Funko Reports Second Quarter 2022 sales up 33.7%
Funko, Inc. a leading pop culture lifestyle brand, today reported its consolidated financial results for the second quarter ended June 30, 2022.
Second Quarter 2022 Financial Highlights
- Net sales increased 33.7% y/y to $315.7 million
- Net income declined 24.6% y/y to $15.8 million
- Net income margin1 contracted 390 basis points y/y to 5.0%
- Adjusted EBITDA2 declined 22.7% y/y to $31.8 million
- Adjusted EBITDA margin2 contracted 730 basis points y/y to 10.1%
- Cash flow used in operations of $30.1 million for the six months ended June 30, 2022
Second Quarter 2022 and Recent Operating Highlights
- Broad-based net sales growth in all geographies and brand categories
- Record net sales quarter for Loungefly ($70.0 million, +114% y/y) and Europe ($63.4 million, +22% y/y)
- Direct-to-consumer sales grew 26% y/y on continued growth in e-commerce and physical store operating metrics
- Continued to set the bar for accessible and fun entry into NFT collecting with frequent Digital Pop! NFT drops, including our largest-to-date, DC comics
- Acquired high-end collectible company Mondo, bringing iconic vinyl records, posters, and other collectibles to Funko’s pop culture platform
“We are thrilled to report record second quarter net sales to cap off the strongest first half net sales in Funko’s history. All of our reported brand categories grew double digits, indicating robust demand across the brand portfolio,” said Andrew Perlmutter, Chief Executive Officer. “As we enter the second half of the year, our focus remains on executing against our four growth pillars, continued innovation in core collectibles, revenue diversification, international expansion and further development of our direct-to-consumer channel.”
