Press release
Funko Reports First Quarter 2023 Financial Results and Updated Outlook for Fiscal Year 2023
EVERETT, Wash.--(BUSINESS WIRE)-- Funko, Inc. ("Funko,” or the “Company”) (Nasdaq: FNKO), a leading pop culture lifestyle brand, today reported its
About this update from Funko, Inc.
[{"type":"text","content":" EVERETT, Wash.--(BUSINESS WIRE)--\nFunko, Inc. (\"Funko,” or the “Company”) (Nasdaq: FNKO), a leading pop culture lifestyle brand, today reported its consolidated financial results for the first quarter ended March 31, 2023.\n\n\n“We are off to a strong start in 2023, with progress on our cost-savings initiatives and continued innovation in our product lineup. Enthusiasm for the brand remains strong, highlighted by our 61% sales increase in our direct-to-consumer channel, the success of our recent product launches, and the early promise of our recent commercial partnership with Fanatics,” said Brian Mariotti, Chief Executive Officer.\n\n\n“Due to our actions to reduce our cost structure, we are raising the midpoint of our outlook for adjusted EBITDA for the full year to between $65 million and $75 million. While our top priority continues to be improving our operations, we haven’t lost sight of all the tremendous opportunities that we believe will drive long-term growth and shareholder value.”\n\n\nFirst Quarter 2023 Financial Summary (Compared to First Quarter 2022)\n\n\n\nNet sales decreased 18% to $251.9 million\n\n\n\nNet loss increased 521% to $61.1 million\n\n\n\nAdjusted EBITDA1 loss increased 139% to $14.0 million\n\n\n\nGAAP loss per diluted share of $1.17\n\n\n\nAdjusted loss per diluted share1 of $0.49\n\n\n\nFirst Quarter 2023 Operating Highlights\n\n\n\nDirect-to-consumer net sales grew 61% YoY driven by strong fan enthusiasm and enhanced e-commerce capabilities, reflecting the strength of the Funko brand\n\n\n\nLaunched Bitty Pop!, one of the strongest product introductions in the Company's history, tapping into the broader miniature collectibles trend\n\n\n\nIntroduced new agreement with Fanatics, partnering with the category leader to offer exciting new collectibles in the world of sports pop culture\n\n\n\nDelivered significant reductions in expected net loss and adjusted EBITDA loss due to strong progress on multiple operating initiatives, including eliminating excess container charges and improved fulfillment costs\n\n\n\nFirst Quarter 2023 Financial Results\n\n\nThe tables below show the breakdown of net sales on a geographical, brand category and product category basis (in thousands):\n\n\n\nSales Breakout\n\n\n\n\n\n\n\nThree Months Ended March 31,\nPeriod Over Period Change\n\n\n\n\n \n\n\n\n\n\n\n2023\n\...