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Exhibit 99.1 Luvu Brands Reports Strong Fiscal 2021 Third Quarter and Nine Month Results Reports Record Third Quarter Net Sales of $ 6.2 million ; Record Year - To - Date Net Income of $ 2.3 million Atlanta , Georgia , May 17 , 2021 – Luvu Brands , Inc. ( OTCQB : LUVU ) , a designer , manufacturer and marketer of a portfolio of consumer lifestyle brands , today reported fiscal 2021 third quarter and first nine month results . Fiscal Third Quarter 2021 Highlights Three months ended March 31 , 2021 as compared to the three months ended March 31 , 2020 • Net sales increased 53 % to a record $ 6.2 million from $ 4.0 million . . • Total gross profit of $ 1.7 million , up 63 % from $ 1.1 million in the prior year . • Gross profit as a percentage of net sales at 28 % ; up from 26 % in 2020 . • • Operating expenses were up 11 % to $ 1.2 million from $ 1.1 million in the prior year . Income from operations was a record $ 563,000 compared to $ 1,000 in 2020 . Net income of $ 469,000 , or $ 0.01 per share , compared to a net loss of $ ( 148,000 ) , or $ ( 0.00 ) per share , in the prior year . First Nine Months of Fiscal 2021 Highlights Nine months ended March 31 , 2021 as compared to the nine months ended March 31 , 2020 • Net sales increased 34 % to a record $ 17.3 million from $ 12.9 million . • Total gross profit of $ 4.8 million , up 29 % from $ 3.7 million in the prior year . • • Gross profit as a percentage of net sales at 28 % ; down from 29 % in 2020 . Operating expenses were $ 3.3 million , up 4.6 % from the prior year . Income from operations was a record $ 1,456,000 , up 175 % from $ 529,000 in 2020 . Net income of $ 2,263,000 , or $ 0.03 per share , compared to a net income of $ 64,000 , or $ 0.00 per share , in the prior year . Adjusted EBITDA was a record $ 2.7 million for the first nine months compared to $ 661,000 in the prior year first nine months . Louis Friedman , Chairman and Chief Executive Officer , commented , " We continued to deliver strong financial results for the third quarter and first nine months of fiscal 2021 , setting new records for net sales , gross margin and net income . Demand for Liberator and Jaxx products increased 69 % and 75 % , respectively , from the prior year third quarter and continues to be strong during the current fourth quarter . Since September , 2020 we have purchased almost $ 1 million of new production equipment which we expect will increase our production capacity across all product lines . " Fiscal Third Quarter 2021 Results Net sales increased 53 % to $ 6.2 million , compared to $ 4.0 million in the same year - ago quarter . Sales of Liberator products increased 69 % to $ 2.8 million from $ 1.7 million in the prior year . Jaxx product sales totaled $ 1.5 million , up 75 % from $ .8 million in the third quarter of the prior fiscal year . Avana products increased 2 % to $ 1.0 million from $ 1.0 million in the prior year . Gross profit for the third quarter totaled $ 1.7 million , compared to $ 1.1 million in the prior year third quarter . Despite labor and raw material cost increases during the third quarter ; gross profit as a percentage of net sales increased to 28.2 % from 26.5 % in the prior year third quarter . Operating expenses were approximately 19 % of net sales , or approximately $ 1,183,000 , compared to 26 % of net sales , or approximately $ 1,067,000 , for the same period in the prior year .