Funko, Inc. sells pop culture lifestyle and collectibles products under brands that include Funko, Loungefly and Mondo. Its updates commonly cover Core Collectibles, vinyl figures, micro-collectibles, fashion accessories, apparel, plush, action toys, high-end art and music collectibles, including the Pop!, Bitty Pop! and Pop! Yourself lines.
Company news also centers on quarterly and annual results, gross margin, inventory and debt trends, international sales, licensing and retail-channel activity. Other recurring items include credit-agreement amendments, Nasdaq inducement equity grants, board and executive changes, and investor presentation materials.
Funko (Nasdaq: FNKO) has announced a major expansion of its Pop! Yourself line in partnership with the NFL. Fans can now personalize Pop! figures with apparel from all 32 NFL teams, available for $35 through Funko's online platform. The collaboration includes customizable tees and hoodies, character bodies, accessories, and NFL-branded packaging. Funko CEO Cynthia Williams highlighted this as a first-of-its-kind collaboration targeting the NFL's 200 million+ fanbase.
To celebrate the launch, Funko is hosting a pop-up activation at Kansas City's Power & Light Game Day Block & Watch Party on September 5, coinciding with the NFL's 105th season kickoff. Additionally, Funko is releasing Funko Legends Pops! featuring Hall of Famers and NFL Series 12 Pops! showcasing current star players, available for $12-$15 at Funko.com and major US retailers.
Funko Inc. (FNKO) reported strong Q2 2024 financial results, surpassing expectations in net sales, gross margin, and adjusted EBITDA. Key highlights include:
- Net sales increased to $247.7 million, up 3.2% year-over-year
- Gross margin improved to 42.0% from 29.2% in Q2 2023
- Net income of $5.4 million, or $0.10 per diluted share
- Adjusted EBITDA of $27.9 million, compared to -$7.6 million in Q2 2023
The company's performance was driven by strong demand for core collectibles in Europe and other international markets, as well as growth in direct-to-consumer business. Funko reiterated its 2024 full-year outlook, projecting net sales between $1.047 billion to $1.103 billion and adjusted EBITDA of $65 million to $85 million.
Funko Inc. (FNKO) has agreed to settle multiple stockholder derivative lawsuits filed in California and Delaware courts. The settlement, preliminarily approved on July 26, 2024, aims to resolve claims of breach of fiduciary duties by making allegedly false and misleading statements about the company's sales, growth, and inventory management. As part of the settlement, Funko will implement corporate governance measures. The court has scheduled a hearing for November 15, 2024, to consider final approval. Stockholders have until October 17, 2024, to object to the settlement terms. The settlement includes a $2,150,000 fee to be paid to Plaintiffs' Counsel by Funko's insurers and $2,500 service awards for each Plaintiff.
Funko (NASDAQ: FNKO) has announced the expansion of its popular Bitty POP! line with the introduction of Bittyverse. This new collection, launching on August 1, includes Bitty POP! Rides, Towns, and Displays, enhancing the playability of the miniature Funko products. The expansion allows fans to mix and match IP-driven elements, creating endless combinations and scenarios.
Key features of Bittyverse include:
- Bitty POP! Rides for mobile play
- Bitty POP! Towns with iconic IP-inspired buildings
- Bitty POP! Displays for showcasing collections
This expansion aims to elevate collectors' experiences and imaginations, offering new ways to interact with Funko's pop culture-inspired products.
Funko, Inc. (Nasdaq: FNKO), a leading pop culture lifestyle brand, has announced it will host a conference call on Thursday, August 8, 2024, at 4:30 p.m. ET to discuss its financial results for the second quarter ended June 30, 2024. The conference call will be webcast and can be accessed on the investor relations section of the Funko website at https://investor.funko.com. A replay of the webcast will be available on the same website after the call.
Funko (Nasdaq: FNKO) announced inducement grants under Nasdaq Listing Rule 5635(c)(4) on May 20, 2024. The grants include non-qualified stock options for 297,974 shares, restricted stock units (RSUs) for 385,208 shares, and additional RSUs for 96,302 shares. These awards were given to Cynthia Williams, Funko's newly appointed CEO, as part of her employment commencement. The stock options have an exercise price of $8.39 per share and will vest if the stock price reaches $25.17 over a 90-day average within four years. The RSUs will vest annually over three to four years, contingent on Williams’ continued employment.
Funko, Inc. (FNKO) reported solid financial results for Q1 2024, with net sales meeting guidance, gross margin and adjusted EBITDA exceeding expectations. The company's new CEO, Cynthia Williams, was appointed. The balance sheet shows progress in reducing inventory levels and debt. The full-year 2024 outlook was reiterated, with net sales expected to be between $1.047 billion to $1.103 billion.
Funko, Inc. (Nasdaq: FNKO) has appointed Cynthia Williams as its new Chief Executive Officer (CEO), effective May 20, 2024. Williams brings nearly two decades of leadership experience in consumer products, gaming, and e-commerce industries. She has a successful track record at companies like Hasbro, Microsoft, and Amazon. The appointment is seen as a strategic move to drive Funko's growth and profitability to the next level.
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