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Funko (FNKO) investor relations material
Funko Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Net sales declined 21.9% year-over-year to $193.5M in Q2 2025, driven by U.S. tariff disruptions and macroeconomic uncertainty, resulting in a net loss of $41.0M and negative adjusted EBITDA.
Gross margin dropped to 32.1% from 42.0% year-over-year, impacted by tariffs, inventory reserves, and higher shipping and duty costs.
Management implemented cost reductions, a 20% workforce cut, price increases, and production shifts out of China to mitigate tariff effects.
CEO search and management transition underway, with Michael Lunsford appointed Interim CEO in July 2025.
Opened first licensed Southeast Asia store in Manila in July 2025, expanding global presence and tapping into a fast-growing pop culture market.
Financial highlights
Q2 2025 net sales were $193.5M, down 21.9% year-over-year; gross profit was $62.0M (32.1% margin), down from $104.0M (42.0% margin) last year.
Q2 2025 net loss was $41.0M ($0.74/share); adjusted net loss was $26.7M ($0.48/share); negative adjusted EBITDA was $16.5M.
SG&A expenses rose to $82.3M (42.5% of net sales), with last year including a $1.5M non-recurring benefit.
Cash and equivalents at quarter-end were $49.2M; total debt was $256.6M; liquidity stood at $54.2M.
Operating cash flow was negative $44.4M for H1 2025; net cash provided by financing activities was $73.7M.
Outlook and guidance
Management expects continued pressure on sales, margins, and liquidity due to tariffs, macroeconomic uncertainty, and retailer inventory reductions.
Second half net sales expected to be down high single digits year-over-year, with adjusted EBITDA margin in the mid to high single digits and Q4 ramping over Q3.
Strategic alternatives, including a potential sale, are being evaluated; no timeline or assurance of outcome.
Resumed shipping to direct import customers and implemented price increases; POS sales trends remain resilient.
Management expects headwinds to moderate in the second half of 2025.
Quantify tariff impact on Q2 gross margin.
Characterize orders paused in Q2 and resumed in Q3.
Assess customer reaction to July 1 price increases.
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Next Funko earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
Pop!
Funko Inc. is an American toy company with multinational operations that is most known for its extensive range of pop culture-related collectibles. The company's primary product line, Pop! Vinyl figures are immensely popular and are characterized by oversized heads and large, pupil-less eyes. These figures cover a vast array of licensed content, including characters from movies, TV shows, video games, sports, and more. Funko's product offerings have expanded beyond Pop! Vinyl figures to include plush toys, action figures, and board games. Funko is headquartered in Everett, Washington, and its shares are listed on the Nasdaq.
Founding and Growth
Funko was founded in 1998 by Mike Becker in Snohomish, Washington, and initially focused on creating nostalgia-themed bobbleheads. Funko underwent a transformative change in 2005 when Mike Becker sold the company to Connor Orcutt, who then served as the Chief Creative Officer. Following the acquisition, Orcutt relocated the company's headquarters to and initiated a significant expansion of Funko's licensed product offerings. A key development in this expansion was the introduction of the Pop! Vinyl line of figurines in 2011, a move that marked a major milestone for the company. By 2012, this strategic shift had borne fruit, with Funko achieving over $20 million in merchandise sales. Over the years, the company has cultivated a strong following among collectors and pop culture enthusiasts.
Funko Pop!
Funko Pop! figures, a flagship product line of Funko, have become a cultural phenomenon since their debut in 2010. These collectible figurines are known for their distinctive style, featuring oversized heads, large expressive eyes, and a small body, capturing the essence of a vast range of characters from various facets of popular culture. The Funko Pop! series has expanded over the years to include thousands of different figures, catering to an extensive and varied fan base, with characters whose IP is owned by companies such as Activision Blizzard (acquired by Microsoft in 2023) and Disney.
Other Products
Funko's product range extends beyond its renowned Pop! figures to include a variety of collectibles and entertainment items. They offer smaller vinyl figures, blind-box collectibles, plush toys, and board games, catering to diverse interests and age groups. The company also has a line of themed apparel and accessories, broadening its reach in the realm of pop culture merchandise.
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