Funko, Inc.

Funko, Inc. designs and sells pop-culture consumer products built around licensed entertainment, sports, music and creator fandoms. Its portfolio spans collectible figures, fashion accessories, apparel, plush, homewares and related novelty items sold under the Funko, Loungefly and Mondo brands, with products distributed through retailers and direct-to-consumer channels.

1,5 %

−7,4 %

−13,5 %

1.19

0.85

— Funko, Inc.
%
Collectibles and figures45% Licensed vinyl figures, micro-collectibles, blind boxes and personalized Pop! products.
Fashion accessories and apparel25% Loungefly-branded bags, wallets, accessories and apparel tied to fandom properties.
Plush and toys15% Plush, action toys and related character-based consumer products.
Home, decor and lifestyle7% Homewares, novelty items and display-oriented products for fans and collectors.
Premium and specialty collectibles8% Mondo art, music collectibles and limited-edition releases aimed at enthusiasts.

Funko sells primarily to retail partners that want licensed, fan-driven products with built-in demand and frequent...

  • Wholesale retail partnersprimary

    Specialty, mass-market and online retailers buy licensed pop-culture products to drive traffic, repeat visits and collectible demand.

  • Direct-to-consumer fanssecondary

    Consumers buy through Funko websites and flagship stores for exclusives, personalization and brand engagement.

  • International retailers and distributorssecondary

    Retailers and distributors outside the U.S. buy localized assortments to serve regional fandoms and where Funko lacks direct presence.

  • Collectors and enthusiastsprimary

    Fans of movies, TV, gaming, music and sports buy limited-edition and display-oriented products for collecting and gifting.

Funko’s sales are global, with the company stating that about 36% of net sales in the quarter ended March 31, 2025 came...

  • •About 36% of Q1 2025 net sales came from outside the U.S.
  • •Major sourcing is outsourced to Vietnam, China, Cambodia and Mexico
  • •Warehousing and logistics hubs are in the U.S., U.K. and Netherlands
  • •International sales are concentrated in Europe and other global markets
  • •Tariffs and trade policy affect sourcing cost and margin structure

Funko is focused on protecting liquidity, improving pricing and shifting sourcing to reduce tariff exposure, including...

01
Mitigate tariff and sourcing riskshort-term

Manufacturing is outsourced in Asia and Mexico, so trade policy directly affects cost and supply continuity.

02
Improve cash generation and liquidityshort-term

The company needs operating cash flow and financing flexibility to manage covenant pressure and debt maturity risk.

03
Increase higher-margin sales mixmedium-term

Higher-margin products help offset freight, duty, royalty and tariff costs in a licensed consumer-products model.

04
Expand direct fan relationshipsmedium-term

Direct channels can improve margin, exclusivity and customer data ownership versus pure wholesale distribution.

Funko’s model depends on licensed demand, retailer traffic and outsourced manufacturing, so it is exposed to consumer...

critical

Liquidity and covenant compliance

Management disclosed expected covenant noncompliance and the need for additional cash or refinancing.

Scope
Credit Agreement covenants and near-term debt maturity
Materiality
high
high

Tariffs and trade policy uncertainty

A large share of products is sourced from Asia, so import duties and policy changes directly affect cost of sales and pricing.

Scope
Manufacturing in China and other Asian countries
Materiality
high
high

Retail concentration and demand volatility

A meaningful portion of sales flows through a limited set of wholesale customers and distributors.

Scope
Top ten wholesale customers represented about 31% of sales
Materiality
high
high

Third-party manufacturing and supply chain disruption

Most products are made by unaffiliated manufacturers, increasing dependence on external capacity, quality and logistics.

Scope
Vietnam, China, Cambodia and Mexico sourcing base
Materiality
high
high

Product safety and regulatory compliance

Consumer products are subject to safety statutes and international regulations, and failures can lead to sanctions or recalls.

Scope
CPSA, FHSA, CPSIA, FFA and foreign product rules
Materiality
medium
medium

Cybersecurity and data privacy

The company relies on IT systems and third parties that store customer, supplier and product data.

Scope
Internal systems and third-party providers
Materiality
medium
Revenue recognition timing
Can shift revenue between periods and affect working capital
Sales allowances and returns reserves
Directly reduces net sales and can affect gross margin
Inventory valuation
Write-downs would pressure gross margin and earnings
Goodwill and intangible asset impairment
Impairment charges could be material if market value weakens
Debt covenant and going-concern assessment
Affects liquidity disclosure and financial statement presentation

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: 28/04/2026