Every 10-Q that Funko, Inc. (FNKO) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow FNKO and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full FNKO filings page.
Funko, Inc. reported Q2 2026 net sales of $207.7 million, up 7.4% year over year, and generated net income of $15.4 million versus a $41.0 million loss a year earlier. For the first six months, net sales were $408.6 million and net loss narrowed to $2.7 million from $69.1 million.
Gross margin (excluding depreciation and amortization) rose to 56.6% in Q2 and 50.5% year‑to‑date, driven by product mix, prior price increases, lower royalty impairments and one‑time benefits from International Emergency Economic Powers Act (IEEPA) tariff recoveries. The company recognized a $25.4 million tariff benefit and sold $22.1 million of tariff claims for $19.2 million, using half the proceeds to reduce its Term Loan Facility.
Operating cash flow improved to $23.6 million for the first half of 2026 from a $44.4 million use of cash in 2025. Cash and cash equivalents were $40.7 million, while total debt under the Credit Agreement was $198.3 million with no remaining revolving availability. A February 2026 amendment extended the facility’s maturity to December 31 2027 and modified covenants, but also requires cash sweeps above $50.0 million and leaves the business dependent on future refinancing or balance‑sheet actions.
Funko, Inc. reported Q1 2026 results showing higher sales and a smaller loss but continued leverage and risk. Net sales rose 5.3% to $200.9 million, while net loss improved to $18.1 million from $28.1 million. Gross margin expanded to 44.2% from 40.3%, helped by product mix, prior price increases and lower royalty impairments. Core Collectible revenue jumped 16.8% to $168.8 million, while Loungefly fell 23.1% to $27.2 million. U.S. sales declined 3.7% to $117.4 million, but Europe grew 25.6% to $68.1 million.
EBITDA turned positive at $4.7 million versus negative $8.1 million a year earlier, and Adjusted EBITDA improved to $11.3 million from negative $4.7 million. Cash and cash equivalents were $34.3 million as of March 31, 2026, with total debt under the Credit Agreement of $211.8 million. A Fifth Amendment to the Credit Agreement extended maturity to December 31, 2027, temporarily eased leverage and coverage covenants, and added a minimum Consolidated EBITDA test, while requiring amortization of revolving borrowings and prepayments of excess cash above $50 million. Management believes existing resources and operating cash flow will cover obligations for at least the next 12 months but acknowledges the need to refinance or otherwise strengthen the balance sheet before debt maturity.
Funko, Inc. filed its Q3 2025 10‑Q reporting weaker sales and heightened liquidity risk. Net sales were $250.9 million, down 14.3% year over year, and quarterly net income was $0.9 million versus $4.6 million a year ago. Gross margin was 40.2% compared with 40.9%.
For the nine months, the company posted a net loss of $68.1 million as operating cash flow swung to a use of $33.2 million. Management disclosed “substantial doubt” about continuing as a going concern, citing forecast covenant shortfalls and working capital pressure. The Fourth Amendment to its credit agreement waived leverage and coverage tests for Q2 and Q3, but the company anticipates noncompliance at December 31, 2025. Revolver borrowings rose to $135.0 million from $60.0 million, and the current portion of long‑term debt increased to $104.6 million.
As of November 4, 2025, shares outstanding were 54,742,995 Class A and 647,833 Class B.
Q2 2025 snapshot: Net sales fell 21.9 % YoY to $193.5 m as retailers curtailed orders; U.S. revenue dropped 27.7 % while Europe slipped 4.3 %. Core Collectibles declined 15.7 % and Loungefly 23.2 %. Gross margin contracted 9.9 ppt to 32.1 % on higher freight and inventory reserves, driving an operating loss of $34.7 m versus a $10.7 m profit last year. Net loss reached $41.0 m (-$0.74 EPS) versus $5.4 m income in Q2 2024.
Six-month view: Sales down 17 % to $384.2 m; net loss widened to $69.1 m. Operating cash outflow was $44.4 m, reversing a $60.4 m inflow last year.
Balance sheet stress: Cash rose to $49.2 m, but the revolver balance surged to $145 m and term-loan debt of $104.2 m is now classified current due to forecast covenant breaches. Current liabilities exceed current assets by $161.7 m. Amendment No.4 waives leverage and coverage covenants for Q2–Q3 2025 and raises pricing by 400 bps, yet management still expects non-compliance by Q4 and flags “substantial doubt” about going-concern status. The company is evaluating cost cuts, refinancing, equity issuance and strategic alternatives, including a potential sale.
Key metrics: Adj. EBITDA –$16.5 m (vs. +$27.9 m); weighted-avg. shares 54.7 m A, 0.65 m B; inventory $101.3 m; working-capital deficit $161.7 m.