Basic loss per share of Class A common stock is computed by dividing net loss attributable to Funko, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted loss per share of Class A common stock is computed by dividing net 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 loss per share of Class A common stock (in thousands, except shares and per share amounts):


	Three Months Ended March 31,
	2025		2024
Numerator:
Net loss	$	(28,059)	$	(23,666)
Less: net loss attributable to non-controlling interests	(471)		(1,003)
Net loss attributable to Funko, Inc. — basic and diluted	$	(27,588)	$	(22,663)
Denominator:
Weighted-average shares of Class A common stock outstanding — basic	53,529,789		50,705,638


Weighted-average shares of Class A common stock outstanding — diluted	53,529,789		50,705,638
Loss per share of Class A common stock — basic	$	(0.52)	$	(0.45)
Loss per share of Class A common stock — diluted	$	(0.52)	$	(0.45)

For the three months ended March 31, 2025 and 2024, an aggregate of 4.7 million and 7.1 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 March 31, 2025 and 2024, anti-dilutive securities included 1.1 million and 2.7 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 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.