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. (FNKO) is a leading provider of pop culture consumer products, known for its distinctive and playful designs. Founded in 1998, Funko has grown substantially since its acquisition by the current CEO in 2005. The company’s products, including the wildly popular Pop! Vinyl figures, are recognized globally and are based on licensing agreements with top creators in the entertainment industry. This allows Funko to create products that resonate deeply with fans of movies, TV shows, video games, musicians, and sports teams.
Funko's product lineup extends beyond figures to include fashion accessories, apparel, plush products, homewares, and even non-fungible tokens (NFTs). The company effectively targets a diverse consumer base, from children to adults, through a wide range of retail channels, including mass market and specialty retailers, bookstores, department stores, online platforms, convenience stores, hobby shops, and mall outlets. Importantly, no single customer accounts for more than 10% of Funko's annual sales, which demonstrates a well-distributed revenue stream.
With a continuously expanding library of licenses, Funko can offer a broad array of products at various price points, making it accessible to different segments of pop culture enthusiasts. The company’s extensive reach and product diversity have cemented its position as a significant player in the global consumer products market.
Recent achievements include innovative product launches and strategic partnerships that have further solidified Funko’s market presence. Financially, Funko continues to display robust performance, backed by its diverse product lines and loyal customer base. For the latest news and updates on Funko, visit their official website or follow their social media channels.
Funko (NASDAQ: FNKO) has appointed Jason Harinstein as an independent director to its Board, expanding it to nine members. Harinstein, currently CFO of Collectors Holdings, Inc., joins the company's Audit Committee. He brings extensive experience in the collectibles industry and financial expertise as a two-time CFO. CEO Cynthia Williams highlighted Harinstein's strategic vision aligning with Funko's growth plans, particularly noting recent initiatives like Pop! Yourself and Bitty Pop!
Harinstein's background includes roles as CFO at Flatiron Health, SVP of Corporate Development and Strategy at Groupon, and Director of Corporate Development at Google. He currently serves on Groupon's board and holds degrees from Northwestern University and the University of Chicago Booth School of Business.
Legendary Entertainment and Mondo, a Funko subsidiary, have launched an exclusive collection celebrating the 10th anniversary of the Monsterverse franchise. The collaboration features -edition products inspired by films including Godzilla (2014), Kong: Skull Island (2017), Godzilla: King of the Monsters (2019), and Godzilla vs. Kong (2021).
The collection includes premium items such as Godzilla and Kong soft vinyl figures ($190 each), a commemorative poster by Danny Haas ($80), and the Monarch: Legacy of Monsters Soundtrack LP ($35). These items showcase the iconic monsters' scale and intricacies through artist-forward designs and are available exclusively through Mondo's platform.
Funko (NASDAQ: FNKO) and Warner Bros. Discovery Global Consumer Products have announced a new collaboration featuring Pop! Yourself Harry Potter collectibles. Fans can create personalized Funko Pop! figures of themselves as Hogwarts students, choosing from all four houses. The collection includes accessory packs priced at $15 and Pop! Yourself figures at $30. Each house-themed accessory pack includes a robe-dressed Pop! Yourself body, wand, magical accessories, and two buddies including the house mascot. The products are available on Funko.com for customers in the U.S. and Canada.
Funko (Nasdaq: FNKO) reported its Q3 2024 financial results, showing net sales of $292.8 million, down from $312.9 million in Q3 2023. Gross profit increased to $119.8 million with a gross margin of 40.9%, compared to $104.0 million and 33.2% in the previous year. SG&A expenses were $92.7 million, slightly down from $94.0 million. Net income was $4.6 million or $0.08 per diluted share, contrasting with a net loss of $16.2 million or $0.31 per share last year. Adjusted net income rose to $8.0 million or $0.14 per share, and adjusted EBITDA increased to $31.0 million from $25.4 million.
Funko updated its 2024 full-year outlook, lowering net sales expectations to $1.037-$1.050 billion but raising adjusted EBITDA guidance to $85-$90 million. For Q4 2024, the company expects net sales of $280-$294 million, a gross margin of 38%-40%, and adjusted net income (loss) per share of ($0.05)-$0.02.
Funko (Nasdaq: FNKO) announced it will hold a conference call on Thursday, November 7, 2024, at 4:30 p.m. ET to discuss its financial results for the third quarter ended September 30, 2024. The conference call will be accessible via webcast through the investor relations section of Funko's website, with a replay available after the event.
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.
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