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Sep 30, 2024
Funko Q3 2024 Earnings Report
Funko reported solid financial results, with net sales at the top end of guidance and better-than-expected profitability due to improved gross margins.
Key Takeaways
Funko reported Q3 2024 financial results with net sales of $292.8 million and net income of $4.6 million. The company updated its full-year 2024 outlook, expecting net sales to be at the low end to slightly below the previous range and raising the full-year outlook for Adjusted EBITDA to above the high end of the range.
Net sales were $292.8 million, compared to $312.9 million in the prior year.
Gross profit was $119.8 million, with a gross margin of 40.9%, compared to $104.0 million with a gross margin of 33.2% in the prior year.
Net income was $4.6 million, or $0.08 per diluted share, compared to a net loss of $16.2 million, or $0.31 per share in the prior year.
Adjusted EBITDA was $31.0 million, compared to $25.4 million in the prior year.
Funko
Funko
Funko Revenue by Segment
Funko Revenue by Geographic Location
Revenue by Segment
Core Collectible Revenue
CapyFin.comLoungefly Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comEurope Revenue
CapyFin.comOther International Revenue
CapyFin.com Forward Guidance
Funko provided guidance for its 2024 fourth quarter, including net sales between $280 million and $294 million, gross margin between 38% and 40%, and adjusted EBITDA between $17 million and $22 million. The company lowered the range for net sales and raised the range for adjusted EBITDA for full year 2024.
Positive Outlook
- Gross margin %: 38% to 40%
- Adjusted net income (loss)*: ($3) million to $1 million
Challenges Ahead
- Net sales: $280 million to $294 million
- SG&A expense, in dollars: $93 million to $99 million
- Adjusted net income (loss) per diluted share*: ($0.05) to $0.02
- Adjusted EBITDA*: $17 million to $22 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income