PLBY (PLBY) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39312
Entity Registrant Name	PLBY Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1958714
Entity Address, Address Line One	10960 Wilshire Blvd., Suite 2200
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90024
City Area Code	310
Local Phone Number	424-1800
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	PLBY
Security Exchange Name	NASDAQ
Entity 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		89,586,709
Entity Central Index Key	0001803914
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net revenues	$ 12,864	$ 16,276	$ 32,824	$ 51,013
Costs and expenses:
Cost of sales	(3,820)	(1,282)	(9,171)	(14,174)
Selling and administrative expenses	(15,479)	(15,471)	(43,243)	(64,071)
Impairments	(21,707)	(392)	(24,722)	(74,018)
Other operating (expense) income, net	0	(718)	18	(469)
Total operating expense	(41,006)	(17,863)	(77,118)	(152,732)
Operating loss	(28,142)	(1,587)	(44,294)	(101,719)
Nonoperating (expense) income:
Interest expense	(6,686)	(6,620)	(19,681)	(17,586)
Gain on extinguishment of debt	0	0	0	6,133
Fair value remeasurement gain	0	0	0	6,505
Other income, net	1,616	228	1,225	477
Total nonoperating expense	(5,070)	(6,392)	(18,456)	(4,471)
Loss from continuing operations before income taxes	(33,212)	(7,979)	(62,750)	(106,190)
(Expense) benefit from income taxes	(586)	929	(2,250)	7,792
Net loss from continuing operations	(33,798)	(7,050)	(65,000)	(98,398)
Income (loss) from discontinued operations, net of tax	43	(115)	(1,854)	(78,262)
Net loss	(33,755)	(7,165)	(66,854)	(176,660)
Net loss attributable to PLBY Group, Inc.	$ (33,755)	$ (7,165)	$ (66,854)	$ (176,660)
Net loss per share from continuing operations, basic (in dollars per share)	$ (0.45)	$ (0.10)	$ (0.89)	$ (1.39)
Net loss per share from continuing operations, diluted (in dollars per share)	(0.45)	(0.10)	(0.89)	(1.39)
Net income (loss) per share from discontinued operations, basic (in dollars per share)	0	0	(0.02)	(1.11)
Net income (loss) per share from discontinued operations, diluted (in dollars per share)	0	0	(0.02)	(1.11)
Net loss per share, basic (in dollars per share)	(0.45)	(0.10)	(0.91)	(2.50)
Net loss per share, diluted (in dollars per share)	$ (0.45)	$ (0.10)	$ (0.91)	$ (2.50)
Weighted-average shares outstanding, basic (in shares)	74,589,372	73,891,105	73,438,762	70,611,492
Weighted-average shares outstanding, diluted (in shares)	74,589,372	73,891,105	73,438,762	70,611,492

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (33,755)	$ (7,165)	$ (66,854)	$ (176,660)
Other comprehensive loss:
Foreign currency translation adjustment	1,086	(1,182)	201	(3,150)
Other comprehensive income (loss)	1,086	(1,182)	201	(3,150)
Comprehensive loss	$ (32,669)	$ (8,347)	$ (66,653)	$ (179,810)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 9,540	$ 28,120
Restricted cash	100	1,587
Receivables, net of allowance for credit losses	4,298	7,092
Inventories, net	69	159
Prepaid expenses and other current assets	4,372	6,015
Assets held for sale	71,874	81,823
Total current assets	90,253	124,796
Restricted cash	1,558	1,445
Property and equipment, net	1,438	7,960
Operating right-of-use assets	7,916	10,544
Goodwill	16,084	33,100
Other intangible assets, net	145,816	145,629
Contract assets, net of current portion	7,818	8,716
Other noncurrent assets	661	2,064
Total assets	271,544	334,254
Current liabilities:
Accounts payable	11,438	11,839
Deferred revenues, current portion	5,551	6,183
Long-term debt, current portion	304	304
Operating lease liabilities, current portion	3,177	3,326
Other current liabilities and accrued expenses	10,796	16,801
Liabilities held for sale	31,423	35,228
Total current liabilities	62,689	73,681
Deferred revenues, net of current portion	4,788	4,641
Long-term debt, net of current portion	199,705	190,115
Deferred tax liabilities, net	11,843	9,304
Operating lease liabilities, net of current portion	7,649	10,033
Other noncurrent liabilities	825	795
Total liabilities	287,499	288,569
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest	(208)	(208)
Stockholders’ (deficit) equity:
Preferred stock, $0.0001 par value per share, 5,000,000 shares authorized, 50,000 shares designated Series A preferred stock, of which 0 shares were issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value per share, 150,000,000 shares authorized, 76,889,185 shares issued and 74,639,256 shares outstanding as of September 30, 2024; 74,783,683 shares issued and 72,533,754 shares outstanding as of December 31, 2023	8	7
Treasury stock, at cost, 2,249,929 shares as of September 30, 2024 and December 31, 2023	(5,445)	(5,445)
Additional paid-in capital	695,396	690,055
Accumulated other comprehensive loss	(24,709)	(24,910)
Accumulated deficit	(680,997)	(613,814)
Total stockholders’ (deficit) equity	(15,747)	45,893
Total liabilities, redeemable noncontrolling interest and stockholders’ (deficit) equity	$ 271,544	$ 334,254

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares designated (in shares)	50,000	50,000
Preferred stock issued (in shares)	0
Preferred stock outstanding (in shares)	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	150,000,000	150,000,000
Common stock issued (in shares)	76,889,185	74,783,683
Common stock outstanding (in shares)	74,639,256	72,533,754
Treasury stock (in shares)	2,249,929	2,249,929

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Rights Offering	Private Placement	Series A Preferred Stock	Common Stock	Common Stock Rights Offering	Common Stock Private Placement	Treasury Stock	Additional Paid-in Capital	Additional Paid-in Capital Rights Offering	Additional Paid-in Capital Private Placement	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Preferred stock, shares outstanding at beginning of period (in shares) at Dec. 31, 2022				50,000
Common stock, shares outstanding at beginning of period (in shares) at Dec. 31, 2022					47,037,699
Stockholders' equity at beginning of period at Dec. 31, 2022	$ 155,252				$ 5			$ (4,445)	$ 617,233			$ (24,145)	$ (433,396)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)						19,561,050	6,357,341
Issuance of common stock		$ 47,602	$ 13,890			$ 2				$ 47,600	$ 13,890
Exchange of mandatorily redeemable preferred shares (in shares)				(50,000)
Shares issued in connection with equity incentive plans (in shares)					944,002
Shares issued pursuant to a license, services and collaboration agreement (in shares)					3,312
Stock-based compensation expense and vesting of restricted stock units	10,857								10,857
Other comprehensive income (loss)	(3,150)											(3,150)
Net loss	(176,660)												(176,660)
Preferred stock, shares outstanding at end of period (in shares) at Sep. 30, 2023				0
Common stock, shares outstanding at end of period (in shares) at Sep. 30, 2023					73,903,404
Total stockholders' equity at end of period at Sep. 30, 2023	47,791				$ 7			(4,445)	689,580			(27,295)	(610,056)
Preferred stock, shares outstanding at beginning of period (in shares) at Jun. 30, 2023				0
Common stock, shares outstanding at beginning of period (in shares) at Jun. 30, 2023					73,797,250
Stockholders' equity at beginning of period at Jun. 30, 2023	54,838				$ 7			(4,445)	688,280			(26,113)	(602,891)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in connection with equity incentive plans (in shares)					106,154
Stock-based compensation expense and vesting of restricted stock units	1,300								1,300
Other comprehensive income (loss)	(1,182)											(1,182)
Net loss	(7,165)												(7,165)
Preferred stock, shares outstanding at end of period (in shares) at Sep. 30, 2023				0
Common stock, shares outstanding at end of period (in shares) at Sep. 30, 2023					73,903,404
Total stockholders' equity at end of period at Sep. 30, 2023	$ 47,791				$ 7			(4,445)	689,580			(27,295)	(610,056)
Preferred stock, shares outstanding at beginning of period (in shares) at Dec. 31, 2023				0
Common stock, shares outstanding at beginning of period (in shares) at Dec. 31, 2023	72,533,754				72,533,754
Stockholders' equity at beginning of period at Dec. 31, 2023	$ 45,893				$ 7			(5,445)	690,055			(24,910)	(613,814)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in connection with equity incentive plans (in shares)					2,105,502
Shares issued in connection with equity incentive plans	1				$ 1
Stock-based compensation expense and vesting of restricted stock units	5,341								5,341
Other	(329)												(329)
Other comprehensive income (loss)	201											201
Net loss	$ (66,854)												(66,854)
Preferred stock, shares outstanding at end of period (in shares) at Sep. 30, 2024	0			0
Common stock, shares outstanding at end of period (in shares) at Sep. 30, 2024	74,639,256				74,639,256
Total stockholders' equity at end of period at Sep. 30, 2024	$ (15,747)				$ 8			(5,445)	695,396			(24,709)	(680,997)
Preferred stock, shares outstanding at beginning of period (in shares) at Jun. 30, 2024				0
Common stock, shares outstanding at beginning of period (in shares) at Jun. 30, 2024					73,253,845
Stockholders' equity at beginning of period at Jun. 30, 2024	15,685				$ 7			(5,445)	693,894			(25,795)	(646,976)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in connection with equity incentive plans (in shares)					1,385,411
Shares issued in connection with equity incentive plans	1				$ 1
Stock-based compensation expense and vesting of restricted stock units	1,502								1,502
Other	(266)												(266)
Other comprehensive income (loss)	1,086											1,086
Net loss	$ (33,755)												(33,755)
Preferred stock, shares outstanding at end of period (in shares) at Sep. 30, 2024	0			0
Common stock, shares outstanding at end of period (in shares) at Sep. 30, 2024	74,639,256				74,639,256
Total stockholders' equity at end of period at Sep. 30, 2024	$ (15,747)				$ 8			$ (5,445)	$ 695,396			$ (24,709)	$ (680,997)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities
Net loss	$ (66,854)	$ (176,660)
Net loss from continuing operations	(65,000)	(98,398)
Loss from discontinued operations, net of tax	(1,854)	(78,262)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,182	2,585
Stock-based compensation	5,341	8,910
Fair value measurement of liabilities	(61)	(6,991)
Gain on extinguishment of debt	0	(6,133)
Impairments	24,722	74,018
Inventory reserve charges	0	3,386
Amortization of right-of-use assets	2,030	1,887
Capitalized paid-in-kind interest	6,284	0
Amortization of debt issuance costs	3,534	2,633
Deferred income taxes	2,539	(8,510)
Other	458	880
Changes in operating assets and liabilities:
Receivables, net	2,794	7,731
Inventories	1,028	1,008
Contract assets	476	(83)
Prepaid expenses and other assets	1,775	(36)
Accounts payable	(439)	1,244
Accrued agency fees and commissions	(116)	(6,601)
Other liabilities and accrued expenses	(5,798)	2,988
Deferred revenues	(485)	(12,973)
Operating lease liabilities	(2,533)	(2,144)
Other liabilities, net	381	977
Net cash used in operating activities from continuing operations	(19,888)	(33,622)
Net cash provided by (used in) operating activities from discontinued operations	430	(7,747)
Net cash used in operating activities	(19,458)	(41,369)
Cash Flows From Investing Activities
Purchases of property and equipment	(1,200)	(1,437)
Proceeds from sale of artwork	1,572	0
Proceeds from promissory note repayment	0	1,300
Proceeds from sale of Yandy	0	1,000
Net cash provided by investing activities from continuing operations	372	863
Net cash used in investing activities from discontinued operations	(500)	(97)
Net cash used in investing activities	(128)	766
Cash Flows From Financing Activities
Proceeds from issuance of common stock in rights offering, net	0	47,600
Proceeds from issuance of common stock in registered direct offering, net	0	13,890
Proceeds from issuance of long-term debt	0	11,828
Repayment of long-term debt	(228)	(45,552)
Payment of financing costs	0	(508)
Other	(329)	0
Net cash (used in) provided by financing activities from continuing operations	(557)	27,258
Effect of exchange rate changes on cash and cash equivalents - continuing operations	189	(136)
Net decrease in cash and cash equivalents and restricted cash	(19,954)	(13,481)
Balance, beginning of year	31,152	35,449
Balance, end of period	11,198	21,968
Cash and cash equivalents and restricted cash consist of:
Cash and cash equivalents	9,540	20,028
Restricted cash	1,658	1,940
Total	11,198	21,968
Supplemental Disclosures
Cash paid for income taxes	1,568	519
Cash paid for interest	11,794	13,981
Supplemental Disclosure of Non-Cash Activities
Right-of-use assets in exchange for lease liabilities - continuing operations	0	0
Right-of-use assets in exchange for lease liabilities - discontinued operations	$ 2,118	$ 5,352

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Description of Business PLBY Group, Inc. (the “Company”, “PLBY”, “we”, “our” or “us”), together with its subsidiaries through which it conducts business, is a global consumer lifestyle company marketing the Playboy brand through a wide range of direct-to-consumer products, licensing initiatives, digital subscriptions and content, and online and location-based entertainment businesses, in addition to the sale of direct-to-consumer products through its Honey Birdette brand. We have three reportable segments: Licensing, Digital Subscriptions and Content, and Direct-to-Consumer. Refer to Note 17, Segments. 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”). The Yandy Enterprises LLC (“Yandy”) and TLA Acquisition Corp. (“TLA”, owner of the Lovers business) disposal groups, which were previously included in the Direct-to-Consumer segment in the prior year comparative period prior to their becoming assets held for sale, were classified as discontinued operations in the condensed consolidated statements of operations for the prior year comparative period presented. The sale of Yandy was completed on April 4, 2023 (the “Yandy Sale”). The sale of TLA was completed on November 3, 2023 (the “TLA Sale”). As of September 30, 2024, we determined that our Honey Birdette business, which was also previously included in the Direct-to-Consumer segment, constituted a disposal group and met the criteria discussed below to be classified as discontinued operations in the condensed consolidated statements of operations for all periods presented. Assets and liabilities of Honey Birdette were classified as assets and liabilities held for sale in the condensed consolidated balance sheets for all periods presented. 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 September 30, 2024, and the interim condensed consolidated statements of operations, comprehensive loss, cash flows, and stockholders’ equity (deficit) for the three and nine months ended September 30, 2024 and 2023 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 September 30, 2024 and our results of operations and cash flows for the three and nine months ended September 30, 2024 and 2023. The financial data and other financial information disclosed in these notes to the interim condensed consolidated financial statements related to the three and nine-month periods are also unaudited. The interim condensed consolidated results of operations for the nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any future annual or interim period. The interim condensed consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated 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 29, 2024. Reclassifications Certain prior period amounts in the condensed consolidated statements of operations and condensed consolidated balance sheets have been reclassified to conform with the current period presentation. 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 and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We regularly assess these estimates, including, but not limited to, valuation of our trademarks and trade names; valuation of our contingent consideration liabilities; valuation of our only authorized and issued preferred stock (our “Series A Preferred Stock”), with the previously outstanding Series A Preferred Stock having been exchanged for debt and thereby eliminated in May 2023 upon amendment and restatement of our senior secured debt; pay-per-view and video-on-demand buys, and monthly subscriptions to our television and digital content; the adequacy of reserves associated with accounts receivable and inventory; unredeemed gift cards and store credits; licensing commission accruals; and stock-based compensation expense. We base these estimates on historical experience and on various other market-specific and relevant assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates and such differences could be material to the financial position and results of operations. Concentrations of Business and Credit Risk We maintain certain cash balances in excess of Federal Deposit Insurance Corporation insured limits. We periodically evaluate the credit worthiness of the financial institutions with which we maintain cash deposits. We have not experienced any losses in such accounts and do not believe that there is any 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. Due to Honey Birdette’s assets and liabilities being classified as held for sale and its operations being classified as discontinued operations in our condensed consolidated financial statements for all periods presented, certain individual customers exceeded 10% of our receivables and revenue as of September 30, 2024 while they did not in prior comparative periods. The following table represents receivables from our customers exceeding 10% of our total receivables: Customer September 30, December 31, Customer A 19 % * Customer B * 10 % _________________ *Indicates the receivables for the customer did not exceed 10% of the Company’s total as of September 30, 2024 or December 31, 2023, as applicable. The following table represents revenue from our customers exceeding 10% of our total revenue, excluding revenues from discontinued operations: Three Months Ended September 30, Nine Months Ended September 30, Customer 2024 2023 2024 2023 Customer C 14 % * 10 % * Customer D 11 % * * * Customer E (1) * 33 % * 32 % _________________ (1) The agreement with this licensee was terminated in the fourth quarter of 2023. *Indicates revenues for the customer did not exceed 10% of our total revenue for the three and nine months ended September 30, 2024 or 2023, as applicable. Restricted Cash At September 30, 2024 and December 31, 2023, restricted cash was primarily related to a cash collateralized letter of credit we maintained in connection with the lease of our Los Angeles headquarters, excluding Honey Birdette’s term deposit in relation to its Sydney office lease, which was classified as assets held for sale as of September 30, 2024 and December 31, 2023 (refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations). The December 31, 2023 restricted cash balance also included cash held in escrow related to the TLA Sale, which had been released to us in full in the second quarter of 2024. Liquidity Assessment and Management’s Plans Our revenues, results of operations and cash flows have been materially adversely impacted by negative macroeconomic factors beginning in the second quarter of 2022 and continuing through the third quarter of 2024. The persistently challenging macroeconomic and retail environments, including reduced consumer spending and increased price sensitivity in discretionary categories, has significantly impacted our licensees’ performance. Our net revenues from continuing operations for the three and nine months ended September 30, 2024 decreased by $3.4 million and $18.2 million, compared to the three and nine months ended September 30, 2023, respectively, and this decline, coupled with investments into our creator platform, drove our operating loss and net loss. For the three and nine months ended September 30, 2024, we reported a net operating loss from continuing operations of $28.1 million and $44.3 million, respectively, and negative operating cash flows from continuing operations of $19.9 million for the nine months ended September 30, 2024. As of September 30, 2024, we had approximately $9.5 million in unrestricted cash and cash equivalents. Our capital expenditures and working capital requirements in 2024 have been, and are expected to continue to be, largely consistent with 2023, as we have continued to invest in our Digital Subscriptions and Content segment. We may, however, need additional cash resources to fund our operations until the Digital Subscriptions and Content segment achieves a level of revenue that provides for operating profitability. To the extent that our current resources are insufficient to satisfy our cash requirements, we may need to seek additional equity or debt financing, or dispose of additional assets, and there can be no assurance that we will be successful in these efforts. If the financing is not available, or if the terms of financing are less desirable than we expect, we may be forced to decrease our planned level of investment in our Digital Subscriptions and Content segment or scale back its operations, which could have an adverse impact on our business and financial prospects. We evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern over the next twelve months from the date of filing this Quarterly Report on Form 10-Q. 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, along with proceeds from asset dispositions and savings from cost reductions initiatives, will be sufficient to meet our obligations as they become due under the A&R Credit Agreement (as such term is defined in Note 10, Debt) 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 developments such as changes in our circumstances or unforeseen events or conditions, or fund organic or inorganic 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. As of September 30, 2024, we were in compliance with the covenants under 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 further material decreases to net sales and operating cash flows and materially higher operating losses, and may experience difficulty remaining in compliance with such covenants. Refer to Note 10, Debt, for further details regarding the terms of our A&R Credit Agreement and the A&R Term Loans (as such terms are defined in Note 10, Debt). 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. Advertising Costs We expense advertising costs as incurred. Advertising expenses were $0.1 million for the three months ended September 30, 2024 and 2023, excluding $1.0 million and $1.4 million of advertising costs related to discontinued operations for the three months ended September 30, 2024 and 2023, respectively. Advertising expenses for the nine months ended September 30, 2024 and 2023 were $0.3 million and $2.0 million, respectively, excluding $2.9 million and $5.5 million of advertising costs related to discontinued operations for the nine months ended September 30, 2024 and 2023, respectively. We also have various arrangements with collaborators pursuant to which we reimburse them for a portion of their advertising costs in the form of co-op marketing which provide advertising benefits to us. The costs that we incur for such advertising costs are recorded as a reduction of revenue. Long-Lived Assets, Indefinite-lived Intangible Assets and Goodwill The carrying amounts of long-lived assets, including property and equipment, stores, acquired 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. In the third quarter of 2024, we had impairment indicators to our creator digital platform on playboy.com associated with a decrease in its revenue projections and determined that its carrying value is not recoverable as of September 30, 2024. As a result, we recognized $4.7 million of impairment charges related to the write-off of its internally developed software during the three months ended September 30, 2024. During the nine months ended September 30, 2024, we recognized $0.6 million of impairment charges on right-of-use assets pertaining to our corporate leases and $4.7 million related to the write-off of its internally developed software. We recognized $5.1 million of impairment charges on our trade names at the impairment date during the nine months ended September 30, 2023, which were classified in the discontinued operations in our condensed consolidated statements of operations for the nine months ended September 30, 2023. There was no impairment charge on our long-lived assets during the three months ended September 30, 2023. Indefinite-lived intangible assets that are not amortized but subject to annual impairment testing consist of Playboy-branded trademarks. Our indefinite-lived Playboy-branded trademarks are periodically reviewed for indicators of impairment whenever events or changes in circumstances indicate that the value of these assets may not be recoverable or that the useful life is shorter than originally estimated. We evaluate the indefinite-lived Playboy-branded trademarks for impairment using the discounted cash flow and relief from royalty method. This valuation approach requires that we make a number of assumptions to estimate fair value, including projections of future revenues, market royalty rates, tax rates, discount rates and other relevant variables. The projections we use in the model are updated annually or more frequently if an impairment triggering event has been identified and will change over time based on the historical performance and changing business conditions. If the carrying value of the trademark exceeds its estimated fair value, an impairment charge is recognized for the excess amount. In the third quarter of 2024, we had impairment indicators with respect to our indefinite-lived Playboy-branded trademarks, causing us to perform a quantitative impairment test on our indefinite-lived Playboy-branded trademarks as of September 30, 2024. The quantitative test indicated that their carrying value was less than their fair value, thus, no impairment charges to our Playboy-branded trademarks were recognized during the three and nine months ended September 30, 2024. In the second quarter of 2023, we experienced declines in revenue and profitability, causing us to test the recoverability of our indefinite-lived assets as of June 30, 2023. The impairment charges on the indefinite-lived Playboy-branded trademarks were $65.5 million as of the impairment date during the nine months ended September 30, 2023. There was no impairment charge to the indefinite-lived Playboy-branded trademarks during the three months ended September 30, 2023. We perform annual impairment testing on goodwill in the fourth quarter of each fiscal year or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying value. We may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, an impairment test is unnecessary. If an impairment test is necessary, we will estimate the fair value of a related reporting unit. If the carrying value of a reporting unit exceeds its fair value, the goodwill of that reporting unit is determined to be impaired, and we will proceed with recording an impairment charge equal to the excess of the carrying value over the related fair value. If we determine it is more likely than not that goodwill is not impaired, a quantitative test is not necessary. In the third quarter of 2024, we had declines in our future projected cash flows for Digital Subscriptions and Content, causing us to test our goodwill for impairment as of September 30, 2024. Utilizing the income approach, we performed a quantitative impairment test on goodwill using a discounted cash flow analysis, which determined that the fair value of certain of our reporting units was less than their carrying value. As a result, we recorded $17.0 million of impairment charges to our goodwill during the three month ended September 30, 2024. There was no impairment charge to our goodwill during the three months ended September 30, 2023. In the second quarter of 2023, we experienced declines in revenue and profitability, causing us to test our goodwill for impairment as of June 30, 2023. Utilizing the income approach, we performed a quantitative impairment test on goodwill using a discounted cash flow analysis, which determined that the carrying value of certain of our reporting units exceeded their fair value. As a result, we recognized $66.7 million of impairment charges on our goodwill at the impairment date in the second quarter of 2023. The impairment charges related to the write down of our goodwill were $17.0 million and $66.7 million during the nine months ended September 30, 2024 and 2023, respectively, with the 2023 amount being classified as discontinued operations in the condensed consolidated statements of operations for the nine months ended September 30, 2023. Assets and Liabilities Held for Sale and Discontinued Operations We classify assets and liabilities as held for sale, collectively referred to as a “disposal group”, when management commits to a formal plan to actively market the assets for sale at a price reasonable in relation to fair value, it is unlikely that significant changes will be made to the plan, the assets are available for immediate sale in their present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, and the sale of the assets is expected to be completed within one year. A disposal group that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. The fair value of a disposal group less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. We account for discontinued operations when assets and liabilities of a disposal group are classified as held for sale, or have been sold, and only if the disposal represents a strategic shift that has or will have a meaningful effect on our operations and financial results. We aggregate the results of operations for discontinued operations into a single line item in the consolidated statements of operations for all periods presented. General corporate overhead is not allocated to discontinued operations. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. Comprehensive Loss Comprehensive loss consists of net loss and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net loss. Our other comprehensive income (loss) represents foreign currency translation adjustments attributable to Honey Birdette’s operations. Refer to the Condensed Consolidated Statements of Comprehensive Loss. Total foreign currency transaction gains and losses were immaterial for the three and nine months ended September 30, 2024 and 2023. Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements applicable to the Company for the quarter ended September 30, 2024. Accounting Pronouncements Issued but Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU’s amendments are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our disclosures. In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which addresses the accounting and disclosure requirements for certain crypto assets. This ASU requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in net income in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. The ASU’s amendments are effective for all entities holding assets that meet certain scope criteria for fiscal years beginning after December 15, 2024, including interim periods within those years. Early adoption is permitted for both interim and annual periods. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. We do not expect this pronouncement to have a material impact on our financial statements, and are currently evaluating its impact on our disclosures and consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under this ASU, public entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU’s amendments are effective for all entities that are subject to Topic 740, Income Taxes, for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our disclosures.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 September 30, 2024 and December 31, 2023, the amounts reported approximate fair value (Level 1) due to their short-term nature. For debt, based upon the refinancing of our senior secured debt in May 2021, its amendments in 2021 and 2022, as well as its further amendment and restatement in 2023, we believe that its carrying value at September 30, 2024 and December 31, 2023 approximates fair value, as our debt is variable-rate debt that reprices to current market rates frequently. Refer to Note 10, Debt, for additional disclosures about our debt. Our debt is classified within Level 2 of the valuation hierarchy. 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): September 30, 2024 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration liability $ — $ — $ (338) $ (338) December 31, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration liability $ — $ — $ (399) $ (399) 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 the 2021 acquisition of GlowUp Digital Inc. (“GlowUp”), which represents the fair value for shares which may be issued and cash which may be paid to the GlowUp sellers, subject to certain indemnification obligations that remained unsettled as of September 30, 2024 and December 31, 2023. The fair value of such shares is remeasured each reporting date using the PLBY stock price as of each reporting date. Fair value change as a result of contingent liabilities fair value remeasurement during the three and nine months ended September 30, 2024 and 2023 was immaterial. We classified financial liabilities associated with the contingent consideration as Level 3 due to the lack of relevant observable inputs. Changes in assumptions described above could have an impact on the payout of contingent consideration. Our Series A Preferred Stock liability, initially valued as of May 16, 2022 (the initial issuance date), and our subsequent Series A Preferred Stock liability, valued as of the August 8, 2022 (the final issuance date), were each calculated using a stochastic interest rate model implemented in a binomial lattice, in order to incorporate the various early redemption features. The fair value option was elected for Series A Preferred Stock liability, as we believe fair value best reflects the expected future economic value. Such liabilities are subsequently remeasured to fair value for each reporting date using the same valuation methodology as originally applied with updated input assumptions. Financial liabilities associated with our Series A Preferred Stock were classified as Level 3 due to the lack of relevant observable inputs. We recorded $6.5 million of fair value gain in nonoperating income as a result of remeasurement of the fair value of our Series A Preferred Stock during the nine months ended September 30, 2023. In May 2023, in connection with the amendment and restatement of our senior secured credit agreement, the outstanding Series A Preferred Stock was exchanged for debt (and thereby eliminated). Refer to Note 10, Debt, for further details. The following table provides a roll-forward of the fair value of the liabilities categorized as Level 3 for the nine months ended September 30, 2024 (in thousands): Contingent Consideration Balance at December 31, 2023 $ 399 Change in fair value (61) Balance at September 30, 2024 $ 338 The decrease in the fair value of the contingent consideration for the nine months ended September 30, 2024 was primarily due to a decrease in a price per share of our common stock. Assets and Liabilities Held for Sale and Discontinued Operations We initially measure an asset that is classified as held for sale at the lower of its carrying amount or fair value less costs to sell. We assess the fair value of an asset less costs to sell each reporting period that it remains classified as held for sale, and report any subsequent changes as an adjustment to the carrying amount of the asset. Assets are not depreciated or amortized while they are classified as held for sale. In the fourth quarter of 2023, we began the sale of artwork assets, but they were not fully disposed of as of December 31, 2023 and September 30, 2024, and as such continued to be classified as current assets held for sale in our condensed consolidated balance sheet as of September 30, 2024. 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 artwork held for sale recorded during the three months ended September 30, 2024. During the nine months ended September 30, 2024, we recorded $2.4 million of impairment charges related to our artwork held for sale. In the third quarter of 2024, we determined that our Honey Birdette business constituted a disposal group that met the criteria discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, to be classified as discontinued operations for all periods presented. Honey Birdette’s assets and liabilities are classified as current assets and liabilities held for sale in the condensed consolidated balance sheets for all periods presented. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations for further details. The assumptions used in measuring fair value of assets and liabilities held for sale are considered Level 3 inputs, which include recent purchase offers and market comparables. There were no impairment charges recorded in relation to assets and liabilities held for sale during the three months ended September 30, 2024. The impairment charges on our assets and liabilities held for sale during the nine months ended September 30, 2024 were $2.4 million, which were attributable to our art held for sale. Assets Measured and Recorded at Fair Value on a Non-recurring Basis

Assets and Liabilities Held for

Assets and Liabilities Held for Sale and Discontinued Operations	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities Held for Sale and Discontinued Operations	Assets and Liabilities Held for Sale and Discontinued Operations On April 4, 2023, we completed the sale of all of the membership interests of our wholly-owned subsidiary, Yandy, to an unaffiliated, private, third-party buyer (“Yandy Buyer”). The consideration paid by the Yandy Buyer for the Yandy Sale consisted of $1 million in cash and a $2 million secured promissory note (which note was then settled in the third quarter of 2023 for a cash payment to us of $1.3 million). The Yandy Sale resulted in a loss of $0.3 million before income taxes. Transaction expenses incurred in connection with the sale were immaterial. In connection with the Yandy Sale, on April 4, 2023, we entered into a sublease agreement with Yandy (under its new ownership by Yandy Buyer) for Yandy’s warehouse on substantively the same terms as the original lease. As a result, Yandy’s warehouse right-of-use assets and related lease liabilities, including leasehold improvements associated with the lease, remained on our consolidated balance sheet as of September 30, 2024 and December 31, 2023. Yandy’s operating activities met the criteria discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, to be classified as discontinued operations for the nine months ended September 30, 2023. On October 3, 2023, we entered into a Stock Purchase Agreement (the “SPA”) with LV Holding, LLC (“TLA Buyer”) for the sale of TLA. We closed the TLA Sale on November 3, 2023. Pursuant to the terms and subject to the conditions set forth in the SPA, TLA Buyer acquired from Playboy Enterprises, Inc., a wholly-owned subsidiary of PLBY Group, Inc. and the holder of all equity of TLA, all of the issued and outstanding equity interests of TLA, which held and operated the Lovers business, for approximately $13.5 million in cash (the “Purchase Price”). We also received approximately $0.8 million as part of a working capital adjustment following the closing of the TLA Sale. Approximately $2.1 million of the Purchase Price was placed into a short-term escrow account at the closing of the TLA Sale in connection with a post-closing working capital adjustment, certain possible indemnification claims payable by TLA and for certain post-closing items to be completed by TLA. As of the date of this Quarterly Report on Form 10-Q, such escrow funds had been released to us in full. The TLA Sale resulted in a gain of $7.7 million before income taxes. TLA’s operating activities met the criteria discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, to be classified as discontinued operations for the nine months ended September 30, 2023. In the fourth quarter of 2023, we began the sale of artwork assets, but they were not fully disposed of as of September 30, 2024, and as such continued to meet the criteria discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, to be classified as current assets held for sale in our condensed consolidated balance sheet as of September 30, 2024. There were no impairment charges on artwork held for sale recorded during the three months ended September 30, 2024. During the nine months ended September 30, 2024, we recorded $2.4 million of impairment charges related to our artwork held for sale. As of September 30, 2024, we determined that our Honey Birdette business constituted a disposal group. Honey Birdette, which was previously included in the Direct-to-Consumer segment, met the criteria discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, to be classified as discontinued operations for all periods presented, as the divestiture of Honey Birdette is part of our strategic shift to a capital-light business model, and its sale will have a major effect on our operations and financial results. Its assets and liabilities are classified as current assets and liabilities held for sale in the condensed consolidated balance sheets for all periods presented. The following table summarizes the components of income (loss) from discontinued operations, net of tax in the accompanying condensed consolidated statements of operations (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net revenues $ 16,575 $ 26,886 $ 49,818 $ 88,694 Costs and expenses: Cost of sales (7,656) (12,864) (22,829) (43,587) Selling and administrative expenses (9,041) (14,159) (29,079) (54,487) Impairments — — — (72,614) Total operating expense (16,697) (27,023) (51,908) (170,688) Operating income (loss) (122) (137) (2,090) (81,994) Nonoperating income (expense): Other income (expense), net 173 (98) 249 (46) Total nonoperating income (expense) 173 (98) 249 (46) Income (loss) from discontinued operations before income taxes 51 (235) (1,841) (82,040) (Expense) benefit from income taxes (8) 120 (13) 3,778 Income (loss) from discontinued operations, net of tax $ 43 $ (115) $ (1,854) $ (78,262) The major classes of assets and liabilities classified as held for sale in the accompanying condensed consolidated balance sheets were as follows (in thousands): September 30, 2024 December 31, 2023 Assets Restricted cash $ 682 $ 524 Receivables, net of allowance for credit losses 1,188 404 Inventories, net 9,151 12,841 Prepaid expenses and other current assets 2,489 1,787 Property and equipment, net 3,858 5,554 Operating right-of-use assets 13,321 14,740 Goodwill 22,142 21,799 Other intangible assets, net 11,496 12,272 Artwork held for sale 7,325 11,692 Other noncurrent assets 222 210 Total assets held for sale $ 71,874 $ 81,823 Liabilities Accounts payable $ 4,291 $ 2,661 Deferred revenues 754 3,022 Operating lease liabilities 16,449 18,217 Other current liabilities and accrued expenses 9,803 11,166 Other noncurrent liabilities 126 162 Total liabilities held for sale $ 31,423 $ 35,228

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	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 the consolidated balance sheets as of September 30, 2024 and December 31, 2023. The following table summarizes our contract assets and certain contract liabilities (in thousands). Such table excludes $4.8 million of accounts receivable included in assets held for sale in our consolidated balance sheets as of December 31, 2022, and $2.7 million of contract liabilities included in liabilities held for sale in our consolidated balance sheet as of December 31, 2022. The table below also excludes $1.2 million and $0.4 million of accounts receivable included in assets held for sale in our consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively, and $0.8 million and $3.0 million of contract liabilities included in liabilities held for sale in our consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. September 30, December 31, December 31, Accounts receivable $ 4,298 $ 7,092 $ 13,650 Contract Balances: Contract assets, current portion $ 1,968 $ 1,547 $ 2,559 Contract assets, net of current portion 7,818 8,716 13,680 Contract liabilities, current portion (5,551) (6,183) (8,061) Contract liabilities, net of current portion (4,788) (4,641) (21,406) Contract liabilities, net $ (553) $ (561) $ (13,228) The following tables provide a roll-forward of our netted contract assets and contract liabilities from continuing operations (in thousands): Contract Liabilities, Net Balance at December 31, 2023 $ (561) Revenues recognized that were included in gross contract liabilities at December 31, 2023 16,561 Contract assets reclassified to accounts receivable in the nine months ended September 30, 2024 (15,076) Cash received in advance since prior year and remains in net contract liabilities at period-end (1,702) Contract modifications and terminations in 2024 225 Balance at September 30, 2024 $ (553) Contract Liabilities, Net Balance at December 31, 2022 $ (13,228) Revenues recognized that were included in gross contract liabilities at December 31, 2022 29,033 Contract assets reclassified to accounts receivable in the nine months ended September 30, 2023 (25,078) Cash received in advance since prior year and remained in net contract liabilities at period-end (1,762) Write-down of contract liabilities due to impairment of a trademark licensing agreement 11,447 Contract impairments, modifications and terminations in 2023 (6,580) Balance at September 30, 2023 $ (6,168) Future Performance Obligations As of September 30, 2024, unrecognized revenue attributable to unsatisfied and partially unsatisfied performance obligations under our long-term contracts was $75.6 million, of which $70.2 million related to trademark licensing and $5.4 million related to digital subscriptions and products. Unrecognized revenue of the trademark licensing revenue stream is expected to be recognized over the next seven years, of which 95% is expected to be recognized in the first five years. Unrecognized revenue of the digital subscriptions and products revenue stream is expected to be recognized over the next five years, of which 52% is expected to be recognized in the first year. Unrecognized revenues under contracts disclosed above do not include contracts for which variable consideration is determined based on the customer’s subsequent sale or usage. Disaggregation of Revenue The following table disaggregates revenue from continuing operations by type (in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Trademark licensing $ 7,377 $ — $ — $ — $ 7,377 $ 16,734 $ — $ — $ — $ 16,734 Digital subscriptions and products — — 3,830 — 3,830 — — 11,113 — 11,113 TV and cable programming — — 1,655 — 1,655 — — 4,975 — 4,975 Consumer products — — — 2 2 — — — 2 2 Total revenues $ 7,377 $ — $ 5,485 $ 2 $ 12,864 $ 16,734 $ — $ 16,088 $ 2 $ 32,824 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Trademark licensing $ 10,931 $ — $ — $ — $ 10,931 $ 30,913 $ — $ — $ — $ 30,913 Digital subscriptions and products — — 3,359 — 3,359 — — 9,145 4 9,149 TV and cable programming — — 1,847 — 1,847 — — 5,911 — 5,911 Consumer products — 139 — — 139 — 5,040 — — 5,040 Total revenues $ 10,931 $ 139 $ 5,206 $ — $ 16,276 $ 30,913 $ 5,040 $ 15,056 $ 4 $ 51,013 The following table disaggregates revenue from continuing operations by point in time versus over time (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Point in time $ 1,474 $ 1,300 $ 4,355 $ 7,877 Over time 11,390 14,976 28,469 43,136 Total revenues $ 12,864 $ 16,276 $ 32,824 $ 51,013

Inventories, Net

Inventories, Net	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories, Net	Inventories, Net The following table sets forth inventories, net, which are stated at the lower of cost (specific cost and first-in, first-out) and net realizable value (in thousands). The table excludes $9.2 million and $12.8 million of inventories, net, which is included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Editorial and other pre-publication costs $ 69 $ 159 Total $ 69 $ 159 At September 30, 2024 and December 31, 2023, reserves for slow-moving and obsolete inventory amounted to $0.1 million. Reserves for slow-moving and obsolete inventory as of September 30, 2024 and December 31, 2023 excluded $4.7 million and $5.4 million of inventory reserves included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets The following table sets forth our prepaid expenses and other current assets (in thousands). The table excludes $2.5 million and $1.8 million of assets included in assets held for sale in the condensed consolidated balance sheets as of as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Contract assets, current portion $ 1,968 $ 1,547 Prepaid software 790 1,416 Prepaid insurance 692 858 Promissory note receivable 71 1,632 Other 851 562 Total $ 4,372 $ 6,015

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net The following table sets forth our property and equipment, net (in thousands). The table excludes $3.9 million and $5.6 million of property and equipment, net included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Internally developed software $ 7,060 $ 10,792 Leasehold improvements 1,961 2,092 Equipment 2,765 2,763 Furniture and fixtures 1,799 1,922 Construction in progress 198 33 Total property and equipment, gross 13,783 17,602 Less: accumulated depreciation (12,345) (9,642) Total $ 1,438 $ 7,960 The aggregate depreciation expense related to property and equipment included in loss from continuing operations was $1.0 million and $1.1 million for the three months ended September 30, 2024 and 2023, respectively, and $3.0 million and $2.3 million for the nine months ended September 30, 2024 and 2023, respectively. Depreciation expense related to property and equipment attributable to discontinued operations was $0.5 million for the three months ended September 30, 2024 and 2023, and $2.1 million and $1.8 million for the nine months ended September 30, 2024 and 2023, respectively. As a result of a decrease in revenue projections for our creator digital platform on playboy.com , we recorded non-cash impairment charges related to the write-off of its internally developed software in the amount of $4.7 million as of September 30, 2024.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Intangible Assets Our indefinite-lived intangible assets that are not amortized consisted of $145.5 million and $145.1 million of Playboy-branded trademarks and acquired trade names as of September 30, 2024 and December 31, 2023, respectively. Capitalized trademark costs include costs associated with the acquisition, registration and/or renewal of our trademarks. We expense certain costs associated with the defense of our trademarks. Registration and renewal costs that were capitalized during each of the three and nine months ended September 30, 2024 and 2023 were immaterial. As a result of ongoing impacts to our revenue, including declines in consumer demand and discontinued operations, we recorded non-cash asset impairment charges, at the impairment date in the third quarter of 2024, related to the write-down of goodwill of $17.0 million. At the impairment date in the second quarter of 2023, we recorded non-cash asset impairment charges related to the write-down of indefinite-lived trademarks of $65.5 million, and impairment charges related to discontinued operations for the write-down of goodwill of $66.7 million and to trade names and other assets of $5.1 million. The table below summarizes our intangible assets, net (in thousands). The table excludes $11.5 million and $12.3 million of other intangible assets, net included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Digital assets $ 5 $ 5 Total amortizable intangible assets, net 351 537 Total indefinite-lived intangible assets 145,460 145,087 Total $ 145,816 $ 145,629 Impairment charges related to our digital assets, which were comprised of the cryptocurrency “Ethereum” as of September 30, 2024 and December 31, 2023, were immaterial for the three and nine months ended September 30, 2024 and 2023. Our amortizable intangible assets are set forth in the table below (in thousands). The tables below exclude Honey Birdette’s trade names, valued at $11.5 million and $12.3 million as of September 30, 2024 and December 31, 2023, respectively, as they were included in assets held for sale in the condensed consolidated balance sheets as of such dates. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. Weighted- Average Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount September 30, 2024 Distribution agreements 15 $ 3,720 $ (3,369) $ 351 Total $ 3,720 $ (3,369) $ 351 Weighted- Average Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount December 31, 2023 Distribution agreements 15 3,720 (3,183) $ 537 Total $ 3,720 $ (3,183) $ 537 The aggregate amortization expense for definite-lived intangible assets included in loss from continuing operations was $0.1 million for the three months ended September 30, 2024 and 2023. Amortization expense for definite-lived intangible assets attributable to discontinued operations was $0.3 million for the three months ended September 30, 2024 and 2023. The aggregate amortization expense for definite-lived intangible assets included in the continuing operations was $0.2 million for the nine months ended September 30, 2024 and 2023. Amortization expense for definite-lived intangible assets attributable to discontinued operations was $0.9 million and $1.2 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, expected amortization expense relating to definite-lived intangible assets for each of the next five years and thereafter is as follows (in thousands): Remainder of 2024 $ 62 2025 248 2026 41 Total $ 351 Goodwill Changes in the carrying value of goodwill for the nine months ended September 30, 2024 are set forth in the tables below (in thousands). The table below excludes $22.1 million and $21.8 million of goodwill included in assets held for sale in our consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Gross Goodwill Impairments Net Goodwill Balance at December 31, 2023 $ 33,100 $ — $ 33,100 Impairments — (17,016) (17,016) Balance at September 30, 2024 $ 33,100 $ (17,016) $ 16,084 Changes in the recorded carrying value of goodwill for the nine months ended September 30, 2024 by reportable segment were as follows: Licensing Digital Subscriptions and Content Balance at December 31, 2023 $ — $ 33,100 Impairments — (17,016) Balance at September 30, 2024 $ — $ 16,084

Other Current Liabilities and A

Other Current Liabilities and Accrued Expenses	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Other Current Liabilities and Accrued Expenses	Other Current Liabilities and Accrued Expenses The following table sets forth our other current liabilities and accrued expenses (in thousands). The table excludes $9.8 million and $11.2 million of other current liabilities and accrued expenses included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Taxes $ 3,417 $ 4,925 Accrued creator fees 1,967 2,113 Accrued interest 1,110 3,040 Accrued professional fees 1,084 650 Accrued salaries, wages and employee benefits 84 2,659 Other 3,134 3,414 Total $ 10,796 $ 16,801

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table sets forth our debt (in thousands): September 30, December 31, Term loan, due 2027 $ 209,544 $ 209,772 Plus: capitalized payment-in-kind interest 8,132 1,848 Total debt 217,676 211,620 Less: unamortized debt issuance costs (498) (582) Less: unamortized debt discount (17,169) (20,619) Total debt, net of unamortized debt issuance costs and debt discount 200,009 190,419 Less: current portion of long-term debt (304) (304) Total debt, net of current portion $ 199,705 $ 190,115 On May 10, 2023 (the “Restatement Date”), we entered into an amendment and restatement (the “A&R Credit Agreement”) of our prior credit agreement (the “2021 Credit Agreement”) to reduce the interest rate applicable to our senior secured debt and the implied interest rate on our Series A Preferred Stock, exchange (and thereby eliminate) our outstanding Series A Preferred Stock, and obtain additional covenant relief and funding. For the terms of the 2021 Credit Agreement, as amended, refer to Note 10, Debt, within the notes to our consolidated financial statements set forth in our Annual Report on Form 10-K filed with the SEC on March 29, 2024. In connection with the A&R Credit Agreement, Fortress Credit Corp. and its affiliates (together, “Fortress”) became our lender with respect to approximately 90% of the term loans under the A&R Credit Agreement (the “A&R Term Loans”). Fortress exchanged 50,000 shares of our Series A Preferred Stock (representing all of our issued and outstanding preferred stock) for approximately $53.6 million of the A&R Term Loans, and we obtained approximately $11.8 million of additional funding as part of the A&R Term Loans. As a result, our Series A Preferred Stock was eliminated, and the principal balance of the A&R Term Loans under the A&R Credit Agreement became approximately $210.0 million on the Restatement Date. In connection with the A&R Credit Agreement, the term loan under the 2021 Credit Agreement was apportioned into approximately $20.6 million of Tranche A term loans (“Tranche A”) and approximately $189.4 million of Tranche B term loans (“Tranche B”, and together with Tranche A comprising the A&R Term Loans). The prior amortization payments applicable to the term loan under the 2021 Credit Agreement were eliminated. The A&R Credit Agreement only requires that the smaller Tranche A be subject to quarterly amortization payments of approximately $76,000 per quarter. The benchmark rate for the A&R Term Loans is the applicable term of the Secured Overnight Financing Rate (“SOFR”), as published by the U.S. Federal Reserve Bank of New York (rather than the London Inter-Bank Offered Rate (“LIBOR”), as under the 2021 Credit Agreement). As of the Restatement Date, Tranche A accrued interest at SOFR plus 6.25% and 0.10% SOFR adjustment, with a SOFR floor of 0.50%. As of the Restatement Date, Tranche B accrued interest at SOFR plus 4.25% and 0.10% SOFR adjustment, with a SOFR floor of 0.50%. We obtained additional leverage covenant relief through the first quarter of 2025, with testing of a total net leverage ratio covenant commencing following the quarter ending March 31, 2025, which covenant will be initially set at 7.25:1.00, reducing in 0.25 increments per quarter until the ratio reaches 5.25:1.00 for the quarter ending March 31, 2027. In July 2023, DBD Credit Funding LLC, an affiliate of Fortress, became the administrative agent and collateral agent under the A&R Credit Agreement. In connection with the TLA Sale, on November 2, 2023, we entered into Amendment No. 1 to the A&R Credit Agreement (the “A&R First Amendment”), to permit, among other things: (a) the TLA Sale and the sale of certain other assets (and the proceeds of such sales will not be required to prepay the A&R Term Loans); and (b) the Company to elect, through August 31, 2025, to pay in cash accrued interest equal to the applicable SOFR plus 1.00%, with the remainder of any applicable accrued interest not paid in cash capitalized into the A&R Term Loans. The other terms of the A&R Credit Agreement remained substantially unchanged from those prior to the A&R First Amendment. On March 27, 2024, we entered into Amendment No. 2 to the A&R Credit Agreement (the “A&R Second Amendment”), which provided for, among other things: (a) the amendment of the Total Net Leverage Ratio covenant to (i) suspend testing of such covenant until the quarter ending June 30, 2026, (ii) adjust the Total Net Leverage Ratio financial covenant levels once the covenant testing is resumed, and (iii) add a mechanism for the Total Net Leverage Ratio to be eliminated permanently upon the satisfaction of certain prepayment-related conditions (the date upon which such prepayment-related conditions are satisfied, the “Financial Covenant Sunset Date”); (b) the addition of a covenant to maintain a $7.5 million minimum balance of unrestricted cash and cash equivalents (on a consolidated basis), subject to periodic testing and certification, as well as the ability to cure a below-minimum balance, and which covenant will be in effect (i) from March 27, 2024 until March 31, 2026 and (ii) from and after the Financial Covenant Sunset Date; and (c) that assignments of commitments or loans under the A&R Credit Agreement from existing lenders to certain eligible assignees under the A&R Credit Agreement (i.e. a commercial bank, insurance company, investment or mutual fund or other entity that is an “accredited investor” (as defined in Regulation D under the Securities Act of 1933) and which extends credit or buys loans in the ordinary course of business) shall not require consent from us while the minimum cash balance financial covenant is in effect. The other terms of the A&R Credit Agreement prior to the A&R Second Amendment remained substantially unchanged. The stated interest rate of Tranche A and Tranche B term loans as of September 30, 2024 was 11.46% and 9.46%, respectively. The stated interest rate of Tranche A and Tranche B term loans as of December 31, 2023 was 11.41% and 9.41%, respectively. The effective interest rate of Tranche A and Tranche B A&R Term Loans as of September 30, 2024 was 12.08% and 13.32%, respectively. The effective interest rate of Tranche A and Tranche B A&R Term Loans as of December 31, 2023 was 12.03% and 13.27%, respectively. The difference between the stated interest rate and effective interest rate for Tranche B as of September 30, 2024 and December 31, 2023 is driven primarily by the amortization of $21.3 million of debt discount which is included in the calculation of the effective interest rate. We were in compliance with applicable financial covenants under the terms of the A&R Credit Agreement and its amendments as of September 30, 2024 and December 31, 2023. The following table sets forth maturities of the principal amount of our A&R Term Loans as of September 30, 2024 (in thousands): Remainder of 2024 $ 76 2025 304 2026 304 2027 216,992 Total $ 217,676

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Common Stock Common stock reserved for future issuance consisted of the following: September 30, December 31, Shares available for grant under equity incentive plans 1,088,279 739,178 Options issued and outstanding under equity incentive plans 1,997,466 2,291,328 Unvested restricted stock units 4,014,625 3,214,910 Vested equity awards not yet settled — 14,994 Unvested performance-based restricted stock units 389,827 707,655 Maximum number of shares issuable to GlowUp sellers pursuant to acquisition indemnity holdback 249,116 249,116 Total common stock reserved for future issuance 7,739,313 7,217,181

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation As of September 30, 2024, 10,737,065 shares of our common stock had been authorized for issuance under our 2021 Equity and Incentive Compensation Plan (the “2021 Plan”) and 6,287,687 shares of our common stock were originally reserved for issuance under our 2018 Equity Incentive Plan. Stock Options A summary of the stock option activity under our equity incentive plans is as follows: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Balance – December 31, 2023 2,291,328 $ 2.49 6.4 $ 311 Granted — — — — Exercised — — — — Forfeited, expired and cancelled (293,862) 5.05 — — Balance – September 30, 2024 1,997,466 $ 2.12 6.6 $ 90 Exercisable – September 30, 2024 1,540,180 $ 2.55 5.8 $ 45 Vested and expected to vest as of September 30, 2024 1,997,466 $ 2.12 6.6 $ 90 There were no options granted during the three or nine months ended September 30, 2024 or 2023. There were no options forfeited, expired or cancelled during the three months ended September 30, 2024. Restricted Stock Units A summary of restricted stock unit 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, 2023 3,214,910 $ 2.91 Granted 2,654,490 0.83 Vested (1,772,680) 3.02 Forfeited (82,095) 2.38 Unvested and outstanding balance at September 30, 2024 4,014,625 $ 1.50 The total fair value of restricted stock units that vested during the three months ended September 30, 2024 and 2023 was approximately $0.1 million and $0.2 million, respectively. The total fair value of restricted stock units that vested during the nine months ended September 30, 2024 and 2023 was approximately $1.5 million and $1.8 million, respectively. Performance Stock Units A summary of performance-based restricted stock unit (“PSU”) activity under our 2021 Plan is as follows: Number of Weighted- Unvested and outstanding balance at December 31, 2023 707,655 $ 10.8 Granted — — Vested (1) (317,828) 16.93 Forfeited — — Unvested and outstanding balance at September 30, 2024 389,827 $ 5.80 (1) Relates to PSUs that were modified in the fourth quarter of 2023 to change the unvested shares underlying the original awards to time-based vesting. There were no PSUs that vested during the three months ended September 30, 2024. The total fair value of PSUs that vested during the nine months ended September 30, 2024 was approximately $0.2 million. There were no PSUs that vested during the three and nine months ended September 30, 2023. Stock-Based Compensation Expense Stock-based compensation expense under our equity incentive plans was as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Cost of sales (1) $ 9 $ 643 $ 642 $ 190 Selling and administrative expenses (2) 1,493 (103) 4,699 8,720 Total $ 1,502 $ 540 $ 5,341 $ 8,910 (1) Cost of sales for the three and nine months ended September 30, 2023 includes a net reversal of $1.0 million of stock-based compensation expense associated with equity awards granted to an independent contractor for services pursuant to the terms of a license, services and collaboration agreement. The contract with such independent contractor expired in the fourth quarter of 2023, and there was no related stock-based compensation expense recorded for the three and nine months ended September 30, 2024. (2) Selling and administrative expenses for the three months ended September 30, 2023 includes a reversal of $2.4 million of stock-based compensation expense due to forfeitures of certain equity grants. Selling and administrative expenses for the nine months ended September 30, 2023 includes $2.3 million of accelerated amortization of stock-based compensation expense for certain equity awards, offset by a $2.4 million reduction in stock-based compensation expense due to forfeitures of certain equity grants during the nine months ended September 30, 2023. The expense presented in the table above is net of capitalized stock-based compensation relating to software development costs of $0.8 million and $2.0 million during the three and nine months ended September 30, 2023, respectively. There was no capitalized stock-based compensation relating to software development costs during the three and nine months ended September 30, 2024, as stock-based compensation relating to software development costs eligible to be capitalized during the three and nine months ended September 30, 2024 was immaterial.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases As of September 30, 2024 and December 31, 2023, the weighted-average remaining term of our operating leases from continuing operations was 3.6 years and 4.3 years, respectively, and the weighted-average discount rate used to estimate the net present value of the operating lease liabilities was 4.3% and 4.2%, respectively. Cash payments for amounts included in the measurement of operating lease liabilities attributable to continuing operations were $1.0 million and $1.1 million for the three months ended September 30, 2024 and 2023, respectively, and $2.9 million and $3.2 million for the nine months ended September 30, 2024 and 2023, respectively. There were no right-of-use assets obtained in exchange for new operating lease liabilities attributable to continuing operations during the three or nine months ended September 30, 2024 or 2023. Right-of-use assets obtained in exchange for new operating lease liabilities attributable to discontinued operations were $1.5 million and $2.0 million for the three months ended September 30, 2024 and 2023, respectively, and $2.1 million and $5.3 million for the nine months ended September 30, 2024 and 2023, respectively. In conjunction with the Yandy Sale in the second quarter of 2023, we entered into a sublease agreement with the Yandy Buyer in relation to its warehouse and office space for the remaining term of the lease, which expires in 2031. Net lease cost recognized in our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 is summarized in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease cost $ 736 $ 829 $ 2,353 $ 2,484 Variable lease cost 123 97 235 214 Short-term lease cost 41 85 111 421 Sublease income (199) (202) (653) (467) Total $ 701 $ 809 $ 2,046 $ 2,652 Maturities of our operating lease liabilities as of September 30, 2024 were as follows (in thousands): Remainder of 2024 $ 893 2025 3,588 2026 3,666 2027 2,359 2028 432 Thereafter 1,096 Total undiscounted lease payments 12,034 Less: imputed interest (1,208) Total operating lease liabilities $ 10,826 Operating lease liabilities, current portion $ 3,177 Operating lease liabilities, noncurrent portion $ 7,649 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. TNR Case On June 21, 2024, we settled the previously disclosed litigation against our subsidiary Playboy Enterprises International, Inc. (together with its subsidiaries, “PEII”), which was brought by Thai Nippon Rubber Industry Public Limited Company, a manufacturer of condoms and lubricants and a publicly traded Thailand company (“TNR”). No party to the lawsuit admitted any liability or wrongdoing in connection with the settlement agreement. The TNR lawsuit was fully dismissed with prejudice by the court on August 1, 2024. AVS Case In March 2020, PEII terminated its license agreement with a licensee, AVS Products, LLC (“AVS”), for AVS’s failure to make required payments to PEII under the agreement, following notice of breach and an opportunity to cure. On February 6, 2021, PEII received a letter from counsel to AVS alleging that the termination of the contract was improper, and that PEII failed to meet its contractual obligations, preventing AVS from fulfilling its obligations under the license agreement. On February 25, 2021, PEII brought suit against AVS in Los Angeles Superior Court to prevent further unauthorized sales of Playboy-branded products and for disgorgement of unlawfully obtained funds. On March 1, 2021, PEII also brought a claim in arbitration against AVS for outstanding and unpaid license fees. PEII and AVS subsequently agreed that the claims PEII brought in arbitration would be alleged in the Los Angeles Superior Court case instead, and on April 23, 2021, the parties entered into and filed a stipulation to that effect with the court. On May 18, 2021, AVS filed a demurrer, asking for the court to remove an individual defendant and dismiss PEII’s request for a permanent injunction. On June 10, 2021, the court denied AVS’s demurrer. AVS filed an opposition to PEII’s motion for a preliminary injunction to enjoin AVS from continuing to sell or market Playboy-branded products on July 2, 2021, which the court denied on July 28, 2021. On August 10, 2021, AVS filed a cross-complaint for breach of contract, breach of the implied covenant of good faith and fair dealing, quantum meruit and declaratory relief. As in its February 2021 letter, AVS alleges its license was wrongfully terminated and that PEII failed to approve AVS’ marketing efforts in a manner that was either timely or that was commensurate with industry practice. AVS is seeking to be excused from having to perform its obligations as a licensee, payment of the value for services rendered by AVS to PEII outside of the license, and damages to be proven at trial. The court heard PEII’s motion for summary judgment on June 6, 2023, and dismissed six out of 10 of AVS’ causes of action. AVS’ contract-related claims remain to be determined at trial, which is set for September 2025. In addition, PEII filed a new, related complaint against Sunrise Brands based on their participation in AVS’s misconduct, as well as their own direct misconduct. Sunrise Brands has submitted an answer to that complaint. The parties in the AVS and Sunrise Brand cases are currently engaged in discovery, and both cases been related together by the court and will be tried together, for both pretrial and trial purposes. We believe AVS’ remaining claims and allegations are without merit, and we will defend this matter vigorously. New Handong Arbitration On February 8, 2024, PEII and certain of its subsidiaries initiated arbitration in the Hong Kong International Arbitration Centre (the “Arbitration”) against PEII’s terminated China licensee, New Handong Investment (Guangdong) Co., Ltd. (“New Handong”). In October 2023, PEII’s subsidiary terminated its license agreement with New Handong due to ongoing, uncured material breaches by New Handong. PEII and certain of its subsidiaries are seeking damages, including the payment of outstanding guaranteed minimum royalties, the payment of all guaranteed minimum royalties for the remainder of the term of the agreement, and other contractual damages for a variety of breaches. Such breaches include unauthorized sales of products, underpayment of earned royalties, failure to use approved trademarks and affix official holograms to all products, and the use of unapproved sublicensees. PEII and certain of its subsidiaries are also seeking a declaration that the termination of the agreement was lawful and valid and the issuance of a legal order to require New Handong to refrain from any further manufacture, sale, distribution or other use of any Playboy intellectual property or products. While PEII believes it has strong claims against New Handong, and that the facts of the matter support those claims, even in the event PEII were to obtain all the relief it seeks from the Arbitration, PEII can provide no assurance or guarantee that it will be able to enforce the results of the Arbitration against New Handong or recover any or all monetary awards from New Handong. Former Model Case

Severance Costs

Severance Costs	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Severance Costs	Severance Costs We incurred severance costs during 2023 due to the reduction of headcount, as we shift our business to a more capital-light business model. Severance costs are recorded in selling and administrative expenses in the condensed consolidated statements of operations, with an immaterial amount recorded in cost of sales, and in accrued salaries, wages, and employee benefits in our condensed consolidated balance sheets. Severance costs were immaterial during the three and nine months ended September 30, 2024. Severance costs from discontinued operations were immaterial during the three and nine months ended September 30, 2024 and 2023. Severance costs in our condensed consolidated statements of operations were as follows (in thousands): Three Months Ended Nine Months Ended Direct-to-Consumer $ 6 $ 1,123 Licensing — 53 Digital Subscriptions and Content 308 347 Corporate — 1,221 Total $ 314 $ 2,744 The following is a reconciliation of the beginning and ending severance costs balances recorded in accrued salaries, wages, and employee benefits in our condensed consolidated balance sheets (in thousands): Employee Separation Costs Balance at December 31, 2023 $ 1,184 Costs incurred and charged to expense 283 Costs paid or otherwise settled (1,386) Balance at September 30, 2024 $ 81

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate for the three months ended September 30, 2024 and 2023 was (1.8)% and 11.6%, respectively. The effective tax rate for the nine months ended September 30, 2024 and 2023 was (3.6)% and 7.3%, respectively. The effective tax rate for the three and nine months ended September 30, 2024 differed from the U.S. statutory federal income tax rate of 21% primarily due to impairment charges on artwork held for sale, 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 nine months ended September 30, 2023 differed from the U.S. statutory federal income tax rate of 21% primarily due to foreign withholding taxes, the limitations of Section 162(m) of the Internal Revenue Code, stock compensation shortfall deductions, the release of valuation allowance due to a reduction in net deferred tax liabilities of indefinite lived intangibles and the impairment of intangible assets. During the second quarter of 2024, the Company decided to revoke its permanent reinvestment assertion on certain foreign jurisdictions and repatriated total earnings from foreign subsidiaries of $1.1 million and $3.8 million to the United States for the three and nine months ended September 30, 2024, respectively. Due to the Company’s overall losses incurred and the dividends received deduction in the United States, such repatriation did not have any material impact on the Company’s tax provision for the quarter ended September 30, 2024.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss 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 Months Ended Nine Months Ended 2024 2023 2024 2023 Options issued and outstanding under equity incentive plans 1,997,466 2,389,361 1,997,466 2,389,361 Unvested restricted stock units 4,014,625 922,808 4,014,625 922,808 Unvested performance-based restricted stock units 389,827 808,191 389,827 808,191 Total 6,401,918 4,120,360 6,401,918 4,120,360

Segments

Segments	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segments	Segments As of September 30, 2024, we had three reportable segments: Licensing, Digital Subscriptions and Content and Direct-to-Consumer. The Licensing segment derives revenue from trademark licenses for third-party consumer products and online and location-based entertainment businesses. The Digital Subscriptions and Content segment derives revenue from the subscription of Playboy programming that is distributed through various channels, including websites and domestic and international television, and sales of creator content offerings and memberships to consumers through the Playboy Club on playboy.com . The Direct-to-Consumer segment in prior year comparative periods is comprised of playboy.com e-commerce business, which in the third quarter of 2023 fully transitioned from an owned-and-operated model to a licensing model. The Honey Birdette direct-to consumer business, which derives revenue from sales of consumer products sold online and at Honey Birdette brick-and-mortar stores, met the criteria for discontinued operations classification as of September 30, 2024 (refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations). Therefore, there are no Direct-to-Consumer segment results presented for the three and nine months ended September 30, 2024. 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. Total asset information is not included in the tables below as it is not provided to and reviewed by our CODM. The “All Other” line items in the tables below are miscellaneous in nature and do not relate to the previously identified reportable segments disclosed herein. These segments do not meet the quantitative threshold for determining reportable segments. The “Corporate” line item in the tables below includes certain operating expenses that are not allocated to the reporting segments presented to our CODM. These expenses include legal, human resources, accounting/finance, information technology and facilities. The accounting policies of the reportable segments are the same as those described in Note 1, Basis of Presentation and Summary of Significant Accounting Policies. The following table sets forth financial information by reportable segment (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net revenues: Licensing $ 7,377 $ 10,931 $ 16,734 $ 30,913 Digital Subscriptions and Content 5,485 5,206 16,088 15,056 Direct-to-Consumer — 139 — 5,040 All Other 2 — 2 4 Total $ 12,864 $ 16,276 $ 32,824 $ 51,013 Operating (loss) income: Licensing $ 2,715 $ 9,346 $ 9,055 $ (52,218) Digital Subscriptions and Content (23,031) (1,174) (25,348) (781) Direct-to-Consumer — (162) — (9,317) Corporate (7,820) (9,597) (28,004) (39,391) All Other (6) — 3 (12) Total $ (28,142) $ (1,587) $ (44,294) $ (101,719) Geographic Information Revenue by geography is based on where the customer is located. The following table sets forth revenue from continuing operations by geographic area (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net revenues: United States $ 7,660 $ 7,770 $ 22,174 $ 23,048 China 3,303 6,544 7,773 20,967 Other 1,901 1,962 2,877 6,998 Total $ 12,864 $ 16,276 $ 32,824 $ 51,013

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 5, 2024, we issued 14,900,000 unregistered shares of our common stock in a private placement to a third-party investor, at a price of $1.50 per share, for total proceeds of $22.35 million. We intend to use such proceeds for general corporate purposes. On November 11, 2024, we entered into Amendment No. 3 to the A&R Credit Agreement (the “A&R Third Amendment”), The A&R Third Amendment provides for, among other things: • Reducing the outstanding aggregate term loan amounts under the facility from approximately $217.7 million to approximately $152.4 million in exchange for $28 million of Series B Convertible Preferred Stock (the “Series B”), to be issued pursuant to an Exchange Agreement, dated November 11, 2024 (the “Exchange Agreement”), between the Company and the lenders party to the A&R Third Amendment (the “Lenders”); • Resetting the interest rate margin for both Tranche A term loans and Tranche B term loans to the same rate of SOFR, plus a 0.10% credit spread adjustment, plus 6.25% (with corresponding changes necessary so that all but 1.00% of the interest rate margin can be paid in-kind); and • Applying amortization of 1% per year to all loans, which is to be paid quarterly starting in the fourth quarter of 2025. The other terms of the A&R Credit Agreement prior to the A&R Third Amendment will remain substantially unchanged, and the new terms will go into effect upon the closing of the Exchange Agreement and the issuance of the Series B, which is expected to occur on November 13, 2024. The Series B will be established pursuant to the filing of a Certificate of Designation with the state of Delaware, which certificate will set forth the terms of the Series B. Upon the filing of such certificate, we will issue to the Lenders an aggregate of 28,000.00001 shares of Series B, valued at $28 million. The Series B includes a 12% annual dividend rate, which will commence accruing in six months, which will be payable in cash or in-kind, solely at PLBY Group’s discretion. PLBY Group has the right to redeem for cash (at any time) or convert the convertible preferred stock at any time, provided that the five-day volume-weighted average price of PLBY Group’s common stock is $1.50 or above, with a conversion price floor of $1.50 and a cap of $4.50.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (33,755)	$ (7,165)	$ (66,854)	$ (176,660)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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”). The Yandy Enterprises LLC (“Yandy”) and TLA Acquisition Corp. (“TLA”, owner of the Lovers business) disposal groups, which were previously included in the Direct-to-Consumer segment in the prior year comparative period prior to their becoming assets held for sale, were classified as discontinued operations in the condensed consolidated statements of operations for the prior year comparative period presented. The sale of Yandy was completed on April 4, 2023 (the “Yandy Sale”). The sale of TLA was completed on November 3, 2023 (the “TLA Sale”). As of September 30, 2024, we determined that our Honey Birdette business, which was also previously included in the Direct-to-Consumer segment, constituted a disposal group and met the criteria discussed below to be classified as discontinued operations in the condensed consolidated statements of operations for all periods presented. Assets and liabilities of Honey Birdette were classified as assets and liabilities held for sale in the condensed consolidated balance sheets for all periods presented. Unaudited Interim Condensed Consolidated Financial Statements The interim condensed consolidated balance sheet as of September 30, 2024, and the interim condensed consolidated statements of operations, comprehensive loss, cash flows, and stockholders’ equity (deficit) for the three and nine months ended September 30, 2024 and 2023 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 September 30, 2024 and our results of operations and cash flows for the three and nine months ended September 30, 2024 and 2023. The financial data and other financial information disclosed in these notes to the interim condensed consolidated financial statements related to the three and nine-month periods are also unaudited. The interim condensed consolidated results of operations for the nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any future annual or interim period. The interim condensed consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated 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 29, 2024.
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.
Reclassifications	Reclassifications Certain prior period amounts in the condensed consolidated statements of operations and condensed consolidated balance sheets have been reclassified to conform with the current period presentation.
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 and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We regularly assess these estimates, including, but not limited to, valuation of our trademarks and trade names; valuation of our contingent consideration liabilities; valuation of our only authorized and issued preferred stock (our “Series A Preferred Stock”), with the previously outstanding Series A Preferred Stock having been exchanged for debt and thereby eliminated in May 2023 upon amendment and restatement of our senior secured debt; pay-per-view and video-on-demand buys, and monthly subscriptions to our television and digital content; the adequacy of reserves associated with accounts receivable and inventory; unredeemed gift cards and store credits; licensing commission accruals; and stock-based compensation expense. We base these estimates on historical experience and on various other market-specific and relevant assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates and such differences could be material to the financial position and results of operations.
Concentrations of Business and Credit Risk	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 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. Due to Honey Birdette’s assets and liabilities being classified as held for sale and its operations being classified as discontinued operations in our condensed consolidated financial statements for all periods presented, certain individual customers exceeded 10% of our receivables and revenue as of September 30, 2024 while they did not in prior comparative periods.
Restricted Cash	Restricted Cash At September 30, 2024 and December 31, 2023, restricted cash was primarily related to a cash collateralized letter of credit we maintained in connection with the lease of our Los Angeles headquarters, excluding Honey Birdette’s term deposit in relation to its Sydney office lease, which was classified as assets held for sale as of September 30, 2024 and December 31, 2023 (refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations). The December 31, 2023 restricted cash balance also included cash held in escrow related to the TLA Sale, which had been released to us in full in the second quarter of 2024.
Advertising Costs	Advertising Costs We expense advertising costs as incurred. Advertising expenses were $0.1 million for the three months ended September 30, 2024 and 2023, excluding $1.0 million and $1.4 million of advertising costs related to discontinued operations for the three months ended September 30, 2024 and 2023, respectively. Advertising expenses for the nine months ended September 30, 2024 and 2023 were $0.3 million and $2.0 million, respectively, excluding $2.9 million and $5.5 million of advertising costs related to discontinued operations for the nine months ended September 30, 2024 and 2023, respectively. We also have various arrangements with collaborators pursuant to which we reimburse them for a portion of their advertising costs in the form of co-op marketing which provide advertising benefits to us. The costs that we incur for such advertising costs are recorded as a reduction of revenue.
Long-Lived Assets	Long-Lived Assets, Indefinite-lived Intangible Assets and Goodwill The carrying amounts of long-lived assets, including property and equipment, stores, acquired 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. In the third quarter of 2024, we had impairment indicators to our creator digital platform on playboy.com associated with a decrease in its revenue projections and determined that its carrying value is not recoverable as of September 30, 2024. As a result, we recognized $4.7 million of impairment charges related to the write-off of its internally developed software during the three months ended September 30, 2024. During the nine months ended September 30, 2024, we recognized $0.6 million of impairment charges on right-of-use assets pertaining to our corporate leases and $4.7 million related to the write-off of its internally developed software. We recognized $5.1 million of impairment charges on our trade names at the impairment date during the nine months ended September 30, 2023, which were classified in the discontinued operations in our condensed consolidated statements of operations for the nine months ended September 30, 2023. There was no impairment charge on our long-lived assets during the three months ended September 30, 2023. Indefinite-lived intangible assets that are not amortized but subject to annual impairment testing consist of Playboy-branded trademarks. Our indefinite-lived Playboy-branded trademarks are periodically reviewed for indicators of impairment whenever events or changes in circumstances indicate that the value of these assets may not be recoverable or that the useful life is shorter than originally estimated. We evaluate the indefinite-lived Playboy-branded trademarks for impairment using the discounted cash flow and relief from royalty method. This valuation approach requires that we make a number of assumptions to estimate fair value, including projections of future revenues, market royalty rates, tax rates, discount rates and other relevant variables. The projections we use in the model are updated annually or more frequently if an impairment triggering event has been identified and will change over time based on the historical performance and changing business conditions. If the carrying value of the trademark exceeds its estimated fair value, an impairment charge is recognized for the excess amount. In the third quarter of 2024, we had impairment indicators with respect to our indefinite-lived Playboy-branded trademarks, causing us to perform a quantitative impairment test on our indefinite-lived Playboy-branded trademarks as of September 30, 2024. The quantitative test indicated that their carrying value was less than their fair value, thus, no impairment charges to our Playboy-branded trademarks were recognized during the three and nine months ended September 30, 2024. In the second quarter of 2023, we experienced declines in revenue and profitability, causing us to test the recoverability of our indefinite-lived assets as of June 30, 2023. The impairment charges on the indefinite-lived Playboy-branded trademarks were $65.5 million as of the impairment date during the nine months ended September 30, 2023. There was no impairment charge to the indefinite-lived Playboy-branded trademarks during the three months ended September 30, 2023. We perform annual impairment testing on goodwill in the fourth quarter of each fiscal year or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying value. We may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, an impairment test is unnecessary. If an impairment test is necessary, we will estimate the fair value of a related reporting unit. If the carrying value of a reporting unit exceeds its fair value, the goodwill of that reporting unit is determined to be impaired, and we will proceed with recording an impairment charge equal to the excess of the carrying value over the related fair value. If we determine it is more likely than not that goodwill is not impaired, a quantitative test is not necessary. In the third quarter of 2024, we had declines in our future projected cash flows for Digital Subscriptions and Content, causing us to test our goodwill for impairment as of September 30, 2024. Utilizing the income approach, we performed a quantitative impairment test on goodwill using a discounted cash flow analysis, which determined that the fair value of certain of our reporting units was less than their carrying value. As a result, we recorded $17.0 million of impairment charges to our goodwill during the three month ended September 30, 2024. There was no impairment charge to our goodwill during the three months ended September 30, 2023. In the second quarter of 2023, we experienced declines in revenue and profitability, causing us to test our goodwill for impairment as of June 30, 2023. Utilizing the income approach, we performed a quantitative impairment test on goodwill using a discounted cash flow analysis, which determined that the carrying value of certain of our reporting units exceeded their fair value. As a result, we recognized $66.7 million of impairment charges on our goodwill at the impairment date in the second quarter of 2023. The impairment charges related to the write down of our goodwill were $17.0 million and $66.7 million during the nine months ended September 30, 2024 and 2023, respectively, with the 2023 amount being classified as discontinued operations in the condensed consolidated statements of operations for the nine months ended September 30, 2023.
Indefinite-lived Intangible Assets and Goodwill	Long-Lived Assets, Indefinite-lived Intangible Assets and Goodwill The carrying amounts of long-lived assets, including property and equipment, stores, acquired 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. In the third quarter of 2024, we had impairment indicators to our creator digital platform on playboy.com associated with a decrease in its revenue projections and determined that its carrying value is not recoverable as of September 30, 2024. As a result, we recognized $4.7 million of impairment charges related to the write-off of its internally developed software during the three months ended September 30, 2024. During the nine months ended September 30, 2024, we recognized $0.6 million of impairment charges on right-of-use assets pertaining to our corporate leases and $4.7 million related to the write-off of its internally developed software. We recognized $5.1 million of impairment charges on our trade names at the impairment date during the nine months ended September 30, 2023, which were classified in the discontinued operations in our condensed consolidated statements of operations for the nine months ended September 30, 2023. There was no impairment charge on our long-lived assets during the three months ended September 30, 2023. Indefinite-lived intangible assets that are not amortized but subject to annual impairment testing consist of Playboy-branded trademarks. Our indefinite-lived Playboy-branded trademarks are periodically reviewed for indicators of impairment whenever events or changes in circumstances indicate that the value of these assets may not be recoverable or that the useful life is shorter than originally estimated. We evaluate the indefinite-lived Playboy-branded trademarks for impairment using the discounted cash flow and relief from royalty method. This valuation approach requires that we make a number of assumptions to estimate fair value, including projections of future revenues, market royalty rates, tax rates, discount rates and other relevant variables. The projections we use in the model are updated annually or more frequently if an impairment triggering event has been identified and will change over time based on the historical performance and changing business conditions. If the carrying value of the trademark exceeds its estimated fair value, an impairment charge is recognized for the excess amount. In the third quarter of 2024, we had impairment indicators with respect to our indefinite-lived Playboy-branded trademarks, causing us to perform a quantitative impairment test on our indefinite-lived Playboy-branded trademarks as of September 30, 2024. The quantitative test indicated that their carrying value was less than their fair value, thus, no impairment charges to our Playboy-branded trademarks were recognized during the three and nine months ended September 30, 2024. In the second quarter of 2023, we experienced declines in revenue and profitability, causing us to test the recoverability of our indefinite-lived assets as of June 30, 2023. The impairment charges on the indefinite-lived Playboy-branded trademarks were $65.5 million as of the impairment date during the nine months ended September 30, 2023. There was no impairment charge to the indefinite-lived Playboy-branded trademarks during the three months ended September 30, 2023. We perform annual impairment testing on goodwill in the fourth quarter of each fiscal year or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying value. We may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, an impairment test is unnecessary. If an impairment test is necessary, we will estimate the fair value of a related reporting unit. If the carrying value of a reporting unit exceeds its fair value, the goodwill of that reporting unit is determined to be impaired, and we will proceed with recording an impairment charge equal to the excess of the carrying value over the related fair value. If we determine it is more likely than not that goodwill is not impaired, a quantitative test is not necessary. In the third quarter of 2024, we had declines in our future projected cash flows for Digital Subscriptions and Content, causing us to test our goodwill for impairment as of September 30, 2024. Utilizing the income approach, we performed a quantitative impairment test on goodwill using a discounted cash flow analysis, which determined that the fair value of certain of our reporting units was less than their carrying value. As a result, we recorded $17.0 million of impairment charges to our goodwill during the three month ended September 30, 2024. There was no impairment charge to our goodwill during the three months ended September 30, 2023. In the second quarter of 2023, we experienced declines in revenue and profitability, causing us to test our goodwill for impairment as of June 30, 2023. Utilizing the income approach, we performed a quantitative impairment test on goodwill using a discounted cash flow analysis, which determined that the carrying value of certain of our reporting units exceeded their fair value. As a result, we recognized $66.7 million of impairment charges on our goodwill at the impairment date in the second quarter of 2023. The impairment charges related to the write down of our goodwill were $17.0 million and $66.7 million during the nine months ended September 30, 2024 and 2023, respectively, with the 2023 amount being classified as discontinued operations in the condensed consolidated statements of operations for the nine months ended September 30, 2023.
Assets and Liabilities Held for Sale and Discontinued Operations	Assets and Liabilities Held for Sale and Discontinued Operations We classify assets and liabilities as held for sale, collectively referred to as a “disposal group”, when management commits to a formal plan to actively market the assets for sale at a price reasonable in relation to fair value, it is unlikely that significant changes will be made to the plan, the assets are available for immediate sale in their present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, and the sale of the assets is expected to be completed within one year. A disposal group that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. The fair value of a disposal group less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale.
Comprehensive Loss	Comprehensive Loss Comprehensive loss consists of net loss and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net loss. Our other comprehensive income (loss) represents foreign currency translation adjustments attributable to Honey Birdette’s operations. Refer to the Condensed Consolidated Statements of Comprehensive Loss. Total foreign currency transaction gains and losses were immaterial for the three and nine months ended September 30, 2024 and 2023.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Issued but Not Yet Adopted	Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements applicable to the Company for the quarter ended September 30, 2024. Accounting Pronouncements Issued but Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU’s amendments are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our disclosures. In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which addresses the accounting and disclosure requirements for certain crypto assets. This ASU requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in net income in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. The ASU’s amendments are effective for all entities holding assets that meet certain scope criteria for fiscal years beginning after December 15, 2024, including interim periods within those years. Early adoption is permitted for both interim and annual periods. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. We do not expect this pronouncement to have a material impact on our financial statements, and are currently evaluating its impact on our disclosures and consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under this ASU, public entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU’s amendments are effective for all entities that are subject to Topic 740, Income Taxes, for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this pronouncement on our disclosures.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Concentration of Risks	The following table represents receivables from our customers exceeding 10% of our total receivables: Customer September 30, December 31, Customer A 19 % * Customer B * 10 % _________________ *Indicates the receivables for the customer did not exceed 10% of the Company’s total as of September 30, 2024 or December 31, 2023, as applicable. The following table represents revenue from our customers exceeding 10% of our total revenue, excluding revenues from discontinued operations: Three Months Ended September 30, Nine Months Ended September 30, Customer 2024 2023 2024 2023 Customer C 14 % * 10 % * Customer D 11 % * * * Customer E (1) * 33 % * 32 % _________________ (1) The agreement with this licensee was terminated in the fourth quarter of 2023. *Indicates revenues for the customer did not exceed 10% of our total revenue for the three and nine months ended September 30, 2024 or 2023, as applicable.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration liability $ — $ — $ (338) $ (338) December 31, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration liability $ — $ — $ (399) $ (399)
Schedule of Fair Value Liabilities Activity	The following table provides a roll-forward of the fair value of the liabilities categorized as Level 3 for the nine months ended September 30, 2024 (in thousands): Contingent Consideration Balance at December 31, 2023 $ 399 Change in fair value (61) Balance at September 30, 2024 $ 338

Assets and Liabilities Held f_2

Assets and Liabilities Held for Sale and Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations	The following table summarizes the components of income (loss) from discontinued operations, net of tax in the accompanying condensed consolidated statements of operations (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net revenues $ 16,575 $ 26,886 $ 49,818 $ 88,694 Costs and expenses: Cost of sales (7,656) (12,864) (22,829) (43,587) Selling and administrative expenses (9,041) (14,159) (29,079) (54,487) Impairments — — — (72,614) Total operating expense (16,697) (27,023) (51,908) (170,688) Operating income (loss) (122) (137) (2,090) (81,994) Nonoperating income (expense): Other income (expense), net 173 (98) 249 (46) Total nonoperating income (expense) 173 (98) 249 (46) Income (loss) from discontinued operations before income taxes 51 (235) (1,841) (82,040) (Expense) benefit from income taxes (8) 120 (13) 3,778 Income (loss) from discontinued operations, net of tax $ 43 $ (115) $ (1,854) $ (78,262) The major classes of assets and liabilities classified as held for sale in the accompanying condensed consolidated balance sheets were as follows (in thousands): September 30, 2024 December 31, 2023 Assets Restricted cash $ 682 $ 524 Receivables, net of allowance for credit losses 1,188 404 Inventories, net 9,151 12,841 Prepaid expenses and other current assets 2,489 1,787 Property and equipment, net 3,858 5,554 Operating right-of-use assets 13,321 14,740 Goodwill 22,142 21,799 Other intangible assets, net 11,496 12,272 Artwork held for sale 7,325 11,692 Other noncurrent assets 222 210 Total assets held for sale $ 71,874 $ 81,823 Liabilities Accounts payable $ 4,291 $ 2,661 Deferred revenues 754 3,022 Operating lease liabilities 16,449 18,217 Other current liabilities and accrued expenses 9,803 11,166 Other noncurrent liabilities 126 162 Total liabilities held for sale $ 31,423 $ 35,228

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table summarizes our contract assets and certain contract liabilities (in thousands). Such table excludes $4.8 million of accounts receivable included in assets held for sale in our consolidated balance sheets as of December 31, 2022, and $2.7 million of contract liabilities included in liabilities held for sale in our consolidated balance sheet as of December 31, 2022. The table below also excludes $1.2 million and $0.4 million of accounts receivable included in assets held for sale in our consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively, and $0.8 million and $3.0 million of contract liabilities included in liabilities held for sale in our consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. September 30, December 31, December 31, Accounts receivable $ 4,298 $ 7,092 $ 13,650 Contract Balances: Contract assets, current portion $ 1,968 $ 1,547 $ 2,559 Contract assets, net of current portion 7,818 8,716 13,680 Contract liabilities, current portion (5,551) (6,183) (8,061) Contract liabilities, net of current portion (4,788) (4,641) (21,406) Contract liabilities, net $ (553) $ (561) $ (13,228) The following tables provide a roll-forward of our netted contract assets and contract liabilities from continuing operations (in thousands): Contract Liabilities, Net Balance at December 31, 2023 $ (561) Revenues recognized that were included in gross contract liabilities at December 31, 2023 16,561 Contract assets reclassified to accounts receivable in the nine months ended September 30, 2024 (15,076) Cash received in advance since prior year and remains in net contract liabilities at period-end (1,702) Contract modifications and terminations in 2024 225 Balance at September 30, 2024 $ (553) Contract Liabilities, Net Balance at December 31, 2022 $ (13,228) Revenues recognized that were included in gross contract liabilities at December 31, 2022 29,033 Contract assets reclassified to accounts receivable in the nine months ended September 30, 2023 (25,078) Cash received in advance since prior year and remained in net contract liabilities at period-end (1,762) Write-down of contract liabilities due to impairment of a trademark licensing agreement 11,447 Contract impairments, modifications and terminations in 2023 (6,580) Balance at September 30, 2023 $ (6,168)
Schedule of Revenue from External Customers by Products and Services	The following table disaggregates revenue from continuing operations by type (in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Trademark licensing $ 7,377 $ — $ — $ — $ 7,377 $ 16,734 $ — $ — $ — $ 16,734 Digital subscriptions and products — — 3,830 — 3,830 — — 11,113 — 11,113 TV and cable programming — — 1,655 — 1,655 — — 4,975 — 4,975 Consumer products — — — 2 2 — — — 2 2 Total revenues $ 7,377 $ — $ 5,485 $ 2 $ 12,864 $ 16,734 $ — $ 16,088 $ 2 $ 32,824 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Licensing Direct-to-Consumer Digital Subscriptions and Content Other Total Trademark licensing $ 10,931 $ — $ — $ — $ 10,931 $ 30,913 $ — $ — $ — $ 30,913 Digital subscriptions and products — — 3,359 — 3,359 — — 9,145 4 9,149 TV and cable programming — — 1,847 — 1,847 — — 5,911 — 5,911 Consumer products — 139 — — 139 — 5,040 — — 5,040 Total revenues $ 10,931 $ 139 $ 5,206 $ — $ 16,276 $ 30,913 $ 5,040 $ 15,056 $ 4 $ 51,013 The following table disaggregates revenue from continuing operations by point in time versus over time (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Point in time $ 1,474 $ 1,300 $ 4,355 $ 7,877 Over time 11,390 14,976 28,469 43,136 Total revenues $ 12,864 $ 16,276 $ 32,824 $ 51,013

Inventories, Net (Tables)

Inventories, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The following table sets forth inventories, net, which are stated at the lower of cost (specific cost and first-in, first-out) and net realizable value (in thousands). The table excludes $9.2 million and $12.8 million of inventories, net, which is included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Editorial and other pre-publication costs $ 69 $ 159 Total $ 69 $ 159

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	The following table sets forth our prepaid expenses and other current assets (in thousands). The table excludes $2.5 million and $1.8 million of assets included in assets held for sale in the condensed consolidated balance sheets as of as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Contract assets, current portion $ 1,968 $ 1,547 Prepaid software 790 1,416 Prepaid insurance 692 858 Promissory note receivable 71 1,632 Other 851 562 Total $ 4,372 $ 6,015

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The following table sets forth our property and equipment, net (in thousands). The table excludes $3.9 million and $5.6 million of property and equipment, net included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Internally developed software $ 7,060 $ 10,792 Leasehold improvements 1,961 2,092 Equipment 2,765 2,763 Furniture and fixtures 1,799 1,922 Construction in progress 198 33 Total property and equipment, gross 13,783 17,602 Less: accumulated depreciation (12,345) (9,642) Total $ 1,438 $ 7,960

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The table below summarizes our intangible assets, net (in thousands). The table excludes $11.5 million and $12.3 million of other intangible assets, net included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Digital assets $ 5 $ 5 Total amortizable intangible assets, net 351 537 Total indefinite-lived intangible assets 145,460 145,087 Total $ 145,816 $ 145,629 Our amortizable intangible assets are set forth in the table below (in thousands). The tables below exclude Honey Birdette’s trade names, valued at $11.5 million and $12.3 million as of September 30, 2024 and December 31, 2023, respectively, as they were included in assets held for sale in the condensed consolidated balance sheets as of such dates. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. Weighted- Average Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount September 30, 2024 Distribution agreements 15 $ 3,720 $ (3,369) $ 351 Total $ 3,720 $ (3,369) $ 351 Weighted- Average Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount December 31, 2023 Distribution agreements 15 3,720 (3,183) $ 537 Total $ 3,720 $ (3,183) $ 537
Schedule of Indefinite-Lived Intangible Assets	The table below summarizes our intangible assets, net (in thousands). The table excludes $11.5 million and $12.3 million of other intangible assets, net included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Digital assets $ 5 $ 5 Total amortizable intangible assets, net 351 537 Total indefinite-lived intangible assets 145,460 145,087 Total $ 145,816 $ 145,629
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of September 30, 2024, expected amortization expense relating to definite-lived intangible assets for each of the next five years and thereafter is as follows (in thousands): Remainder of 2024 $ 62 2025 248 2026 41 Total $ 351
Schedule of Goodwill	Changes in the carrying value of goodwill for the nine months ended September 30, 2024 are set forth in the tables below (in thousands). The table below excludes $22.1 million and $21.8 million of goodwill included in assets held for sale in our consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Gross Goodwill Impairments Net Goodwill Balance at December 31, 2023 $ 33,100 $ — $ 33,100 Impairments — (17,016) (17,016) Balance at September 30, 2024 $ 33,100 $ (17,016) $ 16,084 Changes in the recorded carrying value of goodwill for the nine months ended September 30, 2024 by reportable segment were as follows: Licensing Digital Subscriptions and Content Balance at December 31, 2023 $ — $ 33,100 Impairments — (17,016) Balance at September 30, 2024 $ — $ 16,084

Other Current Liabilities and_2

Other Current Liabilities and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Other Current Liabilities and Accrued Expenses	The following table sets forth our other current liabilities and accrued expenses (in thousands). The table excludes $9.8 million and $11.2 million of other current liabilities and accrued expenses included in assets held for sale in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 3, Assets and Liabilities Held for Sale and Discontinued Operations. September 30, December 31, Taxes $ 3,417 $ 4,925 Accrued creator fees 1,967 2,113 Accrued interest 1,110 3,040 Accrued professional fees 1,084 650 Accrued salaries, wages and employee benefits 84 2,659 Other 3,134 3,414 Total $ 10,796 $ 16,801

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt Instruments	The following table sets forth our debt (in thousands): September 30, December 31, Term loan, due 2027 $ 209,544 $ 209,772 Plus: capitalized payment-in-kind interest 8,132 1,848 Total debt 217,676 211,620 Less: unamortized debt issuance costs (498) (582) Less: unamortized debt discount (17,169) (20,619) Total debt, net of unamortized debt issuance costs and debt discount 200,009 190,419 Less: current portion of long-term debt (304) (304) Total debt, net of current portion $ 199,705 $ 190,115
Schedule of Maturities of the Principal Amount of Debt	The following table sets forth maturities of the principal amount of our A&R Term Loans as of September 30, 2024 (in thousands): Remainder of 2024 $ 76 2025 304 2026 304 2027 216,992 Total $ 217,676

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance consisted of the following: September 30, December 31, Shares available for grant under equity incentive plans 1,088,279 739,178 Options issued and outstanding under equity incentive plans 1,997,466 2,291,328 Unvested restricted stock units 4,014,625 3,214,910 Vested equity awards not yet settled — 14,994 Unvested performance-based restricted stock units 389,827 707,655 Maximum number of shares issuable to GlowUp sellers pursuant to acquisition indemnity holdback 249,116 249,116 Total common stock reserved for future issuance 7,739,313 7,217,181

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	A summary of the stock option activity under our equity incentive plans is as follows: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Balance – December 31, 2023 2,291,328 $ 2.49 6.4 $ 311 Granted — — — — Exercised — — — — Forfeited, expired and cancelled (293,862) 5.05 — — Balance – September 30, 2024 1,997,466 $ 2.12 6.6 $ 90 Exercisable – September 30, 2024 1,540,180 $ 2.55 5.8 $ 45 Vested and expected to vest as of September 30, 2024 1,997,466 $ 2.12 6.6 $ 90
Schedule of Restricted Stock Unit Activity	A summary of restricted stock unit 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, 2023 3,214,910 $ 2.91 Granted 2,654,490 0.83 Vested (1,772,680) 3.02 Forfeited (82,095) 2.38 Unvested and outstanding balance at September 30, 2024 4,014,625 $ 1.50
Schedule of Performance Stock Unit Activity	A summary of performance-based restricted stock unit (“PSU”) activity under our 2021 Plan is as follows: Number of Weighted- Unvested and outstanding balance at December 31, 2023 707,655 $ 10.8 Granted — — Vested (1) (317,828) 16.93 Forfeited — — Unvested and outstanding balance at September 30, 2024 389,827 $ 5.80 (1) Relates to PSUs that were modified in the fourth quarter of 2023 to change the unvested shares underlying the original awards to time-based vesting.
Schedule of Allocated Share-based Compensation Expense	Stock-based compensation expense under our equity incentive plans was as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Cost of sales (1) $ 9 $ 643 $ 642 $ 190 Selling and administrative expenses (2) 1,493 (103) 4,699 8,720 Total $ 1,502 $ 540 $ 5,341 $ 8,910 (1) Cost of sales for the three and nine months ended September 30, 2023 includes a net reversal of $1.0 million of stock-based compensation expense associated with equity awards granted to an independent contractor for services pursuant to the terms of a license, services and collaboration agreement. The contract with such independent contractor expired in the fourth quarter of 2023, and there was no related stock-based compensation expense recorded for the three and nine months ended September 30, 2024. (2) Selling and administrative expenses for the three months ended September 30, 2023 includes a reversal of $2.4 million of stock-based compensation expense due to forfeitures of certain equity grants. Selling and administrative expenses for the nine months ended September 30, 2023 includes $2.3 million of accelerated amortization of stock-based compensation expense for certain equity awards, offset by a $2.4 million reduction in stock-based compensation expense due to forfeitures of certain equity grants during the nine months ended September 30, 2023.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Costs	Net lease cost recognized in our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 is summarized in the table below (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease cost $ 736 $ 829 $ 2,353 $ 2,484 Variable lease cost 123 97 235 214 Short-term lease cost 41 85 111 421 Sublease income (199) (202) (653) (467) Total $ 701 $ 809 $ 2,046 $ 2,652
Schedule of Maturities of Operating Lease Liabilities	Maturities of our operating lease liabilities as of September 30, 2024 were as follows (in thousands): Remainder of 2024 $ 893 2025 3,588 2026 3,666 2027 2,359 2028 432 Thereafter 1,096 Total undiscounted lease payments 12,034 Less: imputed interest (1,208) Total operating lease liabilities $ 10,826 Operating lease liabilities, current portion $ 3,177 Operating lease liabilities, noncurrent portion $ 7,649

Severance Costs (Tables)

Severance Costs (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	Severance costs in our condensed consolidated statements of operations were as follows (in thousands): Three Months Ended Nine Months Ended Direct-to-Consumer $ 6 $ 1,123 Licensing — 53 Digital Subscriptions and Content 308 347 Corporate — 1,221 Total $ 314 $ 2,744 The following is a reconciliation of the beginning and ending severance costs balances recorded in accrued salaries, wages, and employee benefits in our condensed consolidated balance sheets (in thousands): Employee Separation Costs Balance at December 31, 2023 $ 1,184 Costs incurred and charged to expense 283 Costs paid or otherwise settled (1,386) Balance at September 30, 2024 $ 81

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
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 Months Ended Nine Months Ended 2024 2023 2024 2023 Options issued and outstanding under equity incentive plans 1,997,466 2,389,361 1,997,466 2,389,361 Unvested restricted stock units 4,014,625 922,808 4,014,625 922,808 Unvested performance-based restricted stock units 389,827 808,191 389,827 808,191 Total 6,401,918 4,120,360 6,401,918 4,120,360

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table sets forth financial information by reportable segment (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net revenues: Licensing $ 7,377 $ 10,931 $ 16,734 $ 30,913 Digital Subscriptions and Content 5,485 5,206 16,088 15,056 Direct-to-Consumer — 139 — 5,040 All Other 2 — 2 4 Total $ 12,864 $ 16,276 $ 32,824 $ 51,013 Operating (loss) income: Licensing $ 2,715 $ 9,346 $ 9,055 $ (52,218) Digital Subscriptions and Content (23,031) (1,174) (25,348) (781) Direct-to-Consumer — (162) — (9,317) Corporate (7,820) (9,597) (28,004) (39,391) All Other (6) — 3 (12) Total $ (28,142) $ (1,587) $ (44,294) $ (101,719)
Revenue from by Geographic Area	The following table sets forth revenue from continuing operations by geographic area (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net revenues: United States $ 7,660 $ 7,770 $ 22,174 $ 23,048 China 3,303 6,544 7,773 20,967 Other 1,901 1,962 2,877 6,998 Total $ 12,864 $ 16,276 $ 32,824 $ 51,013

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Segment Information (Details)	9 Months Ended
	Sep. 30, 2024 segment
Accounting Policies [Abstract]
Number of reportable segments	3

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Concentration Risk (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Receivables | Customer A
Concentration Risk [Line Items]
Concentration risk, percentage			19%
Receivables | Customer B
Concentration Risk [Line Items]
Concentration risk, percentage					10%
Revenue Benchmark | Customer C
Concentration Risk [Line Items]
Concentration risk, percentage	14%		10%
Revenue Benchmark | Customer D
Concentration Risk [Line Items]
Concentration risk, percentage	11%
Revenue Benchmark | Customer E
Concentration Risk [Line Items]
Concentration risk, percentage		33%		32%

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Liquidity Assessment and Management's Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Increase (decrease) in revenue	$ (3,400)		$ (18,200)
Operating (loss) income	(28,142)	$ (1,587)	(44,294)	$ (101,719)
Net cash used in operating activities from continuing operations			(19,888)	(33,622)
Cash and cash equivalents	$ 9,540	$ 20,028	$ 9,540	$ 20,028	$ 28,120

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Advertising expenses	$ 0.1	$ 0.1	$ 0.3	$ 2
Discontinued Operations, Held-for-Sale or Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Advertising costs related to discontinued operations	$ 1	$ 1.4	$ 2.9	$ 5.5

Basis of Presentation and Sum_8

Basis of Presentation and Summary of Significant Accounting Policies - Long-Lived Assets, Indefinite-lived Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Impairment on right-of-use assets				$ 600
Impairment charge on long-lived assets		$ 0
Impairment of indefinite-lived intangible assets	$ 0	0		0	$ 65,500
Goodwill impairments	17,000	$ 0	$ 66,700	17,016	66,700
Trade Names
Finite-Lived Intangible Assets [Line Items]
Impairment of definite-lived intangible assets			$ 5,100		$ 5,100
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Impairment charges	$ 4,700			$ 4,700

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ (338)	$ (399)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ (338)	$ (399)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Digital asset impairments	$ 0	$ 0	$ 0	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	0		2.4
Disposal Group, Held-for-sale, Not Discontinued Operations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	$ 0		$ 2.4
Series A Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value remeasurement of contingent consideration				$ 6.5

Fair Value Measurements - Chang

Fair Value Measurements - Change in Fair Value Of Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value	$ 0	$ 0	$ 0	$ 6,505
Level 3 | Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2023			399
Change in fair value			(61)
Balance at September 30, 2024	$ 338		$ 338

Assets and Liabilities Held f_3

Assets and Liabilities Held for Sale and Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Nov. 03, 2023	Apr. 04, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from promissory note repayment					$ 0	$ 1,300
Yandy
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on dispositions, net before income taxes		$ (300)
Yandy | Secured Promissory Note
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term loan, amount borrowed		2,000
Proceeds from promissory note repayment				$ 1,300
TLA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on dispositions, net before income taxes	$ 7,700
Escrow deposit	2,100
Discontinued Operations, Disposed of by Sale | Yandy
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of interest in subsidiary		$ 1,000
Discontinued Operations, Disposed of by Sale | TLA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration	13,500
Disposal group, including discontinued operation, working capital adjustment	$ 800
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges			$ 0		$ 2,400

Assets and Liabilities Held f_4

Assets and Liabilities Held for Sale and Discontinued Operations - Income (Loss) from Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Nonoperating income (expense):
Income (loss) from discontinued operations, net of tax	$ 43	$ (115)	$ (1,854)	$ (78,262)
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	16,575	26,886	49,818	88,694
Costs and expenses:
Cost of sales	(7,656)	(12,864)	(22,829)	(43,587)
Selling and administrative expenses	(9,041)	(14,159)	(29,079)	(54,487)
Impairments	0	0	0	(72,614)
Total operating expense	(16,697)	(27,023)	(51,908)	(170,688)
Operating income (loss)	(122)	(137)	(2,090)	(81,994)
Nonoperating income (expense):
Other income (expense), net	173	(98)	249	(46)
Total nonoperating income (expense)	173	(98)	249	(46)
Income (loss) from discontinued operations before income taxes	51	(235)	(1,841)	(82,040)
(Expense) benefit from income taxes	(8)	120	(13)	3,778
Income (loss) from discontinued operations, net of tax	$ 43	$ (115)	$ (1,854)	$ (78,262)

Assets and Liabilities Held f_5

Assets and Liabilities Held for Sale and Discontinued Operations - Assets and Liabilities Classified as Held for Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Restricted cash	$ 682	$ 524
Receivables, net of allowance for credit losses	1,188	404	$ 4,800
Inventories, net	9,151	12,841
Prepaid expenses and other current assets	2,489	1,787
Property and equipment, net	3,858	5,554
Operating right-of-use assets	13,321	14,740
Goodwill	22,142	21,799
Other intangible assets, net	11,496	12,272
Artwork held for sale	7,325	11,692
Other noncurrent assets	222	210
Total assets held for sale	71,874	81,823
Liabilities
Accounts payable	4,291	2,661
Deferred revenues	754	3,022	$ 2,700
Operating lease liabilities	16,449	18,217
Other current liabilities and accrued expenses	9,803	11,166
Other noncurrent liabilities	126	162
Total liabilities held for sale	$ 31,423	$ 35,228

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from External Customer [Line Items]
Receivables, net of allowance for credit losses	$ 1,188	$ 404	$ 4,800
Deferred revenues	$ 754	$ 3,022	$ 2,700

Revenue Recognition - Contrac_2

Revenue Recognition - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 4,298	$ 7,092		$ 13,650
Contract Balances:
Contract assets, current portion	1,968	1,547		2,559
Contract assets, net of current portion	7,818	8,716		13,680
Contract liabilities, current portion	(5,551)	(6,183)		(8,061)
Contract liabilities, net of current portion	(4,788)	(4,641)		(21,406)
Contract liabilities, net	$ (553)	$ (561)	$ (6,168)	$ (13,228)

Revenue Recognition - Roll-Forw

Revenue Recognition - Roll-Forward of Netted Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Change in Contract with Customer, Asset and Liability [Roll Forward]
Balance at beginning of period	$ (561)	$ (13,228)
Revenues recognized that were included in gross contract liabilities	16,561	29,033
Contract assets reclassified to accounts receivable	(15,076)	(25,078)
Cash received in advance since prior year and remains in net contract liabilities at period-end	(1,702)	(1,762)
Write-down of contract liabilities due to impairment of a trademark licensing agreement		11,447
Contract impairments, modifications and terminations	225	(6,580)
Balance at end of period	$ (553)	$ (6,168)

Revenue Recognition - Performan

Revenue Recognition - Performance Obligation (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 75.6
Trademark licensing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	70.2
Digital subscriptions and products
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 5.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Trademark licensing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period (in years)	7 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Trademark licensing | Performance Obligation Recognition Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period (in years)	5 years
Revenue, remaining performance obligation (as a percent)	95%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Digital subscriptions and products
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period (in years)	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Digital subscriptions and products | Performance Obligation Recognition Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period (in years)	1 year
Revenue, remaining performance obligation (as a percent)	52%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from External Customer [Line Items]
Total	$ 12,864	$ 16,276	$ 32,824	$ 51,013
Transferred at Point in Time
Revenue from External Customer [Line Items]
Total	1,474	1,300	4,355	7,877
Transferred over Time
Revenue from External Customer [Line Items]
Total	11,390	14,976	28,469	43,136
Trademark licensing
Revenue from External Customer [Line Items]
Total	7,377	10,931	16,734	30,913
Digital subscriptions and products
Revenue from External Customer [Line Items]
Total	3,830	3,359	11,113	9,149
TV and cable programming
Revenue from External Customer [Line Items]
Total	1,655	1,847	4,975	5,911
Consumer products
Revenue from External Customer [Line Items]
Total	2	139	2	5,040
All Other
Revenue from External Customer [Line Items]
Total	2	0	2	4
All Other | Trademark licensing
Revenue from External Customer [Line Items]
Total	0	0	0	0
All Other | Digital subscriptions and products
Revenue from External Customer [Line Items]
Total	0	0	0	4
All Other | TV and cable programming
Revenue from External Customer [Line Items]
Total	0	0	0	0
All Other | Consumer products
Revenue from External Customer [Line Items]
Total	2	0	2	0
Licensing | Operating Segments
Revenue from External Customer [Line Items]
Total	7,377	10,931	16,734	30,913
Licensing | Operating Segments | Trademark licensing
Revenue from External Customer [Line Items]
Total	7,377	10,931	16,734	30,913
Licensing | Operating Segments | Digital subscriptions and products
Revenue from External Customer [Line Items]
Total	0	0	0	0
Licensing | Operating Segments | TV and cable programming
Revenue from External Customer [Line Items]
Total	0	0	0	0
Licensing | Operating Segments | Consumer products
Revenue from External Customer [Line Items]
Total	0	0	0	0
Direct-to-Consumer | Operating Segments
Revenue from External Customer [Line Items]
Total	0	139	0	5,040
Direct-to-Consumer | Operating Segments | Trademark licensing
Revenue from External Customer [Line Items]
Total	0	0	0	0
Direct-to-Consumer | Operating Segments | Digital subscriptions and products
Revenue from External Customer [Line Items]
Total	0	0	0	0
Direct-to-Consumer | Operating Segments | TV and cable programming
Revenue from External Customer [Line Items]
Total	0	0	0	0
Direct-to-Consumer | Operating Segments | Consumer products
Revenue from External Customer [Line Items]
Total	0	139	0	5,040
Digital Subscriptions and Content | Operating Segments
Revenue from External Customer [Line Items]
Total	5,485	5,206	16,088	15,056
Digital Subscriptions and Content | Operating Segments | Trademark licensing
Revenue from External Customer [Line Items]
Total	0	0	0	0
Digital Subscriptions and Content | Operating Segments | Digital subscriptions and products
Revenue from External Customer [Line Items]
Total	3,830	3,359	11,113	9,145
Digital Subscriptions and Content | Operating Segments | TV and cable programming
Revenue from External Customer [Line Items]
Total	1,655	1,847	4,975	5,911
Digital Subscriptions and Content | Operating Segments | Consumer products
Revenue from External Customer [Line Items]
Total	$ 0	$ 0	$ 0	$ 0

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Editorial and other pre-publication costs	$ 69	$ 159
Total	69	159
Inventory reserves	100	100
Disposal Group, Held-for-sale, Not Discontinued Operations
Inventory [Line Items]
Inventories, net	9,151	12,841
Inventory reserves	$ 4,700	$ 5,400

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract assets, current portion	$ 1,968	$ 1,547
Prepaid software	790	1,416
Prepaid insurance	692	858
Promissory note receivable	71	1,632
Other	851	562
Total	4,372	6,015
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Prepaid expenses and other current assets	$ 2,489	$ 1,787

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 13,783		$ 13,783		$ 17,602
Less: accumulated depreciation	(12,345)		(12,345)		(9,642)
Total	1,438		1,438		7,960
Depreciation and amortization	1,000	$ 1,100	3,000	$ 2,300
Depreciation, discontinued operations	500	$ 500	2,100	$ 1,800
Internally developed software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	7,060		7,060		10,792
Impairment charges	4,700		4,700
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,961		1,961		2,092
Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	2,765		2,765		2,763
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,799		1,799		1,922
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	198		198		33
Disposal Group, Held-for-sale, Not Discontinued Operations
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 3,858		$ 3,858		$ 5,554

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Indefinite-lived Intangible Assets [Line Items]
Total indefinite-lived intangible assets	$ 145,460			$ 145,460		$ 145,087
Goodwill impairments	17,000	$ 0	$ 66,700	17,016	$ 66,700
Impairment of indefinite-lived intangible assets	0	0		0	65,500
Digital asset impairments	0	0		0	0
Amortization	100	100		200	200
Disposal Group, Held-for-sale, Not Discontinued Operations
Indefinite-lived Intangible Assets [Line Items]
Other intangible assets, net	11,496			11,496		12,272
Amortization attributable to discontinued operations	300	$ 300		900	1,200
Goodwill	$ 22,142			$ 22,142		$ 21,799
Trade Names
Indefinite-lived Intangible Assets [Line Items]
Impairment of definite-lived intangible assets			5,100		$ 5,100
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Impairment of indefinite-lived intangible assets			$ 65,500

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Digital assets	$ 5	$ 5
Total amortizable intangible assets, net	351	537
Total indefinite-lived intangible assets	145,460	145,087
Total	$ 145,816	$ 145,629

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Summary Of Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,720	$ 3,720
Accumulated Amortization	(3,369)	(3,183)
Net Carrying Amount	$ 351	$ 537
Distribution agreements
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Life (Years)	15 years	15 years
Gross Carrying Amount	$ 3,720	$ 3,720
Accumulated Amortization	(3,369)	(3,183)
Net Carrying Amount	$ 351	$ 537

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Estimated Future Amortization Of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 62
2025	248
2026	41
Net Carrying Amount	$ 351	$ 537

Intangible Assets and Goodwil_6

Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Roll Forward]
Gross Goodwill, Beginning Balance				$ 33,100
Impairments, Beginning Balance				0
Net Goodwill, Beginning Balance				33,100
Impairments	$ (17,000)	$ 0	$ (66,700)	(17,016)	$ (66,700)
Gross Goodwill, Ending Balance	33,100			33,100
Impairments, Ending Balance	(17,016)			(17,016)
Net Goodwill, Ending Balance	16,084			16,084
Licensing
Goodwill [Roll Forward]
Net Goodwill, Beginning Balance				0
Impairments				0
Net Goodwill, Ending Balance	0			0
Digital Subscriptions and Content
Goodwill [Roll Forward]
Net Goodwill, Beginning Balance				33,100
Impairments				(17,016)
Net Goodwill, Ending Balance	$ 16,084			$ 16,084

Other Current Liabilities and_3

Other Current Liabilities and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Taxes	$ 3,417	$ 4,925
Accrued creator fees	1,967	2,113
Accrued interest	1,110	3,040
Accrued professional fees	1,084	650
Accrued salaries, wages and employee benefits	84	2,659
Other	3,134	3,414
Total	10,796	16,801
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other current liabilities and accrued expenses	$ 9,803	$ 11,166

Debt - Schedule of Debt Instrum

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 217,676	$ 211,620
Less: unamortized debt issuance costs	(498)	(582)
Less: unamortized debt discount	(17,169)	(20,619)
Total debt, net of unamortized debt issuance costs and debt discount	200,009	190,419
Less: current portion of long-term debt	(304)	(304)
Total debt, net of current portion	199,705	190,115
Term Loan
Debt Instrument [Line Items]
Total debt	217,676
Term Loan | Term loan, due 2027
Debt Instrument [Line Items]
Total debt	209,544	209,772
Plus: capitalized payment-in-kind interest
Debt Instrument [Line Items]
Total debt	$ 8,132	$ 1,848

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands			9 Months Ended
	Nov. 02, 2023	May 10, 2023	Sep. 30, 2024	Mar. 27, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt			$ 217,676		$ 211,620
Term Loan
Debt Instrument [Line Items]
Total debt			$ 217,676
A&R Term Loans | Term Loan
Debt Instrument [Line Items]
Percent of term loans		90%
Term loan, amount borrowed		$ 53,600
Term loan, additional funding		11,800
Total debt		$ 210,000
Basis spread on variable rate (as a percent)	1%
Net leverage ratio reduction per quarter		0.25
Minimum consolidated cash balance required				$ 7,500
A&R Term Loans | Term Loan | Debt Covenant One
Debt Instrument [Line Items]
Total net leverage ratio		7.25
A&R Term Loans | Term Loan | Debt Covenant Two
Debt Instrument [Line Items]
Total net leverage ratio		5.25
A&R Term Loans | Term Loan | Series A Preferred Stock
Debt Instrument [Line Items]
Preferred stock exchanged (in shares)		50,000
A&R Term Loans, Tranche A | Term Loan
Debt Instrument [Line Items]
Total debt		$ 20,600
Quarterly amortization payments		$ 76
Basis spread on variable rate (as a percent)		6.25%
Debt instrument, SOFR adjustment (as a percent)		0.10%
Interest rate floor (as a percent)		0.50%
Stated interest rate (as a percent)			11.46%		11.41%
Effective interest rate (as a percent)			12.08%		12.03%
A&R Term Loans, Tranche B | Term Loan
Debt Instrument [Line Items]
Total debt		$ 189,400
Basis spread on variable rate (as a percent)		4.25%
Debt instrument, SOFR adjustment (as a percent)		0.10%
Interest rate floor (as a percent)		0.50%
Stated interest rate (as a percent)			9.46%		9.41%
Effective interest rate (as a percent)			13.32%		13.27%
Debt discount capitalized			$ 21,300

Debt - Term Loan Maturities (De

Debt - Term Loan Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 217,676	$ 211,620
Term Loan
Debt Instrument [Line Items]
Remainder of 2024	76
2025	304
2026	304
2027	216,992
Total	$ 217,676

Stockholders_ Equity - Schedule

Stockholders’ Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	7,739,313	7,217,181
Shares available for grant under equity incentive plans
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	1,088,279	739,178
Options issued and outstanding under equity incentive plans
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	1,997,466	2,291,328
Unvested restricted stock units
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	4,014,625	3,214,910
Vested equity awards not yet settled
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	0	14,994
Unvested performance-based restricted stock units
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	389,827	707,655
Maximum number of shares issuable to GlowUp sellers pursuant to acquisition indemnity holdback
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	249,116	249,116

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,502	$ 540	$ 5,341	$ 8,910
Internally developed software
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	800	0	2,000
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested	$ 100	$ 200	$ 1,500	$ 1,800
Vested (in shares)			1,772,680
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested			$ 200
Vested (in shares)	0	0	317,828	0
Unrecognized compensation expense	$ 4,900		$ 4,900
Unrecognized compensation expense, period for recognition, years			11 months 15 days
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0	0	0
Forfeited, expired and cancelled (in shares)	0		293,862
Unrecognized compensation expense	$ 400		$ 400
Unrecognized compensation expense, period for recognition, years			9 months
2021 Equity and incentive compensation plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	10,737,065		10,737,065
2018 Equity incentive plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	6,287,687		6,287,687

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Employee stock option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Number of Options
Beginning balance (in shares)			2,291,328
Granted (in shares)	0	0	0	0
Exercised (in shares)			0
Forfeited, expired and cancelled (in shares)	0		(293,862)
Ending balance (in shares)	1,997,466		1,997,466		2,291,328
Exercisable (in shares)	1,540,180		1,540,180
Vested and expected to vest, number of options (in shares)	1,997,466		1,997,466
Weighted- Average Exercise Price
Beginning balance (in dollars per share)			$ 2.49
Granted (in dollars per share)			0
Exercised (in dollars per share)			0
Forfeited, expired and cancelled (in dollars per share)			5.05
Ending balance (in dollars per share)	$ 2.12		2.12		$ 2.49
Exercisable (in dollars per share)	2.55		2.55
Vested and expected to vest, weighted-average exercise price (in dollars per share)	$ 2.12		$ 2.12
Weighted- Average Remaining Contractual Term (years)
Weighted average remaining contractual term (in years)			6 years 7 months 6 days		6 years 4 months 24 days
Weighted average remaining contractual term, exercisable (in years)			5 years 9 months 18 days
Vested and expected to vest, weighted-average remaining contractual term (in years)			6 years 7 months 6 days
Aggregate Intrinsic Value (in thousands)
Beginning aggregate intrinsic value			$ 311
Ending aggregate intrinsic value	$ 90		90		$ 311
Exercisable aggregate intrinsic value	45		45
Vested and expected to vest, aggregate intrinsic value	$ 90		$ 90

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Unvested restricted stock units	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Awards
Beginning balance (in shares) | shares	3,214,910
Granted (in shares) | shares	2,654,490
Vested (in shares) | shares	(1,772,680)
Forfeited (in shares) | shares	(82,095)
Ending balance (in shares) | shares	4,014,625
Weighted- Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 2.91
Granted (in dollars per share) | $ / shares	0.83
Vested (in dollars per share) | $ / shares	3.02
Forfeited (in dollars per share) | $ / shares	2.38
Ending balance (in dollars per share) | $ / shares	$ 1.50

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Performance Stock Activity (Details) - Performance Stock Units - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Number of Awards
Beginning balance (in shares)			707,655
Granted (in shares)			0
Vested (in shares)	0	0	(317,828)	0
Forfeited (in shares)			0
Ending balance (in shares)	389,827		389,827
Weighted- Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)			$ 10.8
Granted (in dollars per share)			0
Vested (in dollars per share)			16.93
Forfeited (in dollars per share)			0
Ending balance (in dollars per share)	$ 5.80		$ 5.80

Stock-Based Compensation - Sc_4

Stock-Based Compensation - Schedule of Allocated Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 1,502	$ 540	$ 5,341	$ 8,910
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	9	643	642	190
Cost of sales | Independent Contractor
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	0	(1,000)	0	(1,000)
Selling and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 1,493	(103)	$ 4,699	8,720
Reduction in stock-based compensation expense due to forfeitures		$ 2,400		2,400
Accelerated amortization of stock-based compensation expense				$ 2,300

Commitments and Contingencies -

Commitments and Contingencies - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Weighted average remaining term of operating lease	3 years 7 months 6 days		3 years 7 months 6 days		4 years 3 months 18 days
Weighted average discount rate	4.30%		4.30%		4.20%
Cash payments for amounts included in the measurement of operating lease liabilities	$ 1,000	$ 1,100	$ 2,900	$ 3,200
Right-of-use assets in exchange for lease liabilities - continuing operations	0	0	0	0
Right-of-use assets in exchange for lease liabilities - discontinued operations			2,118	5,352
Disposal Group, Held-for-sale, Not Discontinued Operations
Lessee, Lease, Description [Line Items]
Right-of-use assets in exchange for lease liabilities - discontinued operations	$ 1,500	$ 2,000	$ 2,100	$ 5,300

Commitments and Contingencies_2

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 736	$ 829	$ 2,353	$ 2,484
Variable lease cost	123	97	235	214
Short-term lease cost	41	85	111	421
Sublease income	(199)	(202)	(653)	(467)
Total	$ 701	$ 809	$ 2,046	$ 2,652

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 893
2025	3,588
2026	3,666
2027	2,359
2028	432
Thereafter	1,096
Total undiscounted lease payments	12,034
Less: imputed interest	(1,208)
Total operating lease liabilities	10,826
Operating lease liabilities, current portion	3,177	$ 3,326
Operating lease liabilities, noncurrent portion	$ 7,649	$ 10,033

Commitments and Contingencies_4

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

Severance Costs (Details)

Severance Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 0	$ 314	$ 0	$ 2,744
Employee Separation Costs
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023			1,184
Costs incurred and charged to expense			283
Costs paid or otherwise settled			(1,386)
Balance at September 30, 2024	81		81
Operating Segments | Direct-to-Consumer
Restructuring Cost and Reserve [Line Items]
Severance costs		6		1,123
Operating Segments | Licensing
Restructuring Cost and Reserve [Line Items]
Severance costs		0		53
Operating Segments | Digital Subscriptions and Content
Restructuring Cost and Reserve [Line Items]
Severance costs		308		347
Corporate
Restructuring Cost and Reserve [Line Items]
Severance costs		0		1,221
Discontinued Operations, Held-for-Sale or Disposed of by Sale
Restructuring Cost and Reserve [Line Items]
Severance costs from discontinued operations	$ 0	$ 0	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate percentage, expense (benefit)	(1.80%)	11.60%	(3.60%)	7.30%
Repatriation of foreign earnings	$ 1.1		$ 3.8

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,401,918	4,120,360	6,401,918	4,120,360
Options issued and outstanding under equity incentive plans
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	2,389,361	1,997,466	2,389,361
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)	4,014,625	922,808	4,014,625	922,808
Unvested performance-based 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)	389,827	808,191	389,827	808,191

Segments - Financial Informatio

Segments - Financial Information by Reportable Segment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Net revenues	$ 12,864	$ 16,276	$ 32,824	$ 51,013
Operating (loss) income	(28,142)	(1,587)	(44,294)	(101,719)
Operating Segments | Licensing
Segment Reporting Information [Line Items]
Net revenues	7,377	10,931	16,734	30,913
Operating (loss) income	2,715	9,346	9,055	(52,218)
Operating Segments | Digital Subscriptions and Content
Segment Reporting Information [Line Items]
Net revenues	5,485	5,206	16,088	15,056
Operating (loss) income	(23,031)	(1,174)	(25,348)	(781)
Operating Segments | Direct-to-Consumer
Segment Reporting Information [Line Items]
Net revenues	0	139	0	5,040
Operating (loss) income	0	(162)	0	(9,317)
Corporate
Segment Reporting Information [Line Items]
Operating (loss) income	(7,820)	(9,597)	(28,004)	(39,391)
All Other
Segment Reporting Information [Line Items]
Net revenues	2	0	2	4
Operating (loss) income	$ (6)	$ 0	$ 3	$ (12)

Segments - Geographic Informati

Segments - Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total	$ 12,864	$ 16,276	$ 32,824	$ 51,013
United States
Segment Reporting Information [Line Items]
Total	7,660	7,770	22,174	23,048
China
Segment Reporting Information [Line Items]
Total	3,303	6,544	7,773	20,967
Other
Segment Reporting Information [Line Items]
Total	$ 1,901	$ 1,962	$ 2,877	$ 6,998

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Nov. 13, 2024 USD ($) day $ / shares shares	Nov. 11, 2024 USD ($)	Nov. 05, 2024 USD ($) $ / shares shares	Nov. 02, 2023	Nov. 10, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	May 10, 2023 USD ($)
Subsequent Event [Line Items]
Total debt						$ 217,676	$ 211,620
Term Loan
Subsequent Event [Line Items]
Total debt						$ 217,676
A&R Term Loans | Term Loan
Subsequent Event [Line Items]
Total debt								$ 210,000
Basis spread on variable rate (as a percent)				1%
Subsequent Event | Series B Preferred Stock | Forecast
Subsequent Event [Line Items]
Preferred stock, dividend percentage	12%
Preferred stock, threshold trading days | day	5
Preferred stock, stock price trigger | $ / shares	$ 1.50
Subsequent Event | Series B Preferred Stock | Forecast | Minimum
Subsequent Event [Line Items]
Preferred stock, conversion price | $ / shares	1.50
Subsequent Event | Series B Preferred Stock | Forecast | Maximum
Subsequent Event [Line Items]
Preferred stock, conversion price | $ / shares	$ 4.50
Subsequent Event | A&R Term Loans | Term Loan
Subsequent Event [Line Items]
Total debt		$ 152,400			$ 217,700
Debt instrument, SOFR adjustment (as a percent)		0.10%
Basis spread on variable rate (as a percent)		6.25%
Basis spread required to be paid in cash		1%
Amortization rate		1%
Subsequent Event | A&R Term Loans | Term Loan | Series B Preferred Stock
Subsequent Event [Line Items]
Converted instrument amount		$ 28,000
Subsequent Event | A&R Term Loans | Term Loan | Series B Preferred Stock | Forecast
Subsequent Event [Line Items]
Converted instrument amount	$ 28,000
Convertible debt, number of shares issued | shares	28,000.00001
Subsequent Event | Private Placement
Subsequent Event [Line Items]
Shares issued (in shares) | shares			14,900,000
Price per share (in dollars per share) | $ / shares			$ 1.50
Proceeds from issuance of stock			$ 22,350