Stabilization and Growth in Key Areas
Funko stabilized net sales at over $1 billion, with gross profit and adjusted EBITDA growth exceeding $100 million. Direct-to-consumer sales grew to 29% of overall sales.
Core Collectibles and International Expansion
Core collectibles business grew over 10% in Q4, and sales outside of the US increased by 23%. The Biddy line saw an 83% year-over-year growth in Q4.
Sports and Music Collaborations
Launched successful collaborations with the NFL and NBA, tapping into the $35 billion sports memorabilia market. Music partnerships saw success with Doja Cat and Sabrina Carpenter products.
Improved Financial Metrics
Gross margin improved to 42.4% from 37.6% year-over-year, and adjusted EBITDA was $26.3 million, above guidance. Total debt decreased from $273.6 million to $182.8 million.