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PLBY Group Inc. (PLBY+2.83%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reveals a decrease in net revenues to $116.1 million from $143.0 million in the previous year, attributed to weaker consumer demand and the termination of certain licensing agreements.
Cost of sales decreased to $41.8 million, representing 36% of sales, compared to 38% in the prior year. This reduction is due to lower product, shipping, and fulfillment costs.
The company reported an operating loss of $50.8 million, compared to $190.4 million in the previous year, with impairments on goodwill and other intangible assets contributing to the loss.
PLBY Group's net loss from continuing operations was $79.4 million, down from $186.4 million in the previous year. The decrease is attributed to lower impairment charges and cost optimization efforts.
Cash used in operating activities was $19.1 million, a decrease from $42.8 million in the prior year, reflecting improved working capital management.
PLBY Group's liquidity position includes $30.9 million in unrestricted cash as of December 31, 2024. The company anticipates its existing sources of liquidity will be sufficient to meet obligations for at least one year.
The company entered into a licensing agreement with Byborg Enterprises SA for $300 million in minimum guaranteed payments over 15 years, starting January 1, 2025.
PLBY Group's senior secured debt was reduced from $218.4 million to $153.1 million through an exchange for Series B Convertible Preferred Stock.
The filing highlights the company's strategic shift towards a more capital-light business model, focusing on licensing and digital operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PLBY Group Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.