earnings
confidence high
sentiment negative
materiality 0.80
Funko Q1 net sales down 18% to $251.9M; net loss widens to $61.1M; raises FY Adj. EBITDA outlook to $65-75M
Funko, Inc.
2023-Q1 EPS reported
-$1.17
revenue$251,878,000
- Net sales fell 18% to $251.9M; net loss surged 521% to $61.1M ($1.17 GAAP diluted loss).
- Adjusted EBITDA swung to a loss of $14.0M from +$36.3M; adjusted loss per share $0.49.
- Gross margin fell to 19.7% from 35.3% due to $30.1M inventory write-down; adjusted gross margin ~32%.
- Direct-to-consumer sales jumped 61% YoY; new Bitty Pop! and Fanatics partnership launched.
- FY2023 adjusted EBITDA guidance raised to $65M-$75M (midpoint $70M); Q2 sees $240-260M sales, Adj. EBITDA loss of $10M to zero.