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Mar 31, 2024
Funko Q1 2024 Earnings Report
Funko's Q1 2024 financial performance was reported, with net sales within guidance, and gross margin and adjusted EBITDA exceeding expectations. A new CEO, Cynthia Williams, was appointed, effective May 20, 2024.
Key Takeaways
Funko reported solid Q1 2024 financial results, with net sales of $215.7 million, gross margin of 40.0%, and adjusted EBITDA of $9.6 million. The company reiterated its full-year 2024 guidance.
Net sales were $215.7 million, a decrease from $251.9 million in the same period last year.
Gross profit was $86.3 million, resulting in a gross margin of 40.0%, compared to 19.7% in Q1 2023.
Net loss was $23.7 million, or $0.45 per share, compared to a net loss of $61.1 million, or $1.17 per share, in the prior year.
Adjusted EBITDA was $9.6 million, an improvement from negative adjusted EBITDA of $14.0 million in the same quarter last year.
Funko
Funko
Funko Revenue by Segment
Funko Revenue by Geographic Location
Forward Guidance
Funko reiterated its 2024 full-year outlook and provided guidance for its 2024 second quarter.
Positive Outlook
- Net Sales: $225 million to $240 million
- Gross margin %: 38% to 40%
- Adjusted EBITDA: $9 million to $15 million
Challenges Ahead
- Adjusted net loss: $8 million to $4 million
- Adjusted net loss per share: $0.15 to $0.08
- SG&A expense, in dollars: $80 million to $85 million