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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.
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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