secwatch.observer — SEC 8-K summary
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Issuer:     Funko, Inc. (FNKO)
CIK:        0001704711
Form:       8-K
Filed at:   2023-05-04T23:59:59+00:00
Accession:  0001704711-23-000024
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Funko Q1 net sales down 18% to $251.9M; net loss widens to $61.1M; raises FY Adj. EBITDA outlook to $65-75M
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1704711/000170471123000024/0001704711-23-000024-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1704711/000170471123000024/fnko-20230504.htm
  HTML page:      https://secwatch.observer/filing/0001704711-23-000024

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