0001628280-26-055279 | 10-Q | XBRL Viewer

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Subsequent Events (Details) - Subsequent Event - GlowUp Digital Inc. $ / shares in Units, $ in Millions	1 Months Ended
	Jul. 31, 2026 USD ($) $ / shares shares
Subsequent Event [Line Items]
Consideration in shares (in shares) \| shares	249,116
Share price (in dollars per share) \| $ / shares	$ 23.4624
Cash consideration \| $	$ 0.2

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Total property and equipment, gross	$ 22,382		$ 22,382		$ 22,165
Less: accumulated depreciation	(18,256)		(18,256)		(17,938)
Total	4,126		4,126		4,227
Depreciation and amortization	400	$ 500	1,000	$ 900
Software
Property, Plant, and Equipment [Line Items]
Total property and equipment, gross	8,203		8,203		7,636
Total	900		900		500
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Total property and equipment, gross	9,559		9,559		10,174
Equipment
Property, Plant, and Equipment [Line Items]
Total property and equipment, gross	3,859		3,859		3,660
Furniture and fixtures
Property, Plant, and Equipment [Line Items]
Total property and equipment, gross	33		33		28
Construction in progress
Property, Plant, and Equipment [Line Items]
Total property and equipment, gross	$ 728		$ 728		$ 667

Severance Costs (Tables)

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The following is a reconciliation of the beginning and ending severance costs balances recorded in other current liabilities and accrued expenses in our condensed consolidated balance sheets (in thousands):


	Employee Separation Costs
Balance at December 31, 2025	$	272
Costs incurred and charged to expense	71
Costs paid or otherwise settled	(293)
Balance at June 30, 2026	$	50

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 1,059	$ 889	$ 1,909	$ 1,984
Effective tax rate percentage	84.20%	(13.10%)	(102.90%)	(13.50%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2026

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

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Contract assets, current portion	$	2,834	$	1,733
Tenant improvement allowance(1)	1,639		—
Prepaid inventory and production costs	902		984
Prepaid insurance	147		1,406
Prepaid taxes	695		440
Prepaid software	265		308
Prepaid fees and commissions	112		327
Other	2,961		2,227
Total	$	9,555	$	7,425
_________________ (1) Represents a receivable for a tenant improvement allowance (the “TIA”) due from the landlord under a lease for our Miami Beach, Florida office space. Refer to Note 13, Commitments and Contingencies, for additional information.

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2026

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):


	June 30, 2026		December 31, 2025		December 31, 2024
Accounts receivable	$	6,514	$	4,120	$	7,271
Contract Balances:
Contract assets, current portion	$	2,834	$	1,733	$	1,531
Contract assets, net of current portion	7,806		7,467		7,848
Contract liabilities, current portion	(9,462)		(11,015)		(9,693)
Contract liabilities, net of current portion	(12,026)		(14,252)		(5,762)
Contract assets (liabilities), net	$	(10,848)	$	(16,067)	$	(6,076)

The following tables provide a roll-forward of our netted contract assets and contract liabilities (in thousands):


	Contract (Liabilities) Assets, Net
Balance at December 31, 2025	$	(16,067)
Revenues recognized that were included in gross contract liabilities at December 31, 2025	23,826
Contract assets reclassified to accounts receivable in the six months ended June 30, 2026	(18,165)
Cash received in advance and remained in net contract liabilities at June 30, 2026	(481)
Contract terminations in the six months ended June 30, 2026	39

Balance at June 30, 2026	$	(10,848)


	Contract (Liabilities) Assets, Net
Balance at December 31, 2024	$	(6,076)
Revenues recognized that were included in gross contract liabilities at December 31, 2024	15,082
Contract assets reclassified to accounts receivable in the six months ended June 30, 2025	(6,185)
Cash received in advance and remained in net contract liabilities at June 30, 2025	(508)
Contract terminations in 2025	143
Balance at June 30, 2025	$	2,456

Schedule of Revenue from External Customers by Products and Services

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


	Three Months Ended June 30, 2026										Six Months Ended June 30, 2026
	Direct-to-Consumer		Licensing		Corporate		All Other		Total		Direct-to-Consumer		Licensing		Corporate		All Other		Total
Consumer products	$	19,487	$	—	$	193	$	—	$	19,680	$	38,334	$	—	$	244	$	—	$	38,578
Trademark licensing	—		11,169		—		—		11,169		—		22,101		—		—		22,101
Digital subscriptions and products	—		—		109		255		364		—		—		190		574		764
Events and sponsorships	—		—		5		—		5		—		—		11		—		11
Total revenues	$	19,487	$	11,169	$	307	$	255	$	31,218	$	38,334	$	22,101	$	445	$	574	$	61,454


	Three Months Ended June 30, 2025										Six Months Ended June 30, 2025
	Direct-to-Consumer		Licensing		Corporate		All Other		Total		Direct-to-Consumer		Licensing		Corporate		All Other		Total
Consumer products	$	16,493	$	—	$	10	$	—	$	16,503	$	32,824	$	—	$	43	$	—	$	32,867
Trademark licensing	—		10,932		—		—		10,932		—		22,383		—		—		22,383
Digital subscriptions and products	—		—		56		588		644		—		—		119		1,434		1,553

Events and sponsorships	—		—		69		—		69		—		—		220		—		220
Total revenues	$	16,493	$	10,932	$	135	$	588	$	28,148	$	32,824	$	22,383	$	382	$	1,434	$	57,023

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Point in time	$	19,685	$	16,572	$	38,589	$	33,149
Over time	11,533		11,576		22,865		23,874
Total revenues	$	31,218	$	28,148	$	61,454	$	57,023

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 31,853	$ 37,801
Restricted cash	100	100
Receivables, net of $0.8 million and $0.7 million of allowance for credit losses as of June 30, 2026 and December 31, 2025, respectively	6,514	4,120
Inventory, net	11,254	12,934
Prepaid expenses and other current assets	9,555	7,425
Assets held for sale	0	3,088
Total current assets	59,276	65,468
Restricted cash	5,188	4,920
Property and equipment, net	4,126	4,227
Operating right-of-use assets	14,731	16,019
Goodwill	38,106	37,467
Other intangible assets, net	155,897	155,882
Contract assets, net of current portion	7,806	7,467
Other noncurrent assets	3,721	922
Total assets	288,851	292,372
Current liabilities:
Accounts payable	11,882	11,930
Deferred revenues, current portion	9,462	11,015
Long-term debt, current portion	0	1,524
Operating lease liabilities, current portion	6,863	7,406
Liability pursuant to a stock repurchase agreement	14,828	0
Other current liabilities and accrued expenses	31,780	31,919
Total current liabilities	74,815	63,794
Deferred revenues, net of current portion	12,026	14,252
Long-term debt, net of current portion	156,004	172,645
Deferred tax liabilities, net	6,412	6,418
Operating lease liabilities, net of current portion	14,569	14,770
Other noncurrent liabilities	2,377	2,326
Total liabilities	266,203	274,205
Commitments and contingencies (Note 13)
Mezzanine equity:
Redeemable noncontrolling interest	(208)	(208)
Stockholders’ equity:
Common stock, par value $0.0001 per share, 400,000,000 shares authorized, 123,460,167 shares issued and 118,353,343 shares outstanding as of June 30, 2026; 400,000,000 shares authorized, 115,069,810 shares issued and 112,819,881 shares outstanding as of December 31, 2025	11	11
Treasury stock, at cost, 5,106,824 and 2,249,929 shares as of June 30, 2026 and December 31, 2025	(9,273)	(5,445)
Additional paid-in capital	767,983	757,441
Accumulated other comprehensive loss	(25,985)	(26,716)
Accumulated deficit	(710,681)	(706,916)
Total stockholders’ equity	22,055	18,375
Noncontrolling interest (Note 9)	801	0
Total equity	22,856	18,375
Total liabilities and equity	$ 288,851	$ 292,372

Segments - Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Net revenues	$ 31,218	$ 28,148	$ 61,454	$ 57,023
Cost of sales	(8,396)	(9,739)	(17,940)	(18,792)
Gross profit	22,822	18,409	43,514	38,231
Personnel	(10,768)	(11,392)	(20,062)	(24,781)
Rent	(2,142)	(2,205)	(4,187)	(4,552)
Marketing	(1,837)	(1,374)	(3,803)	(3,468)
Transaction expenses	(155)	0	(3,364)	0
Other segment items	(4,945)	(9,321)	(10,764)	(17,573)
Operating income (loss)	2,975	(5,883)	1,334	(12,143)
Interest expense	(2,218)	(1,907)	(4,717)	(3,795)
Other nonoperating income, net	500	1,000	1,527	1,202
Income (loss) before income taxes	1,257	(6,790)	(1,856)	(14,736)
Related Party
Segment Reporting [Line Items]
License expense, net of reduction		1,200		5,000
Related Party \| Location, Statement of Income, Balance [Axis]: us-gaap:CostOfGoodsAndServicesSold
Segment Reporting [Line Items]
License expense, net of reduction		400		1,700
Related Party \| Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Segment Reporting [Line Items]
License expense, net of reduction		800		3,300
Operating Segments \| Direct-to-Consumer
Segment Reporting [Line Items]
Net revenues	19,487	16,493	38,334	32,824
Cost of sales	(6,808)	(6,835)	(14,861)	(13,742)
Gross profit	12,679	9,658	23,473	19,082
Personnel	(4,884)	(4,806)	(9,598)	(9,153)
Rent	(1,841)	(1,702)	(3,691)	(3,421)
Marketing	(1,637)	(1,336)	(3,457)	(2,798)
Transaction expenses	0	0	0	0
Other segment items	(4,298)	(2,564)	(5,145)	(4,990)
Operating income (loss)	19	(750)	1,582	(1,280)
Operating Segments \| Licensing
Segment Reporting [Line Items]
Net revenues	11,169	10,932	22,101	22,383
Cost of sales	(475)	(2,503)	(1,966)	(3,099)
Gross profit	10,694	8,429	20,135	19,284
Personnel	(308)	(1,190)	(691)	(1,784)
Rent	0	(5)	0	(12)
Marketing	(14)	(9)	(26)	(29)
Transaction expenses	0	0	0	0
Other segment items	(817)	(1,673)	(1,944)	(2,950)
Operating income (loss)	9,555	5,552	17,474	14,509
Corporate
Segment Reporting [Line Items]
Net revenues	307	135	445	382
Cost of sales	(1,113)	0	(1,113)	0
Gross profit	(806)	135	(668)	382
Personnel	(5,576)	(4,793)	(9,773)	(10,536)
Rent	(301)	(498)	(496)	(1,119)
Marketing	(186)	(29)	(320)	(607)
Transaction expenses	(155)	0	(3,364)	0
Other segment items	170	(4,740)	(3,675)	(8,406)
Operating income (loss)	(6,854)	(9,925)	(18,296)	(20,286)
All Other
Segment Reporting [Line Items]
Net revenues	255	588	574	1,434
Cost of sales	0	(401)	0	(1,951)
Gross profit	255	187	574	(517)
Personnel	0	(603)	0	(3,308)
Rent	0	0	0	0
Marketing	0	0	0	(34)
Transaction expenses	0	0	0	0
Other segment items	0	(344)	0	(1,227)
Operating income (loss)	255	(760)	574	(5,086)
Intersegment Eliminations \| Direct-to-Consumer
Segment Reporting [Line Items]
Other segment items	$ 2,500	$ 900	$ (2,100)	$ 1,800

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2026

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

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Contract assets, current portion	$	2,834	$	1,733
Tenant improvement allowance(1)	1,639		—
Prepaid inventory and production costs	902		984
Prepaid insurance	147		1,406
Prepaid taxes	695		440
Prepaid software	265		308
Prepaid fees and commissions	112		327
Other	2,961		2,227
Total	$	9,555	$	7,425
_________________ (1) Represents a receivable for a tenant improvement allowance (the “TIA”) due from the landlord under a lease for our Miami Beach, Florida office space. Refer to Note 13, Commitments and Contingencies, for additional information.

Property and Equipment, Net

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Software (1)	$	8,203	$	7,636
Leasehold improvements	9,559		10,174
Equipment	3,859		3,660
Furniture and fixtures	33		28
Construction in progress	728		667
Total property and equipment, gross	22,382		22,165
Less: accumulated depreciation	(18,256)		(17,938)
Total	$	4,126	$	4,227
_________________ (1) The net book value of our software was $0.9 million and $0.5 million as of June 30, 2026 and December 31, 2025, respectively, and primarily related to certain portions of our playboy.com site.

The aggregate depreciation expense related to property and equipment, net was $0.4 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively, and $1.0 million and $0.9 million during the six months ended June 30, 2026 and 2025, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
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-Section 50
-Paragraph 3
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+ Details

Revenue Recognition - Performance Obligation (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 324.5
Trademark licensing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 322.6
Trademark licensing \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	14 years
Trademark licensing \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01 \| 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	47.00%
Digital subscriptions and products
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 1.7
Digital subscriptions and products \| 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		4 years
Digital subscriptions and products \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| 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		59.00%
Direct-to-consumer products
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 0.2

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Description of Business

Playboy, Inc. (formerly known as PLBY Group, Inc. from February 10, 2021 through June 24, 2025, the “Company”, “we”, “our” or “us”), together with its subsidiaries through which it conducts business, is a global consumer lifestyle company marketing the Playboy brand through a wide range of direct-to-consumer products, Playboy magazine, licensing initiatives, digital subscriptions and content, and online and location-based entertainment, in addition to the sale of direct-to-consumer products through its Honey Birdette brand.

Basis of Presentation

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

Principles of Consolidation

The interim condensed 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.

Unaudited Interim Condensed Consolidated Financial Statements

The interim condensed consolidated balance sheet as of June 30, 2026, and the interim condensed consolidated statements of operations, comprehensive loss, cash flows, and equity for the three and six months ended June 30, 2026 and 2025 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of our financial position as of June 30, 2026 and our results of operations and cash flows for the six months ended June 30, 2026 and 2025. The financial data and other financial information disclosed in these notes to the interim condensed consolidated financial statements related to the three and six-month periods are also unaudited. The interim condensed consolidated results of operations for the six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any future annual or interim period. The interim condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited financial statements included in the Annual Report on Form 10-K as filed by us with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2026.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of 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 any authorized and issued preferred stock; the adequacy of reserves associated with accounts receivable and inventory; unredeemed gift cards and store credits; licensing commission accruals; and assessment of the consolidation of any variable interest entities. 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, with the exception of one licensee as described in the table below.

The following table represents revenue from our customers exceeding 10% of our total revenue for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
Customer	2026		2025		2026		2025
Customer A(1)	16	%	18	%	16	%	18	%
_________________ (1) Represents minimum guaranteed royalties from licensed digital operations of our Playboy Plus, Playboy TV (online and linear) and Playboy Club digital businesses to Byborg Enterprises SA (“Byborg”) pursuant to a License & Management Agreement (the “LMA”) we entered into with Byborg in the fourth quarter of 2024. Refer to Note 19, Related Party Transactions, within the notes to our audited consolidated financial statements set forth in our Annual Report on Form 10-K, filed with the SEC on March 16, 2026, for details regarding the LMA.

The following table represents receivables from any individual customer of ours exceeding 10% of our total receivables as of June 30, 2026 and December 31, 2025:


Customer	June 30, 2026	December 31, 2025
Customer B	*	14%
Customer C	16%	12%
Customer D	*	12%
Customer E	15%	*
_________________ * Indicates receivables for the customer did not exceed 10% of our total receivable balance.

Restricted Cash

At June 30, 2026 and December 31, 2025, our restricted cash primarily related to a cash collateralized letter of credit we maintained in connection with the lease of our Los Angeles headquarters, cash collateralized letters of credit in relation to the lease of office space in Miami Beach, and Honey Birdette’s term deposit in relation to its Sydney office lease.

Liquidity Assessment

As our financial performance continues to improve, so does the overall health of the business. Our net revenues for the three and six months ended June 30, 2026 increased by $3.1 million and $4.4 million, compared to the three and six months ended June 30, 2025, respectively. For the three and six months ended June 30, 2026, we reported net operating income of $3.0 million and $1.3 million, respectively, an improvement from operating losses of $5.9 million and $12.1 million for the three and six months ended June 30, 2025, respectively. As of June 30, 2026, we had approximately $31.9 million in unrestricted cash and cash equivalents. We continue to expect our capital expenditures and working capital requirements in 2026 to be largely consistent with 2025.

As of June 30, 2026, we were in compliance with the covenants under our senior secured credit agreement (the “A&R Credit Agreement”). However, due to ongoing negative macroeconomic factors and their uncertain impacts on our business, results of operations and cash flows, we could experience material decreases to net sales and operating cash flows and materially higher operating losses, and we could then experience difficulty remaining in compliance with such covenants. Refer to Note 8, Debt, for further details regarding the terms of our A&R Credit Agreement and the term loans thereunder.

The accompanying unaudited condensed 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 Quarterly Report on Form 10-Q. 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.

Advertising Costs

We expense advertising costs as incurred. Advertising expenses were $1.2 million for each of the three months ended June 30, 2026 and 2025, and $2.6 million and $2.2 million for the six months ended June 30, 2026 and 2025, respectively.

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, which is referred to as gift card breakage. Depending on the jurisdiction in which we operate, gift cards sold to customers have expiration dates ranging 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 $1.5 million, $1.6 million and $1.7 million as of June 30, 2026, December 31, 2025 and December 31, 2024, respectively. Revenues recognized from unredeemed gift card beginning balances were immaterial for the six months ended June 30, 2026 and 2025.

Variable Interest Entity

A variable interest entity (“VIE”) is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support, or is structured such that its equity holders do not have power over the activities of the entity; have voting rights, as a group, that are not proportionate to their economic interests; or are not exposed to the residual losses or benefits of the entity. At the inception of a contractual agreement, we determine whether we hold a variable interest in a legal entity that is a VIE and whether we are the primary beneficiary of the VIE. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. If we conclude we are the primary beneficiary of a VIE, we consolidate the accounts of that VIE. We regularly review and reconsider previous conclusions regarding whether we hold a variable interest in a potential VIE, the status of an entity as a VIE, and whether we are the primary beneficiary of a VIE.

Long-Lived Assets

The carrying amounts of long-lived assets, including property and equipment, stores, 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. During the three months ended June 30, 2025, we recorded impairment charges of $1.5 million on our right-of-use assets related to our corporate leases and wrote off certain of our property, plant and equipment items in the amount of $0.4 million as a result of our decision to sublease certain of our corporate office space. There were no impairments of our long-lived assets during the three and six months ended June 30, 2026.

Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income (loss). Our other comprehensive income represents foreign currency translation adjustments attributable to Honey Birdette’s operations. Refer to the Condensed Consolidated Statements of Comprehensive Income (loss). Total net foreign currency transaction gains, net were $0.4 million and $0.8 million for the three months ended June 30, 2026 and 2025, respectively, and $1.0 million and $0.9 million for the six months ended June 30, 2026 and 2025, respectively.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under such ASU, public entities must annually disclose specific categories in the rate reconciliation and 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 is 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 adopted this ASU on a retrospective basis as of December 31, 2025, and prior period income tax disclosures have been updated to conform to the new requirements. The adoption of this ASU did not have a material impact on our condensed consolidated financial statements; however, our income tax disclosures have been expanded. Refer to Note 15, Income Taxes, for further information.

In July 2025, FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides simplified guidance on measuring credit losses for current accounts receivable and contract assets. It offers a practical expedient for all entities and an accounting policy election for non-public business entities to ease the process of estimating expected credit losses under ASC 326-20. The ASU is effective for annual periods beginning after December 15, 2025, with early adoption permitted. We adopted ASU 2025-05 effective January 1, 2026, during the interim period ended March 31, 2026, and applied the guidance on a prospective basis. The adoption of ASU 2025‑05 did not have a material impact on our condensed consolidated financial statements.

Accounting Pronouncements Issued but Not Yet Adopted

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 is effective for all public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. In January 2025, FASB issued ASU 2025-01, which revises the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. We are currently evaluating the anticipated impact of this pronouncement on our disclosures and our condensed consolidated financial statements.

In September 2025, FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal‑Use Software (Subtopic 350‑40): Targeted Improvements to the Accounting for Internal‑Use Software. The ASU is intended to modernize and clarify the accounting for internal-use software, including updates to the capitalization guidance that removes references to project stages and replaces them with the concept of a probable-to-complete recognition threshold. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and early adoption is permitted as of the beginning of an annual period. We are currently evaluating the anticipated impact of this pronouncement on our disclosures and our consolidated financial statements.

In December 2025, FASB issued ASU 2025-11, Interim Reporting (Topic 270), which is intended to improve the navigability of the required interim disclosures and clarifies when the guidance is applicable, as well as provides additional guidance on what disclosures should be provided in interim reporting periods. The ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods beginning after December 15, 2028. We are currently evaluating the anticipated impact of this pronouncement on our disclosures and our consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which is intended to address suggestions received from stakeholders regarding Accounting Standards Codifications (“ASC”) and makes other incremental improvements to GAAP. The update represents changes to the ASC that clarify, correct errors in, or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Entities will be required to apply the amendments to ASC 260 retrospectively. All other amendments may be applied prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the anticipated impact of this pronouncement on our disclosures and our consolidated financial statements.

In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) to improve the recognition, measurement, presentation, and disclosure requirements for participants in compliance and voluntary programs that result in the creation of environmental credits and related environmental credit obligations. ASU 2026-02 is effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. Early adoption of ASU 2026-02 is permitted. We are currently evaluating the anticipated impact of this pronouncement on our disclosures and our condensed consolidated financial statements.

Basis of Presentation and Summary of Significant Accounting Policies - Liquidity Assessment and Management's Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Accounting Policies [Abstract]
Increase in revenue	$ 3,100		$ 4,400
Operating income (loss)	2,975	$ (5,883)	1,334	$ (12,143)
Net cash used in operating activities			(8,471)	(11,507)
Cash and cash equivalents	$ 31,853	$ 19,624	$ 31,853	$ 19,624	$ 37,801

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-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 10: http://www.xbrl.org/2009/role/commonPracticeRef
-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 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

+ Details

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Contract assets, current portion	$ 2,834	$ 1,733
Tenant improvement allowance	1,639	0
Prepaid inventory and production costs	902	984
Prepaid insurance	147	1,406
Prepaid taxes	695	440
Prepaid software	265	308
Prepaid fees and commissions	112	327
Other	2,961	2,227
Total	$ 9,555	$ 7,425

Basis of Presentation and Summary of Significant Accounting Policies - Concentration Risk (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Revenue Benchmark \| Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%	18.00%	16.00%	18.00%
Accounts Receivable \| Customer B
Concentration Risk [Line Items]
Concentration risk, percentage					14.00%
Accounts Receivable \| Customer C
Concentration Risk [Line Items]
Concentration risk, percentage			16.00%		12.00%
Accounts Receivable \| Customer D
Concentration Risk [Line Items]
Concentration risk, percentage					12.00%
Accounts Receivable \| Customer E
Concentration Risk [Line Items]
Concentration risk, percentage			15.00%

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jun. 16, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to stock options		$ 0.0		$ 0.0
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		2.5	$ 1.7	3.7	$ 2.4
Unvested restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options vested		$ 5.0	$ 4.4	$ 5.2	$ 4.8
Number of outstanding and fully vested restricted stock units, unsettled (in shares)		920,485	2,276,061	920,485	2,276,061
Unrecognized stock-based compensation expense related to awards		$ 7.1		$ 7.1
Unrecognized compensation cost, period for recognition, years				1 year
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to awards		$ 0.0		$ 0.0
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)		28,844,301		28,844,301
Increased number of shares authorized for issuance (in shares)	10,000,000
2018 Equity incentive plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)		5,606,175		5,606,175

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

Lease cost associated with operating leases for the three and six months ended June 30, 2026 is included in the table below. Finance leases and their related costs for the three and six months ended June 30, 2026 and 2025 were immaterial.

On August 11, 2025, through our wholly owned subsidiary, Playboy Enterprises, Inc., we entered into an operating lease (the “Lease”) with RK Rivani LLC (the “Landlord”) for approximately 20,169 square feet of office space in Miami Beach, Florida.

In the second quarter of 2026, we amended the Lease to change the lease commencement date to January 1, 2027 and the expiration date to November 30, 2037. As we did not take possession of the office space as of June 30, 2026, it is not reflected in our condensed consolidated financial statements or in the tables below. The future undiscounted fixed non-cancelable payment obligation pertaining to the Lease is approximately $25.0 million.

On May 14, 2026, we entered into a new operating lease (the “Additional Lease”) with the Landlord for the remainder of the same floor as the Lease, comprising approximately 5,696 square feet, which commenced on May 1, 2026 and expires on November 30, 2037, subject to two five-year renewal options. In addition to base rent under the Additional Lease, we are responsible for operating expenses and property taxes. In connection with the Additional Lease, the Landlord agreed to provide a TIA of $1.6 million, which reduced the right-of-use asset recognized upon commencement of the Additional Lease and was recorded as a receivable within prepaid expenses and other current assets on our condensed consolidated balance sheet as of June 30, 2026. Refer to Note 5, Prepaid Expenses and Other Current Assets, for additional information. The future undiscounted lease payments under the Additional Lease are approximately $6.9 million.

During the second quarter of 2026, we terminated certain operating leases for Honey Birdette retail stores prior to their contractual expiration dates. Upon termination of such leases, we derecognized the related right-of-use assets and operating lease liabilities of $0.6 million in our condensed consolidated balance sheet as of June 30, 2026, and we recognized a net loss of $0.1 million in Other income, net in our condensed consolidated statements of operations for the three and six months ended June 30, 2026.

As of June 30, 2026 and December 31, 2025, the weighted-average remaining term of our operating leases was 4.9 years and 3.9 years, respectively, and the weighted-average discount rate used to estimate the net present value of the operating lease liabilities was 9.1% and 8.2%, respectively. Cash payments for amounts included in the measurement of operating lease liabilities were $2.1 million for each of the three months ended June 30, 2026 and 2025, and $4.4 million and $4.1 million for the six months ended June 30, 2026 and 2025, respectively. Right-of-use assets obtained in exchange for new operating lease liabilities were $1.6 million and $0.6 million during the three months ended June 30, 2026 and 2025, respectively, and $3.4 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively.

Net lease cost recognized in our condensed consolidated statements of operations is summarized in the table below (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	1,866	$	1,825	$	3,723	$	3,641
Variable lease cost	413		404		826		834
Short-term lease cost	440		415		832		847
Sublease income	(538)		(365)		(1,077)		(590)
Total	$	2,181	$	2,279	$	4,304	$	4,732

Maturities of our operating lease liabilities as of June 30, 2026 were as follows (in thousands):


Remainder of 2026	$	4,144
2027	6,567
2028	4,198
2029	3,682
2030	2,402
Thereafter	6,989
Total undiscounted lease payments	27,982
Less: imputed interest	(6,550)
Total operating lease liabilities	$	21,432

Operating lease liabilities, current portion	$	6,863
Operating lease liabilities, noncurrent portion	$	14,569

Future annual minimum lease payments that are contractually due to us from our sublease arrangements as of June 30, 2026 were as follows (in thousands):


Remainder of 2026	$	1,106
2027	1,481
2028	429
2029	218
Total	$	3,234

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 scheduled for March 8, 2027. In addition, PEII filed a complaint against Sunrise Brands based on their participation in AVS’s misconduct, as well as their own direct misconduct. Both cases have been related together by the court and will be tried together, for both pretrial and trial purposes. While the AVS case is a material litigation, we are currently unable to estimate the range of reasonably possible loss, if any, related to this matter. We believe AVS’ remaining claims and allegations are without merit, and we will defend this matter vigorously.

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

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedules of Concentration of Risks

The following table represents revenue from our customers exceeding 10% of our total revenue for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
Customer	2026		2025		2026		2025
Customer A(1)	16	%	18	%	16	%	18	%
_________________ (1) Represents minimum guaranteed royalties from licensed digital operations of our Playboy Plus, Playboy TV (online and linear) and Playboy Club digital businesses to Byborg Enterprises SA (“Byborg”) pursuant to a License & Management Agreement (the “LMA”) we entered into with Byborg in the fourth quarter of 2024. Refer to Note 19, Related Party Transactions, within the notes to our audited consolidated financial statements set forth in our Annual Report on Form 10-K, filed with the SEC on March 16, 2026, for details regarding the LMA.

The following table represents receivables from any individual customer of ours exceeding 10% of our total receivables as of June 30, 2026 and December 31, 2025:


Customer	June 30, 2026	December 31, 2025
Customer B	*	14%
Customer C	16%	12%
Customer D	*	12%
Customer E	15%	*
_________________ * Indicates receivables for the customer did not exceed 10% of our total receivable balance.

Other Current Liabilities and Accrued Expenses

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Other Current Liabilities and Accrued Expenses

Other current liabilities and accrued expenses consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Taxes	$	9,293	$	10,196
Accrued interest	319		561
Accrued salaries, wages and employee benefits	3,657		5,372
Accrued agency fees and commissions	1,073		1,250
Payable to Byborg, net	4,000		2,786
Accrued creator fees	1,562		1,613
Inventory in transit	587		884
Outstanding gift cards and store credits	1,529		1,649
Brand support advance payment from UTG(1)	2,421		—
Other	7,339		7,608
Total	$	31,780	$	31,919
_________________ (1) Represents the unapplied portion of the advance payment received from UTG Brands Management Group Limited (“UTG”) under the Brand Support Services Agreement (“BSSA”). Refer to Note 9,Variable Interest Entity, for details.

Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Our common stock reserved for future issuance consisted of the following as of the dates indicated:


	June 30, 2026	December 31, 2025
Shares available for grant under equity incentive plans	10,056,895	1,160,627
Options issued and outstanding under equity incentive plans	1,997,466	1,997,466
Unvested restricted stock units	6,506,782	4,121,525
Vested restricted stock units not yet settled	920,485	2,002,582
Maximum number of shares issuable to GlowUp sellers pursuant to acquisition indemnity holdback	249,116	249,116
Total common stock reserved for future issuance	19,730,744	9,531,316

- 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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Name Accounting Standards Codification
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-Topic 505
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

As of June 30, 2026, 28,844,301 shares of our common stock had been authorized for issuance under our 2021 Equity and Incentive Compensation Plan, as amended to include an increase of 10,000,000 shares approved by our stockholders on June 16, 2026, and 5,606,175 shares of common stock were originally reserved for issuance under our 2018 Equity Incentive Plan.

Stock Option Activity

There was no stock option activity during the three months and six months ended June 30, 2026.

Restricted Stock Unit Activity

A summary of restricted stock unit (“RSU”) activity under our equity incentive plans is as follows:


	Number of Awards	Weighted- Average Grant Date Fair Value per Share
Unvested and outstanding balance at December 31, 2025	4,121,525	$	1.21
Granted	5,616,868	1.60
Vested	(3,231,270)	1.25
Forfeited	(341)	9.83
Unvested and outstanding balance at June 30, 2026	6,506,782	$	1.53

The total fair value of RSUs that vested during the three months ended June 30, 2026 and 2025 was approximately $5.0 million and $4.4 million, respectively, and approximately $5.2 million and $4.8 million during the six months ended June 30, 2026 and 2025, respectively. We had 920,485 and 2,276,061 outstanding and fully vested RSUs that remained unsettled at June 30, 2026 and 2025, respectively, all of which are expected to be settled in 2026 and were settled in 2025, respectively. As such, they were excluded from outstanding shares of common stock but were included in weighted-average shares outstanding for the calculation of net loss per share for the three and six months ended June 30, 2026 and 2025.

Performance Stock Unit Activity

There was no performance-based restricted stock unit (“PSU”) activity under our equity incentive plans during the three months and six months ended June 30, 2026.

Stock-Based Compensation Expense

Stock-based compensation expense under our equity incentive plans during the three months ended June 30, 2026 and 2025 was $2.5 million and $1.7 million, respectively, and $3.7 million and $2.4 million during the six months ended June 30, 2026 and 2025, respectively. All stock-based compensation expense was recorded in selling and administrative expenses in our condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025. At June 30, 2026, there was no unrecognized stock-based compensation expense related to unvested stock options or PSUs, as all previously unvested and outstanding stock options and PSUs were fully vested as of June 30, 2026. At June 30, 2026, total unrecognized compensation cost related to unvested RSUs was $7.1 million and is expected to be recognized over the remaining weighted-average service period of 1.00 year.

Other Current Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Taxes	$ 9,293	$ 10,196
Accrued interest	319	561
Accrued salaries, wages and employee benefits	3,657	5,372
Accrued agency fees and commissions	1,073	1,250
Payable to Byborg, net	4,000	2,786
Accrued creator fees	1,562	1,613
Inventory in transit	587	884
Outstanding gift cards and store credits	1,529	1,649
Brand support advance payment from UTG	2,421	0
Other	7,339	7,608
Total	$ 31,780	$ 31,919

Commitments and Contingencies - Schedule of Future Minimum Lease Payments Due from Sublease Arrangements (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2026	$ 1,106,000
2027	1,481,000
2028	429,000
2029	218,000
Total	$ 3,234,000

Net Income (Loss) Per Share - Narrative (Details)	Jun. 30, 2026 shares
Earnings Per Share [Abstract]
Stock repurchase agreement, authorized number of shares (in shares)	16,589,531

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Net Lease Cost

Net lease cost recognized in our condensed consolidated statements of operations is summarized in the table below (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	1,866	$	1,825	$	3,723	$	3,641
Variable lease cost	413		404		826		834
Short-term lease cost	440		415		832		847
Sublease income	(538)		(365)		(1,077)		(590)
Total	$	2,181	$	2,279	$	4,304	$	4,732

Schedule of Maturities of Operating Lease Liabilities

Maturities of our operating lease liabilities as of June 30, 2026 were as follows (in thousands):


Remainder of 2026	$	4,144
2027	6,567
2028	4,198
2029	3,682
2030	2,402
Thereafter	6,989
Total undiscounted lease payments	27,982
Less: imputed interest	(6,550)
Total operating lease liabilities	$	21,432

Operating lease liabilities, current portion	$	6,863
Operating lease liabilities, noncurrent portion	$	14,569

Future annual minimum lease payments that are contractually due to us from our sublease arrangements as of June 30, 2026 were as follows (in thousands):


Remainder of 2026	$	1,106
2027	1,481
2028	429
2029	218
Total	$	3,234

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial 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):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Liabilities
Contingent consideration liability	$	—	$	—	$	453	$	453


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Liabilities
Contingent consideration liability	$	—	$	—	$	618	$	618

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 six months ended June 30, 2026 (in thousands):


	Contingent Consideration
Balance at December 31, 2025	$	618
Change in fair value	(165)
Balance at June 30, 2026	$	453

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt Instruments

The following table sets forth our debt (in thousands):


	June 30, 2026		December 31, 2025
Term loan, due 2028	$	128,861	$	143,861
Plus: capitalized payment-in-kind interest	16,054		16,054
Total debt	144,915		159,915
Plus: unamortized debt premium, net	11,934		15,116
Less: unamortized debt issuance costs	(845)		(862)
Total debt, net of unamortized debt issuance costs and debt premium, net	156,004		174,169
Less: current portion of long-term debt	—		(1,524)
Total debt, net of current portion	$	156,004	$	172,645

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 June 30, 2026 (in thousands):


Remainder of 2026	$	—
2027	18,300
2028	126,615
Total	$	144,915

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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+ Details

Debt - Narrative (Details) $ in Thousands			3 Months Ended			6 Months Ended
Debt - Narrative (Details) $ in Thousands	Nov. 10, 2025 USD ($)	Aug. 11, 2025 USD ($)	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Feb. 09, 2026 USD ($)	Dec. 31, 2025
Debt Instrument [Line Items]
Other income (expense), net			$ 500		$ 1,000	$ 1,527	$ 1,202
A&R Term Loans \| Term Loan
Debt Instrument [Line Items]
Non-cash rent expenses allowed to be added back when calculating EBITDA		$ 2,400
Other income (expense), net			$ (100)	$ (300)
Debt issuance costs capitalized								$ 200
Tranche B \| Term Loan
Debt Instrument [Line Items]
Stated interest rate			10.09%			10.09%			10.08%
Effective interest rate			5.74%			5.74%			6.34%
Tranche A \| Term Loan
Debt Instrument [Line Items]
Stated interest rate			10.09%			10.09%			10.08%
Effective interest rate			2.93%			2.93%			3.88%
Debt Covenant One \| A&R Term Loans \| Term Loan
Debt Instrument [Line Items]
Total net leverage ratio	9.00
Prepayment amount	$ 25,000							45,000
Interest rate reduction percentage	0.15%
Debt Covenant Two \| A&R Term Loans \| Term Loan
Debt Instrument [Line Items]
Total net leverage ratio	7.25
Prepayment amount	$ 50,000							$ 6,666
Interest rate reduction percentage	0.50%

Commitments and Contingencies - Legal Contingencies (Details) - claim	Jun. 06, 2023	Feb. 25, 2021
Loss Contingencies [Line Items]
Claims filed		10
AVS Case
Loss Contingencies [Line Items]
Claims dismissed	6

- 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/2009/role/commonPracticeRef
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-SubTopic 20
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+ Details

Commitments and Contingencies - Leases (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	May 14, 2026 USD ($) ft² option	Dec. 31, 2025 USD ($)	Aug. 11, 2025 USD ($) ft²
Loss Contingencies [Line Items]
Tenant improvement allowance	$ 1,639		$ 1,639			$ 0
Future undiscounted lease payments	27,982		27,982
Reduction in right-of-use assets due to lease termination	600		618	$ 0
Derecognition of operating lease liability due to lease termination	600
Gain (loss) on termination of lease	$ (100)		$ (100)
Weighted average remaining term of operating lease	4 years 10 months 24 days		4 years 10 months 24 days			3 years 10 months 24 days
Weighted average discount rate	9.10%		9.10%			8.20%
Operating cash flows from operating leases	$ 2,100	$ 2,100	$ 4,400	4,100
Right-of-use assets in exchange for lease liabilities	1,600	$ 600	3,376	$ 633
RK Rivani LLC
Loss Contingencies [Line Items]
Area of real estate property \| ft²					5,696		20,169
Future undiscounted fixed non-cancelable payment obligation							$ 25,000
Number of renewal options \| option					2
Lease renewal term					5 years
Tenant improvement allowance	$ 1,600		$ 1,600
Future undiscounted lease payments					$ 6,900

Other Current Liabilities and Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Other Current Liabilities and Accrued Expenses

Other current liabilities and accrued expenses consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Taxes	$	9,293	$	10,196
Accrued interest	319		561
Accrued salaries, wages and employee benefits	3,657		5,372
Accrued agency fees and commissions	1,073		1,250
Payable to Byborg, net	4,000		2,786
Accrued creator fees	1,562		1,613
Inventory in transit	587		884
Outstanding gift cards and store credits	1,529		1,649
Brand support advance payment from UTG(1)	2,421		—
Other	7,339		7,608
Total	$	31,780	$	31,919
_________________ (1) Represents the unapplied portion of the advance payment received from UTG Brands Management Group Limited (“UTG”) under the Brand Support Services Agreement (“BSSA”). Refer to Note 9,Variable Interest Entity, for details.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
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

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted stock units (RSUs)	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Number of Awards
Beginning balance (in shares) \| shares	4,121,525
Granted (in shares) \| shares	5,616,868
Vested (in shares) \| shares	(3,231,270)
Forfeited (in shares) \| shares	(341)
Ending balance (in shares) \| shares	6,506,782
Weighted- Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares	$ 1.21
Granted (in dollars per share) \| $ / shares	1.60
Vested (in dollars per share) \| $ / shares	1.25
Forfeited (in dollars per share) \| $ / shares	9.83
Ending balance (in dollars per share) \| $ / shares	$ 1.53

Stockholders’ Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders’ Equity

Common Stock

The holders of our common stock have one vote for each share of common stock. Common stockholders are entitled to dividends when, as, and if declared by our Board of Directors (the “Board”). As of June 30, 2026, no dividends had been declared by the Board.

On June 16, 2025, our stockholders authorized an increase in the number of authorized shares of common stock of the Company from 150,000,000 to 400,000,000. The increase in our authorized shares of common stock did not impact the number of our issued or outstanding shares of common stock. Our common stock reserved for future issuance consisted of the following as of the dates indicated:


	June 30, 2026	December 31, 2025
Shares available for grant under equity incentive plans	10,056,895	1,160,627
Options issued and outstanding under equity incentive plans	1,997,466	1,997,466
Unvested restricted stock units	6,506,782	4,121,525
Vested restricted stock units not yet settled	920,485	2,002,582
Maximum number of shares issuable to GlowUp sellers pursuant to acquisition indemnity holdback	249,116	249,116
Total common stock reserved for future issuance	19,730,744	9,531,316

On February 23, 2026, we increased the availability under our previously registered and announced at-the-market offering (the “ATM”) to $200 million worth of our common stock. During the three months ended June 30, 2026, we sold a total of 2,051,498 shares under the ATM for net proceeds of $2.8 million, out of which 56,255 shares were issued in July 2026. During the six months ended June 30, 2026, we sold 3,441,249 shares of our common stock under the ATM for net proceeds of $5.3 million, of which $5.2 million was received during the six months ended June 30, 2026 and $0.1 million was received in July 2026. As of June 30, 2026, we had $194.4 million of remaining capacity under the ATM.

Share Repurchase from Our Primary Lender and Its Affiliates

On June 18, 2026, we entered into a stock repurchase agreement (the “Repurchase Agreement”) with certain sellers, all of whom are affiliates of Fortress Investment Group (“Fortress”), to repurchase an aggregate of 16,589,531 shares of our common stock, for an aggregate purchase price of $17.4 million, payable in four installments through December 31, 2026. During the three months ended June 30, 2026, we repurchased 1,904,762 shares of common stock under the first installment for $2.0 million in cash. We are contractually obligated to settle the remaining installments in cash. Accordingly, a liability was established of $14.8 million at inception within other current liabilities on our condensed consolidated balance sheets, with a corresponding reduction to additional paid-in capital, measured at the present value of the remaining amount payable. The liability is accreted to its settlement amount over the term of the Repurchase Agreement, with the accretion recognized as interest expense. Direct costs of $0.2 million, which were primarily legal fees incurred in connection with the stock repurchase, were recorded as a reduction to additional paid-in capital in our condensed consolidated balance sheet as of June 30, 2026.

We evaluated the Repurchase Agreement under ASC 480, Distinguishing Liabilities from Equity. The Repurchase Agreement is a freestanding financial instrument that obligates us to repurchase a fixed number of its own shares at a fixed price of $1.05 per share, with settlement required in cash. Accordingly, we classified the obligation to repurchase the shares remaining under the payment schedule as a liability in accordance with ASC 480-10-25-8, rather than as equity or as an off-balance-sheet commitment. Because both the amount payable and the settlement dates are fixed, the liability is measured at the present value of the amounts to be paid under the remaining installments and is subsequently accreted to its settlement amount through interest expense over the term of the agreement, using the interest rate implicit in the arrangement at inception, in accordance with ASC 480-10-35-3(a). The liability is not remeasured to fair value through earnings. The 1,904,762 shares repurchased and settled at the initial closing under the Repurchase Agreement were returned to the Company as treasury shares. In the event we do not satisfy the remaining repurchase obligations under the Repurchase Agreement, certain of our affiliated stockholders are obligated to satisfy such obligations pursuant to a backstop agreement.

Interest expense recognized in relation to the accretion of the repurchase liability under the Repurchase Agreement for the three months ended June 30, 2026 was immaterial. As of June 30, 2026, the carrying amount of the liability was $14.8 million, representing the present value of the remaining $15.4 million of contractually scheduled installment payments due through December 31, 2026 pursuant to the Repurchase Agreement. Refer to Note 17, Related Party Transactions, for additional information.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

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 June 30, 2026 and December 31, 2025, the amounts reported approximate fair value (Level 1) due to their short-term nature. For debt, based upon the terms of our senior secured credit facility, including amendments through 2026, we believe that its carrying value at June 30, 2026 and December 31, 2025 approximates fair value, as our debt is variable-rate debt that reprices to current market rates frequently. Refer to Note 8, 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):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Liabilities
Contingent consideration liability	$	—	$	—	$	453	$	453


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Liabilities
Contingent consideration liability	$	—	$	—	$	618	$	618

There were no transfers of financial instruments between Level 1, Level 2, and Level 3 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 originally acquired to build our creator platform, and represents the fair value for shares which may still be issued and cash which may be paid to the GlowUp sellers, subject to certain indemnification obligations that remained unsettled as of June 30, 2026 and December 31, 2025. The entire $0.5 million contingent consideration liability outstanding as of June 30, 2026 was fully settled in July 2026 through the release of common stock and a cash payment to the former GlowUp investors. Refer to Note 19, Subsequent Events, for details.

The fair value of such shares is remeasured each reporting date using the Company’s stock price as of each reporting date. We classified financial liabilities associated with the contingent consideration as Level 3 due to the lack of relevant observable inputs. Changes in assumptions described above could have an impact on the payout of contingent consideration.

The following table provides a roll-forward of the fair value of the liabilities categorized as Level 3 for the six months ended June 30, 2026 (in thousands):


	Contingent Consideration
Balance at December 31, 2025	$	618
Change in fair value	(165)
Balance at June 30, 2026	$	453

The decrease in the fair value of the contingent consideration for the six months ended June 30, 2026 was primarily due to the decrease in the price per share of our common stock.

Assets Held for Sale

We began the sale of artwork assets in the fourth quarter of 2023, but they were not fully disposed of as of December 31, 2025, and as such were classified as current assets held for sale in our condensed consolidated balance sheets as of December 31, 2025.

In the second quarter of 2026, we decided to cease sales of our artwork assets. Accordingly, the entire artwork balance of $3.1 million is no longer classified as held for sale and has been reclassified to a held-and-used long-lived assets within Other Noncurrent Assets in our condensed consolidated balance sheet as of June 30, 2026.

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. There were no impairment charges on our artwork held for sale recorded during the three months ended June 30, 2025. We recorded $0.3 million of impairment charges related to our artwork held for sale during the six months ended June 30, 2025. There were no impairment indicators with respect to our artwork held for sale during the three and six months ended June 30, 2026. Our artwork assets ceased being classified as held for sale as of June 30, 2026, as described above.

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, we record assets and liabilities at fair value on a nonrecurring basis. Generally, our non-financial instruments, which primarily consist of goodwill, intangible 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.

During the three months ended June 30, 2025, we recorded impairment charges of $1.5 million on our right-of-use assets related to our corporate leases and wrote off certain of our property, plant and equipment items in the amount of $0.4 million as a result of our decision to sublease certain of our corporate office space. There were no impairment charges to our long-lived and indefinite-lived assets during the three and six months ended June 30, 2026.

Series B Convertible Preferred Stock

The fair value of our only currently authorized preferred stock, which was not issued or outstanding as of June 30, 2026 or December 31, 2025 (our “Series B Convertible Preferred Stock”), was initially measured as of November 13, 2024 (the initial issuance date) and 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 was 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. No subsequent fair value remeasurement was required.

Our Series B Convertible Preferred Stock, previously classified as mezzanine equity in our condensed consolidated balance sheets, was fully converted as of August 22, 2025, and as a result, all outstanding shares of our Series B Convertible Preferred Stock were eliminated. Refer to Note 11, Convertible Preferred Stock, for further information.

- 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

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+ Details

Convertible Preferred Stock	6 Months Ended
Convertible Preferred Stock	Jun. 30, 2026
Equity [Abstract]
Convertible Preferred Stock	Convertible 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, 28,001 shares are designated as “Series B Convertible Preferred Stock”. On November 13, 2024, pursuant to the Exchange Agreement, we issued an aggregate of 28,000.00001 shares of the Series B Convertible Preferred Stock, as consideration in exchange for approximately $6.4 million of Tranche A A&R Term Loans and approximately $58.9 million of Tranche B A&R Term Loans under that certain A&R Credit Agreement. For a more detailed summary of the terms of the Series B Convertible Preferred Stock, refer to Note 12, Preferred Stock, within the notes to our audited consolidated financial statements set forth in our Annual Report on Form 10-K filed with the SEC on March 16, 2026. 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 our common stock, at a conversion price of $1.84956 per share (the “Conversion”), 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. Holders of the Series B Convertible Preferred Stock had their shares converted to common stock on a pro rata basis. The Conversion resulted in a $7.0 million reduction in the carrying amount of the Series B Convertible Preferred Stock, and we recognized $0.8 million and $2.3 million of accretion to the Series B Convertible Preferred Stock’s redemption value during the three and six months ended June 30, 2025, respectively, resulting in a $19.1 million mezzanine equity balance in our condensed consolidated balance sheet as of June 30, 2025. On August 22, 2025, we completed the conversion of all remaining 21,000.00001 outstanding shares of Series B Convertible Preferred Stock into 12,439,730 shares of our common stock, at a conversion price of $1.74448 per share (the “Second Conversion”), in accordance with the terms of the Series B Convertible Preferred Stock. As a result of the Second Conversion, we no longer had any shares of preferred stock issued or outstanding.

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

The following table sets forth our debt (in thousands):


	June 30, 2026		December 31, 2025
Term loan, due 2028	$	128,861	$	143,861
Plus: capitalized payment-in-kind interest	16,054		16,054
Total debt	144,915		159,915
Plus: unamortized debt premium, net	11,934		15,116
Less: unamortized debt issuance costs	(845)		(862)
Total debt, net of unamortized debt issuance costs and debt premium, net	156,004		174,169
Less: current portion of long-term debt	—		(1,524)
Total debt, net of current portion	$	156,004	$	172,645

Term Loan

Refer to Note 9, Debt, within the notes to our audited consolidated financial statements set forth in our Annual Report on Form 10-K, filed with the SEC on March 16, 2026, for details regarding our A&R Credit Agreement for periods prior to the second quarter of 2025.

On August 11, 2025, we entered into Amendment No. 5 to the A&R Credit Agreement (the “A&R Fifth Amendment”). The A&R Fifth Amendment revised the definition of Consolidated EBITDA in the A&R Credit Agreement to allow for $2.4 million of non-cash rent expense related to our Miami Beach office lease to be added back when calculating such Consolidated EBITDA for applicable periods. The other terms of the A&R Credit Agreement prior to the A&R Fifth Amendment remained substantively unchanged.

On November 10, 2025, we entered into Amendment No. 6 to the A&R Credit Agreement (the “A&R Sixth Amendment”). The A&R Sixth Amendment, among other things, (i) extended the maturity of the A&R Credit Agreement to May 25, 2028, (ii) provided that the cash interest rate would be reduced by 0.15% or 0.50% in the event of certain prepayments of $25 million and $50 million, respectively (both of which did not occur), and (iii) provided that upon the first such prepayment made on the terms and conditions set forth in the A&R Sixth Amendment, the total net leverage ratio would be set at 9.00:1.00 for the quarter ending June 30, 2026, and step down over time until the ratio reaches 7.25:1.00 for the quarter ending December 31, 2027 and any subsequent quarter. The other terms of the A&R Credit Agreement prior to the A&R Sixth Amendment remained substantively unchanged.

On February 9, 2026, we entered into Amendment No. 7 to the A&R Credit Agreement (the “A&R Seventh Amendment”) to, substantially concurrently with New China JV Initial Closing, amend the terms of the A&R Credit Agreement, to, among other things: (i) permit the New China JV transactions, (ii) permit the contribution of certain intellectual property from us to the New China JV at the second closing pursuant to the Purchase Agreement (as defined in Note 9), and (iii) provide for additional representations, covenants, and mandatory prepayments of our loans under the A&R Credit Agreement (including the entire $45,000,000 Purchase Price and an additional $6.666 million from us). Refer to Note 9, Variable Interest Entity, below for definitions of capitalized terms used in, but not defined in, this paragraph.

We performed an assessment of the A&R Seventh Amendment, on a lender-by-lender basis, and accounted for the transaction as a debt modification. As a result of the A&R Seventh Amendment, fees of $0.3 million were expensed as incurred and recorded in Other income, net in the condensed consolidated statement of operations for the first quarter of 2026. Debt issuance costs capitalized as a result of the A&R Seventh Amendment were $0.2 million.

Concurrently with entering into the Repurchase Agreement, defined and described in Note 10, Stockholders’ Equity, we also entered into Amendment No. 8 to the A&R Credit Agreement (the “A&R Eighth Amendment”) to obtain lender consent for the Repurchase Agreement and related transactions. Refer also to Note 17, Related Party Transactions, for additional details. The A&R Eighth Amendment did not modify the pricing, maturity, or financial covenants of the A&R Credit Agreement. Costs incurred in connection with the A&R Eighth Amendment of approximately $0.1 million were recognized as other expense in our condensed consolidated statements of operations for the three months ended June 30, 2026.

The stated interest rate of each of Tranche A and Tranche B of the term loans under the A&R Credit Agreement (the “A&R Term Loans”) as of June 30, 2026 was 10.09%. The stated interest rate of each of Tranche A and Tranche B of the A&R Term Loans as of December 31, 2025 was 10.08%. The effective interest rate of Tranche A and Tranche B of the A&R Term Loans as of June 30, 2026 was 2.93% and 5.74%, respectively. The effective interest rate of Tranche A and Tranche B of the A&R Term Loans as of December 31, 2025 was 3.88% and 6.34%, respectively.

We were in compliance with applicable financial covenants under the terms of the A&R Credit Agreement and its amendments as of June 30, 2026 and December 31, 2025.

The following table sets forth maturities of the principal amount of our A&R Term Loans as of June 30, 2026 (in thousands):


Remainder of 2026	$	—
2027	18,300
2028	126,615
Total	$	144,915

- 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.

+ References

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+ Details

Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	$ 31,218	$ 28,148	$ 61,454	$ 57,023
Point in time
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	19,685	16,572	38,589	33,149
Over time
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	11,533	11,576	22,865	23,874
Consumer products
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	19,680	16,503	38,578	32,867
Trademark licensing
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	11,169	10,932	22,101	22,383
Digital subscriptions and products
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	364	644	764	1,553
Events and sponsorships
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	5	69	11	220
Corporate
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	307	135	445	382
Corporate \| Consumer products
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	193	10	244	43
Corporate \| Trademark licensing
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	0	0	0	0
Corporate \| Digital subscriptions and products
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	109	56	190	119
Corporate \| Events and sponsorships
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	5	69	11	220
All Other
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	255	588	574	1,434
All Other \| Consumer products
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	0	0	0	0
All Other \| Trademark licensing
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	0	0	0	0
All Other \| Digital subscriptions and products
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	255	588	574	1,434
All Other \| Events and sponsorships
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	0	0	0	0
Direct-to-Consumer \| Operating Segments
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	19,487	16,493	38,334	32,824
Direct-to-Consumer \| Operating Segments \| Consumer products
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	19,487	16,493	38,334	32,824
Direct-to-Consumer \| Operating Segments \| Trademark licensing
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	0	0	0	0
Direct-to-Consumer \| Operating Segments \| Digital subscriptions and products
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	0	0	0	0
Direct-to-Consumer \| Operating Segments \| Events and sponsorships
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	0	0	0	0
Licensing \| Operating Segments
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	11,169	10,932	22,101	22,383
Licensing \| Operating Segments \| Consumer products
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	0	0	0	0
Licensing \| Operating Segments \| Trademark licensing
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	11,169	10,932	22,101	22,383
Licensing \| Operating Segments \| Digital subscriptions and products
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	0	0	0	0
Licensing \| Operating Segments \| Events and sponsorships
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Product and Service, Revenue [Line Items]
Net revenues	$ 0	$ 0	$ 0	$ 0

Segments - Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Total revenues	$ 31,218	$ 28,148	$ 61,454	$ 57,023
United States
Segment Reporting [Line Items]
Total revenues	9,672	8,833	20,238	18,820
Australia
Segment Reporting [Line Items]
Total revenues	7,988	6,840	15,122	13,478
Luxembourg
Segment Reporting [Line Items]
Total revenues	5,000	5,000	10,000	10,000
United Kingdom
Segment Reporting [Line Items]
Total revenues	3,446	2,949	6,298	5,590
China
Segment Reporting [Line Items]
Total revenues	3,018	3,180	6,030	6,376
Other
Segment Reporting [Line Items]
Total revenues	$ 2,094	$ 1,346	$ 3,766	$ 2,759

- 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

+ Details

- 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
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

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 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventory, Net	6 Months Ended
Inventory, Net	Jun. 30, 2026
Inventory Disclosure [Abstract]
Inventory, Net	Inventory, NetAs of June 30, 2026 and December 31, 2025, our inventory, net, was comprised of merchandise finished goods and is stated at the lower of cost (specific cost and first-in, first-out) and net realizable value. Reserves for slow-moving and obsolete inventory amounted to $3.6 million and $3.3 million as of June 30, 2026 and December 31, 2025, respectively.

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Artwork assets, noncurrent		$ 3,100		$ 3,100
Impairment on right-of-use assets			$ 1,500
Impairment charges			400
Impairments		0	1,541	0	$ 1,842
Disposal Group, Held-for-sale, Not Discontinued Operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges		$ 0	$ 0	$ 0	$ 300
Subsequent Event \| Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settlement of liability	$ 500

Variable Interest Entity - Consolidated Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 31,853	$ 37,801	$ 19,624
Restricted cash	5,288		$ 2,120
Prepaid expenses and other current assets	9,555	7,425
Other	3,721	922
Total assets	288,851	292,372
Liabilities
Deferred revenues, current portion	9,462	11,015		$ 9,693
Other current liabilities and accrued expenses	31,780	31,919
Deferred revenues, net of current portion	12,026	14,252		$ 5,762
Other	2,377	2,326
Total liabilities	266,203	$ 274,205
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents	5,986
Restricted cash	2,030
Prepaid expenses and other current assets	1,929
Other	536
Total assets	10,481
Liabilities
Deferred revenues, current portion	1,853
Other current liabilities and accrued expenses	2,943
Deferred revenues, net of current portion	1,031
Other	125
Total liabilities	$ 5,952

Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

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:


	Three and Six Months Ended June 30,
	2026	2025
Options	1,997,466	1,997,466
Unvested restricted stock units	6,506,782	4,167,904
Total	8,504,248	6,165,370

Schedule of Earnings Per Share, Basic and Diluted

The following table shows the computation of basic and diluted net income per common share for the three months ended June 30, 2026 (in thousands, except per share amounts):


	Three Months Ended June 30, 2026
Numerator:
Net income	$	198
Net income - basic and diluted	$	198

Denominator:
Weighted-average shares outstanding - basic and diluted	114,695,987

Net income per common share - basic and diluted	$	—

Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2026	$ 4,144
2027	6,567
2028	4,198
2029	3,682
2030	2,402
Thereafter	6,989
Total undiscounted lease payments	27,982
Less: imputed interest	(6,550)
Total operating lease liabilities	21,432
Operating lease liabilities, current portion	6,863	$ 7,406
Operating lease liabilities, noncurrent portion	$ 14,569	$ 14,770

Revenue Recognition - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 6,514	$ 4,120		$ 7,271
Contract Balances:
Contract assets, current portion	2,834	1,733		1,531
Contract assets, net of current portion	7,806	7,467		7,848
Contract liabilities, current portion	(9,462)	(11,015)		(9,693)
Contract liabilities, net of current portion	(12,026)	(14,252)		(5,762)
Contract assets (liabilities), net	$ (10,848)	$ (16,067)	$ 2,456	$ (6,076)

Segments

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segments

As of June 30, 2026, we had two reportable segments: Direct-to-Consumer and Licensing. The Direct-to-Consumer segment derives revenue from sales of consumer products sold directly to customers online or at brick-and-mortar stores through our lingerie business, Honey Birdette, with 48 stores in three countries as of June 30, 2026. The Licensing segment derives revenue from trademark licenses for third-party consumer products and location-based entertainment businesses, minimum guaranteed royalties from licensing certain intellectual property and the operation of our Playboy Plus, Playboy TV (online and linear) and Playboy Club digital businesses to Byborg pursuant to the LMA.

The “All Other” column for the three and six months ended June 30, 2026 includes amortization of deferred revenue balances related to the previously reported digital subscriptions and content operations that existed as of December 31, 2024 (prior to the LMA effective date of January 1, 2025), which will be recognized over the next four years.

The “All Other” column for the three and six months ended June 30, 2025 includes amortization of deferred revenue balances related to our previously reported digital subscriptions and content operations that existed as of December 31, 2024 (prior to the LMA effective date of January 1, 2025), the write-off of certain previously capitalized content expenses and transition expenses incurred pursuant to the TSA.

Revenues and expenses associated with Playboy magazine, sales of access to our iPlayboy archives and events and sponsorships were not allocated to segments for the three months ended June 30, 2026 and 2025, and were instead presented in our corporate revenue and expense allocations as activities associated with brand marketing and awareness.

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 is the measure of segment operating loss most consistent with 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” operations are no longer reviewed by our CODM due to their transition into a licensing model pursuant to the LMA. The “Corporate” line item in the tables below includes operating revenues and expenses that are not allocated to the reportable segments presented to our CODM. These revenues are associated with brand marketing and awareness, and include payments from subscribers for access to our iPlayboy archives, revenues from Playboy magazine and events and sponsorships. Corporate expenses include legal, human resources, information technology and facilities, accounting/finance and brand marketing costs. Expenses associated with Playboy magazine, events and sponsorships are included in brand marketing costs. 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 financial information by reportable segment and attributable to corporate and certain other activities (in thousands):


	Three Months Ended June 30,
	2026						2025
	Direct-to-Consumer	Licensing	Corporate	All Other	Total		Direct-to-Consumer		Licensing		Corporate		All Other(2)		Total
Net revenues	19,487	11,169	307	255	31,218		$	16,493	$	10,932	$	135	$	588	$	28,148
Cost of sales(1)	(6,808)	(475)	(1,113)	—	(8,396)		(6,835)		(2,503)		—		(401)		(9,739)
Gross profit	12,679	10,694	(806)	255	22,822		9,658		8,429		135		187		18,409
Personnel	(4,884)	(308)	(5,576)	—	(10,768)		(4,806)		(1,190)		(4,793)		(603)		(11,392)
Rent	(1,841)	—	(301)	—	(2,142)		(1,702)		(5)		(498)		—		(2,205)
Marketing	(1,637)	(14)	(186)	—	(1,837)		(1,336)		(9)		(29)		—		(1,374)
Transaction expenses	—	—	(155)	—	(155)		—		—		—		—		—
Other segment items(3)	(4,298)	(817)	170	—	(4,945)		(2,564)		(1,673)		(4,740)		(344)		(9,321)
Operating income (loss)	19	9,555	(6,854)	255	2,975		(750)		5,552		(9,925)		(760)		(5,883)
Interest expense					(2,218)										(1,907)
Other nonoperating income, net					500										1,000
Income (loss) before income taxes					$	1,257									$	(6,790)
_________________ (1) Direct-to-consumer cost of sales includes an immaterial amount of personnel and rent for the three months ended June 30, 2026 and 2025.
(2) For the three months ended June 30, 2025, transition expenses associated with the digital businesses licensed to Byborg, which we were responsible for during the transition period pursuant to the TSA, were $1.2 million, with $0.4 million recorded as cost of sales and $0.8 million recorded as selling and administrative expenses in the condensed consolidated statements of operations for the three months ended June 30, 2025.
(3) Includes intercompany management fee expense allocations of $2.5 million and $0.9 million from our direct-to-consumer segment to our corporate segment, which eliminate upon consolidation, for the three months ended June 30, 2026 and 2025, respectively.


	Six Months Ended June 30,
	2026						2025
	Direct-to-Consumer	Licensing	Corporate	All Other	Total		Direct-to-Consumer		Licensing		Corporate		All Other(2)		Total
Net revenues	38,334	22,101	445	574	61,454		$	32,824	$	22,383	$	382	$	1,434	$	57,023
Cost of sales(1)	(14,861)	(1,966)	(1,113)	—	(17,940)		(13,742)		(3,099)		—		(1,951)		(18,792)
Gross profit	23,473	20,135	(668)	574	43,514		19,082		19,284		382		(517)		38,231
Personnel	(9,598)	(691)	(9,773)	—	(20,062)		(9,153)		(1,784)		(10,536)		(3,308)		(24,781)
Rent	(3,691)	—	(496)	—	(4,187)		(3,421)		(12)		(1,119)		—		(4,552)
Marketing	(3,457)	(26)	(320)	—	(3,803)		(2,798)		(29)		(607)		(34)		(3,468)
Transaction expenses	—	—	(3,364)	—	(3,364)		—		—		—		—		—
Other segment items(3)	(5,145)	(1,944)	(3,675)	—	(10,764)		(4,990)		(2,950)		(8,406)		(1,227)		(17,573)
Operating income (loss)	1,582	17,474	(18,296)	574	1,334		(1,280)		14,509		(20,286)		(5,086)		(12,143)
Interest expense					(4,717)										(3,795)
Other nonoperating income, net					1,527										1,202
Loss before income taxes					$	(1,856)									$	(14,736)
_________________ (1) Direct-to-consumer cost of sales includes an immaterial amount of personnel and rent for the six months ended June 30, 2026 and 2025.
(2) For the six months ended June 30, 2025, transition expenses associated with the digital businesses licensed to Byborg, which we were responsible for during the transition period pursuant to the TSA, reached the $5.0 million threshold of expenses payable by us, with $1.7 million recorded as cost of sales and $3.3 million recorded as selling and administrative expenses in our condensed consolidated statements of operations for the six months ended June 30, 2025.
(3) Includes intercompany management fee expense allocations of $2.1 million and $1.8 million from our direct-to-consumer segment to our corporate segment, which eliminate upon consolidation, for the six months ended June 30, 2026 and 2025.

Other segment items for the three and six months ended June 30, 2026 and 2025 were primarily comprised of the following:

Direct-to-Consumer: outside consulting and legal fees, as well as technology and equipment expenses.

Licensing: expenses that were attributable to our former China joint venture (for the 2025 period only), outside consulting expenses and legal fees.

Corporate: outside consulting expenses, audit, tax, and legal fees, information technology and software costs, insurance expense, as well as net changes in the fair value of contingent consideration and other miscellaneous corporate operating costs.

Prior year comparative periods also include non-cash impairment charges related to our corporate leases and artwork held for sale, which did not recur during the three and six months ended June 30, 2026. For the three months ended June 30, 2025, we recorded $1.5 million of impairment charges on our right-of-use assets related to our corporate leases. For the six months ended June 30, 2025, we recorded $1.8 million of impairment charges, comprised of the $1.5 million right-of-use asset impairment recognized in the second quarter of 2025 and $0.3 million of impairment charges on our artwork held for sale recognized in the first quarter of 2025.

All Other: these only apply to the 2025 period and included outside consulting expenses, as well as technology and equipment expense.

Geographic Information

Revenue by geography is based on where the customer is located. The following table sets forth revenue by geographic area (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net revenues:
United States	$	9,672	$	8,833	$	20,238	$	18,820
Australia	7,988		6,840		15,122		13,478
Luxembourg	5,000		5,000		10,000		10,000
United Kingdom	3,446		2,949		6,298		5,590
China	3,018		3,180		6,030		6,376
Other	2,094		1,346		3,766		2,759
Total	$	31,218	$	28,148	$	61,454	$	57,023

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

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+ Details

Segments - Narrative (Details) $ in Thousands	3 Months Ended			6 Months Ended
Segments - Narrative (Details) $ in Thousands	Jun. 30, 2026 USD ($) store country	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2026 USD ($) segment store country	Jun. 30, 2025 USD ($)	Dec. 31, 2024
Segment Reporting [Line Items]
Number of reportable segments \| segment				2
Impairment on right-of-use assets		$ 1,500
Impairments	$ 0	1,541		$ 0	$ 1,842
Disposal Group, Held-for-sale, Not Discontinued Operations
Segment Reporting [Line Items]
Impairment charges	$ 0	0		$ 0	300
Corporate
Segment Reporting [Line Items]
Impairment on right-of-use assets		$ 1,500
Impairments					$ 1,800
Corporate \| Disposal Group, Held-for-sale, Not Discontinued Operations
Segment Reporting [Line Items]
Impairment charges			$ 300
Digital subscriptions and products \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Segment Reporting [Line Items]
Revenue, remaining performance obligation, period						4 years
Honey Birdette
Segment Reporting [Line Items]
Number of stores \| store	48			48
Number of countries \| country	3			3

Basis of Presentation and Summary of Significant Accounting Policies - Gift Card Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenues, current portion	$ 9,462	$ 11,015	$ 9,693
Gift Card
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenues, current portion	$ 1,500	$ 1,600	$ 1,700
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Gift card expiration period	3 years
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Gift card expiration period	5 years

Segments (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting

The following table sets forth financial information by reportable segment and attributable to corporate and certain other activities (in thousands):


	Three Months Ended June 30,
	2026						2025
	Direct-to-Consumer	Licensing	Corporate	All Other	Total		Direct-to-Consumer		Licensing		Corporate		All Other(2)		Total
Net revenues	19,487	11,169	307	255	31,218		$	16,493	$	10,932	$	135	$	588	$	28,148
Cost of sales(1)	(6,808)	(475)	(1,113)	—	(8,396)		(6,835)		(2,503)		—		(401)		(9,739)
Gross profit	12,679	10,694	(806)	255	22,822		9,658		8,429		135		187		18,409
Personnel	(4,884)	(308)	(5,576)	—	(10,768)		(4,806)		(1,190)		(4,793)		(603)		(11,392)
Rent	(1,841)	—	(301)	—	(2,142)		(1,702)		(5)		(498)		—		(2,205)
Marketing	(1,637)	(14)	(186)	—	(1,837)		(1,336)		(9)		(29)		—		(1,374)
Transaction expenses	—	—	(155)	—	(155)		—		—		—		—		—
Other segment items(3)	(4,298)	(817)	170	—	(4,945)		(2,564)		(1,673)		(4,740)		(344)		(9,321)
Operating income (loss)	19	9,555	(6,854)	255	2,975		(750)		5,552		(9,925)		(760)		(5,883)
Interest expense					(2,218)										(1,907)
Other nonoperating income, net					500										1,000
Income (loss) before income taxes					$	1,257									$	(6,790)
_________________ (1) Direct-to-consumer cost of sales includes an immaterial amount of personnel and rent for the three months ended June 30, 2026 and 2025.
(2) For the three months ended June 30, 2025, transition expenses associated with the digital businesses licensed to Byborg, which we were responsible for during the transition period pursuant to the TSA, were $1.2 million, with $0.4 million recorded as cost of sales and $0.8 million recorded as selling and administrative expenses in the condensed consolidated statements of operations for the three months ended June 30, 2025.
(3) Includes intercompany management fee expense allocations of $2.5 million and $0.9 million from our direct-to-consumer segment to our corporate segment, which eliminate upon consolidation, for the three months ended June 30, 2026 and 2025, respectively.


	Six Months Ended June 30,
	2026						2025
	Direct-to-Consumer	Licensing	Corporate	All Other	Total		Direct-to-Consumer		Licensing		Corporate		All Other(2)		Total
Net revenues	38,334	22,101	445	574	61,454		$	32,824	$	22,383	$	382	$	1,434	$	57,023
Cost of sales(1)	(14,861)	(1,966)	(1,113)	—	(17,940)		(13,742)		(3,099)		—		(1,951)		(18,792)
Gross profit	23,473	20,135	(668)	574	43,514		19,082		19,284		382		(517)		38,231
Personnel	(9,598)	(691)	(9,773)	—	(20,062)		(9,153)		(1,784)		(10,536)		(3,308)		(24,781)
Rent	(3,691)	—	(496)	—	(4,187)		(3,421)		(12)		(1,119)		—		(4,552)
Marketing	(3,457)	(26)	(320)	—	(3,803)		(2,798)		(29)		(607)		(34)		(3,468)
Transaction expenses	—	—	(3,364)	—	(3,364)		—		—		—		—		—
Other segment items(3)	(5,145)	(1,944)	(3,675)	—	(10,764)		(4,990)		(2,950)		(8,406)		(1,227)		(17,573)
Operating income (loss)	1,582	17,474	(18,296)	574	1,334		(1,280)		14,509		(20,286)		(5,086)		(12,143)
Interest expense					(4,717)										(3,795)
Other nonoperating income, net					1,527										1,202
Loss before income taxes					$	(1,856)									$	(14,736)
_________________ (1) Direct-to-consumer cost of sales includes an immaterial amount of personnel and rent for the six months ended June 30, 2026 and 2025.
(2) For the six months ended June 30, 2025, transition expenses associated with the digital businesses licensed to Byborg, which we were responsible for during the transition period pursuant to the TSA, reached the $5.0 million threshold of expenses payable by us, with $1.7 million recorded as cost of sales and $3.3 million recorded as selling and administrative expenses in our condensed consolidated statements of operations for the six months ended June 30, 2025.
(3) Includes intercompany management fee expense allocations of $2.1 million and $1.8 million from our direct-to-consumer segment to our corporate segment, which eliminate upon consolidation, for the six months ended June 30, 2026 and 2025.

Schedule of Geographic Information

The following table sets forth revenue by geographic area (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net revenues:
United States	$	9,672	$	8,833	$	20,238	$	18,820
Australia	7,988		6,840		15,122		13,478
Luxembourg	5,000		5,000		10,000		10,000
United Kingdom	3,446		2,949		6,298		5,590
China	3,018		3,180		6,030		6,376
Other	2,094		1,346		3,766		2,759
Total	$	31,218	$	28,148	$	61,454	$	57,023

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Variable Interest Entity - Narrative (Details) - USD ($) $ in Thousands				1 Months Ended	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2026	Mar. 20, 2026	Feb. 09, 2026	Apr. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jan. 04, 2027	Jan. 04, 2028	Dec. 31, 2025
Variable Interest Entity [Line Items]
Repayments of long-term debt								$ 15,000	$ 0
Selling and administrative expenses					$ 19,756		$ 22,366	42,990	47,763
Cost of sales					8,396		$ 9,739	17,940	$ 18,792
Brand support advance payment from UTG	$ 2,421				2,421			2,421				$ 0
UTG Brands Management Group Limited
Variable Interest Entity [Line Items]
Selling and administrative expenses					300			300
Brand support services reimbursement annual cap, year one								4,000
Brand support services reimbursement annual cap, year two								4,000
Brand support services reimbursement annual cap, year three								2,000
Proceeds from brand services agreement						$ 4,000
Cost of sales					1,300			1,300
Brand support advance payment from UTG	$ 2,400				2,400			2,400
A&R Term Loans \| Term Loan
Variable Interest Entity [Line Items]
Repayments of long-term debt						15,000
Variable Interest Entity, Primary Beneficiary \| New China JV
Variable Interest Entity [Line Items]
Proceeds from sale of business		$ 9,000
Consideration from sale of stock		$ 15,003
Variable interest entity ownership percentage	83.33%	83.33%
Selling and administrative expenses					100			2,900
Minimum distribution, year one			$ 10,000
Minimum distribution, year two			9,000
Minimum distribution, year three			8,000
Minimum distribution, year four			8,000
Minimum distribution, year five			8,000
Minimum distribution, year six			8,000
Minimum distribution, year seven			8,000
Minimum distribution, year eight			$ 8,000
Noncontrolling interest capital contribution received				$ 2,400
Distribution preferential allocation	$ 67,000				$ 67,000			$ 67,000
Variable Interest Entity, Primary Beneficiary \| New China JV \| UTG Brands Management Group Limited
Variable Interest Entity [Line Items]
Noncontrolling interest capital contribution						$ 2,400
Variable Interest Entity, Primary Beneficiary \| New China JV \| Common Class B
Variable Interest Entity [Line Items]
Shares sold in offering (in shares)		334
Consideration from sale of stock		$ 3,006
Variable Interest Entity, Primary Beneficiary \| New China JV \| Common Class B \| Forecast
Variable Interest Entity [Line Items]
Shares sold in offering (in shares)										1,667	1,666
Consideration from sale of stock										$ 15,003	$ 14,994
Variable Interest Entity, Primary Beneficiary \| New China JV \| UTG Brands Management Group Limited
Variable Interest Entity [Line Items]
Variable interest entity, ultimate ownership interest			50.00%
Variable interest entity, ultimate aggregate purchase price			$ 45,000
Variable interest entity ownership percentage	16.67%	16.67%
Variable Interest Entity, Primary Beneficiary \| New China JV \| New China JV \| Common Class B
Variable Interest Entity [Line Items]
Shares sold in offering (in shares)		1,333
Consideration from sale of stock		$ 11,997

Stockholders’ Equity - Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	19,730,744	9,531,316
Shares available for grant under equity incentive plans
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	10,056,895	1,160,627
Options issued and outstanding under equity incentive plans
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	1,997,466	1,997,466
Unvested restricted stock units
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	6,506,782	4,121,525
Vested restricted stock units not yet settled
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	920,485	2,002,582
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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 27: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 31: 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 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Severance Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025
Restructuring and Related Activities [Abstract]
Severance costs	$ 0.3	$ 2.6

Severance Costs

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Severance Costs

Severance and related employee benefits costs incurred during the three and six months ended June 30, 2026 were immaterial. During the three and six months ended June 30, 2025, we incurred severance and related employee benefits costs of $0.3 million and $2.6 million, respectively, due to the reduction of headcount as we continued to shift our business to a more capital-light model, including the transition of our digital subscriptions and content operations into a licensing model. Severance costs are recorded in selling and administrative expenses in our condensed consolidated statements of operations, and in other current liabilities and accrued expenses in our condensed consolidated balance sheets.


	Employee Separation Costs
Balance at December 31, 2025	$	272
Costs incurred and charged to expense	71
Costs paid or otherwise settled	(293)
Balance at June 30, 2026	$	50

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt	$ 144,915	$ 159,915
Plus: unamortized debt premium, net	11,934	15,116
Less: unamortized debt issuance costs	(845)	(862)
Total debt, net of unamortized debt issuance costs and debt premium, net	156,004	174,169
Less: current portion of long-term debt	0	(1,524)
Total debt, net of current portion	156,004	172,645
Term Loan
Debt Instrument [Line Items]
Total debt	144,915
Term Loan \| Term loan, due 2028
Debt Instrument [Line Items]
Total debt	128,861	143,861
Plus: capitalized payment-in-kind- interest
Debt Instrument [Line Items]
Total debt	$ 16,054	$ 16,054

Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended
	Aug. 22, 2025	Jan. 29, 2025	Nov. 13, 2024	Jun. 30, 2025	Jun. 30, 2025	Jun. 30, 2026	Dec. 31, 2025	Mar. 31, 2025	Jan. 28, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Preferred stock authorized (in shares)						5,000,000
Preferred stock, par value (in dollars per share)						$ 0.0001
Temporary equity, shares outstanding (in shares)				21,000.00001	21,000.00001			21,000.00001		28,000.00001
Conversion of convertible preferred stock					$ 7,000
Preferred stock accretion				$ 756	2,269
Redeemable noncontrolling interest						$ (208)	$ (208)
Term Loan \| Tranche A
Class of Stock [Line Items]
Debt conversion, original debt, amount			$ 6,400
Term Loan \| Tranche B
Class of Stock [Line Items]
Debt conversion, original debt, amount			$ 58,900
Series B Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock authorized (in shares)						28,001
Conversion of stock, shares converted (in dollars per share)	21,000.00001	7,000
Temporary equity, shares outstanding (in shares)		21,000.00001	28,000.00001						28,000.00001
Convertible preferred stock, shares issued upon conversion (in shares)	12,439,730	3,784,688
Preferred stock, conversion price (in dollars per share)	$ 1.74448	$ 1.84956
Conversion of convertible preferred stock				7,000	7,000
Preferred stock accretion				800	2,300
Redeemable noncontrolling interest				$ 19,100	$ 19,100
Series B Convertible Preferred Stock \| Term Loan \| A&R Term Loans
Class of Stock [Line Items]
Convertible debt, number of shares issued			28,000.00001

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Transactions with Byborg On November 5, 2024, The Million S.a.r.l (a subsidiary of Byborg) completed the purchase of 14,900,000 shares of our common stock and became a significant stockholder of the Company as of such date. Thus, both The Million S.a.r.l and Byborg, as well as their affiliates, are considered related parties of the Company. During the three and six months ended June 30, 2026 and 2025, we recognized $5.0 million and $10.0 million, respectively, of minimum guaranteed royalties as licensing revenue pursuant to the LMA. Operating expenses related to Playboy’s licensed digital businesses totaled $3.0 million and $6.8 million during the three and six months ended June 30, 2025, respectively, out of which $1.2 million and $5.0 million were recorded in our condensed consolidated statements of operations for the three and six months ended June 30, 2025, respectively. During the six months ended June 30, 2025, operating expenses of $1.8 million in excess of the $5.0 million of expenses to be covered by us were recorded as a reduction to the Payable to Byborg, net balance as of June 30, 2025, pursuant to the terms of our transition services agreement with Byborg (the “TSA”). As of June 30, 2026, the remittances payable to Byborg totaled $4.0 million. Remittances payable to Byborg pursuant to the LMA as of December 31, 2025 were $2.8 million, the majority of which was paid in the first quarter of 2026. Refer to Note 19, Related Party Transactions, within the notes to our audited consolidated financial statements set forth in our Annual Report on Form 10-K, filed with the SEC on March 16, 2026, for additional details regarding the TSA. Transactions with Our Primary Lender and Its Affiliates On January 29, 2025, we completed the conversion of 7,000 shares of the 28,000.00001 outstanding shares of our then-outstanding Series B Convertible Preferred Stock into 3,784,688 shares of our common stock, at a conversion price of $1.84956 per share in accordance with the terms of the Series B Convertible Preferred Stock. On August 22, 2025, we completed the conversion of all remaining 21,000.00001 outstanding shares of Series B Convertible Preferred Stock into 12,439,730 shares of our common stock, at a conversion price of $1.74448 per share, in accordance with the terms of the Series B Convertible Preferred Stock. As a result of such conversions, a total of 14,008,313 shares of common stock were issued to affiliates of our primary senior secured lender, and our primary senior secured lender and its affiliates became a related party of the Company. Refer to Note 11, Convertible Preferred Stock, for further information on our Series B Convertible Preferred Stock and its conversion resulting in the elimination of all outstanding shares of our Series B Convertible Preferred Stock as of August 22, 2025. Total debt, net of unamortized debt issuance costs and debt premium, attributable to affiliates of our primary senior secured lender under the term loan described in Note 8, Debt, was $141.5 million and $158.0 million as of June 30, 2026 and December 31, 2025, respectively, out of which $141.5 million and $156.6 million was classified as noncurrent as of June 30, 2026 and December 31, 2025, respectively. Accrued interest attributable to affiliates of our primary senior secured lender is included in other current liabilities and accrued expenses in our condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 was $0.3 million and $0.4 million, respectively. The interest expense attributable to affiliates of our primary senior secured lender for the three and six months ended June 30, 2026 was $2.0 million and $4.3 million, respectively. On June 18, 2026, we entered into the Repurchase Agreement with certain affiliates of our primary lender, pursuant to which we agreed to repurchase an aggregate of 16,589,531 shares of our common stock for an aggregate purchase price of $17.4 million, payable in four installments through December 31, 2026. During the three months ended June 30, 2026, we repurchased 1,904,762 shares of common stock under the first installment for $2.0 million in cash. A liability of $14.8 million, representing the present value of the remaining installment obligations, was recorded within other current liabilities in our condensed consolidated balance sheet as of June 30, 2026. We also incurred $0.2 million of legal fees in connection with the Repurchase Agreement, which were recorded as a reduction of additional paid-in capital in our condensed consolidated balance sheet as of June 30, 2026. Upon completion of all installment purchases, the affiliates of our primary lender that are party to the Repurchase Agreement are expected to no longer be affiliates of the Company or significant holders of our common stock. Refer to Note 10, Stockholders’ Equity, for further information about the Repurchase Agreement. Transactions with Significant Stockholders / Director Affiliates In connection with the Repurchase Agreement, on June 18, 2026, we entered into a backstop agreement (the “Backstop Agreement”) with Rizvi Master LLC, an affiliate of Rizvi Traverse Management, LLC and our director Suhail Rizvi, and The Million S.à.r.l., an affiliate of Byborg and our director György Gattyán (collectively, the “Backstop Purchasers”). Each of these parties is a significant stockholder of the Company, holding greater than 10% of our outstanding common stock, and each is an affiliate of a member of the Company’s board of directors. Accordingly, the Backstop Agreement constitutes a related party transaction. Under the Backstop Agreement, the Backstop Purchasers are obligated, on a several and pro rata basis according to their respective percentage obligations (55.4946% for Rizvi Master LLC and 44.5054% for The Million S.à.r.l.), to purchase directly from the sellers, on the same terms and at the same fixed price of $1.05 per share, any shares that we do not purchase under the scheduled installments of the Repurchase Agreement. The backstop commitment excludes the $2.0 million installment paid by us at the initial closing under the Repurchase Agreement and terminates upon the earlier of satisfaction of the commitment, termination of the Repurchase Agreement, or twelve months from the date of the Backstop Agreement. Each Backstop Purchaser’s participation is subject to a beneficial ownership cap of 29.99% of our outstanding common stock. As consideration for the backstop commitment, we are obligated to pay the backstop purchasers a fee equal to 5.0% of the committed amount that is not used to purchase shares, payable in shares of common stock (valued based on the volume-weighted average price for the five trading days preceding the date of the Backstop Agreement) or, if such share settlement would cause a backstop purchaser to exceed the ownership cap, in cash. We have concluded that the backstop fee represents a direct and incremental cost of reacquiring our own shares and is accrued as a reduction to additional paid-in capital as the related shares are repurchased. No backstop fee was earned or accrued as of June 30, 2026, as no backstop purchases had occurred and only the excluded closing installment had been funded by us. Transactions with UTG UTG is considered a related party of the Company as the noncontrolling interest holder in the New China JV, which is a consolidated variable interest entity of the Company, and as the operator of all aspects of our Playboy licensing business in China, Hong Kong and Macau. Refer to Note 9, Variable Interest Entity, for additional details.

- 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

+ Details

Severance Costs - Reconciliation of Beginning and Ending Severance Costs Balances (Details) - Employee Separation Costs $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 272
Costs incurred and charged to expense	71
Costs paid or otherwise settled	(293)
Ending balance	$ 50

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 453	$ 618
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	$ 453	$ 618

Variable Interest Entity

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entity

On February 9, 2026, we entered into a share purchase agreement (the “Purchase Agreement”) with UTG for a new joint venture for the Playboy licensing business in China (the “New China JV”), in which UTG is to ultimately own a 50% interest and operate Playboy’s China licensing business for an aggregate purchase price of $45,000,000 (the “Purchase Price”). Concurrent with the execution of the Purchase Agreement, UTG paid $9,000,000 to us as a signing deposit which was ultimately applied to the Purchase Price as of the New China JV Initial Closing (defined below).

On March 20, 2026 (the “Initial Closing Date”), the initial closing pursuant to the Purchase Agreement (the “New China JV Initial Closing”) occurred, and the New China JV was established. On the Initial Closing Date, the New China JV issued and sold 1,333 class B ordinary shares of the New China JV (“Class B Shares”) to UTG for aggregate consideration of $11,997,000, which was concurrently distributed to us, and we sold and transferred to UTG 334 Class B Shares for aggregate consideration of $3,006,000, for total aggregate consideration to us at the New China JV Initial Closing of $15,003,000. At the second closing under the Purchase Agreement (to occur on or before January 4, 2027), we will sell and transfer to UTG 1,667 Class B Shares for aggregate consideration of $15,003,000, and, at the third closing under the Purchase Agreement (to occur on or before January 4, 2028), we will sell and transfer to UTG 1,666 Class B Shares for aggregate consideration of $14,994,000. The full proceeds from the initial, second, and third closings pursuant to the Purchase Agreement are being used for the repayment of debt. We repaid $15.0 million of our senior secured debt from Purchase Price proceeds in the first quarter of 2026.

As of the Initial Closing Date and June 30, 2026, we owned 83.33% and UTG owned 16.67% of the New China JV. While we retain majority control of the New China JV, UTG manages all operational aspects of Playboy’s licensing business in China, Hong Kong and Macau.

During the three months and six months ended June 30, 2026, we incurred $0.1 million and $2.9 million, respectively, of transaction expenses in connection with the formation of the New China JV, including legal, advisory and other professional fees during the three and six months ended June 30, 2026. These costs are included in selling and administrative expenses in our condensed consolidated statements of operations for the three months and six months ended June 30, 2026.

New China JV Minimum Distributions

Pursuant to the establishment of the New China JV, we are entitled to receive annual minimum distributions of $10,000,000 in 2026, $9,000,000 in 2027 and $8,000,000 in each year from 2028 through and including 2033, in each case, to be paid to us semi-annually. To the extent the New China JV does not have sufficient available cash or earnings to fund such distributions, UTG is contractually obligated to contribute the shortfall amount to the New China JV, which will then distribute such amount to us.

As the New China JV did not have sufficient earnings to fund the entire required dividend distribution due as of the Initial Closing Date, UTG was required to, and did, contribute $2.4 million to the New China JV (the “Noncontrolling Interest Capital Contribution”) pursuant to the terms of the shareholders agreement for the New China JV (the “JV Shareholders Agreement”). The Noncontrolling Interest Capital Contribution of $2.4 million was received from UTG in April 2026.

Brand Support Services Agreement

Under the terms of the BSSA between UTG and us, UTG will pay us for brand support services up to an annual cap (the “Annual Cap”) of (i) $4,000,000 for services provided in the first contract year, (ii) $4,000,000 for services provided in the second contract year, and (iii) $2,000,000 for services provided in the third contract year.

During the first quarter of 2026, we received a $4.0 million advance payment from UTG representing the full Annual Cap for the first contract year under the BSSA. During the second quarter of 2026, we applied a portion of the advance against related brand expenses as they were incurred, recording $1.3 million within cost of sales and $0.3 million within selling and administrative expenses in our condensed consolidated statements of operations for both the three and six months ended June 30, 2026. The remaining unapplied advance of $2.4 million was recorded in other current liabilities and accrued expenses on the condensed consolidated balance sheet as of June 30, 2026.

Noncontrolling Interests

The New China JV was determined to be a VIE, of which we are the primary beneficiary. As a result of such determination and in accordance with ASC 810, Consolidations, we consolidated the financial results of the New China JV from the Initial Closing Date. There was no New China JV income distribution to UTG in the first quarter of 2026 in conjunction with the terms of the JV Shareholders Agreement. The JV Shareholders Agreement requires UTG to absorb the initial risk of profits shortfalls, creating an economic reality that diverges from the parties’ stated legal ownership percentages. This creates a substantive profit-sharing arrangement where a simple pro-rata allocation of net income or loss would not faithfully depict the underlying economics. Therefore, we allocate net income or loss to the noncontrolling interest using the hypothetical liquidation at book value (the “HLBV”) method. Under the HLBV method, the amount of net income or loss attributable to the noncontrolling interest for each reporting period is determined as the change in the noncontrolling interest holder’s claim on the New China JV’s net assets from the beginning to the end of the period, after adjusting for capital activity and distributions, if any. This claim is calculated by assuming a hypothetical liquidation of the New China JV at its recorded book value as of each balance sheet date, with net assets distributed in accordance with the liquidation and distribution priorities specified in the agreements governing the New China JV.

The New China JV’s distribution priorities entitled us to an initial preferential allocation of an aggregate of $67.0 million through 2033. Until such $67.0 million threshold is fully satisfied, no earnings or hypothetical liquidation proceeds are allocated to the noncontrolling interest. Consequently, in accordance with this distribution waterfall, no value was allocated to the noncontrolling interest for the three months and six months ended June 30, 2026.

Our maximum exposure to loss as a result of our involvement with the New China JV is limited to our investment in the VIE and any unfunded commitments, as UTG is obligated under the JV Shareholders Agreement to fund any shortfall in required minimum distributions. The assets of the New China JV can only be used to settle obligations of the New China JV, and the creditors of the New China JV generally have no recourse to the general credit of the Company.

The following table presents the carrying amounts and classification of the consolidated assets and liabilities of the New China JV as of June 30, 2026, after elimination of intercompany balances (in thousands):


Assets
Cash and cash equivalents	$	5,986
Restricted cash	2,030
Prepaid expenses and other current assets	1,929
Other	536
Total assets	$	10,481
Liabilities
Deferred revenues, current portion	$	1,853
Other current liabilities and accrued expenses	2,943
Deferred revenues, net of current portion	1,031
Other	125
Total liabilities	$	5,952

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation and Unaudited Interim Condensed Consolidated Financial Statements	Basis of Presentation The interim condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Unaudited Interim Condensed Consolidated Financial Statements The interim condensed consolidated balance sheet as of June 30, 2026, and the interim condensed consolidated statements of operations, comprehensive loss, cash flows, and equity for the three and six months ended June 30, 2026 and 2025 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of our financial position as of June 30, 2026 and our results of operations and cash flows for the six months ended June 30, 2026 and 2025. The financial data and other financial information disclosed in these notes to the interim condensed consolidated financial statements related to the three and six-month periods are also unaudited. The interim condensed consolidated results of operations for the six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any future annual or interim period. The interim condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited financial statements included in the Annual Report on Form 10-K as filed by us with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2026.
Principles of Consolidation	Principles of Consolidation The interim condensed 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.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of 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 any authorized and issued preferred stock; the adequacy of reserves associated with accounts receivable and inventory; unredeemed gift cards and store credits; licensing commission accruals; and assessment of the consolidation of any variable interest entities. 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	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, with the exception of one licensee as described in the table below.
Restricted Cash	Restricted Cash At June 30, 2026 and December 31, 2025, our restricted cash primarily related to a cash collateralized letter of credit we maintained in connection with the lease of our Los Angeles headquarters, cash collateralized letters of credit in relation to the lease of office space in Miami Beach, and Honey Birdette’s term deposit in relation to its Sydney office lease.
Advertising Costs	Advertising Costs We expense advertising costs as incurred.
Gift Card Liabilities	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, which is referred to as gift card breakage. Depending on the jurisdiction in which we operate, gift cards sold to customers have expiration dates ranging from three to five years from the date of sale, or they do not expire and may be subject to escheatment rights.
Variable Interest Entity	Variable Interest Entity A variable interest entity (“VIE”) is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support, or is structured such that its equity holders do not have power over the activities of the entity; have voting rights, as a group, that are not proportionate to their economic interests; or are not exposed to the residual losses or benefits of the entity. At the inception of a contractual agreement, we determine whether we hold a variable interest in a legal entity that is a VIE and whether we are the primary beneficiary of the VIE. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. If we conclude we are the primary beneficiary of a VIE, we consolidate the accounts of that VIE. We regularly review and reconsider previous conclusions regarding whether we hold a variable interest in a potential VIE, the status of an entity as a VIE, and whether we are the primary beneficiary of a VIE.
Long-Lived Assets	Long-Lived Assets The carrying amounts of long-lived assets, including property and equipment, stores, 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.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income (loss). Our other comprehensive income represents foreign currency translation adjustments attributable to Honey Birdette’s operations. Refer to the Condensed Consolidated Statements of Comprehensive Income (loss).
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Issued but Not Yet Adopted	Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under such ASU, public entities must annually disclose specific categories in the rate reconciliation and 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 is 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 adopted this ASU on a retrospective basis as of December 31, 2025, and prior period income tax disclosures have been updated to conform to the new requirements. The adoption of this ASU did not have a material impact on our condensed consolidated financial statements; however, our income tax disclosures have been expanded. Refer to Note 15, Income Taxes, for further information. In July 2025, FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides simplified guidance on measuring credit losses for current accounts receivable and contract assets. It offers a practical expedient for all entities and an accounting policy election for non-public business entities to ease the process of estimating expected credit losses under ASC 326-20. The ASU is effective for annual periods beginning after December 15, 2025, with early adoption permitted. We adopted ASU 2025-05 effective January 1, 2026, during the interim period ended March 31, 2026, and applied the guidance on a prospective basis. The adoption of ASU 2025‑05 did not have a material impact on our condensed consolidated financial statements. Accounting Pronouncements Issued but Not Yet Adopted 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 is effective for all public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. In January 2025, FASB issued ASU 2025-01, which revises the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. We are currently evaluating the anticipated impact of this pronouncement on our disclosures and our condensed consolidated financial statements. In September 2025, FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal‑Use Software (Subtopic 350‑40): Targeted Improvements to the Accounting for Internal‑Use Software. The ASU is intended to modernize and clarify the accounting for internal-use software, including updates to the capitalization guidance that removes references to project stages and replaces them with the concept of a probable-to-complete recognition threshold. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and early adoption is permitted as of the beginning of an annual period. We are currently evaluating the anticipated impact of this pronouncement on our disclosures and our consolidated financial statements. In December 2025, FASB issued ASU 2025-11, Interim Reporting (Topic 270), which is intended to improve the navigability of the required interim disclosures and clarifies when the guidance is applicable, as well as provides additional guidance on what disclosures should be provided in interim reporting periods. The ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods beginning after December 15, 2028. We are currently evaluating the anticipated impact of this pronouncement on our disclosures and our consolidated financial statements. In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which is intended to address suggestions received from stakeholders regarding Accounting Standards Codifications (“ASC”) and makes other incremental improvements to GAAP. The update represents changes to the ASC that clarify, correct errors in, or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Entities will be required to apply the amendments to ASC 260 retrospectively. All other amendments may be applied prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the anticipated impact of this pronouncement on our disclosures and our consolidated financial statements. In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) to improve the recognition, measurement, presentation, and disclosure requirements for participants in compliance and voluntary programs that result in the creation of environmental credits and related environmental credit obligations. ASU 2026-02 is effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. Early adoption of ASU 2026-02 is permitted. We are currently evaluating the anticipated impact of this pronouncement on our disclosures and our condensed consolidated financial statements.

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 198	$ (7,679)	$ (3,765)	$ (16,720)
Other comprehensive income:
Foreign currency translation adjustment	139	993	731	252
Comprehensive income (loss)	$ 337	$ (6,686)	$ (3,034)	$ (16,468)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. 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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+ Details

Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

The following table shows the computation of basic and diluted net income per common share for the three months ended June 30, 2026 (in thousands, except per share amounts):


	Three Months Ended June 30, 2026
Numerator:
Net income	$	198
Net income - basic and diluted	$	198

Denominator:
Weighted-average shares outstanding - basic and diluted	114,695,987

Net income per common share - basic and diluted	$	—

Share Repurchase from Our Primary Lender and Its Affiliates

As discussed in Note 10, Stockholders’ Equity, we determined that our obligation to repurchase shares under the Repurchase Agreement is a liability under ASC 480, Distinguishing Liabilities from Equity. In accordance with ASC 480-10-45-4, all 16,589,531 shares subject to the Repurchase Agreement, including shares not yet repurchased and settled, have been excluded, on a weighted basis, from the weighted-average number of common shares outstanding used to compute basic and diluted income (loss) per share for the three and six months ended June 30, 2026.

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


	Three and Six Months Ended June 30,
	2026	2025
Options	1,997,466	1,997,466
Unvested restricted stock units	6,506,782	4,167,904
Total	8,504,248	6,165,370

Related Party Transactions (Details) $ / shares in Units, $ in Thousands						3 Months Ended		6 Months Ended
	Jun. 18, 2026 USD ($) installment day $ / shares shares	Aug. 22, 2025 $ / shares shares	Jan. 29, 2025 $ / shares shares	Nov. 13, 2024 shares	Nov. 05, 2024 shares	Jun. 30, 2026 USD ($) shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2026 USD ($) shares	Jun. 30, 2025 USD ($) shares	Dec. 31, 2025 USD ($)	Mar. 31, 2025 shares	Jan. 28, 2025 shares	Dec. 31, 2024 shares
Related Party Transaction [Line Items]
Payable to Byborg, net						$ 4,000		$ 4,000		$ 2,786
Temporary equity, shares outstanding (in shares) \| shares							21,000.00001		21,000.00001		21,000.00001		28,000.00001
Total debt, net of unamortized debt issuance costs and debt premium, net						156,004		156,004		174,169
Long-term debt, net of current portion						156,004		156,004		172,645
Accrued interest						$ 319		$ 319		561
Stock repurchase agreement, authorized number of shares (in shares) \| shares						16,589,531		16,589,531
Values of stock repurchased						$ 17,019		$ 17,019
Liability pursuant to a stock repurchase agreement						14,828	$ 0	14,828	$ 0	0
Series B Convertible Preferred Stock
Related Party Transaction [Line Items]
Conversion of stock, shares converted (in dollars per share) \| shares		21,000.00001	7,000
Temporary equity, shares outstanding (in shares) \| shares			21,000.00001	28,000.00001								28,000.00001
Convertible preferred stock, shares issued upon conversion (in shares) \| shares		12,439,730	3,784,688
Preferred stock, conversion price (in dollars per share) \| $ / shares		$ 1.74448	$ 1.84956
Series B Convertible Preferred Stock \| A&R Term Loans \| Term Loan
Related Party Transaction [Line Items]
Convertible debt, number of shares issued \| shares				28,000.00001
Related Party
Related Party Transaction [Line Items]
Shares sold in offering (in shares) \| shares					14,900,000
License agreement, minimum guaranteed royalties received						5,000	10,000	5,000	10,000
License agreement expenses							3,000		6,800
License expense, net of reduction							$ 1,200		5,000
License agreement, reduction for operating expense payable over threshold amount									1,800
License agreement, threshold of operating expense that will be reimbursed									$ 5,000
Payable to Byborg, net						$ 4,000		4,000		2,800
Affiliated Entity
Related Party Transaction [Line Items]
Backstop agreement, fixed purchase price (in dollars per share) \| $ / shares	$ 1.05
Commitment installment payment	$ 2,000
Backstop agreement term	12 months
Backstop agreement, beneficial ownership cap	29.99%
Backstop agreement, payment fee percentage	5.00%
Backstop agreement, volume-weighted average price threshold trading days \| day	5
Affiliated Entity \| Rizvi Master LLC
Related Party Transaction [Line Items]
Backstop agreement, purchase obligation percentage	55.4946%
Affiliated Entity \| The Million S.a.r.l.
Related Party Transaction [Line Items]
Backstop agreement, purchase obligation percentage	44.5054%
Affiliated Entity \| Repurchase Agreement
Related Party Transaction [Line Items]
Stock repurchase agreement, authorized number of shares (in shares) \| shares	16,589,531
Stock repurchase agreement, authorized aggregate purchase price	$ 17,400
Stock repurchase program, number of installments \| installment	4
Number of shares repurchase (in shares) \| shares						1,904,762
Values of stock repurchased						$ 2,000
Liability pursuant to a stock repurchase agreement						14,800		14,800
Legal fees						200		200
Backstop agreement, fixed purchase price (in dollars per share) \| $ / shares	$ 1.05
Affiliated Entity \| A&R Term Loans \| Term Loan
Related Party Transaction [Line Items]
Total debt, net of unamortized debt issuance costs and debt premium, net						141,500		141,500		158,000
Long-term debt, net of current portion						141,500		141,500		156,600
Accrued interest						300		300		$ 400
Interest expense, debt						$ 2,000		$ 4,300
Affiliated Entity \| Series B Convertible Preferred Stock \| A&R Term Loans \| Term Loan
Related Party Transaction [Line Items]
Convertible debt, number of shares issued \| shares			14,008,313

Net Income (Loss) Per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,504,248	6,165,370
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,997,466	1,997,466
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,506,782	4,167,904

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,866	$ 1,825	$ 3,723	$ 3,641
Variable lease cost	413	404	826	834
Short-term lease cost	440	415	832	847
Sublease income	(538)	(365)	(1,077)	(590)
Total	$ 2,181	$ 2,279	$ 4,304	$ 4,732

Basis of Presentation and Summary of Significant Accounting Policies - Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Accounting Policies [Abstract]
Foreign currency transaction gains, net	$ 0.4	$ 0.8	$ 1.0	$ 0.9

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Aug. 06, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-39312
Entity Registrant Name	Playboy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1958714
Entity Address, Address Line One	10960 Wilshire Blvd., 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, par value $0.0001 per share
Trading Symbol	PLBY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		119,807,688
Entity Central Index Key	0001803914
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Unit Activity

A summary of restricted stock unit (“RSU”) activity under our equity incentive plans is as follows:


	Number of Awards	Weighted- Average Grant Date Fair Value per Share
Unvested and outstanding balance at December 31, 2025	4,121,525	$	1.21
Granted	5,616,868	1.60
Vested	(3,231,270)	1.25
Forfeited	(341)	9.83
Unvested and outstanding balance at June 30, 2026	6,506,782	$	1.53

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended June 30, 2026 and 2025, our provision for income taxes was an expense of $1.1 million and $0.9 million, respectively, and $1.9 million and $2.0 million for the six months ended June 30, 2026 and 2025, respectively. The effective tax rate for the three months ended June 30, 2026 and 2025 was 84.2% and (13.1)%, respectively, and (102.9)% and (13.5)%, for the six months ended June 30, 2026 and 2025, respectively. The effective tax rate for the three and six months ended June 30, 2026 differed from the U.S. statutory federal income tax rate of 21% primarily due to foreign withholding taxes and the release of valuation allowance due to a reduction in net deferred tax liabilities of indefinite lived intangibles. The effective tax rate for the three and six months ended June 30, 2025 differed from the U.S. statutory federal income tax rate of 21% primarily due to foreign withholding taxes and the release of valuation allowance due to a reduction in net deferred tax liabilities of indefinite lived intangibles. The One Big Beautiful Bill Act of 2025 (the “2025 Tax Act”), enacted on July 4, 2025, made changes to U.S. corporate income taxes, including reinstating the option to claim the full amount of accelerated depreciation deductions on qualified property, with retroactive application beginning January 1, 2025, immediate expensing of domestic research and development costs, with retroactive application beginning January 1, 2025, and the calculation of the limitation for business interest using earnings before interest, taxes, depreciation and amortization, with retroactive application beginning January 1, 2025. We have evaluated such tax law changes to our consolidated financial position and results of operations for all applicable periods and concluded the 2025 Tax Act does not have a material impact on our condensed consolidated financial statements.

- Definition

The entire disclosure for income tax.

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+ Details

Net Income (Loss) Per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net income	$ 198	$ (7,679)	$ (3,765)	$ (16,720)
Net income - basic	198
Net income - diluted	$ 198
Denominator:
Weighted-average shares outstanding - basic (in shares)	114,695,987	94,397,910	114,441,426	93,549,044
Weighted-average shares outstanding - diluted (in shares)	114,695,987	94,397,910	114,441,426	93,549,044
Net income per common share - basic (in dollars per share)	$ 0	$ (0.08)	$ (0.03)	$ (0.18)
Net income per common share - diluted (in dollars per share)	$ 0	$ (0.08)	$ (0.03)	$ (0.18)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

- Definition

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

+ References

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 0.8	$ 0.7
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	400,000,000	400,000,000
Common stock issued (in shares)	123,460,167	115,069,810
Common stock outstanding (in shares)	118,353,343	112,819,881
Treasury stock (in shares)	5,106,824	2,249,929

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

Revenue Recognition - Roll-Forward of Netted Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Contract (Liabilities) Assets, Net
Balance at beginning of period	$ (16,067)	$ (6,076)
Revenues recognized that were included in gross contract liabilities	23,826	15,082
Contract assets reclassified to accounts receivable	(18,165)	(6,185)
Cash received in advance and remained in net contract liabilities	(481)	(508)
Contract terminations	39	143
Balance at end of period	$ (10,848)	$ 2,456

Fair Value Measurements - Change in Fair Value Of Liability (Details) - Contingent Consideration $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 618
Change in fair value	(165)
Balance at end of period	$ 453

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In July 2026, pursuant to the terms of a 2021 merger agreement for the acquisition of GlowUp Digital Inc. (the “GlowUp Agreement”), we released an aggregate of 249,116 shares of our common stock (based on a price of $23.4624 per share, per the terms of the GlowUp Agreement) to the holders of GlowUp’s equity securities that were accredited investors, which shares were a portion of the acquisition consideration that we held back to cover potential indemnification obligations of such investors. As no indemnification obligations were required to be covered by such holdback, the entirety of the holdback was released. No additional transaction proceeds were paid to us in connection with the release of the acquisition consideration holdback. Related to such indemnity holdback release, we also paid a total of $0.2 million to former investors in GlowUp which were not accredited investors. As of the date of this filing, the GlowUp indemnity holdback has been released in full, and no further consideration remains payable in connection with the GlowUp acquisition. Refer to Note 2, Fair Value Measurements, for additional details.

Basis of Presentation and Summary of Significant Accounting Policies - Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Accounting Policies [Abstract]
Impairment on right-of-use assets		$ 1,500
Impairment charges		400
Impairments	$ 0	$ 1,541	$ 0	$ 1,842

Revenue Recognition

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Contract Balances

Our contract assets relate to our trademark licensing revenue stream, which 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 our condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.

The following table summarizes our contract assets and certain contract liabilities (in thousands):


	June 30, 2026		December 31, 2025		December 31, 2024
Accounts receivable	$	6,514	$	4,120	$	7,271
Contract Balances:
Contract assets, current portion	$	2,834	$	1,733	$	1,531
Contract assets, net of current portion	7,806		7,467		7,848
Contract liabilities, current portion	(9,462)		(11,015)		(9,693)
Contract liabilities, net of current portion	(12,026)		(14,252)		(5,762)
Contract assets (liabilities), net	$	(10,848)	$	(16,067)	$	(6,076)

The following tables provide a roll-forward of our netted contract assets and contract liabilities (in thousands):


	Contract (Liabilities) Assets, Net
Balance at December 31, 2025	$	(16,067)
Revenues recognized that were included in gross contract liabilities at December 31, 2025	23,826
Contract assets reclassified to accounts receivable in the six months ended June 30, 2026	(18,165)
Cash received in advance and remained in net contract liabilities at June 30, 2026	(481)
Contract terminations in the six months ended June 30, 2026	39

Balance at June 30, 2026	$	(10,848)


	Contract (Liabilities) Assets, Net
Balance at December 31, 2024	$	(6,076)
Revenues recognized that were included in gross contract liabilities at December 31, 2024	15,082
Contract assets reclassified to accounts receivable in the six months ended June 30, 2025	(6,185)
Cash received in advance and remained in net contract liabilities at June 30, 2025	(508)
Contract terminations in 2025	143
Balance at June 30, 2025	$	2,456

Future Performance Obligations

As of June 30, 2026, unrecognized revenue attributable to unsatisfied and partially unsatisfied performance obligations under our long-term contracts was $324.5 million, of which $322.6 million related to trademark licensing, including minimum guaranteed royalties from licensed digital operations per the LMA, $1.7 million pertained to December 31, 2024 deferred revenue balances from our legacy digital subscriptions and products operations and $0.2 million related to direct-to-consumer products.

Unrecognized revenue of the trademark licensing revenue stream is expected to be recognized over the next 14 years, of which 47% is expected to 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 our prior digital subscriptions and products operations, which pertains to related deferred revenue balances as of December 31, 2024, will be recognized over the next four years, of which 59% is expected to be recognized in the first year.

Disaggregation of Revenue

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


	Three Months Ended June 30, 2026										Six Months Ended June 30, 2026
	Direct-to-Consumer		Licensing		Corporate		All Other		Total		Direct-to-Consumer		Licensing		Corporate		All Other		Total
Consumer products	$	19,487	$	—	$	193	$	—	$	19,680	$	38,334	$	—	$	244	$	—	$	38,578
Trademark licensing	—		11,169		—		—		11,169		—		22,101		—		—		22,101
Digital subscriptions and products	—		—		109		255		364		—		—		190		574		764
Events and sponsorships	—		—		5		—		5		—		—		11		—		11
Total revenues	$	19,487	$	11,169	$	307	$	255	$	31,218	$	38,334	$	22,101	$	445	$	574	$	61,454


	Three Months Ended June 30, 2025										Six Months Ended June 30, 2025
	Direct-to-Consumer		Licensing		Corporate		All Other		Total		Direct-to-Consumer		Licensing		Corporate		All Other		Total
Consumer products	$	16,493	$	—	$	10	$	—	$	16,503	$	32,824	$	—	$	43	$	—	$	32,867
Trademark licensing	—		10,932		—		—		10,932		—		22,383		—		—		22,383
Digital subscriptions and products	—		—		56		588		644		—		—		119		1,434		1,553

Events and sponsorships	—		—		69		—		69		—		—		220		—		220
Total revenues	$	16,493	$	10,932	$	135	$	588	$	28,148	$	32,824	$	22,383	$	382	$	1,434	$	57,023

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Point in time	$	19,685	$	16,572	$	38,589	$	33,149
Over time	11,533		11,576		22,865		23,874
Total revenues	$	31,218	$	28,148	$	61,454	$	57,023

- 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.

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+ Details

Debt - Term Loan Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total	$ 144,915	$ 159,915
Term Loan
Debt Instrument [Line Items]
Remainder of 2026	0
2027	18,300
2028	126,615
Total	$ 144,915

- 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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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 41: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 42: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Accounting Policies [Abstract]
Advertising costs	$ 1.2	$ 1.2	$ 2.6	$ 2.2

Condensed Consolidated Statements of Equity (Deficit) - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Noncontrolling Interest
Mezzanine Equity at beginning of period (in shares) at Dec. 31, 2024	28,000.00001
Mezzanine Equity at beginning of period at Dec. 31, 2024	$ 23,861
Mezzanine Equity
Conversion of convertible preferred stock (in shares)	(7,000)
Conversion of convertible preferred stock	$ (7,000)
Preferred stock accretion	$ 2,269
Mezzanine Equity at end of period (in shares) at Jun. 30, 2025	21,000.00001
Mezzanine Equity at end of period at Jun. 30, 2025	$ 19,130
Common stock, shares outstanding at beginning of period (in shares) at Dec. 31, 2024			89,861,035
Stockholders' equity at beginning of period at Dec. 31, 2024		$ (7,731)	$ 9	$ (5,445)	$ 718,797	$ (27,455)	$ (693,637)
Stockholders' Equity (Deficit)
Shares issued in connection with equity incentive plans (in shares)			1,020,102
Shares issued in connection with equity incentive plans		1	$ 1
Stock-based compensation expense and vesting of restricted stock units		2,353			2,353
Conversion of convertible preferred stock (in shares)			3,784,688
Conversion of convertible preferred stock		7,000			7,000
Preferred stock accretion	(2,269)	(2,269)			(2,269)
Other		(376)					(376)
Other comprehensive income (loss)		252				252
Net income (loss)	$ (16,720)	(16,720)					(16,720)
Common stock, shares outstanding at end of period (in shares) at Jun. 30, 2025			94,665,825
Stockholders' equity at end of period at Jun. 30, 2025		(17,490)	$ 10	(5,445)	725,881	(27,203)	(710,733)
Mezzanine Equity at beginning of period (in shares) at Mar. 31, 2025	21,000.00001
Mezzanine Equity at beginning of period at Mar. 31, 2025	$ 18,374
Mezzanine Equity
Preferred stock accretion	$ 756
Mezzanine Equity at end of period (in shares) at Jun. 30, 2025	21,000.00001
Mezzanine Equity at end of period at Jun. 30, 2025	$ 19,130
Common stock, shares outstanding at beginning of period (in shares) at Mar. 31, 2025			93,934,569
Stockholders' equity at beginning of period at Mar. 31, 2025		(11,379)	$ 9	(5,445)	724,971	(28,196)	(702,718)
Stockholders' Equity (Deficit)
Shares issued in connection with equity incentive plans (in shares)			731,256
Shares issued in connection with equity incentive plans		1	$ 1
Stock-based compensation expense and vesting of restricted stock units		1,666			1,666
Preferred stock accretion		(756)			(756)
Other		(336)					(336)
Other comprehensive income (loss)		993				993
Net income (loss)	$ (7,679)	(7,679)					(7,679)
Common stock, shares outstanding at end of period (in shares) at Jun. 30, 2025			94,665,825
Stockholders' equity at end of period at Jun. 30, 2025		(17,490)	$ 10	(5,445)	725,881	(27,203)	(710,733)
Common stock, shares outstanding at beginning of period (in shares) at Dec. 31, 2025	112,819,881		112,819,881
Stockholders' equity at beginning of period at Dec. 31, 2025	$ 18,375	18,375	$ 11	(5,445)	757,441	(26,716)	(706,916)	$ 0
Stockholders' Equity (Deficit)
Shares issued in connection with equity incentive plans (in shares)			5,005,363
Stock-based compensation expense and vesting of restricted stock units	3,668	3,668			3,668
Shares withheld for taxes in connection with vested restricted stock units (in shares)			(952,133)
Shares withheld for taxes in connection with vested restricted stock units	(1,828)	(1,828)		(1,828)
Repurchase of shares pursuant to the stock repurchase agreement (in shares)			(1,904,762)
Repurchase of shares pursuant to a stock repurchase agreement	(17,019)	(17,019)	$ (1)	(2,000)	(15,018)
Preferred stock accretion	0
Sale of common stock, net (in shares)			3,384,994
Sale of common stock, net	5,289	5,289	$ 1		5,288
Issuance and sale of noncontrolling equity interest (Note 9)	15,003	14,202			14,202			801
Noncontrolling interest capital contribution	2,402	2,402			2,402
Other comprehensive income (loss)	731	731				731
Net income (loss)	$ (3,765)	(3,765)					(3,765)
Common stock, shares outstanding at end of period (in shares) at Jun. 30, 2026	118,353,343		118,353,343
Stockholders' equity at end of period at Jun. 30, 2026	$ 22,856	22,055	$ 11	(9,273)	767,983	(25,985)	(710,681)	801
Common stock, shares outstanding at beginning of period (in shares) at Mar. 31, 2026			115,398,590
Stockholders' equity at beginning of period at Mar. 31, 2026	34,288	33,487	$ 12	(7,273)	777,751	(26,124)	(710,879)	801
Stockholders' Equity (Deficit)
Shares issued in connection with equity incentive plans (in shares)			2,864,272
Stock-based compensation expense and vesting of restricted stock units	2,499	2,499			2,499
Repurchase of shares pursuant to the stock repurchase agreement (in shares)			(1,904,762)
Repurchase of shares pursuant to a stock repurchase agreement	(17,019)	(17,019)	$ (1)	(2,000)	(15,018)
Sale of common stock, net (in shares)			1,995,243
Sale of common stock, net	2,751	2,751			2,751
Other comprehensive income (loss)	139	139				139
Net income (loss)	$ 198	198					198
Common stock, shares outstanding at end of period (in shares) at Jun. 30, 2026	118,353,343		118,353,343
Stockholders' equity at end of period at Jun. 30, 2026	$ 22,856	$ 22,055	$ 11	$ (9,273)	$ 767,983	$ (25,985)	$ (710,681)	$ 801

Variable Interest Entity (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities


Assets
Cash and cash equivalents	$	5,986
Restricted cash	2,030
Prepaid expenses and other current assets	1,929
Other	536
Total assets	$	10,481
Liabilities
Deferred revenues, current portion	$	1,853
Other current liabilities and accrued expenses	2,943
Deferred revenues, net of current portion	1,031
Other	125
Total liabilities	$	5,952

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Software (1)	$	8,203	$	7,636
Leasehold improvements	9,559		10,174
Equipment	3,859		3,660
Furniture and fixtures	33		28
Construction in progress	728		667
Total property and equipment, gross	22,382		22,165
Less: accumulated depreciation	(18,256)		(17,938)
Total	$	4,126	$	4,227
_________________ (1) The net book value of our software was $0.9 million and $0.5 million as of June 30, 2026 and December 31, 2025, respectively, and primarily related to certain portions of our playboy.com site.

Inventory, Net (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Inventory reserves	$ 3.6	$ 3.3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenues	$ 31,218	$ 28,148	$ 61,454	$ 57,023
Costs and expenses:
Cost of sales	(8,396)	(9,739)	(17,940)	(18,792)
Selling and administrative expenses	(19,756)	(22,366)	(42,990)	(47,763)
Impairments	0	(1,541)	0	(1,842)
Other operating (expense) income, net	(91)	(385)	810	(769)
Total operating expense	(28,243)	(34,031)	(60,120)	(69,166)
Operating income (loss)	2,975	(5,883)	1,334	(12,143)
Nonoperating (expense) income:
Interest expense, net	(2,218)	(1,907)	(4,717)	(3,795)
Other income, net	500	1,000	1,527	1,202
Total nonoperating expense	(1,718)	(907)	(3,190)	(2,593)
Income (loss) before income taxes	1,257	(6,790)	(1,856)	(14,736)
Expense from income taxes	(1,059)	(889)	(1,909)	(1,984)
Net income (loss)	$ 198	$ (7,679)	$ (3,765)	$ (16,720)
Net income (loss) per share, basic (in dollars per share)	$ 0	$ (0.08)	$ (0.03)	$ (0.18)
Net income (loss) per share, diluted (in dollars per share)	$ 0	$ (0.08)	$ (0.03)	$ (0.18)
Weighted-average shares outstanding, basic (in shares)	114,695,987	94,397,910	114,441,426	93,549,044
Weighted-average shares outstanding, diluted (in shares)	114,695,987	94,397,910	114,441,426	93,549,044

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	Jul. 31, 2026 USD ($)	Jul. 30, 2026 shares	Jun. 30, 2026 USD ($) vote shares	Jun. 30, 2026 USD ($) vote shares	Jun. 30, 2025 USD ($)	Jun. 18, 2026 USD ($) installment $ / shares shares	Feb. 23, 2026 USD ($)	Dec. 31, 2025 USD ($) shares	Jun. 16, 2025 shares	Jun. 15, 2025 shares
Class of Stock [Line Items]
Common stock authorized (in shares) \| shares			400,000,000	400,000,000				400,000,000	400,000,000	150,000,000
Proceeds from sale of common stock, net				$ 5,214	$ 0
Stock repurchase agreement, authorized number of shares (in shares) \| shares			16,589,531	16,589,531
Values of stock repurchased			$ 17,019	$ 17,019
Liability pursuant to a stock repurchase agreement			$ 14,828	14,828	$ 0			$ 0
Affiliated Entity
Class of Stock [Line Items]
Backstop agreement, fixed purchase price (in dollars per share) \| $ / shares						$ 1.05
Repurchase Agreement \| Affiliated Entity
Class of Stock [Line Items]
Stock repurchase agreement, authorized number of shares (in shares) \| shares						16,589,531
Stock repurchase agreement, authorized aggregate purchase price						$ 17,400
Stock repurchase program, number of installments \| installment						4
Number of shares repurchase (in shares) \| shares			1,904,762
Values of stock repurchased			$ 2,000
Liability pursuant to a stock repurchase agreement			14,800	14,800
Legal fees			200	200
Backstop agreement, fixed purchase price (in dollars per share) \| $ / shares						$ 1.05
Stock repurchase agreement, remaining authorized amount			$ 15,400	$ 15,400
At The Market Offering
Class of Stock [Line Items]
Sale of stock, authorized amount							$ 200,000
Shares sold in offering (in shares) \| shares			2,051,498	3,441,249
Consideration from sale of stock			$ 2,800	$ 5,300
Proceeds from sale of common stock, net				5,200
Sale of stock, remaining capacity			$ 194,400	$ 194,400
At The Market Offering \| Subsequent Event
Class of Stock [Line Items]
Shares sold in offering (in shares) \| shares		56,255
Proceeds from sale of common stock, net	$ 100
Common Stock
Class of Stock [Line Items]
Number of votes for each share \| vote			1	1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities
Net loss	$ (3,765)	$ (16,720)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,652	1,582
Stock-based compensation	3,668	2,353
Amortization of debt premium, net and issuance costs	(2,959)	(4,591)
Impairments	0	1,842
Amortization of right-of-use assets	2,721	2,749
Capitalized paid-in-kind interest	0	5,472
Deferred income taxes	(6)	2,773
Other, net	(696)	(330)
Changes in operating assets and liabilities:
Receivables	(2,877)	4,050
Inventory	1,459	2,574
Contract assets	(1,101)	(1,188)
Accounts payable	488	(3,353)
Accrued agency fees and commissions	(177)	2,309
Deferred revenues, current portion	(1,598)	(7,378)
Operating lease liabilities	(3,252)	(3,247)
Deferred revenues, net of current portion	(2,226)	0
Other, net	198	(404)
Net cash used in operating activities	(8,471)	(11,507)
Cash Flows From Investing Activities
Proceeds from initial closing of new China joint venture	15,003	0
Purchases of property and equipment	(789)	(429)
Proceeds from sale of artwork	0	252
Net cash provided by (used in) investing activities	14,214	(177)
Cash Flows From Financing Activities
Proceeds from sale of common stock, net	5,214	0
Payment of financing costs	(206)	0
Repayment of long-term debt	(15,000)	0
Noncontrolling interest capital contribution	2,402	0
Payment to repurchase shares pursuant to a stock repurchase agreement	(2,000)	0
Payment of tax withholding in connection with vested restricted stock units	(1,828)	0
Other	(20)	(114)
Net cash used in financing activities	(11,438)	(114)
Effect of exchange rate changes on cash and cash equivalents	15	220
Net decrease in cash and cash equivalents and restricted cash	(5,680)	(11,578)
Balance, beginning of year	42,821	33,322
Balance, end of period	37,141	21,744
Cash and cash equivalents and restricted cash consist of:
Cash and cash equivalents	31,853	19,624
Restricted cash	5,288	2,120
Total	37,141	21,744
Supplemental Disclosures
Cash paid for income taxes, net of refunds	1,477	292
Cash paid for interest	7,868	6,120
Supplemental Disclosure of Non-Cash Activities
Liability pursuant to a stock repurchase agreement	14,828	0
Issuance of common stock in relation to the conversion of preferred stock	0	7,000
Preferred stock accretion to redemption value	0	2,269
Dividends payable to related party	0	230
Right-of-use assets in exchange for lease liabilities	3,376	633
Additions to property, plant and equipment in exchange for finance lease obligations	75	129
Common stock sold under an at-the-market offering with proceeds received subsequent to period-end	75	0
Settlement of vendor accounts receivable against accounts payable	479	0
Reduction in right-of-use assets due to lease termination	618	0
Tenant improvement allowance receivable recognized as a reduction of right-of-use assets	$ 1,600	$ 0