Press release
Funko Reports 2023 Fourth Quarter, Full Year Financial Results; Provides Full-Year Outlook for 2024
--Q4 Net Sales, Gross Margin and Adjusted EBITDA at Upper End of Expectations, Driven by Strong DTC Growth and Continued Operational Improvement-- EVERETT,
About this update from Funko, Inc.
[{"type":"text","content":"\n--Q4 Net Sales, Gross Margin and Adjusted EBITDA at Upper End of Expectations, Driven by Strong DTC Growth and Continued Operational Improvement--\n\n\n EVERETT, Wash.--(BUSINESS WIRE)--\nFunko, Inc. (Nasdaq: FNKO), a leading pop culture lifestyle brand, today reported its consolidated financial results for the fourth quarter and full year ended December 31, 2023. The company also provided financial guidance for the 2024 first quarter and full year.\n\n\nFourth-Quarter Financial Results Summary: 2023 vs 2022\n\n\n\nNet sales were $291.2 million versus $333.0 million\n\n\n\nGross profit was $109.4 million, equal to gross margin of 37.6%, compared with $94.3 million, equal to gross margin of 28.3%\n\n\n\nSG&A expenses were $97.4 million, which included $8.0 million of non-recurring charges primarily related to fair market value adjustments for assets held for sale. This compares with $139.2 million, which included $32.5 million of non-recurring charges related to the write down of an enterprise resource planning system, for the fourth quarter of 2022\n\n\n\nNet loss was $10.8 million, or $0.21 per share, versus $42.2 million, or $0.89 per diluted share\n\n\n\nAdjusted net income* was $0.5 million, or $0.01 per diluted share, versus adjusted net loss of $17.9 million, or $0.35 per share\n\n\n\nAdjusted EBITDA* was $23.5 million versus negative adjusted EBITDA* of $6.3 million\n\n\n\nFull-Year Financial Results Summary: 2023 vs 2022\n\n\n\nNet sales were $1.1 billion versus $1.3 billion\n\n\n\nGross profit was $333.0 million, equal to gross margin of 30.4%, which included $39.0 million of non-recurring charges related to the disposal of excess inventory and finished and unfinished goods held at offshore factories. This compares with $434.0 million, equal to gross margin of 32.8%\n\n\n\nSG&A expenses were $377.1 million, which included $20.7 million of non-recurring charges primarily related to the termination of a lease agreement, fair market value adjustments for assets held for sale and severance and related charges. This compares with $398.3 million for the 2022 full year, which included $32.5 million of non-recurring charges related to the write-down of an enterprise resource planning system\n\n\n\nNet loss was $154.1 million, or $3.19 per share, compared with $8.0 million, or $0.18 per share\n\n\n\nAdjusted net loss* was $45....