secwatch.observer — SEC 8-K summary
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Issuer:     Funko, Inc. (FNKO)
CIK:        0001704711
Form:       8-K
Filed at:   2023-08-03T23:59:59+00:00
Accession:  0001704711-23-000034
Event type: earnings
Sentiment:  negative
Materiality: 0.90
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1704711/000170471123000034/0001704711-23-000034-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1704711/000170471123000034/fnko-20230803.htm
  HTML page:      https://secwatch.observer/filing/0001704711-23-000034

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer