Funko Q2 net sales -24% to $240M, net loss $75.9M; cuts full-year guidance

Funko, Inc.

2023-Q2 EPS reported -$2.71 revenue$491,906,000

Net sales $240.0M (-24% YoY); net loss $75.9M ($1.54/share) includes $38.5M non-cash charge.
Adjusted net loss $22.3M ($0.43) vs prior-year adjusted net income $14.0M; adjusted EBITDA -$7.6M.
FY 2023 guidance cut: net sales $1.05-1.12B (prev. $1.19-1.26B); adj. EBITDA $20-30M (prev. $65-75M).
Cost savings plan expanded: $38M incremental annual savings; workforce cut ~12% (180 positions).
CEO transition: Brian Mariotti on leave; board member Michael Lunsford interim CEO; search commenced.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Funko, Inc. reported second quarter ended June 30, 2023 results: revenue $240.0 million, net income Net loss was $75.9 million, or $1.54 per share, EPS $1.54 per share. Guidance lowered.

Period: second quarter ended June 30, 2023
Revenue: $240.0 million
Net income: Net loss was $75.9 million, or $1.54 per share
EPS: $1.54 per share
Guidance: lowered
Result: reported results

Exact text from the filing

brand, today reported consolidated financial results for its second quarter ended June 30, 2023. Second Quarter Financial Results Summary: 2023 vs 2022 • Net sales were $240.0 million for the 2023 second quarter versus $315.7 million for the 2022 second quarter • Gross margin was 29.2% for the 2023 second quarter versus 32.7% for the 2022 second quarter • SG&A

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Source: SEC EDGAR

accession 0001704711-23-000034

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