secwatch.observer — SEC 8-K summary
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Issuer:     Funko, Inc. (FNKO)
CIK:        0001704711
Form:       8-K
Filed at:   2024-05-09T23:59:59+00:00
Accession:  0001704711-24-000076
Event type: leadership
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Funko appoints Cynthia Williams as CEO; Q1 net sales $215.7M, net loss $23.7M, FY guidance reiterated
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- Q1 net sales $215.7M, down 14.4% YoY; net loss $23.7M ($0.45/share) vs $61.1M loss a year ago.
- Gross margin 40.0% (vs 19.7% in Q1 2023, which included $30.1M inventory write-down); Adj. EBITDA $9.6M vs negative $14.0M.
- Cynthia Williams appointed CEO effective May 20, 2024, replacing interim CEO Michael Lunsford; she also joins board as Class II director.
- FY 2024 guidance reiterated: net sales $1.047B-$1.103B, adjusted EBITDA $65M-$85M; Q2 net sales guided $225M-$240M.
- Inventory reduced to $112.3M from $119.5M at Dec 2023; total debt down to $246.4M from $273.6M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1704711/000170471124000076/0001704711-24-000076-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1704711/000170471124000076/fnko-20240508.htm
  HTML page:      https://secwatch.observer/filing/0001704711-24-000076

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