PLBY Group, Inc. (NASDAQ:PLBY) shares shot out of the blocks Wednesday, after reporting upbeat quarterly sales.
Revenue was up 89% year-over-year to $147.7 million in 2020, and 118% to $46.3 million in the fourth quarter. Operating income improved year-over-year by $19.6 million to $13.6 million in 2020, and by $8.7 million in the fourth quarter to $4.9 million.
Net loss narrowed year-over-year by $18.3 million to $5.3 million in 2020, and net loss narrowed year-over-year by $5.5 million to $0.5 million in the fourth quarter of 2020.
Adjusted EBITDA in 2020 was $28.3 million and was $6.5 million in the fourth quarter of 2020. Fourth quarter EBITDA included $2.2 million of out-of-period expenses.
Said CEO Ben Kohn, “I’m thrilled with our fourth quarter and full year 2020 performance. Despite the headwinds of the pandemic, our globally diversified operations achieved fourth quarter revenue of $46 million, a 118% year-over-year increase, and full year revenue of $148 million, an 89% year-over-year increase.
“Our revenue growth accelerated across the business, driven by our expansion of direct-to-consumer digital commerce sales, and 20% annual growth of our highly profitable licensing business.”
Following the fourth quarter of 2020 and Playboy’s successful business combination with Mountain Crest Acquisition Corp., PLBY Group was listed on NASDAQ on February 11, 2021 and held more than $100 million of unrestricted cash
PLBY shares jumped $1.56, or 8.5%, to $19.86.