CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Income Statement [Abstract] | ||||
| Net sales | $ 250,905 | $ 292,765 | $ 635,113 | $ 756,121 |
| Cost of sales (exclusive of depreciation and amortization) | 150,154 | 172,956 | 395,451 | 445,992 |
| Selling, general, and administrative expenses | 79,794 | 92,662 | 246,860 | 256,154 |
| Depreciation and amortization | 14,529 | 15,411 | 44,319 | 46,409 |
| Total operating expenses | 244,477 | 281,029 | 686,630 | 748,555 |
| Income (loss) from operations | 6,428 | 11,736 | (51,517) | 7,566 |
| Interest expense, net | 5,611 | 4,971 | 13,982 | 16,363 |
| Other (income) expense, net | (1,359) | 998 | (304) | 1,994 |
| Income (loss) before income taxes | 2,176 | 5,767 | (65,195) | (10,791) |
| Income tax expense | 1,228 | 1,170 | 2,920 | 2,859 |
| Net income (loss) | 948 | 4,597 | (68,115) | (13,650) |
| Less: net income (loss) attributable to non-controlling interests | 47 | 267 | (938) | (432) |
| Net income (loss) attributable to Funko, Inc. | $ 901 | $ 4,330 | $ (67,177) | $ (13,218) |
| Earnings (loss) per share of Class A common stock: | ||||
| Basic (in dollars per share) | $ 0.02 | $ 0.08 | $ (1.24) | $ (0.26) |
| Diluted (in dollars per share) | $ 0.02 | $ 0.08 | $ (1.24) | $ (0.26) |
| Weighted average shares of Class A common stock outstanding: | ||||
| Basic (in shares) | 54,648,816 | 52,522,912 | 54,184,415 | 51,781,072 |
| Diluted (in shares) | 54,707,358 | 53,427,936 | 54,184,415 | 51,781,072 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Net income (loss) | $ 948 | $ 4,597 | $ (68,115) | $ (13,650) |
| Other comprehensive (loss) income, net of tax: | ||||
| Foreign currency translation (loss) gain | (1,919) | 4,768 | 6,299 | 4,262 |
| Comprehensive (loss) income | (971) | 9,365 | (61,816) | (9,388) |
| Less: Comprehensive income (loss) attributable to non-controlling interests | 21 | 426 | (859) | (301) |
| Comprehensive (loss) income attributable to Funko, Inc. | $ (992) | $ 8,939 | $ (60,957) | $ (9,087) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares |
Sep. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Common Class A | ||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
| Common stock, shares issued (in shares) | 54,740,000 | 52,967,000 |
| Common stock, shares outstanding (in shares) | 54,740,000 | 52,967,000 |
| Common Class B | ||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
| Common stock, shares issued (in shares) | 648,000 | 1,430,000 |
| Common stock, shares outstanding (in shares) | 648,000 | 1,430,000 |
Organization and Operations |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization and Operations | Organization and Operations The unaudited condensed consolidated financial statements include Funko, Inc. and its subsidiaries (together, the “Company”) and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. All intercompany balances and transactions have been eliminated. The Company was formed as a Delaware corporation on April 21, 2017. The Company was formed for the purpose of completing an initial public offering (“IPO”) of its Class A common stock and related transactions in order to carry on the business of Funko Acquisition Holdings, L.L.C. (“FAH, LLC”) and its subsidiaries. Funko, Inc. operates and controls all of FAH, LLC’s operations and, through FAH, LLC and its subsidiaries, conducts FAH, LLC’s business as the sole managing member. Accordingly, the Company consolidates the financial results of FAH, LLC and reports a non-controlling interest in its unaudited condensed consolidated financial statements representing the common units of FAH, LLC interests still held by other owners of FAH, LLC (collectively, the “Continuing Equity Owners”). Interim Financial Information In the opinion of management, all adjustments considered necessary for a fair statement of the results as of the date of and for the interim periods presented have been included, and such adjustments consist of normal recurring adjustments. Certain prior-year amounts have been reclassified to conform to the current year presentation. The unaudited condensed consolidated results of operations for the current interim period are not necessarily indicative of the results for the entire year ending December 31, 2025, due to seasonality and other factors. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in Exhibit 99.1 to the Current Report on Form 8-K filed on August 7, 2025. Going Concern The accompanying unaudited interim condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s ability to operate profitably, to generate cash flows from operations, and to pursue appropriate financing arrangements to support its working capital requirements. The Company sources, procures and assembles inventory, primarily out of Vietnam, China and Mexico. The effects of recently implemented tariffs, and the potential imposition of modified or additional tariffs or export controls by other countries, continue to have an adverse effect on future net sales, margins and profitability. The Company anticipates continued supply chain challenges, cost volatility, and consumer and economic uncertainty due to these rapid changes in global trade policies. The Company has implemented a plan, as described below, designed to mitigate these challenges and improve its financial position. The Company is party to a Credit Agreement, dated September 17, 2021 with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (as amended, the “Credit Agreement”). On July 16, 2025, the Company entered into Credit Agreement Amendment No. 4 (the “Fourth Amendment”), that among other things, amends the Credit Agreement by waiving compliance with (x) the maximum Net Leverage Ratio and (y) the minimum Fixed Charge Coverage Ratio financial covenants, in each case, for the fiscal quarters ended June 30, 2025 and September 30, 2025. The Fourth Amendment also contains covenants that the Company shall take certain actions in furtherance of a Refinancing Transaction or a Sale Transaction (each as defined in the Fourth Amendment), and certain covenants have not been satisfied as of the date of this Quarterly Report (such covenants, the “Outstanding Milestone Covenants”). The administrative agent under the Credit Agreement has the discretion to extend the compliance dates for the Outstanding Milestone Covenants. Failure to satisfy the covenants under the Credit Agreement, without a timely cure, waiver or amendment, would be considered an event of default. If an event of default occurs and is not cured or waived, the Required Lenders (as defined in the Credit Agreement) could elect to declare all amounts outstanding under the Credit Agreement immediately due and payable and exercise other remedies as set forth in the Credit Agreement. In addition, the Required Lenders would have the right to proceed against the collateral pledged to them, which includes substantially all of the Company’s assets. In connection with preparing the unaudited consolidated financial statements for the three months ended September 30, 2025, management evaluated the Company’s future liquidity, forecasts of the expected effects of announced tariffs and other facts and conditions, and ability to comply with the covenants under the Credit Agreement, and determined that there is substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the date of issuance of these financial statements. The Company anticipates it will not be in compliance with the maximum Net Leverage Ratio and minimum Fixed Charge Coverage Ratio (each as defined in the Credit Agreement) covenants as of the end of the quarter ending December 31, 2025 and future quarters. The Company has not yet satisfied the actions under the Outstanding Milestone Covenants with upcoming compliance dates of November 25, 2025 and February 16, 2026, respectively. In addition, based on the Company’s forecast of the expected effects of the announced tariffs and other facts and conditions, the Company anticipates that its cash flows may be insufficient to support working capital needs within the next twelve months and, relatedly, the Company may not be able to comply with its minimum Qualified Cash (as defined in the Credit Agreement) covenant in future periods. The Credit Agreement matures in September 2026, however, the Company is not forecasted to have sufficient cash reserves to fully repay the loans outstanding under the Credit Agreement at that time or an earlier date, if applicable, and as such, the Credit Agreement will need to be refinanced. See Note 4, “Debt”. Management has developed a plan, as summarized below, that, if executed successfully, it believes will provide sufficient liquidity to meet the Company’s obligations as they become due for a reasonable period of time, including to meet the Company’s obligations under the Credit Agreement. The plan includes: •Continuing to monitor the Company’s commercial pricing strategy, working with current and potential sourcing partners to mitigate the effects of increasing costs, including shifting certain manufacturing out of China, and, if necessary and consistent with its existing contractual commitments, decreasing its activity level and capital expenditures further. This plan reflects its strategy of controlling capital costs and maintaining financial flexibility. •Gaining positive cash-inflow from operating activities through continuous overhead cost reductions, increased sales of higher margin products and working capital management, including timing of accounts receivable collections. The Company has a significant presence in international markets, which are not impacted by tariffs, and will continue to pursue strategies to grow those markets. •Raising additional cash through the issuance of equity or debt or assessing potential amendments, including additional covenant relief, and/or refinancing of the Company’s existing debt arrangements as considered necessary. In addition, the Company intends to opportunistically consider other potential business opportunities or strategic transactions, including a potential sale of the Company. The Company will need to raise additional cash or refinance its Credit Agreement in the near term. While management believes that the measures described in the above plan will be adequate to satisfy its liquidity requirements, there can be no assurance that management’s liquidity plan will be successfully implemented, the Company’s lenders will agree to waive, modify and/or amend the maximum Net Leverage Ratio and minimum Fixed Charge Coverage Ratio covenants for the periods of forecasted covenant noncompliance, the Credit Agreement’s administrative agent will agree to further extend the compliance dates related to the Outstanding Milestone Covenants, if necessary, or that the Credit Agreement can be refinanced before its maturity date, which all raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the date of issuance of these financial statements. These unaudited interim condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern.
|
Significant Accounting Policies and Transactions |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Accounting Policies [Abstract] | |
| Significant Accounting Policies and Transactions | Significant Accounting Policies and Transactions Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions. Significant Accounting Policies Inventories Inventories consist primarily of figures, plush, apparel, homewares, accessories and other finished goods, and are accounted for using the first-in, first-out (“FIFO”) method. Inventory costs include direct product costs, freight and duty costs. Inventories are stated at the lower of cost or net realizable value. The Company estimates obsolescence based on assumptions regarding future demand. This valuation requires us to make judgments, based on currently available information, about the likely method of disposition, such as through sales to customers, or liquidation, and expected recoverable value of each disposition category. Reserves for excess and obsolete inventories were $10.0 million and $11.8 million as of September 30, 2025 and December 31, 2024, respectively. Revenue Recognition and Sales Allowance Revenue from the sale of the Company’s products is recognized when control of the goods is transferred to the customer, which is upon shipment or upon receipt of finished goods by the customer, depending on the contract terms. Deferred revenue is recognized when the Company collects cash from the customer and has not yet filled its obligation for delivery of product. Deferred revenue was $22.2 million and $13.3 million as of September 30, 2025 and December 31, 2024, respectively, and is recorded within accrued expenses and other current liabilities on the Company's condensed consolidated balance sheets. The Company routinely enters into arrangements with its customers to provide sales incentives, support customer promotions, and provide allowances for returns and defective merchandise. These sales adjustments require management to make estimates. In making these estimates, management considers all available information including the overall business environment, historical trends and information from customers, such as agreed upon customer contract terms as well as historical experience from the customer. The costs of these programs reduce gross sales in the period the related sale is recognized. The Company adjusts its estimates at least quarterly or when facts and circumstances used in the estimate process change. As of September 30, 2025 and December 31, 2024, we had reserves for sales allowances of $40.1 million and $42.2 million, respectively. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. The Company evaluates goodwill for impairment annually on October 1 of each year and upon the occurrence of triggering events or substantive changes in circumstances that could indicate a potential impairment by assessing qualitative factors or performing a quantitative analysis in determining whether it is more likely than not that the fair value of the net assets is below their carrying amounts. Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date. Intangible assets acquired include intellectual property (product design), customer relationships, and trade names. These are definite-lived assets and are amortized on a straight-line basis over their estimated useful lives. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. During the three months ended September 30, 2025, the Company observed a significant decline in the market valuation of the Company’s Class A common stock along with a volatile macroeconomic environment. As a result, the Company has evaluated potential goodwill impairment triggering events as of September 30, 2025, and determined it was more likely than not that the fair value of the reporting unit was above carrying value of the net assets. However, the Company will continue to evaluate for impairment triggering events due to the substantive changes in circumstances, such as market capitalization, which could indicate a potential impairment and the need to record a material, non-cash charge in a future period. The Company also expects to assess the recoverability of the carrying value of the identified intangible and other long-lived assets, to the extent conditions necessitate an impairment assessment. A description of the Company’s other significant accounting policies is included in the audited consolidated financial statements and related notes included in Exhibit 99.1 to the Current Report on Form 8-K filed on August 7, 2025. Significant Transactions In January 2024, the Company sold all outstanding inventory and certain intellectual property marketed under and related to Funko Games, to an independent third-party. The Company also entered into a multi-year exclusive worldwide license and distribution agreement with the purchaser, whereby the Company will earn minimum guaranteed royalty payments for the continued use of the Funko brand. Proceeds from the transaction were utilized to pay down a portion of the outstanding balance of the Term Loan Facility (as defined below). Recently Adopted Accounting Standards In January 2025, the Securities and Exchange Commission issued Staff Accounting Bulletin ("SAB") 122, that rescinded SAB 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users. The Company had elected to early adopt SAB 122 as of December 31, 2024, on a fully retrospective basis. The Company, through its wholly-owned subsidiary TokenWave, LLC, operates the Droppp.io platform, to facilitate the buying and selling of its NFTs, holds cryptographic key information for NFTs and is a custodian for NFTs held in platform users' accounts. The Company has not incurred a loss event during the periods ended September 30, 2025 and 2024 as a result of its safeguarding. In November 2023, the Financial Accounting Standards Board issued an Accounting Standards Update ("ASU"), which requires all public entities, including public entities with a single reportable segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess performance. Additionally, the standard requires disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures. The Company adopted the ASU for the year ended December 31, 2024, on a retrospective basis. The adoption of this ASU did not change the way that the Company identifies its reportable segments and, as a result, did not have a material impact on the Company’s segment-related disclosures. Refer to Note 7, "Segments and Disaggregated Revenue Information" for further information on the Company's reportable segment. Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board issued an ASU amending existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid by jurisdiction and the effective tax rate reconciliation. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and it can be applied on either a prospective or retroactive basis. The Company is currently evaluating the ASU to determine its impact on income tax disclosures and plans to adopt the ASU on a prospective basis. In November 2024, the Financial Accounting Standards Board issued an ASU requiring that an entity disclose in the notes to the financial statements specified information about certain costs and expenses, including the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) other amounts of depletion expense included in each relevant expense caption presented on the statement of operations. The standard also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, as well as the total amount of selling expenses and an entity’s definition of selling expenses. The ASU was clarified in January 2025 and is effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted and it can be applied on either a prospective or retroactive basis. The Company is currently evaluating the ASU to determine its impact on income statement presentation and enhanced footnote disclosures.
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Fair Value Measurements |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value Measurements | Fair Value Measurements The Company’s financial instruments, other than those discussed below, include cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities. The carrying amounts of these financial instruments approximate fair value due to the short-term nature of these instruments. For financial instruments measured at fair value on a recurring basis, the Company prioritizes the inputs used in measuring fair value according to a three-tier fair value hierarchy defined by U.S. GAAP. Cash equivalents. As of September 30, 2025 and December 31, 2024, cash equivalents included $22.9 million and $1.5 million, respectively, of highly liquid money market funds, which are classified as Level 1 within the fair value hierarchy. Debt. The estimated fair value of the Company’s debt instruments, which are classified as Level 3 financial instruments, at September 30, 2025 and December 31, 2024, was approximately $106.5 million and $123.8 million, respectively. The carrying values of the Company’s debt instruments at September 30, 2025 and December 31, 2024, were $106.0 million and $122.8 million, respectively. The estimated fair value of the Company’s debt instruments primarily reflects assumptions regarding credit spreads for similar floating-rate instruments with similar terms and maturities and the Company’s standalone credit risk.
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt Debt consists of the following (in thousands):
Credit Facilities On September 17, 2021, FAH, LLC and certain of its material domestic subsidiaries from time to time (the “Credit Agreement Parties”) entered into the Credit Agreement with JPMorgan Chase Bank, N.A., PNC Bank, National Association, KeyBank National Association, Citizens Bank, N.A., Bank of the West, HSBC Bank USA, National Association, Bank of America, N.A., U.S. Bank National Association, MUFG Union Bank, N.A., and Wells Fargo Bank, National Association (collectively, the “Initial Lenders”) and JPMorgan Chase Bank, N.A. as administrative agent (the “Administrative Agent”), providing for a term loan facility in the amount of $180.0 million (the “Term Loan Facility”) and a revolving credit facility of $100.0 million (the “Revolving Credit Facility”) (together the “Credit Facilities”). Proceeds from the Credit Facilities were primarily used to repay the Company’s former credit facilities. On April 26, 2022, the Credit Agreement Parties entered into Amendment No. 1 to the Credit Agreement (the “First Amendment”) with the Initial Lenders and JPMorgan Chase Bank, N.A. as administrative agent, which allows for additional Restricted Payments (as defined in the First Amendment) using specified funding sources. On July 29, 2022, the Credit Agreement Parties entered into Amendment No. 2 to the Credit Agreement (the “Second Amendment”) with the Initial Lenders and Goldman Sachs Bank USA (collectively, the “Lenders”) and JPMorgan Chase Bank, N.A. as administrative agent, which increased the Revolving Credit Facility to $215.0 million and converted the Credit Facility interest rate index from Borrower (as defined in the Credit Agreement) option LIBOR to SOFR. On February 28, 2023, the Credit Agreement Parties entered into Amendment No. 3 (the “Third Amendment”) to the Credit Agreement to, among other things, (i) modify the financial covenants under the Credit Agreement for the period beginning on the date of the Third Amendment through the fiscal quarter ended December 31, 2023 (the “Waiver Period”), (ii) reduce the size of the Revolving Credit Facility from $215.0 million to $180.0 million as of the date of the Third Amendment and thereafter to $150.0 million on December 31, 2023, which reduction is permanent after the Waiver Period, (iii) restrict the ability to draw on the Revolving Credit Facility during the Waiver Period in excess of the amount outstanding on the date of the Third Amendment, (iv) increase the margin payable under the Credit Facilities during the Waiver Period to (a) 4.00% per annum with respect to any Term Benchmark Loan or RFR Loan (each as defined in the Credit Agreement), and (b) 3.00% per annum with respect to any Canadian Prime Loan or ABR Loan (each as defined in the Credit Agreement), (v) allow that any calculation of Consolidated EBITDA (as defined in the Credit Agreement) that includes the fiscal quarters during the Waiver Period may include certain agreed upon amounts for certain addbacks, (vi) further limit our ability to make certain restricted payments, including the ability to pay dividends or make other distributions on equity interests, or redeem, repurchase or retire equity interests, incur additional indebtedness, incur additional liens, enter into sale and leaseback transactions or issue additional equity interests or securities convertible into or exchange for equity interests (other than the issuance of common stock) during the Waiver Period, (vii) require a minimum qualified cash requirement of at least $10.0 million and (viii) require a mandatory prepayment of the Revolving Credit Facility during the Waiver Period with any qualified cash proceeds in excess of $25.0 million. Beginning in the fiscal quarter ended March 31, 2024, the Third Amendment reset the maximum Net Leverage Ratio and the minimum Fixed Charge Coverage Ratio (each as defined in the Credit Agreement) that must be maintained by the Credit Agreement Parties to 2.50:1.00 and 1.25:1.00, respectively, which were the ratios in effect under the Credit Agreement prior to the Third Amendment. On July 16, 2025, the Credit Agreement Parties entered into an Amendment No. 4 (the “Fourth Amendment”) to the Credit Agreement to, among other things, (i) waive compliance with (x) the maximum Net Leverage Ratio and (y) the minimum Fixed Charge Coverage Ratio financial covenants under the Credit Agreement, in each case, for the fiscal quarters ended June 30, 2025 and September 30, 2025; (ii) permanently reduce the revolving commitments (x) from $150.0 million to $135.0 million as of the effective date of the Fourth Amendment and (y) from $135.0 million to $125.0 million as of December 31, 2025; (iii) increase the applicable margin on all outstanding loans to 400 basis points until the Credit Facilities are paid in full; (iv) modify certain financial reporting obligations of the Credit Agreement Parties; (v) add additional affirmative covenants applicable to the Credit Agreement Parties and their subsidiaries; (vi) amend certain negative covenants applicable to the Credit Agreement Parties and their subsidiaries, including to add a covenant to hold no less than $10.0 million of Qualified Cash at any time following the date of the Fourth Amendment; (vii) modify thresholds and grace periods for certain events of default; (viii) add certain new event of default triggers; and (ix) amend a covenant that the Company will not have a going concern or similar qualification to the Company’s annual audited financial statements to begin with the year ending December 31, 2025. On November 5, 2025, the Administrative Agent, in its sole discretion, and the Credit Agreement Parties confirmed the first of the Outstanding Milestone Covenants has been extended until November 25, 2025. If the first of the Outstanding Milestone Covenants has not been met by November 25, 2025, the Administrative Agent has the right to secure a financial advisor on behalf of itself and other secured parties, at the Company’s expense, to assist in the refinancing process. As long as the financial advisor remains engaged, the Company would receive automatic periodic extensions until the first of the Outstanding Milestone Covenants are satisfied. The second of the Outstanding Milestone Covenants remains that the Company must deliver a compliance certificate by February 16, 2026 for the quarter ending December 31, 2025. The Term Loan Facility matures on the Maturity Date (as defined below) and amortizes in quarterly installments in aggregate amounts equal to 2.50% of the original principal amount of the Term Loan Facility, with any outstanding balance due and payable on the Maturity Date. The first amortization payment commenced with the quarter ended on December 31, 2021. The Revolving Credit Facility also terminates on the Maturity Date. Loans under the Credit Facilities will, at the Borrowers’ option, bear interest at either (i) SOFR plus (x) 4.00% per annum and (y) 0.10% per annum or (ii) ABR plus 3.00% per annum. SOFR rate is subject to a 0% floor. For loans based on ABR, interest payments are due quarterly. For loans based on SOFR, interest payments are due at the end of each applicable interest period. The Credit Facilities are secured by substantially all of the assets of FAH, LLC and any of its existing or future material domestic subsidiaries, subject to customary exceptions. Following the Fourth Amendment, as of September 30, 2025, the Credit Agreement Parties were in compliance with all of the covenants then in effect and required to be tested under the Credit Agreement. The Credit Agreement Parties were also in compliance with all of the covenants then in effect under the Credit Agreement as of December 31, 2024. At September 30, 2025 and December 31, 2024, the Credit Agreement Parties had $99.7 million and $113.2 million of borrowings outstanding under the Term Loan Facility, respectively, and $135.0 million and $60.0 million of outstanding borrowings under the Revolving Credit Facility, respectively. Interest rates on the outstanding borrowings under the Revolving Credit Facility at September 30, 2025 are reset every 30 days and can be repaid and reborrowed up until the maturity date. The weighted average rate on outstanding borrowings under the Revolving Credit Facility as of September 30, 2025 and December 31, 2024 was 8.27% and 6.71%, respectively. At September 30, 2025 and December 31, 2024, the Company had $0.0 million and $90.0 million available under the Revolving Credit Facility, respectively. There were no outstanding letters of credit as of September 30, 2025 and December 31, 2024. Equipment Finance Loan On November 25, 2022, Funko, LLC, Funko Games, LLC, Funko Acquisition Holdings, L.L.C., Funko Holdings LLC and Loungefly, LLC (collectively, “Equipment Finance Credit Parties”), entered into a $20.0 million equipment finance agreement (“Equipment Finance Loan”) with Wells Fargo Equipment Finance, Inc. The loan is to be repaid in 48 monthly equal installments starting January 15, 2023, utilizing an annual fixed interest rate of 5.71%. The Equipment Finance Loan is secured by certain identified assets held within our Buckeye, Arizona warehouse. At September 30, 2025 and December 31, 2024, the Company had $6.7 million and $10.6 million outstanding under the Equipment Finance Loan, respectively.
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Liabilities under Tax Receivable Agreement |
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| Liabilities Under Tax Receivable Agreement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities under Tax Receivable Agreement | Liabilities under Tax Receivable Agreement The Company is party to a Tax Receivable Agreement and each of the Continuing Equity Owners, and certain transferees of the Continuing Equity Owners have been joined as parties to the Tax Receivable Agreement (the parties entitled to payments under the Tax Receivable Agreement are referred to herein as the “TRA Parties”) that provides for the payment by the Company to the TRA Parties of 85% of the amount of tax benefits, if any, that it realizes, or in some circumstances, is deemed to realize, as a result of (i) future redemptions funded by the Company or exchanges, or deemed exchanges in certain circumstances, of common units of FAH, LLC for Class A common stock of Funko, Inc. or cash, and (ii) certain additional tax benefits attributable to payments made under the Tax Receivable Agreement. The Company is generally not obligated to make any payments under the Tax Receivable Agreement until the tax benefits associated with a relevant transaction that gave rise to the payment are realized. Amounts payable under the Tax Receivable Agreement are contingent upon, among other things, (i) the generation of future taxable income over the term of the Tax Receivable Agreement and (ii) future changes in tax laws. If the Company does not generate sufficient taxable income in the aggregate over the term of the Tax Receivable Agreement to utilize the tax benefits, then it would not be required to make the related Tax Receivable Agreement payments. There were no common units of FAH, LLC acquired during the three months ended September 30, 2025. During the nine months ended September 30, 2025, the Company acquired 0.8 million common units of FAH, LLC. There were 0.1 million and 1.0 million common units of FAH, LLC acquired during the three and nine months ended September 30, 2024, respectively. The Company estimated a TRA liability for the year ended December 31, 2024 of $547 thousand as utilization of certain portions of the deferred tax assets subject to the TRA were more likely than not to be recognized. As a result of the full valuation allowance on the deferred tax assets, and projected inability to fully utilize all or part of the related tax benefits, the Company determined that certain payments to the TRA Parties related to unrealized tax benefits under the TRA were no longer probable. The estimated gross outstanding balance of the TRA liability was $102.8 million and $99.6 million as of September 30, 2025 and December 31, 2024, respectively. The following table summarizes changes in the amount of the Company’s Tax Receivable Agreement liability (in thousands):
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Commitments and Contingencies |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies License Agreements The Company enters into license agreements with various licensors of copyrighted and trademarked characters and design in connection with the products that it sells. The agreements generally require royalty payments based on product sales and in some cases may require minimum royalty and other related commitments. Our license agreements typically grant our licensors the right to audit our compliance with the terms and conditions of such agreements. Any such audit could result in a dispute over whether we have paid the proper royalties and a requirement that we pay additional royalties. As of September 30, 2025, we had a reserve of $29.6 million, related to ongoing and future royalty audits, based on estimates of the costs we expect to incur. Pre-Production Costs and Inventory The Company routinely enters into purchase commitments for tooling and molds and pre-production costs related to inventory. The Company bases production schedules for products on internal forecasts, taking into account historical trends of similar products and properties, current market information and communications with customers. Employment Agreements The Company has employment agreements with certain officers. The agreements include, among other things, an annual bonus based on certain performance metrics of the Company, as defined by the board of directors, and up to two years’ severance pay beyond termination date. Debt The Company has entered into a Credit Facility which includes a term loan facility and a revolving credit facility. The Company has also entered into an Equipment Finance Loan. See Note 4, “Debt”. Tax Receivable Agreement The Company is party to the Tax Receivable Agreement that provides for the payment by the Company to the TRA Parties under certain circumstances. See Note 5, “Liabilities under Tax Receivable Agreement”. Leases The Company has entered into non-cancellable operating leases for office, warehouse, and distribution facilities, with original lease periods expiring through 2032. Some operating leases also contain the option to renew for five-year periods at prevailing market rates at the time of renewal. In addition to minimum rent, certain of the leases require payment of real estate taxes, insurance, common area maintenance charges, and other executory costs. Legal Contingencies The Company is involved in claims and litigation in the ordinary course of business, some of which seek monetary damages, including claims for punitive damages, which are not covered by insurance. For certain pending matters, accruals have not been established because such matters have not progressed sufficiently through discovery, and/or development of important factual information and legal information is insufficient to enable the Company to estimate a range of possible loss, if any. An adverse determination in one or more of these pending matters could have an adverse effect on the Company’s consolidated financial position, results of operations or cash flows. The Company is, and may in the future become, subject to various legal proceedings and claims that arise in or outside the ordinary course of business. For example, on January 18, 2022, a purported stockholder filed a putative class action lawsuit in the Court of Chancery of the State of Delaware, captioned Shumacher v. Mariotti, et al., relating to the Company’s corporate “Up-C” structure and bringing direct claims for breach of fiduciary duties against certain current and former officers and directors, seeking declaratory, monetary, and injunctive relief. On March 31, 2022, the defendants moved to dismiss the action. In response to defendants’ motion to dismiss, Plaintiff filed an Amended Complaint on May 25, 2022. The amendment did not materially change the claims at issue, and the Defendants again moved to dismiss on August 12, 2022. On December 15, 2022, Plaintiff opposed the Defendants’ motion to dismiss, and also moved for attorneys’ fees. On December 18, 2023, the Court denied Defendants’ motion to dismiss and denied Plaintiffs’ application for an interim fee. On March 13, 2024, the representative plaintiff moved to withdraw as a plaintiff in the action, and another purported stockholder moved to intervene as representative plaintiff. As a result, the litigation is now captioned Lynch vs. Mariotti, et al. On October 28, 2024, the Court granted the plaintiff’s motion to withdraw and granted the new representative plaintiff’s motion to intervene. The Company filed its Answer to the Verified Class Action Complaint in Intervention on December 10, 2024. On June 2, 2023, a purported stockholder filed a putative class action lawsuit in the United States District Court for the Western District of Washington, captioned Studen v. Funko, Inc., et al. The Complaint alleges that the Company and certain individual defendants violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), as well as Rule 10b-5 promulgated thereunder by making allegedly materially misleading statements in documents filed with the SEC, as well as in earnings calls and presentations to investors, regarding a planned upgrade to its enterprise resource planning system and the relocation of a distribution center, as well as by omitting material facts about the same subjects necessary to make the statements made therein not misleading. The lawsuits seek, among other things, compensatory damages and attorneys’ fees and costs. On August 17, 2023, the Court appointed two lead plaintiffs, and, those lead plaintiffs filed an amended complaint on October 19, 2023. The amendment adds additional allegations by including accounts from purported former employees and contractors. Plaintiffs seek to represent a putative class of investors who purchased or acquired Funko common stock between March 3, 2022 and March 1, 2023. On May 16, 2024, the Court granted the Company’s motion to dismiss with leave for Plaintiffs to file a second amended complaint. On July 1, 2024, Plaintiffs notified the Court of their decision to not amend their complaint, and the Court dismissed the complaint with prejudice on July 8, 2024. Plaintiffs filed a Notice of Appeal to the United States Court of Appeals for the Ninth Circuit on August 6, 2024, under the amended caption Construction Laborers Pension Trust of Greater St. Louis v. Funko, Inc., et al. Plaintiffs’ opening brief was filed on October 21, 2024, and briefing was completed on February 10, 2025. Oral argument was held on May 23, 2025. The parties are awaiting a decision on the appeal. On April 12, 2024, a former employee of the Company filed a putative class action in San Diego Superior Court, seeking to represent all non-exempt workers of the Company in the State of California. The complaint alleges various wage and hour violations under the California Labor Code and related statutes. Plaintiff has also served a Private Attorneys General Act notice for the same alleged wage and hour violations. The claims predominantly relate to alleged unpaid wages (overtime) and missed meal and rest breaks. The lawsuit seeks, among other things, compensatory damages, statutory penalties, attorneys’ fees and costs. On May 20, 2025, the parties participated in mediation and reached an immaterial monetary settlement in exchange for a release of all claims that were or could have been asserted in the complaint for the period from April 12, 2020 through July 19, 2025. Final court approval and payment of the settlement are expected in early 2026. The Company is party to additional legal proceedings incidental to its business. While the outcome of these additional matters could differ from management’s expectations, the Company does not believe that the resolution of such matters is reasonably likely to have a material effect on its results of operations or financial condition.
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Segments and Disaggregated Revenue Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments and Disaggregated Revenue Information | Segments and Disaggregated Revenue Information The Company identifies its segments according to how the business activities are managed and evaluated and for which discrete financial information is available and regularly reviewed by its CODM to allocate resources and assess performance. The CODM reviews financial performance and allocates resources at a consolidated level on a regular basis, the Company has one segment. There were no changes to the CODM information review during the three and nine months ended September 30, 2025, other than product costs are now reported inclusive of all inventoriable costs, effective as of the reporting period ended June 30, 2025. During the three months ended September 30, 2025, Josh Simon was appointed Chief Executive Officer and identified as the Company’s CODM, replacing Michael Lunsford, Interim Chief Executive Officer. The CODM assesses performance for the segment and decides how to allocate resources (including employees, property, financial, and capital resources) based on consolidated net income (loss) that also is reported on the Company's consolidated statements of operations. The CODM uses consolidated net income (loss) to monitor budget-to-actual results on a monthly basis. During the monthly finance review, consolidated net income (loss) along with other finance metrics are presented to the CODM to understand how branded categories are tracking to budget, specific to net sales. During the three and nine months ended September 30, 2025, there were no changes to the measures used for finance metrics utilized. The following table sets forth segment information for revenue, segment net income (loss) and significant expenses:
The following table presents summarized product information (in thousands):
The following tables present summarized geographical information, shipped to (net sales) and used in (long-term assets) (in thousands):
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Income Taxes |
9 Months Ended |
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Sep. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes Funko, Inc. is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it from FAH, LLC based upon Funko, Inc.’s economic interest held in FAH, LLC. FAH, LLC is treated as a pass-through partnership for income tax reporting purposes. FAH, LLC’s members, including the Company, are liable for federal, state and local income taxes based on their share of FAH, LLC’s pass-through taxable income. The Company recorded $1.2 million of income tax expense for both the three months ended September 30, 2025 and September 30, 2024, respectively and $2.9 million of income tax expense for both the nine months ended September 30, 2025 and September 30, 2024, respectively. The Company’s effective tax rate for the nine months ended September 30, 2025 was (4.5)%. The Company’s effective tax rate is less than the statutory rate of 21% due to the valuation allowance and foreign taxes. On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act of 2025 (“OBBBA”), which includes, among other provisions, significant changes to the U.S. corporate income tax system, such as the permanent extension of certain provisions originally enacted under the Tax Cuts and Jobs Act of 2017 and the reinstatement of 100 percent bonus depreciation for qualified property. In accordance with ASC 740, Income Taxes, the Company evaluated the effects of the OBBBA in the period of enactment. The enactment did not have a material impact on the Company’s consolidated financial statements, as the Company continues to maintain a full valuation allowance against its U.S. deferred tax assets. The Company is party to the Tax Receivable Agreement that provides for the payment by the Company to the TRA Parties under certain circumstances. See Note 5, “Liabilities under Tax Receivable Agreement”.
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Non-controlling Interests |
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| Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-controlling Interests | Non-controlling interests Funko, Inc. is the sole managing member of FAH, LLC and as a result consolidates the financial results of FAH, LLC and reports a non-controlling interest representing the common units of FAH, LLC held by the Continuing Equity Owners. Changes in Funko, Inc.’s ownership interest in FAH, LLC while Funko, Inc. retains its controlling interest in FAH, LLC will be accounted for as equity transactions. As such, future redemptions or direct exchanges of common units of FAH, LLC by the Continuing Equity Owners will result in a change in ownership and reduce or increase the amount recorded as non-controlling interest and increase or decrease additional paid-in capital when FAH, LLC has positive or negative net assets, respectively. Net income (loss) and comprehensive income (loss) are attributed between Funko, Inc. and non-controlling interest holders based on each party’s relative economic ownership interest in FAH, LLC. As of September 30, 2025 and December 31, 2024, Funko, Inc. owned 54.7 million and 53.0 million of FAH, LLC common units, respectively, representing a 98.7% and 97.2% economic ownership interest in FAH, LLC, respectively. Net income (loss) and comprehensive income (loss) of FAH, LLC excludes certain activity attributable to Funko, Inc., including equity-based compensation expense for share-based compensation awards issued by Funko, Inc. and income tax expense (benefit) for corporate, federal, state and local taxes attributable to Funko, Inc. The following represents the amounts excluded from the computation of net income (loss) and comprehensive income (loss) of FAH, LLC:
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Earnings per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per Share | Earnings per Share Basic earnings (loss) per share of Class A common stock is computed by dividing net income (loss) attributable to Funko, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings (loss) per share of Class A common stock is computed by dividing net income (loss) attributable to Funko, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings (loss) per share of Class A common stock (in thousands, except shares and per share amounts):
For the three months ended September 30, 2025 and 2024, an aggregate of 6.1 million and 5.6 million, respectively, and for the nine months ended September 30, 2025 and 2024, an aggregate of 5.9 million and 6.9 million, respectively, of potentially dilutive securities were excluded from the weighted-average in the computation of diluted loss per share of Class A common stock because the effect would have been anti-dilutive. For the three months ended September 30, 2025 and 2024, anti-dilutive securities included 0.8 million and 1.9 million, respectively, and for the nine months ended September 30, 2025 and 2024, anti-dilutive securities included 0.9 million and 2.2 million, respectively, of common units of FAH, LLC that are convertible into Class A common stock, but were excluded from the computations of diluted earnings (loss) per share because the effect would have been anti-dilutive under the if-converted method. Shares of the Company’s Class B common stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been presented.
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Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Significant Accounting Policies and Transactions (Policies) |
9 Months Ended |
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Sep. 30, 2025 | |
| Accounting Policies [Abstract] | |
| Consolidation | The unaudited condensed consolidated financial statements include Funko, Inc. and its subsidiaries (together, the “Company”) and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. All intercompany balances and transactions have been eliminated.
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| Basis of Accounting | The unaudited condensed consolidated financial statements include Funko, Inc. and its subsidiaries (together, the “Company”) and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. All intercompany balances and transactions have been eliminated.
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| Going Concern | Going Concern The accompanying unaudited interim condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s ability to operate profitably, to generate cash flows from operations, and to pursue appropriate financing arrangements to support its working capital requirements. The Company sources, procures and assembles inventory, primarily out of Vietnam, China and Mexico. The effects of recently implemented tariffs, and the potential imposition of modified or additional tariffs or export controls by other countries, continue to have an adverse effect on future net sales, margins and profitability. The Company anticipates continued supply chain challenges, cost volatility, and consumer and economic uncertainty due to these rapid changes in global trade policies. The Company has implemented a plan, as described below, designed to mitigate these challenges and improve its financial position. The Company is party to a Credit Agreement, dated September 17, 2021 with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (as amended, the “Credit Agreement”). On July 16, 2025, the Company entered into Credit Agreement Amendment No. 4 (the “Fourth Amendment”), that among other things, amends the Credit Agreement by waiving compliance with (x) the maximum Net Leverage Ratio and (y) the minimum Fixed Charge Coverage Ratio financial covenants, in each case, for the fiscal quarters ended June 30, 2025 and September 30, 2025. The Fourth Amendment also contains covenants that the Company shall take certain actions in furtherance of a Refinancing Transaction or a Sale Transaction (each as defined in the Fourth Amendment), and certain covenants have not been satisfied as of the date of this Quarterly Report (such covenants, the “Outstanding Milestone Covenants”). The administrative agent under the Credit Agreement has the discretion to extend the compliance dates for the Outstanding Milestone Covenants. Failure to satisfy the covenants under the Credit Agreement, without a timely cure, waiver or amendment, would be considered an event of default. If an event of default occurs and is not cured or waived, the Required Lenders (as defined in the Credit Agreement) could elect to declare all amounts outstanding under the Credit Agreement immediately due and payable and exercise other remedies as set forth in the Credit Agreement. In addition, the Required Lenders would have the right to proceed against the collateral pledged to them, which includes substantially all of the Company’s assets. In connection with preparing the unaudited consolidated financial statements for the three months ended September 30, 2025, management evaluated the Company’s future liquidity, forecasts of the expected effects of announced tariffs and other facts and conditions, and ability to comply with the covenants under the Credit Agreement, and determined that there is substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the date of issuance of these financial statements. The Company anticipates it will not be in compliance with the maximum Net Leverage Ratio and minimum Fixed Charge Coverage Ratio (each as defined in the Credit Agreement) covenants as of the end of the quarter ending December 31, 2025 and future quarters. The Company has not yet satisfied the actions under the Outstanding Milestone Covenants with upcoming compliance dates of November 25, 2025 and February 16, 2026, respectively. In addition, based on the Company’s forecast of the expected effects of the announced tariffs and other facts and conditions, the Company anticipates that its cash flows may be insufficient to support working capital needs within the next twelve months and, relatedly, the Company may not be able to comply with its minimum Qualified Cash (as defined in the Credit Agreement) covenant in future periods. The Credit Agreement matures in September 2026, however, the Company is not forecasted to have sufficient cash reserves to fully repay the loans outstanding under the Credit Agreement at that time or an earlier date, if applicable, and as such, the Credit Agreement will need to be refinanced. See Note 4, “Debt”. Management has developed a plan, as summarized below, that, if executed successfully, it believes will provide sufficient liquidity to meet the Company’s obligations as they become due for a reasonable period of time, including to meet the Company’s obligations under the Credit Agreement. The plan includes: •Continuing to monitor the Company’s commercial pricing strategy, working with current and potential sourcing partners to mitigate the effects of increasing costs, including shifting certain manufacturing out of China, and, if necessary and consistent with its existing contractual commitments, decreasing its activity level and capital expenditures further. This plan reflects its strategy of controlling capital costs and maintaining financial flexibility. •Gaining positive cash-inflow from operating activities through continuous overhead cost reductions, increased sales of higher margin products and working capital management, including timing of accounts receivable collections. The Company has a significant presence in international markets, which are not impacted by tariffs, and will continue to pursue strategies to grow those markets. •Raising additional cash through the issuance of equity or debt or assessing potential amendments, including additional covenant relief, and/or refinancing of the Company’s existing debt arrangements as considered necessary. In addition, the Company intends to opportunistically consider other potential business opportunities or strategic transactions, including a potential sale of the Company. The Company will need to raise additional cash or refinance its Credit Agreement in the near term. While management believes that the measures described in the above plan will be adequate to satisfy its liquidity requirements, there can be no assurance that management’s liquidity plan will be successfully implemented, the Company’s lenders will agree to waive, modify and/or amend the maximum Net Leverage Ratio and minimum Fixed Charge Coverage Ratio covenants for the periods of forecasted covenant noncompliance, the Credit Agreement’s administrative agent will agree to further extend the compliance dates related to the Outstanding Milestone Covenants, if necessary, or that the Credit Agreement can be refinanced before its maturity date, which all raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the date of issuance of these financial statements. These unaudited interim condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern.
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| Use of Estimates | Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions.
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| Inventories | Inventories Inventories consist primarily of figures, plush, apparel, homewares, accessories and other finished goods, and are accounted for using the first-in, first-out (“FIFO”) method. Inventory costs include direct product costs, freight and duty costs. Inventories are stated at the lower of cost or net realizable value. The Company estimates obsolescence based on assumptions regarding future demand. This valuation requires us to make judgments, based on currently available information, about the likely method of disposition, such as through sales to customers, or liquidation, and expected recoverable value of each disposition category.
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| Revenue Recognition and Sales Allowance | Revenue Recognition and Sales Allowance Revenue from the sale of the Company’s products is recognized when control of the goods is transferred to the customer, which is upon shipment or upon receipt of finished goods by the customer, depending on the contract terms. Deferred revenue is recognized when the Company collects cash from the customer and has not yet filled its obligation for delivery of product. Deferred revenue was $22.2 million and $13.3 million as of September 30, 2025 and December 31, 2024, respectively, and is recorded within accrued expenses and other current liabilities on the Company's condensed consolidated balance sheets. The Company routinely enters into arrangements with its customers to provide sales incentives, support customer promotions, and provide allowances for returns and defective merchandise. These sales adjustments require management to make estimates. In making these estimates, management considers all available information including the overall business environment, historical trends and information from customers, such as agreed upon customer contract terms as well as historical experience from the customer. The costs of these programs reduce gross sales in the period the related sale is recognized. The Company adjusts its estimates at least quarterly or when facts and circumstances used in the estimate process change.
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| Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. The Company evaluates goodwill for impairment annually on October 1 of each year and upon the occurrence of triggering events or substantive changes in circumstances that could indicate a potential impairment by assessing qualitative factors or performing a quantitative analysis in determining whether it is more likely than not that the fair value of the net assets is below their carrying amounts. Intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date. Intangible assets acquired include intellectual property (product design), customer relationships, and trade names. These are definite-lived assets and are amortized on a straight-line basis over their estimated useful lives. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. During the three months ended September 30, 2025, the Company observed a significant decline in the market valuation of the Company’s Class A common stock along with a volatile macroeconomic environment. As a result, the Company has evaluated potential goodwill impairment triggering events as of September 30, 2025, and determined it was more likely than not that the fair value of the reporting unit was above carrying value of the net assets. However, the Company will continue to evaluate for impairment triggering events due to the substantive changes in circumstances, such as market capitalization, which could indicate a potential impairment and the need to record a material, non-cash charge in a future period. The Company also expects to assess the recoverability of the carrying value of the identified intangible and other long-lived assets, to the extent conditions necessitate an impairment assessment.
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| Recently Adopted and Not yet Adopted Accounting Standards | Recently Adopted Accounting Standards In January 2025, the Securities and Exchange Commission issued Staff Accounting Bulletin ("SAB") 122, that rescinded SAB 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users. The Company had elected to early adopt SAB 122 as of December 31, 2024, on a fully retrospective basis. The Company, through its wholly-owned subsidiary TokenWave, LLC, operates the Droppp.io platform, to facilitate the buying and selling of its NFTs, holds cryptographic key information for NFTs and is a custodian for NFTs held in platform users' accounts. The Company has not incurred a loss event during the periods ended September 30, 2025 and 2024 as a result of its safeguarding. In November 2023, the Financial Accounting Standards Board issued an Accounting Standards Update ("ASU"), which requires all public entities, including public entities with a single reportable segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess performance. Additionally, the standard requires disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures. The Company adopted the ASU for the year ended December 31, 2024, on a retrospective basis. The adoption of this ASU did not change the way that the Company identifies its reportable segments and, as a result, did not have a material impact on the Company’s segment-related disclosures. Refer to Note 7, "Segments and Disaggregated Revenue Information" for further information on the Company's reportable segment. Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board issued an ASU amending existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid by jurisdiction and the effective tax rate reconciliation. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and it can be applied on either a prospective or retroactive basis. The Company is currently evaluating the ASU to determine its impact on income tax disclosures and plans to adopt the ASU on a prospective basis. In November 2024, the Financial Accounting Standards Board issued an ASU requiring that an entity disclose in the notes to the financial statements specified information about certain costs and expenses, including the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) other amounts of depletion expense included in each relevant expense caption presented on the statement of operations. The standard also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, as well as the total amount of selling expenses and an entity’s definition of selling expenses. The ASU was clarified in January 2025 and is effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted and it can be applied on either a prospective or retroactive basis. The Company is currently evaluating the ASU to determine its impact on income statement presentation and enhanced footnote disclosures.
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Debt (Tables) |
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | Debt consists of the following (in thousands):
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Liabilities under Tax Receivable Agreement (Tables) |
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Sep. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities Under Tax Receivable Agreement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Tax Receivable Agreement Liability | The following table summarizes changes in the amount of the Company’s Tax Receivable Agreement liability (in thousands):
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Segments and Disaggregated Revenue Information (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment | The following table sets forth segment information for revenue, segment net income (loss) and significant expenses:
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| Schedule of Product Categories as Percent of Sales | The following table presents summarized product information (in thousands):
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| Schedule of Net Sales and Long-Lived Assets | The following tables present summarized geographical information, shipped to (net sales) and used in (long-term assets) (in thousands):
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Noncontrolling Interest (Tables) |
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| Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Amounts Excluded from the Computation of Net Income (Loss) and Comprehensive Income (Loss) of FAH, LLC | The following represents the amounts excluded from the computation of net income (loss) and comprehensive income (loss) of FAH, LLC:
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Earnings per Share (Tables) |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reconciliations of Numerators and Denominators Used to Compute Basic and Diluted Earnings Per Share | The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings (loss) per share of Class A common stock (in thousands, except shares and per share amounts):
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Significant Accounting Policies and Transactions Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Accounting Policies [Abstract] | ||
| Inventory | $ 10.0 | $ 11.8 |
| Deferred revenue | 22.2 | 13.3 |
| Reserves for sales allowances | $ 40.1 | $ 42.2 |
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions |
Sep. 30, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Level 1 | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Cash equivalents | $ 22.9 | $ 1.5 |
| Level 3 | Estimate of Fair Value Measurement | Funko Acquisition Holdings, L.L.C. | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Estimated fair value of debt instruments | 106.5 | 123.8 |
| Outstanding borrowings | $ 106.0 | $ 122.8 |
Debt - Summary of Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2025 |
Dec. 31, 2024 |
Nov. 25, 2022 |
|---|---|---|---|
| Debt Instrument [Line Items] | |||
| Revolving Credit Facility | $ 135,000 | $ 60,000 | |
| Debt issuance costs | (526) | (1,000) | |
| Total term debt | 105,967 | 122,815 | |
| Less: current portion | 104,579 | 22,512 | |
| Long-term debt, net | 1,388 | 100,303 | |
| Equipment Finance Loan | Loans Payable | |||
| Debt Instrument [Line Items] | |||
| Equipment Finance Loan | 6,747 | 10,569 | $ 20,000 |
| Revolving Credit Facility | |||
| Debt Instrument [Line Items] | |||
| Revolving Credit Facility | 135,000 | 60,000 | |
| Term Loan Facility | |||
| Debt Instrument [Line Items] | |||
| Term Loan Facility | 99,746 | 113,246 | |
| Equipment Finance Loan | $ 99,700 | $ 113,200 |
Liabilities under Tax Receivable Agreement - Additional information (Details) - USD ($) $ in Thousands, shares in Millions |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
Jun. 30, 2025 |
Dec. 31, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
|
| Liabilities Under Tax Receivable Agreement [Line Items] | ||||||||
| Percentage of tax benefit paid to equity owner | 85.00% | |||||||
| Obligations under tax receivable agreement | $ 547 | $ 0 | $ 547 | $ 0 | $ 547 | $ 547 | $ 8,960 | $ 8,960 |
| Estimated gross outstanding balance of the TRA liability | $ 102,800 | $ 102,800 | $ 99,600 | |||||
| FAH, LLC | ||||||||
| Liabilities Under Tax Receivable Agreement [Line Items] | ||||||||
| Equity issued in connection with acquisition prior to Transactions (in shares) | 0.0 | 0.1 | 0.8 | 1.0 | ||||
Liabilities under Tax Receivable Agreement - Schedule of Liability Activity (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Liabilities Under Tax Receivable Agreement [Roll Forward] | ||||
| Beginning balance | $ 547 | $ 8,960 | $ 547 | $ 8,960 |
| Additional liabilities for exchanges | 0 | 0 | 3,156 | 0 |
| Adjustment to remeasurement of liabilities | 0 | 0 | (3,156) | 0 |
| Payments under tax receivable agreement | 0 | (8,960) | 0 | (8,960) |
| Ending balance | $ 547 | $ 0 | $ 547 | $ 0 |
Commitments and Contingencies (Details) $ in Millions |
9 Months Ended | |
|---|---|---|
|
Aug. 17, 2023
plaintiff
|
Sep. 30, 2025
USD ($)
|
|
| Lessee, Lease, Description [Line Items] | ||
| Severance payment period | 2 years | |
| Studen v. Funko, Inc., et al | ||
| Lessee, Lease, Description [Line Items] | ||
| Number of plaintiffs | plaintiff | 2 | |
| Funko Acquisition Holdings, L.L.C. | ||
| Lessee, Lease, Description [Line Items] | ||
| Operating leases, renewal term | 5 years | |
| Future Royalty Audits | ||
| Lessee, Lease, Description [Line Items] | ||
| Reserve for royalty accrual | $ | $ 29.6 |
Segments and Disaggregated Revenue Information - Additional Information (Details) |
9 Months Ended |
|---|---|
|
Sep. 30, 2025
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 1 |
Segments and Disaggregated Revenue Information - Schedule of Business Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Schedule of Property and Equipment Net by Country [Line Items] | ||||
| Net sales | $ 250,905 | $ 292,765 | $ 635,113 | $ 756,121 |
| Segment Reconciliation [Abstract] | ||||
| Depreciation and amortization | 14,529 | 15,411 | 44,319 | 46,409 |
| Income tax expense | 1,228 | 1,170 | 2,920 | 2,859 |
| Net income (loss) | 948 | 4,597 | (68,115) | (13,650) |
| Reportable Segment | ||||
| Schedule of Property and Equipment Net by Country [Line Items] | ||||
| Net sales | 250,905 | 292,765 | 635,113 | 756,121 |
| Segment Reconciliation [Abstract] | ||||
| Product, freight, duties, shipping and other inventoriable costs | 104,112 | 124,532 | 280,774 | 323,579 |
| License and royalty costs | 46,042 | 48,424 | 114,677 | 122,413 |
| Salaries, benefits, incentive and stock compensation | 34,922 | 38,418 | 110,438 | 112,469 |
| Warehouse labor and third-party logistics fees | 8,615 | 11,437 | 26,564 | 33,014 |
| Advertising and marketing | 10,653 | 15,215 | 30,286 | 31,040 |
| Other selling, general and administrative fees | 25,604 | 27,592 | 79,572 | 79,631 |
| Depreciation and amortization | 14,529 | 15,411 | 44,319 | 46,409 |
| Other expense, net | 4,252 | 5,969 | 13,678 | 18,357 |
| Income tax expense | 1,228 | 1,170 | 2,920 | 2,859 |
| Net income (loss) | $ 948 | $ 4,597 | $ (68,115) | $ (13,650) |
Segments and Disaggregated Revenue Information - Summary of Main Product Categories as Percent of Sales (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Schedule of Property and Equipment Net by Country [Line Items] | ||||
| Net sales | $ 250,905 | $ 292,765 | $ 635,113 | $ 756,121 |
| Core Collectible | ||||
| Schedule of Property and Equipment Net by Country [Line Items] | ||||
| Net sales | 200,414 | 227,845 | 502,370 | 571,704 |
| Loungefly | ||||
| Schedule of Property and Equipment Net by Country [Line Items] | ||||
| Net sales | 44,685 | 47,310 | 111,906 | 129,469 |
| Other | ||||
| Schedule of Property and Equipment Net by Country [Line Items] | ||||
| Net sales | $ 5,806 | $ 17,610 | $ 20,837 | $ 54,948 |
Segments and Disaggregated Revenue Information - Summary of Net Sales and Long-Lived Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
Dec. 31, 2024 |
|
| Schedule of Property and Equipment Net by Country [Line Items] | |||||
| Net sales | $ 250,905 | $ 292,765 | $ 635,113 | $ 756,121 | |
| Total long-lived assets | 125,619 | 125,619 | $ 134,996 | ||
| United States | |||||
| Schedule of Property and Equipment Net by Country [Line Items] | |||||
| Net sales | 155,415 | 194,416 | 389,609 | 503,803 | |
| Total long-lived assets | 80,038 | 80,038 | 88,705 | ||
| Europe | |||||
| Schedule of Property and Equipment Net by Country [Line Items] | |||||
| Net sales | 74,196 | 74,473 | 192,110 | 189,098 | |
| Total long-lived assets | 14,079 | 14,079 | 15,055 | ||
| Other International | |||||
| Schedule of Property and Equipment Net by Country [Line Items] | |||||
| Net sales | 21,294 | $ 23,876 | 53,394 | $ 63,220 | |
| Total long-lived assets | $ 31,502 | $ 31,502 | $ 31,236 | ||
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Income Tax Disclosure [Abstract] | ||||
| Income tax expense | $ 1,228 | $ 1,170 | $ 2,920 | $ 2,859 |
| Effective income tax rate | (4.50%) | |||
Non-controlling Interests - Additional Information (Details) - shares shares in Thousands |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Dec. 31, 2024 |
|
| Common Class A | |||
| Noncontrolling Interest [Line Items] | |||
| Common stock, shares outstanding (in shares) | 54,740 | 52,967 | |
| Funko Acquisition Holdings, L.L.C. | |||
| Noncontrolling Interest [Line Items] | |||
| Ownership percentage | 98.70% | 97.20% | |
| Funko Acquisition Holdings, L.L.C. | Common Class A | |||
| Noncontrolling Interest [Line Items] | |||
| Common stock, shares outstanding (in shares) | 54,700 | 53,000 | |
Non-controlling Interests - Amounts Excluded from the Computation of Net Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Funko Acquisition Holdings, L.L.C. | ||||
| Noncontrolling Interest [Line Items] | ||||
| Equity-based compensation | $ 2,529 | $ 3,430 | $ 8,906 | $ 10,530 |
Earnings per Share - Schedule of Reconciliations of Numerators and Denominators Used to Compute Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Numerator: | ||||
| Net income (loss) | $ 948 | $ 4,597 | $ (68,115) | $ (13,650) |
| Less: net income (loss) attributable to non-controlling interests | 47 | 267 | (938) | (432) |
| Net income (loss) attributable to Funko, Inc. | $ 901 | $ 4,330 | $ (67,177) | $ (13,218) |
| Denominator: | ||||
| Weighted-average shares of Class A common stock outstanding — basic (in shares) | 54,648,816 | 52,522,912 | 54,184,415 | 51,781,072 |
| Add: Dilutive Funko, Inc. equity compensation awards (in shares) | 58,542 | 905,024 | 0 | 0 |
| Weighted-average shares of Class A common stock outstanding — diluted (in shares) | 54,707,358 | 53,427,936 | 54,184,415 | 51,781,072 |
| Earnings (loss) per share of Class A common stock — basic (in dollars per share) | $ 0.02 | $ 0.08 | $ (1.24) | $ (0.26) |
| Earnings (loss) per share of Class A common stock — diluted (in dollars per share) | $ 0.02 | $ 0.08 | $ (1.24) | $ (0.26) |
Earnings per Share - Additional Information (Details) - Common Class A - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
| Anti-dilutive shares excluded from weighted-average in computation of diluted earnings per share (in shares) | 6.1 | 5.6 | 5.9 | 6.9 |
| Funko Acquisition Holdings, L.L.C. | ||||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
| Anti-dilutive shares excluded from weighted-average in computation of diluted earnings per share (in shares) | 0.8 | 1.9 | 0.9 | 2.2 |