
	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Intercompany revenue	$	—	$	148	$	226
Selling, general, and administrative expenses	11,737		13,803		10,812
Total operating expenses	11,737		13,803		10,812
Loss from operations	(11,737)		(13,655)		(10,586)
Interest expense, net	103		(387)		(321)
Tax receivable agreement liability adjustment	427		(547)		100,223
Equity in net loss of subsidiaries	(56,153)		(186)		(114,697)
Loss before income taxes	(67,360)		(14,775)		(25,381)
Income tax (benefit) expense	—		(57)		128,698
Net loss	$	(67,360)	$	(14,718)	$	(154,079)


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Net loss	$	(67,360)	$	(14,718)	$	(154,079)
Other comprehensive income (loss):
Foreign currency translation (loss) gain, net of tax effect of $0, $0 and $(770) for the years ended December 31, 2025, 2024 and 2023, respectively	6,297		(1,496)		2,423

Comprehensive loss attributable to Funko, Inc.	$	(61,063)	$	(16,214)	$	(151,656)


	December 31,
	2025		2024
	(in thousands, except per share data)
Assets
Current assets:
Cash and cash equivalents	$	3,486	$	1,258
Income tax receivable	202		202
Total current assets	3,688		1,460

Intercompany receivable	110,887		113,009

Investment in subsidiaries	71,359		119,097
Total assets	$	185,934	$	233,566
Liabilities and Stockholders' Equity
Current liabilities:

Current portion of liabilities under tax receivable agreement	$	120	$	547

Total current liabilities	120		547




Commitments and contingencies

Stockholders' equity:
Class A common stock, par value $0.0001 per share, 200,000 shares authorized; 55,327 shares and 52,967 shares issued and outstanding as of December 31, 2025 and 2024, respectively	5		5
Class B common stock, par value $0.0001 per share, 50,000 shares authorized; 91 shares and 1,430 shares issued and outstanding as of December 31, 2025 and 2024, respectively	—		—
Additional paid-in-capital	357,330		343,472
Accumulated other comprehensive income (loss)	4,621		(1,676)
Accumulated deficit	(176,142)		(108,782)
Total stockholders' equity	185,814		233,019
Total liabilities and stockholders' equity	$	185,934	$	233,566


	Year Ended December 31,
	2025		2024		2023

	(in thousands)
Operating Activities
Net loss	$	(67,360)	$	(14,718)	$	(154,079)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Equity in net loss of subsidiaries	56,153		186		114,697
Equity-based compensation	11,536		13,602		10,534
Deferred tax (benefit) expense	—		(57)		123,124
Tax receivable liability adjustment	(427)		547		(100,223)
Changes in operating assets and liabilities, net of amounts acquired:
Income tax receivable	—		110		7,219
Due from related parties, net	2,121		5,778		436


Accrued expenses and other liabilities	—		(374)		370
Net cash provided by operating activities	2,023		5,074		2,078

Investing Activities

Net cash used in investing activities	—		—		—

Financing Activities

Tax receivable agreement payments	—		(8,960)		(4)
Proceeds from exercise of equity-based options	227		1,410		749
Other	(22)		—		—
Net cash provided by (used in) financing activities	205		(7,550)		745

Net change in cash and cash equivalents	2,228		(2,476)		2,823
Cash and cash equivalents at beginning of period	1,258		3,734		911
Cash and cash equivalents at end of period	$	3,486	$	1,258	$	3,734

Supplemental Cash Flow Information

Establishment of liabilities under tax receivable agreement	—		547		—

Funko, Inc. (the “Parent Company”) was formed on April 21, 2017 as a Delaware corporation and is a holding company with no direct operations. The Parent Company's assets consist primarily of cash and cash equivalents, its equity interest in FAH, LLC, and certain deferred tax assets, net of valuation allowance.

The Parent Company's cash inflows are primarily from distributions and other transfers from FAH, LLC. The amounts available to the Parent Company to fulfill cash commitments are subject to certain restrictions in FAH, LLC’s Credit Facilities. See Note 10, "Debt" to the Funko, Inc. Consolidated Financial Statements, appearing elsewhere in this Form 10-K.

These condensed Parent Company financial statements should be read in conjunction with the consolidated financial statements of Funko, Inc. and the accompanying notes thereto, included in this Form 10-K. For purposes of this condensed financial information, the Parent Company's interest in FAH, LLC is recorded based upon its proportionate share of FAH, LLC's net assets (similar to presenting them on the equity method). The net assets of the consolidated subsidiaries exceed 25 percent of consolidated net assets, therefore requiring Schedule I.

The Parent Company is the sole managing member of FAH, LLC, and pursuant to the Amended and Restated LLC Agreement of FAH, LLC (the “LLC Agreement”), receives compensation in the form of reimbursements for all costs associated with being a public company. Intercompany revenue consists of these reimbursement payments and is recognized when the corresponding expense to which it relates is recognized.

Certain intercompany balances presented in these condensed Parent Company financial statements are eliminated in the consolidated financial statements. For the years ended December 31, 2025, 2024, and 2023, the full amounts of intercompany revenue and equity in net income (loss) of subsidiaries in the Parent Company Statements of Operations were eliminated in consolidation. An intercompany receivable was owed to the Parent Company by FAH, LLC of $110.9 million and $113.0 million as of December 31, 2025 and 2024, respectively. Related party amounts that were not eliminated in the consolidated financial statements include the Parent Company's liabilities under the tax receivable agreement, which totaled $0.1 million and $0.5 million as of December 31, 2025 and 2024, respectively.

The Parent Company is party to a tax receivable agreement that provides for the payment by the Parent Company to the TRA Parties of 85% of the amount of any tax benefits that the Parent Company actually realizes, or in some cases is deemed to realize, as a result of certain transactions. See Note 13, "Liabilities under Tax Receivable Agreement," to the Funko, Inc. consolidated financial statements, appearing elsewhere in this Form 10-K, for more information regarding the Parent Company's tax receivable agreement. As described in Note 13, "Liabilities under Tax Receivable Agreement," to the Funko, Inc. consolidated financial statements, appearing elsewhere in the Form 10-K, amounts payable under the tax receivable agreement are contingent upon, among other things, (i) generation of future taxable income of Funko, Inc. over the term of the tax receivable agreement and (ii) future changes in tax laws. As of December 31, 2025 and 2024, liabilities under the tax receivable agreement totaled $0.1 million and $0.5 million, respectively.

See Note 14, "Commitments and Contingencies," to the Funko, Inc. consolidated financial statements, appearing elsewhere in this Form 10-K, for information regarding pending and threatened litigation. Pursuant to the LLC Agreement, the Parent Company receives reimbursements for all costs associated with being a public company, which includes costs of litigation.