary contribution to the profit-sharing plan is distributed to each eligible employee’s account in an amount equal to the ratio of each eligible employee’s compensation, subject to Internal Revenue Service limitations, to the total compensation paid to all such employees. We did not make any contributions to the plan during the years ended December 31, 2024 and 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Fair Value Measurements - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended				12 Months Ended
	Dec. 14, 2024	Nov. 13, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value remeasurement gain							$ 0	$ 6,505
Digital asset impairments							0	0
Digital assets				$ 5			5	5
Impairments			$ 17,000			$ 66,700	$ 17,016	66,660
Impairment of indefinite-lived intangible assets						$ 65,500
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]						Asset Impairment Charges
Temporary equity, par value (in dollars per share)							$ 0.0001
A&R Term Loans, Tranche A \| Term Loan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt conversion, original debt, amount		$ 6,400
A&R Term Loans, Tranche B \| Term Loan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt conversion, original debt, amount		$ 58,900
Trade names
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment charges					$ 5,100	$ 5,100		5,100
Indefinite-lived trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment of indefinite-lived intangible assets				$ 5,800		$ 65,500	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment charges							$ 3,800
Series A Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value remeasurement gain								$ 6,500
Series B Convertible Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Temporary equity, par value (in dollars per share)							$ 0.0001
Series B Convertible Preferred Stock \| A&R Term Loans \| Term Loan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible debt, shares issued (in shares)	28,000.00001	28,000.00001
Temporary equity, par value (in dollars per share)		$ 0.0001

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents the reconciliation of weighted-average shares used in computing net loss per share, basic and diluted:


	Year Ended December 31,
	2024		2023
Numerator:
Net loss from continuing operations	$	(79,397)	$	(186,448)
Income from discontinued operations, net of tax	—		6,030
Net loss attributable to PLBY Group, Inc.	$	(79,397)	$	(180,418)
Denominator:
Weighted average common shares outstanding - basic	76,048,609		71,319,437
Dilutive potential common stock outstanding:	—		—
Stock options and RSUs	—		—
Weighted average common shares outstanding - diluted	76,048,609		71,319,437
Basic loss per share from continuing operations	$	(1.04)	$	(2.60)
Basic income per share from discontinued operations	—		0.07
Basic net loss per share	$	(1.04)	$	(2.53)
Diluted loss per share from continuing operations	$	(1.04)	$	(2.60)
Diluted income per share from discontinued operations	—		0.07
Diluted net loss per share	$	(1.04)	$	(2.53)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	Year Ended December 31,
	2024	2023
Stock options to purchase common stock	1,997,466	2,291,328
Unvested restricted stock units	3,660,581	3,214,910
Unvested performance-based restricted stock units	243,424	707,655
Total	5,901,471	6,213,893

Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ (513)	$ (399)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ (513)	$ (399)

Basis of Presentation and Summary of Significant Accounting Policies - Mezzanine Equity (Details)	Dec. 31, 2024 $ / shares
Class of Stock [Line Items]
Temporary equity, par value (in dollars per share)	$ 0.0001
Series B Convertible Preferred Stock
Class of Stock [Line Items]
Temporary equity, par value (in dollars per share)	$ 0.0001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease, Cost


	Year Ended December 31,
	2024		2023
Operating lease cost	$	7,803	$	7,989
Variable lease cost	1,626		1,369
Short-term lease cost	1,818		2,086
Sublease income	(880)		(669)
Total	$	10,367	$	10,775

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturities of our operating lease liabilities as of December 31, 2024 were as follows (in thousands):


Years ending December 31:	Amounts
2025	$	8,067
2026	7,583
2027	5,166
2028	2,779
2029	2,396
Thereafter	3,989
Total undiscounted lease payments	29,980
Less: imputed interest	(4,513)
Total operating lease liabilities	$	25,467

Operating lease liabilities, current portion	$	6,624
Operating lease liabilities, noncurrent portion	$	18,843

Schedule of Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity

Maturities of our operating lease liabilities as of December 31, 2024 were as follows (in thousands):


Years ending December 31:	Amounts
2025	$	8,067
2026	7,583
2027	5,166
2028	2,779
2029	2,396
Thereafter	3,989
Total undiscounted lease payments	29,980
Less: imputed interest	(4,513)
Total operating lease liabilities	$	25,467

Operating lease liabilities, current portion	$	6,624
Operating lease liabilities, noncurrent portion	$	18,843

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract assets, current portion	$ 1,547	$ 1,531
Prepaid software	1,488	689
Prepaid insurance	858	772
Promissory note receivable	1,632	40
Other	2,277	2,440
Total	7,802	$ 5,472
Costs incurred and charged to expense	$ 5,100
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense
Amortization of prepaid software	$ 1,500
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Costs incurred and charged to expense	$ 400

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

The following table sets forth inventories, net, which are stated at the lower of cost (first-in, first-out) and net realizable value (in thousands):


	December 31,
	2024		2023
Editorial and other pre-publication costs	$	59	$	242
Merchandise finished goods	8,863		12,758
Total	$	8,922	$	13,000

Revenue Recognition - Future Performance Obligation (Details) $ in Millions	3 Months Ended
	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 79.3
License agreements minimum guaranteed payments	$ 300.0
License agreement term	15 years
Trademark licensing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 72.2
Digital subscriptions and products
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	5.5
Consumer products
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 1.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Trademark licensing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	10 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Trademark licensing \| Performance Obligation Recognition Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	5 years
Revenue, remaining performance obligation, percentage	93.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Digital subscriptions and products
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Digital subscriptions and products \| Performance Obligation Recognition Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, percentage	56.00%

Basis of Presentation and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Advertising expenses	$ 4.9	$ 6.0
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Advertising costs related to discontinued operations		$ 2.9

Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Gross Goodwill, Beginning Balance			$ 238,999	$ 240,657
Impairment, Beginning Balance			(184,100)	(117,440)
Net Goodwill, Beginning Balance			54,899	123,217
Foreign currency translation adjustment in relation to Honey Birdette			(1,876)	(1,658)
Goodwill, impairment loss	$ (17,000)	$ (66,700)	(17,016)	(66,660)
Gross Goodwill, Ending Balance			237,123	238,999
Impairment, Ending Balance			(201,116)	(184,100)
Net Goodwill, Ending Balance			36,007	54,899
Direct-to-Consumer
Goodwill [Roll Forward]
Net Goodwill, Beginning Balance			21,799
Foreign currency translation adjustment in relation to Honey Birdette			(1,876)
Goodwill, impairment loss			0
Net Goodwill, Ending Balance			19,923	21,799
Licensing
Goodwill [Roll Forward]
Net Goodwill, Beginning Balance			0
Foreign currency translation adjustment in relation to Honey Birdette			0
Goodwill, impairment loss			0
Net Goodwill, Ending Balance			0	0
Digital Subscriptions and Content
Goodwill [Roll Forward]
Net Goodwill, Beginning Balance			33,100
Foreign currency translation adjustment in relation to Honey Birdette			0
Goodwill, impairment loss			(17,016)
Net Goodwill, Ending Balance			$ 16,084	$ 33,100

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Other Current Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Taxes	$ 7,346	$ 8,479
Accrued creator fees	2,080	2,113
Accrued interest	4,016	3,040
Outstanding gift cards and store credits	1,713	1,618
Accrued salaries, wages and employee benefits	5,014	4,157
Other	8,305	8,560
Total	$ 28,474	$ 27,967

Stock-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Options Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Fair value of common stock (in dollars per share)		$ 0.66
Expected term (in years)		6 years
Expected volatility		72.00%
Risk-free interest rate		4.64%
Expected dividend yield	0.00%	0.00%

Redeemable Noncontrolling Interest (Details) $ in Millions	Apr. 13, 2015 USD ($)
Noncontrolling Interest [Line Items]
Proceeds from sale of interests in subsidiary	$ 1.0
After Dark LLC
Noncontrolling Interest [Line Items]
Percentage of noncontrolling interest	25.00%

Basis of Presentation and Summary of Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2024 segment
Accounting Policies [Abstract]
Number of reportable segments	3

Basis of Presentation and Summary of Significant Accounting Policies - Property and Equipment, Net (Details)	Dec. 31, 2024
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	7 years
Software and Software Development Costs \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	2 years
Software and Software Development Costs \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of stock option activity

Stock option activity under our Plans in 2024 and 2023 was as follows:


	Number of options	Weighted- average exercise price		Weighted- average remaining contractual term (years)	Aggregate intrinsic value (in thousands)
Balance – December 31, 2023	2,291,328	2.49		6.4	311
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited and cancelled	(293,862)	5.05		—	—
Balance – December 31, 2024	1,997,466	$	2.12	6.3	$	732
Exercisable – December 31, 2024	1,540,180	$	2.55	5.6	$	366
Vested and expected to vest as of December 31, 2024	1,997,466	$	2.12	6.3	$	732

Schedule of restricted stock unit activity

A summary of restricted stock unit activity under our Plans in 2024 and 2023 was as follows:


	Number of awards	Weighted- average grant date fair value per share
Unvested and outstanding balance at December 31, 2023	3,214,910	$	2.91
Granted	2,654,490	0.83
Vested	(2,020,056)	3.15
Forfeited	(188,763)	1.51
Unvested and outstanding balance at December 31, 2024	3,660,581	$	1.34

Schedule of performance stock unit activity

A summary of PSU activity under our 2021 Plan in 2024 and 2023 was as follows:


	Number of awards	Weighted- average grant date fair value per share
Unvested and outstanding balance at December 31, 2023 (1)	707,655	$	10.80
Granted	—	—
Vested (2)	(464,231)	12.48
Forfeited	—	—
Unvested and outstanding balance at December 31, 2024	243,424	$	7.59
_________________ (1) Includes 635,655 PSU awards previously granted to five employees, which were modified in the fourth quarter of 2023. (2) Relates to PSUs that were modified in the fourth quarter of 2023 to change the unvested shares underlying the original awards to time-based vesting.

Schedule of assumptions used to determine fair value of options granted


	Year Ended December 31, 2023 (1)
Fair value of common stock	$0.66
Expected term, in years	6
Expected volatility	72	%
Risk-free interest rate	4.64	%
Expected dividend yield	0%
_________________ (1) Assumptions relate to options canceled and granted in the fourth quarter of 2023.

Schedule of allocated share-based compensation expense

Stock-based compensation expense under our Plans was as follows (in thousands):


	Year Ended December 31,
	2024		2023
Cost of sales (1)	$	651	$	629
Selling and administrative expenses (2)	6,660		8,968
Total	$	7,311	$	9,597

_________________

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue from External Customer [Line Items]
Total revenues	$ 116,135	$ 142,950
Point in time
Revenue from External Customer [Line Items]
Total revenues	75,752	82,395
Over time
Revenue from External Customer [Line Items]
Total revenues	40,383	60,555
Trademark licensing
Revenue from External Customer [Line Items]
Total revenues	24,552	44,292
Digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues	15,066	12,927
TV and cable programming
Revenue from External Customer [Line Items]
Total revenues	6,788	7,747
Consumer products
Revenue from External Customer [Line Items]
Total revenues	69,729	77,984
Other
Revenue from External Customer [Line Items]
Total revenues	0	4
Other \| Trademark licensing
Revenue from External Customer [Line Items]
Total revenues	0	0
Other \| Digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues	0	4
Other \| TV and cable programming
Revenue from External Customer [Line Items]
Total revenues	0	0
Other \| Consumer products
Revenue from External Customer [Line Items]
Total revenues	0	0
Licensing \| Operating Segments
Revenue from External Customer [Line Items]
Total revenues	24,552	44,292
Licensing \| Operating Segments \| Trademark licensing
Revenue from External Customer [Line Items]
Total revenues	24,552	44,292
Licensing \| Operating Segments \| Digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues	0	0
Licensing \| Operating Segments \| TV and cable programming
Revenue from External Customer [Line Items]
Total revenues	0	0
Licensing \| Operating Segments \| Consumer products
Revenue from External Customer [Line Items]
Total revenues	0	0
Direct-to-Consumer \| Operating Segments
Revenue from External Customer [Line Items]
Total revenues	69,729	77,984
Direct-to-Consumer \| Operating Segments \| Trademark licensing
Revenue from External Customer [Line Items]
Total revenues	0	0
Direct-to-Consumer \| Operating Segments \| Digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues	0	0
Direct-to-Consumer \| Operating Segments \| TV and cable programming
Revenue from External Customer [Line Items]
Total revenues	0	0
Direct-to-Consumer \| Operating Segments \| Consumer products
Revenue from External Customer [Line Items]
Total revenues	69,729	77,984
Digital Subscriptions and Content \| Operating Segments
Revenue from External Customer [Line Items]
Total revenues	21,854	20,670
Digital Subscriptions and Content \| Operating Segments \| Trademark licensing
Revenue from External Customer [Line Items]
Total revenues	0	0
Digital Subscriptions and Content \| Operating Segments \| Digital subscriptions and products
Revenue from External Customer [Line Items]
Total revenues	15,066	12,923
Digital Subscriptions and Content \| Operating Segments \| TV and cable programming
Revenue from External Customer [Line Items]
Total revenues	6,788	7,747
Digital Subscriptions and Content \| Operating Segments \| Consumer products
Revenue from External Customer [Line Items]
Total revenues	$ 0	$ 0

Segments

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segments

As of December 31, 2024, we had three reportable segments: Direct-to-Consumer, Licensing, and Digital Subscriptions and Content. The Direct-to-Consumer segment derives revenue from sales of consumer products sold through third-party retailers, online direct-to-customer or brick-and-mortar through our lingerie business, Honey Birdette, with 54 stores in three countries as of December 31, 2024. The TLA and Yandy direct-to-consumer businesses met the criteria for discontinued operations classification as of December 31, 2023 (refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations, for further details). Therefore, they were excluded from the tables below and classified as discontinued operations in our consolidated statement of operations for the year ended December 31, 2023. The Licensing segment derives revenue from trademark licenses for third-party consumer products and online and location-based entertainment businesses. The Digital Subscriptions and Content segment derives revenue from the subscription of Playboy programming that is distributed through various channels, including websites and domestic and international television, and sales of creator content offerings and memberships to consumers through the Playboy Club on playboy.com.

Our Chief Executive Officer is our Chief Operating Decision Maker (“CODM”). Segment information is presented in the same manner that our CODM reviews the operating results in assessing performance and allocating resources. Consolidated operating (loss) income is the measure of segment operating (loss) profit most consistent with U.S. GAAP that is regularly reviewed by our CODM. Total asset information is not included in the tables below as it is not provided to and reviewed by our CODM. The “All Other” line items in the tables below are miscellaneous in nature and do not relate to the previously identified reportable segments disclosed herein. These segments do not meet the quantitative threshold for determining reportable segments. The “Corporate” line item in the tables below includes certain operating expenses that are not allocated to the reporting segments presented to our CODM. These expenses include legal, human resources, accounting/finance, information technology and facilities. The accounting policies of the reportable segments are the same as those described in Note 1, Basis of Presentation and Summary of Significant Accounting Policies.

The following table sets forth operating results by reportable segment (in thousands):


	Year Ended December 31, 2024
	Direct-to-Consumer		Licensing		Digital Subscriptions and Content		Corporate		All Other		Total
Net revenues	$	69,729	$	24,552	$	21,854	$	—	$	—	$	116,135
Cost of sales (1)	(30,345)		(2,310)		(9,125)		—		—		(41,780)
Gross profit	39,384		22,242		12,729		—		—		74,355
Personnel	(16,996)		(2,093)		(12,710)		(16,255)		12		(48,042)
Rent	(7,238)		—		(28)		(2,645)		—		(9,911)
Marketing	(6,118)		(138)		(1,260)		—		—		(7,516)
Other segment items	(11,318)		(5,615)		(25,881)		(16,910)		—		(59,724)
Operating (loss) income	(2,286)		14,396		(27,150)		(35,810)		12		(50,838)
Interest expense											(23,689)
Other nonoperating expense, net											(1,722)
Loss from continuing operations before income taxes											$	(76,249)


	Year Ended December 31, 2023
	Direct-to-Consumer		Licensing		Digital Subscriptions and Content		Corporate		All Other		Total
Net revenues	$	77,984	$	44,292	$	20,670	$	—	$	4	$	142,950
Cost of sales (1)	(46,264)		2,798		(11,294)		—		(17)		(54,777)
Gross profit	31,720		47,090		9,376		—		(13)		88,173
Personnel	(20,972)		(2,309)		(7,473)		(23,247)		—		(54,001)
Rent	(7,277)		—		(28)		(3,097)		—		(10,402)
Marketing	(7,173)		(59)		(305)		(3)		—		(7,540)
Other segment items	(95,184)		(91,620)		(3,300)		(16,495)		—		(206,599)
Operating loss	(98,886)		(46,898)		(1,730)		(42,842)		(13)		(190,369)
Interest expense											(23,293)
Gain on extinguishment of debt, net											6,133
Fair value remeasurement gain											6,505
Other nonoperating income, net											806
Loss from continuing operations before income taxes											$	(200,218)
_________________ (1) Direct-to-consumer cost of sales includes an immaterial amount of rent for the years ended December 31, 2024 and 2023.

Other segment items for the year ended December 31, 2024 and 2023 were primarily comprised of the following:

Direct-to-Consumer: outside consulting and legal fees, and technology and equipment expenses for the years ended December 31, 2024 and 2023, as well as non-cash impairment charges of $72.6 million on certain of our intangible assets, including goodwill, and $2.3 million on certain Honey Birdette right-of-use assets and related leasehold improvements during the year ended December 31, 2023.

Licensing: China JV expenses, outside consulting expenses and legal fees for the years ended December 31, 2024 and 2023, as well as non-cash impairment charges of $71.3 million on our trademarks and $8.7 million on certain licensing contracts during the year ended December 31, 2023.

Digital Subscriptions and Content: outside consulting expenses for the years ended December 31, 2024 and 2023, as well as non-cash impairment charges of $17.0 million on our goodwill and $4.7 million related to our internally developed software during the year ended December 31, 2024.

Corporate: outside consulting expenses, rent expense, insurance expense, and audit and tax fees for the years ended December 31, 2024 and 2023, as well as non-cash impairment charges of $3.8 million on our artwork held for sale and $0.6 million on our corporate leases during the year ended December 31, 2024.

The following table sets forth financial information by reportable segment (in thousands):


	Year Ended December 31,
	2024		2023
Depreciation and amortization:
Direct-to-Consumer	$	(3,583)	$	(3,669)
Digital Subscriptions and Content	(2,705)		(2,740)
Corporate	(719)		(790)
Total	$	(7,007)	$	(7,199)
Goodwill:
Direct-to-Consumer	$	19,923	$	21,799
Digital subscriptions and content	16,084		33,100
Total	$	36,007	$	54,899

Geographic Information

Revenue by geography is based on where the customer is located. Long-lived assets, net includes property and equipment, net and operating lease right-of-use assets. The following tables set forth revenue and long-lived assets, net by geographic area (in thousands):


	Year Ended December 31,
Net revenues:	2024		2023
United States	$	55,926	$	61,810
Australia	31,274		32,037
China	11,041		28,949
UK	10,015		10,537
Other	7,879		9,617
Total	$	116,135	$	142,950


	December 31,
Long-lived assets:	2024		2023
United States	$	18,025	$	31,490
Australia	6,044		6,882
Other	270		426
Total	$	24,339	$	38,798

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenues, current portion	$ 9,693	$ 9,205	$ 10,480
Lifetime Subscriptions \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	5 years
Gift Card
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenues, current portion	$ 1,700	1,600	$ 1,600
Revenue recognized	$ 100	$ 100
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Gift card expiration period	3 years
Minimum \| Licensing Agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Initial contract term	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Gift card expiration period	5 years
Maximum \| Licensing Agreements
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Initial contract term	10 years

Consolidated Statements of Mezzanine Equity and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Rights Offering	Private Placement	Preferred Stock	Common stock	Common stock Rights Offering	Common stock Private Placement	Treasury  Stock	Additional Paid-in Capital	Additional Paid-in Capital Rights Offering	Additional Paid-in Capital Private Placement	Accumulated Other Comprehensive Loss	Accumulated  Deficit
Mezzanine Equity at end of period (in shares) at Dec. 31, 2023	0
Mezzanine Equity at end of period at Dec. 31, 2023	$ 0
Preferred stock, shares outstanding at beginning of period (in shares) at Dec. 31, 2022				50,000,000
Common stock, shares outstanding at beginning of period (in shares) at Dec. 31, 2022					47,037,699
Stockholders' equity at beginning of period at Dec. 31, 2022	155,252				$ 5			$ (4,445)	$ 617,233			$ (24,145)	$ (433,396)
Stockholders’ Equity (Deficit)
Issuance of common stock (in shares)						19,561,050	6,357,341
Issuance of common stock		$ 47,602	$ 13,890			$ 2				$ 47,600	$ 13,890
Exchange of mandatorily redeemable preferred shares (in shares)				(50,000,000)
Shares issued in connection with equity incentive plans (in shares)					1,124,281
Shares issued pursuant to a license, services and collaboration agreement (in shares)					3,312
Stock-based compensation expense and vesting of restricted stock units	11,332								11,332
Preferred stock accretion	$ 0
Shares repurchased pursuant to the 2022 Stock Repurchase Program (in shares)	(1,549,929)				(1,549,929)
Shares repurchased pursuant to the 2022 Stock Repurchase Program	$ (1,000)							(1,000)
Other comprehensive loss	(765)											(765)
Net loss	$ (180,418)												(180,418)
Preferred stock, shares outstanding at end of period (in shares) at Dec. 31, 2023				0
Common stock, shares outstanding at end of period (in shares) at Dec. 31, 2023	72,533,754				72,533,754
Stockholders' equity at end of period at Dec. 31, 2023	$ 45,893				$ 7			(5,445)	690,055			(24,910)	(613,814)
Mezzanine Equity
Shares issued in connection with preferred shares agreement (in shares)	28,000.00001
Shares issued in connection with preferred shares agreement	$ 23,044
Preferred stock accretion	$ 817
Mezzanine Equity at end of period (in shares) at Dec. 31, 2024	28,000.00001
Mezzanine Equity at end of period at Dec. 31, 2024	$ 23,861
Stockholders’ Equity (Deficit)
Issuance of common stock (in shares)							14,900,000
Issuance of common stock			$ 22,249				$ 1				$ 22,248
Shares issued in connection with equity incentive plans (in shares)					2,427,281
Shares issued in connection with equity incentive plans	1				$ 1
Stock-based compensation expense and vesting of restricted stock units	7,311								7,311
Preferred stock accretion	$ (817)								(817)
Shares repurchased pursuant to the 2022 Stock Repurchase Program (in shares)	0
Other	$ (426)												(426)
Other comprehensive loss	(2,545)											(2,545)
Net loss	$ (79,397)												(79,397)
Preferred stock, shares outstanding at end of period (in shares) at Dec. 31, 2024	0
Common stock, shares outstanding at end of period (in shares) at Dec. 31, 2024	89,861,035				89,861,035
Stockholders' equity at end of period at Dec. 31, 2024	$ (7,731)				$ 9			$ (5,445)	$ 718,797			$ (27,455)	$ (693,637)

Stock-Based Compensation - Narratives (Details) $ / shares in Units, $ in Thousands			3 Months Ended	12 Months Ended
	Dec. 07, 2023	Oct. 08, 2023 employee $ / shares	Dec. 31, 2023 employee $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Jan. 01, 2022	Jun. 30, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)			7,217,181	7,417,534	7,217,181
Fair value of common stock (in dollars per share) \| $ / shares			$ 0.66		$ 0.66
Expected volatility					72.00%
Expected term (in years)					6 years
Risk-free interest rate					4.64%
Expected dividend yield				0.00%	0.00%
Share-based compensation expense \| $				$ 7,311	$ 9,597
Vested restricted stock units not yet settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)			14,994	72,000	14,994
Internally developed software
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| $				$ 0	$ 1,700
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employees with modified awards \| employee			2
Forfeited and cancelled (in shares)			1,002,534	293,862
Granted (in shares)			914,574	0
Fair value of options vested \| $				$ 500	$ 1,600
Weighted average grant date fair value, options granted (in dollars per share) \| $ / shares					$ 1.05
Exercised (in shares)				0	0
Unrecognized compensation expense \| $				$ 200
Unrecognized compensation expense, period for recognition, years				6 months
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options vested \| $				$ 1,900	$ 1,800
Granted (in dollars per share) \| $ / shares				$ 0.83	$ 0.66
Tax benefit realized from stock units vested \| $				$ 100	$ 100
Granted (in shares)				2,654,490
Vested (in shares)				2,020,056
Unrecognized compensation expense \| $				$ 2,900
Unrecognized compensation expense, period for recognition, years				9 months 25 days
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	1 year
Number of employees with modified awards \| employee		5	5
Granted (in dollars per share) \| $ / shares				$ 0	$ 0.64
Tax benefit realized from stock units vested \| $				$ (100)
Vesting period		2 years		2 years
Fair value of common stock (in dollars per share) \| $ / shares		$ 9.83
Expected volatility		55.00%
Expected term (in years)		7 years
Risk-free interest rate		2.90%
Expected dividend yield		0.00%
Granted (in shares)				0
Vested (in shares)				464,231	0
2018 Equity incentive plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)							6,287,687
2021 Equity And Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)				10,737,065
Expiration period				10 years
Increase in shares authorized as percent of outstanding shares of common stock						4.00%

Severance Costs (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

Severance costs in our consolidated statements of operations were as follows (in thousands):


	Year Ended December 31,
	2024		2023
Direct-to-Consumer	$	36	$	1,194
Digital Subscriptions and Content	605		1,019
Licensing	—		53
Corporate	245		1,257
Total	$	886	$	3,523

The following is a reconciliation of the beginning and ending severance costs balances recorded in accrued salaries, wages, and employee benefits in our consolidated balance sheets (in thousands):


	Employee Separation Costs
Balance at December 31, 2023	$	1,184
Costs incurred and charged to expense	886
Costs paid or otherwise settled	(1,535)
Balance at December 31, 2024	$	535

Income Taxes - Domestic and Foreign Components of Income/(Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Income (loss) before income taxes	$ (76,249)	$ (200,218)
US
Operating Loss Carryforwards [Line Items]
Income (loss) before income taxes	(67,301)	(113,039)
Foreign
Operating Loss Carryforwards [Line Items]
Income (loss) before income taxes	$ (8,948)	$ (87,179)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details