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 its participation in San Diego Comic-Con (SDCC) from July 21 to July 24. The company will present 'Funkoville,' an immersive fan experience featuring attractions like an interactive movie theater, diner, and exclusive merchandise from Pop!, Vinyl Soda, and Loungefly. Notable celebrity guests including Rosario Dawson, Simu Liu, and William Zabka will join the Hall H panel. The event marks a significant return post-COVID-19 for the pop culture brand, emphasizing its commitment to engaging fans.
Funko (NASDAQ: FNKO) has announced the acquisition of Mondo, a high-end pop culture company known for its vinyl records and collectibles. Founded in 2001, Mondo was previously a subsidiary of Alamo Drafthouse Cinema. CEO Andrew Perlmutter emphasized that Mondo's offerings will complement Funko's extensive brand portfolio. While Funko aims to enhance Mondo's growth through its distribution network, the financial terms of the deal remain undisclosed, and the acquisition is not expected to significantly affect Funko's financial performance in 2022.
Funko, Inc. (NASDAQ: FNKO) has announced the appointment of Rich Paul to its Board of Directors, contingent upon the completion of ACON Investments' stock sale to The Chernin Group. CEO Andrew Perlmutter expressed enthusiasm for Paul's extensive experience in sports and music, which is expected to enhance Funko's fan engagement and licensing strategies. Funko continues to diversify its product offerings, recently launching the GOLD™ line dedicated to music and sports collectibles, further strengthening its market position.
The Chernin Group (TCG) has announced a strategic investment of $263 million in Funko, acquiring 12,520,559 shares at $21.00 each, significantly increasing their ownership stake to 25%. Notable participants in the investor consortium include eBay, Robert A. Iger, and Rich Paul. This investment will enhance Funko's market position and foster growth in areas such as sports and music. Funko saw a remarkable revenue growth of 63% year-over-year in Q1 2022, totaling $308 million. The partnership with eBay will position it as the preferred marketplace for Funko's products.
Funko reported a strong first quarter for 2022, with net sales rising 63.0% year-over-year to $308.3 million. Net income grew 31.0% to $14.5 million, and adjusted EBITDA increased 21.8% to $36.3 million. Significant growth was observed across all regions, particularly in the U.S. with a 70.1% increase. The company raised its full-year guidance for net sales to $1.275 to $1.325 billion and adjusted EPS to $1.80 to $1.90. However, gross margin declined 610 basis points to 35.3% due to supply chain inflation.
Funko, a prominent pop culture lifestyle brand, has partnered with the ASPCA to launch a new line of Pop! collectibles featuring iconic movie pets from 'Back to the Future' and 'The Wizard of Oz'. For each Pop! sold in this 'Pops! With Purpose' initiative, Funko will donate $10 to the ASPCA, supporting animal welfare efforts. The figures will be exclusively available through Funko's direct-to-consumer channels, starting with pre-orders on October 4. This initiative expands Funko’s philanthropic efforts and showcases its commitment to community engagement.
Funko has relocated its main U.S. distribution facility to a 958,000-square-foot center in Buckeye, Arizona, consolidating operations from multiple sites in Washington. This move is expected to create over 300 jobs and improve customer experience by streamlining distribution. The facility is anticipated to be operational by April 2022 and will feature solar panels generating 1.24 million kilowatt-hours of power. Funko aims to meet increasing global demand, having surpassed $1 billion in revenue for 2021.
Funko, Inc. (NASDAQ: FNKO) announced a conference call on May 5, 2022, at 4:30 p.m. ET, to discuss its financial results for the first quarter ending March 31, 2022. Investors can access the call via the investor relations section on Funko's website. Post-call, a recording will be available for listening. Funko, headquartered in Everett, Washington, is recognized for its wide range of licensed pop culture products, including vinyl figures, toys, and apparel, catering to fans of popular culture. Further information can be found on their official site.
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Funko (NASDAQ: FNKO), a leading pop culture lifestyle brand, will present at two significant investment conferences. Andrew Perlmutter, CEO, and Jennifer Fall Jung, CFO, will represent the company on March 9 at the Bank of America 2022 Consumer and Retail Technology Conference at 1:50 p.m. ET, and on March 10 at the D.A. Davidson Consumer Growth Conference at 10:15 a.m. ET. Live webcasts of both events will be available on the Funko investor website, along with replay options.