Funko Q3 net loss $15M, sales down 14%; board director change

Funko, Inc.

2023-Q3 EPS reported -$3.01 revenue$804,850,000

Net sales $312.9M, down 14.4% YoY; net loss $15.0M vs $9.6M income.
Adjusted net income $1.7M ($0.03/diluted) vs $15.1M; Adj. EBITDA $25.4M vs $35.7M.
FY2023 net sales guidance narrowed to $1.065B-$1.105B; adj. EBITDA unchanged $20M-$30M.
Board: Richard A. Paul resigned; Michael Kerns elected as director, effective Nov 2, 2023.
Inventories down to $162.1M from $246.4M; cash $31.9M.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Michael Kerns

Director

FNKO · Funko, Inc.

Effective: 2023-11-02
Filed: November 2, 2023, 7:59 PM ET

On November 1, 2023, Michael Kerns was elected to the Board to fill the vacancy created by Mr. Paul’s resignation, effective November 2, 2023.

Departed

Richard A. Paul

Director

FNKO · Funko, Inc.

Effective: 2023-11-02
Successor: Michael Kerns
Filed: November 2, 2023, 7:59 PM ET

On November 1, 2023, Richard A. Paul resigned as a member of the Company’s Board of Directors (the “Board”), effective November 2, 2023.

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 third quarter ended September 30, 2023 results: revenue $312.9 million, net income $15.0 million, EPS $0.31 per share.

Period: third quarter ended September 30, 2023
Revenue: $312.9 million
Net income: $15.0 million
EPS: $0.31 per share
Result: reported results

Exact text from the filing

Net sales were $312.9 million for the 2023 third quarter versus $365.6 million for the 2022 third quarter • Gross profit was $104.0 million, equal to gross margin of 33.2%, for the 2023 third quarter, which included $6.4 million of charges related to factory purchase order cancellations, versus 35.0% for the 2022 third quarter • SG&A expenses were $94.0 million for the 2023 third quarter, which included $9.9 million of one-time expenses comprised of $6.2 million primarily related to the termination of a lease agreement and $3.7 million for severance and related charges. This compares with $97.9 million for the 2022 third quarter, which included $1.1 million of one-time relocation costs in connection with the opening of a new warehouse and distribution facility in Buckeye, Arizona • Net loss was $15.0 million, or $0.31 per share, for the 2023 third quarter, versus net income of $9.6 million, or $0.19 per diluted share, for the 2022 third quarter

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Kerns was elected as Director at Funko, Inc..

Action: elected
Role: Director

Exact text from the filing

On November 1, 2023, Michael Kerns was elected to the Board to fill the vacancy created by Mr. Paul’s resignation, effective November 2, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Richard A. Paul resigned as Director at Funko, Inc..

Action: resigned
Role: Director

Exact text from the filing

On November 1, 2023, Richard A. Paul resigned as a member of the Company’s Board of Directors (the “Board”), effective November 2, 2023.

View on SEC.gov

13 earnings releases filed in the last 30 days. Browse all earnings releases →

Funko, Inc. filing history →

Source: SEC EDGAR

accession 0001704711-23-000042

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.