Loading...
•
Sep 30, 2023
Funko Q3 2023 Earnings Report
Net sales, adjusted net income and adjusted EBITDA exceeded expectations, driven by strong direct-to-consumer sales and improved sales to wholesale customers.
Key Takeaways
Funko reported net sales of $312.9 million for the third quarter of 2023, compared to $365.6 million in the third quarter of 2022. The company's adjusted net income was $1.7 million, or $0.03 per diluted share, and adjusted EBITDA was $25.4 million.
Net sales were $312.9 million, a decrease compared to $365.6 million in Q3 2022.
Gross profit was $104.0 million with a gross margin of 33.2%, including $6.4 million in charges related to factory purchase order cancellations.
Net loss was $15.0 million, or $0.31 per share, compared to a net income of $9.6 million, or $0.19 per diluted share, in Q3 2022.
Adjusted EBITDA was $25.4 million, exceeding expectations.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company narrowed the net sales range of its 2023 full-year outlook and provided guidance for its 2023 fourth quarter.
Positive Outlook
- Gross margin % Increasing sequentially from Q3
- SG&A expense, in dollars Decreasing sequentially from Q3
Challenges Ahead
- 2023 Full Year Net Sales $1.065 billion to $1.105 billion
- Adjusted EBITDA* $20 million to $30 million
- Net sales $260 million to $300 million
- Adjusted net income (loss)*($4.2) million to $2.8 million
- Adjusted net income (loss) per share*($0.08) to $0.05
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...