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Jun 30, 2023
Funko Q2 2023 Earnings Report
Funko's Q2 2023 results reflected lower net sales due to inventory de-stocking by U.S. wholesale customers, but SG&A expenses improved. The company is implementing cost savings measures and focusing on core products.
Key Takeaways
Funko reported a decrease in net sales to $240.0 million compared to $315.7 million in Q2 2022. The company experienced a net loss of $75.9 million, or $1.54 per share, but adjusted net loss was $22.3 million, or $0.43 per share. Negative adjusted EBITDA was $7.6 million. The company is implementing cost reduction initiatives and focusing on core products to improve financial performance.
Net sales decreased to $240.0 million from $315.7 million in the second quarter of 2022.
Gross margin was 29.2% compared to 32.7% in the prior year's quarter.
Net loss was $75.9 million, or $1.54 per share, including a non-cash charge of $38.5 million.
Adjusted EBITDA was negative $7.6 million, compared to $31.8 million in the second quarter of 2022.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Funko revised its 2023 full-year outlook, projecting net sales of $1.05 billion to $1.12 billion and adjusted EBITDA of $20 million to $30 million. For the third quarter, the company expects net sales of $280 million to $310 million, with sequential improvements in gross margin and SG&A expense.
Positive Outlook
- Gross margin % Increasing sequentially from Q2
- SG&A expense Improving sequentially from Q2
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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