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Playboy snags $122M China licensing cash, eyes $52M debt cut
Playboy (NASDAQ: PLBY) reported strong Q4 and full-year 2025 financial results, with Q4 revenue of $34.9 million and net income of $3.6 million, and full-year Adjusted EBITDA of $17.0 million. The company announced a significant $122 million China licensing partnership with UTG Brands Management Group, with approximately $52 million of the proceeds targeted for debt reduction. These developments reflect Playboy’s successful transformation to an asset-light, licensing-focused platform, leading to a positive market reaction with the stock gaining over 19%.