Welcome to our dedicated page for Funko news (Ticker: FNKO), a resource for investors and traders seeking the latest updates and insights on Funko stock.
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 has launched a new initiative through its Pops! With Purpose collection, featuring limited-edition items of Venus Williams and Eazy E. For each pop sold, Funko will donate $10 to Color Compton, which empowers students by sharing their cultural history and introducing art. The pre-sale is available exclusively on Funko.com.
Since its inception in 2021, Pops! With Purpose has partnered with several organizations to give back to the community. Funko CEO Brian Mariotti emphasized the company's commitment to philanthropy and community engagement.
Funko, Inc. (NASDAQ: FNKO) announced key leadership changes aimed at enhancing operations and shareholder value. Brian Mariotti returns as CEO, succeeding Andrew Perlmutter, who transitions to President. Jennifer Fall Jung steps down as CFO, with Scott Yessner appointed interim CFO. A search for a permanent CFO is underway, and a new COO role is being created. The Board emphasizes that these changes focus on operational improvements and strategic growth, with no issues related to financial integrity reported. This represents a proactive approach to strengthen Funko's market position and drive profitability.
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Funko, Inc. (Nasdaq: FNKO) reported robust third-quarter results for 2022, with net sales soaring by 36.6% to $365.6 million. Despite this growth, net income fell by 39.3% to $11.1 million, and adjusted EBITDA decreased by 11.2% to $35.7 million. The company saw strong performance internationally, with Europe up 32.9%. However, gross margin contracted to 35.0% due to rising product costs. Total liquidity stood at $150.1 million, down 22.4% from last year, while total debt increased by 40.9% to $250.2 million.
Funko, Inc. (NASDAQ: FNKO) has announced a conference call scheduled for November 3, 2022, at 4:30 p.m. ET to discuss its third-quarter financial results for the period ended September 30, 2022. The call will be accessible via the investor relations section of Funko's website, allowing investors to stay informed about the company's performance. A recording will be available post-call on their website.
Funko has announced a new addition to its Digital Pop! series featuring a bundle of a DC comic book cover, The Brave and the Bold #28, available for purchase starting October 7, 2022. This limited-edition collection will feature 30,000 units, combining a physical collectible with a digital NFT. The launch aims to enhance retail innovation in digital collectibles through a collaboration with Warner Bros. Consumer Products and will be exclusive to Walmart.com.
Funko (NASDAQ: FNKO) announced the opening of its new retail location, "Tha Dogg House," in Inglewood, CA, in early 2023. This co-branded experience with Snoop Dogg will feature exclusive collectibles and products from various pop culture categories. Located near SoFi Stadium, the store aims to create an immersive atmosphere celebrating Snoop's career. Funko's CEO and Chief Creative Officer highlighted Snoop's influence in enhancing the brand's connection with music and sports fandoms. This marks Funko's third U.S. retail venture, following locations in Hollywood and Everett.
Funko, Inc. (Nasdaq: FNKO) will host an Investor Day on September 13, 2022 at 2:00 p.m. Eastern Time. The event will feature CEO Andrew Perlmutter and leadership presenting the Company's five-year strategic growth plan, followed by a live Q&A session. A live webcast and a replay will be available on the Company's Investor Relations website for one year, with presentation materials accessible prior to the event.
Funko, Inc. (Nasdaq: FNKO) reported a remarkable second quarter for 2022, showcasing a 33.7% year-over-year increase in net sales, totaling $315.7 million. Despite this growth, net income fell 24.6% to $15.8 million, with net income margin contracting to 5.0%. Adjusted EBITDA also declined 22.7% to $31.8 million. The firm experienced significant sales growth across all geographies, particularly with a 114% increase in Loungefly sales. However, challenges included a 640 basis point decrease in gross margin due to rising freight costs and an increase in SG&A expenses by 50.7%.
Funko (Nasdaq: FNKO) is set to enter the lucrative video game market through a collaboration with 10:10 Games, announced during the San Diego Comic-Con. The first project is an AAA Action Platformer, expected to launch in 2023. This partnership aims to leverage industry talent, including BAFTA award winner Jon Burton, to create games reflecting the Funko brand’s unique identity. The game will cater to current and next-gen consoles and is anticipated to receive a 'T' rating for teens, featuring major third-party studio integration.