Funko has reported its consolidated financial results for the second quarter ended 30 June 2024.
The company manufactures licensed and limited pop culture collectibles and is best known for its licensed vinyl figurines and bobbleheads. In addition, the company produces licensed plush, action figures, apparel, accessories and games.
“Net sales, gross margin and adjusted EBITDA were all above our expectations. Our performance was primarily driven by strong demand for our core collectable products in Europe and other international markets”
Q2 results summary – 2024 v 2023
(USD 100 = GBP 78.5 at the time of writing)
Net sales were USD 247.7 million compared with USD 240.0 million.
Gross profit was USD 104.0 million, equal to a gross margin of 42.0%. This compares with USD 70.0 million, equal to a gross margin of 29.2%.
Net income was USD 5.4 million, compared with a net loss of USD 75.9 million. Adjusted net income was USD 5.6 million compared to an adjusted net loss of USD 22.3 million.
Adjusted EBITDA (income before interest, taxes, depreciation and amortisation have been subtracted) was USD 27.9 million versus a negative adjusted EBITDA of USD 7.6 million
Cynthia Williams, Funko CEO, said: “Net sales, gross margin and adjusted EBITDA were all above our expectations. Our performance was primarily driven by strong demand for our core collectable products in Europe and other international markets, Pop! Yourself and Bitty Pop! – as well as solid growth in our direct-to-consumer business. Higher than anticipated margins on sales in the value channel and resulting inventory reserve relief were key contributors to our better-than-expected gross margin of 42%.”
Williams, previously president of Hasbro’s Wizards of the Coast and Gaming division before joining Funko two months ago, continued: “I look forward to leading Funko through the next stage of our growth. I am enthused by our fans and excited about our business, products and opportunities. The team is actively working on developing our plans for 2025 and beyond.”
The company reiterated its 2024 full-year outlook, which assumes a strong holiday season.
