NASDAQ$FNKO
Funko Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Funko's Q2 2023 results reflected lower net sales due to inventory de-stocking by U.S. wholesale customers, but SG&A expenses improved. The company is implementing cost savings measures and focusing on core products.
Funko reported a decrease in net sales to $240.0 million compared to $315.7 million in Q2 2022. The company experienced a net loss of $75.9 million, or $1.54 per share, but adjusted net loss was $22.3 million, or $0.43 per share. Negative adjusted EBITDA was $7.6 million. The company is implementing cost reduction initiatives and focusing on core products to improve financial performance.
- Net sales decreased to $240.0 million from $315.7 million in the second quarter of 2022.
- Gross margin was 29.2% compared to 32.7% in the prior year's quarter.
- Net loss was $75.9 million, or $1.54 per share, including a non-cash charge of $38.5 million.
- Adjusted EBITDA was negative $7.6 million, compared to $31.8 million in the second quarter of 2022.
Headline financials
Revenue & EPS history
Funko · Revenue · Quarterly
$240M
Revenue by segment
Funko · $240M total across 3 segments · Q2 2023
- Core Collectible$174M-25.5%72.4%
- Loungefly$50M-28.5%20.8%
- Other$16.4M+28.8%6.8%
Forward guidance
Funko revised its 2023 full-year outlook, projecting net sales of $1.05 billion to $1.12 billion and adjusted EBITDA of $20 million to $30 million. For the third quarter, the company expects net sales of $280 million to $310 million, with sequential improvements in gross margin and SG&A expense.
Tailwinds
- Gross margin % Increasing sequentially from Q2
- SG&A expense Improving sequentially from Q2
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+0.2%
Avg return
Earnings day
+0.2%
Avg return
5 days after
+4.2%
Avg return
30 days after
56%
19 / 34 earnings
Positive
+25.1%
Q1 2020
Best reaction
-59.2%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.6% | +26.3% | +16.2% | |
| Q4 2025 | -4.0% | -18.6% | -15.3% | |
| Q3 2025 | +10.3% | +22.2% | -0.3% | |
| Q1 2025 | -16.5% | +11.7% | +14.5% | |
| Q4 2024 | -13.5% | -28.8% | -49.3% | |
| Q3 2024 | -3.4% | -9.2% | +0.9% | |
| Q2 2024 | +11.7% | +11.0% | +11.6% | |
| Q1 2024 | +8.9% | +28.2% | +43.5% | |
| Q4 2023 | +7.0% | -0.8% | -10.6% | |
| Q3 2023 | +22.1% | +9.6% | -5.0% | |
| Q2 2023 | -13.2% | -12.7% | -4.4% | |
| Q1 2023 | +15.0% | +13.5% | +27.4% | |
| Q4 2022 | -8.0% | -9.6% | -12.8% | |
| Q3 2022 | -59.2% | -47.1% | -45.8% | |
| Q2 2022 | -19.2% | -22.0% | -23.1% | |
| Q1 2022 | +19.5% | +8.9% | +21.7% | |
| Q4 2021 | +9.5% | -4.0% | -1.6% | |
| Q3 2021 | +10.8% | +8.1% | -7.6% | |
| Q2 2021 | -3.3% | -5.0% | -0.5% | |
| Q1 2021 | +19.1% | +9.5% | +10.2% | |
| Q4 2020 | +23.0% | +24.3% | +58.0% | |
| Q3 2020 | -9.4% | +12.0% | +63.2% | |
| Q2 2020 | -4.8% | +2.9% | +2.6% | |
| Q1 2020 | +25.1% | +18.4% | +88.1% | |
| Q4 2019 | -8.1% | -17.5% | -57.8% | |
| Q3 2019 | -12.7% | -16.1% | -18.0% | |
| Q2 2019 | +10.0% | +9.1% | +8.1% | |
| Q1 2019 | +3.4% | +9.7% | +4.6% | |
| Q4 2018 | +3.8% | -6.7% | +7.8% | |
| Q3 2018 | -25.3% | -25.7% | -31.5% | |
| Q2 2018 | +8.5% | +7.3% | +50.3% | |
| Q1 2018 | +2.5% | +3.5% | +28.4% | |
| Q4 2017 | +7.1% | +13.0% | +3.4% | |
| Q3 2017 | -10.7% | -17.2% | -34.7% | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — |
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