What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-03-12 compared with 2025-03-13 · 101 added, 104 removed, 394 unchanged (34% of the section changed)

3 unchanged sentences

We achieve this through products people display, wear or carry of their favorite “something”—whether it is a movie, TV show, video game, musician or sports team.

We infuse our distinct designs and aesthetic sensibility into our extensive portfolio of licensed content over a wide variety of product categories, including figures, bags, wallets, apparel, accessories, plush, homewares, digital non-fungible tokens ("NFTs"), vinyl records and limited-edition posters, which we make available at highly accessible price points under our Funko, Loungefly and Mondo brands.

We are building out our sports, music and video game fandoms and diversifying our offering with personalized products, such as Pop!

We infuse our distinct designs and aesthetic sensibility into our extensive portfolio of licensed content over a wide variety of product categories, including figures, bags, wallets, apparel, plush, accessories, homewares, vinyl records and limited-edition posters, which we make available at highly accessible price points under our Funko, Loungefly and Mondo brands.

We are building out our sports, music, video game and content creator fandoms and diversifying our offering with personalized products, such as Pop!

Yourself, micro collectibles and blind boxes containing mystery figures.

4 unchanged sentences

The Pop Culture Industry

Pop culture encompasses virtually everything that someone can be a fan of—movies, TV shows, anime, video games, music, sports, books and more.

Pop culture encompasses virtually everything that someone can be a fan of—movies, TV shows, streaming, anime, video games, music, sports, books and more.

Pop culture fandom has evolved from niche communities around specific properties to having a broad presence in modern life.

11 unchanged sentences

Additionally, there has been an increase in high-quality scripted television series in recent years as content providers vie for binge worthy shows to attract consumers.

Although recent strikes by the Writers Guild of America and the Screen Actors Guild have interrupted content creation, content providers have continued to invest in new high-quality original content.

The proliferation and globalization across content types has fostered fan loyalty and stimulated licensed product purchases.

3 unchanged sentences

Furthermore, as it becomes increasingly easy to access a large quantity of quality content, fans seek more ways to expand and express connections to their favored characters or properties as they share their passion with others.

As a result, consumers are participating in the story of these properties via social media platforms and conventions, such as Comic-Con, Anime Expo and Star Wars Celebration, rather than being solely consumers of content.

As a result, consumers are participating in the story of these properties via social media platforms and conventions, such as Comic-Con and Anime Expo, rather than being solely consumers of content.

By being a part of the conversation regarding their favored content, fans reinforce their love for it, thereby creating a cycle of fandom.

2 unchanged sentences

Social media is driving the importance of pop culture as fans increasingly want to engage with the content across their social communities to show affinity for their favorite content.

Three of the top U.S.

For example, three of the top U.S.

pop culture-related conventions, including New York Comic Con, Comic Con International:

San Diego and Anime Expo 2024, drew sell-out crowds and reaching capacity at each event location.

This represents a cultural shift supporting the acceptability of fan affinity for pop culture content across all demographic categories of fans.

San Diego and Anime Expo 2025, drew sell-out crowds, reaching capacity at each event location.

This represents a cultural shift supporting the acceptability of fan affinity for pop culture content across demographic categories of fans.

Our Strategic Differentiation

26 unchanged sentences

Our brand portfolio includes Core Collectible (which include Pop!

Vinyl, as well as other branded lines such as Soda, Bitty Pop!, and Pop!

Yourself), Loungefly (softlines including bags, wallets, backpacks and apparel) and Other (which includes our emerging brands, such as Digital Pop!

The portion of sales attributed to Core Collectible branded products in the years ended December 31, 2024, 2023 and 2022 was 77%, 73% and 76%, respectively.

The portion of sales attributed to Loungefly branded products in the years ended December 31, 2024, 2023 and 2022 was 16%, 20% and 19%, respectively.

The portion of sales attributable to Other branded products in the years ended December 31, 2024, 2023 and 2022 was 7%, 7%, and 5%.

Vinyl, as well as other branded lines such as Bitty Pop!

Yourself), Loungefly (softlines including bags, wallets, backpacks and apparel) and Other (which includes our emerging brands, such as Mondo).

Broad Consumer Appeal and Engagement

1 unchanged sentence

Over time, many of our consumers evolve from occasional buyers to more frequent purchasers, whom we categorize as enthusiasts or collectors.

We estimate that enthusiasts, who are more engaged in pop culture, and collectors, who regularly purchase our products and self-identify as collectors, each make up approximately one-third of our consumers.

We create products to appeal to a broad array of fans across consumer demographic groups.

We strive to keep our products at an accessible price point, generally under $15 for our figures, which allows our fans to express their fandom frequently and impulsively.

We strive to keep our products at an accessible price point, generally under $15 for our standard Pop!

Vinyl figures, which allows our fans to express their fandom frequently and impulsively.

We continue to introduce innovative products designed to facilitate fan engagement across different price points and categories.

5 unchanged sentences

We can provide our retail customers a customized product mix designed to appeal to their consumer bases.

Our key retail partners in the United States include Target, Amazon, Entertainment Earth, GameStop and Hot Topic.

Our key retail partners in the United States include Amazon, Hot Topic, Walmart, Target and GameStop.

Internationally, we sell our products directly to similar retailers, primarily in Europe, through our subsidiary Funko UK, Ltd.

Our key international retail customers include Amazon, GameStop, and Fnac.

Our key international retail customers include Amazon, Smyths Toys, and Carrefour.

We believe we drive meaningful traffic to our retail customers’ stores because our products have their own built-in fan base, are refreshed regularly creating a “treasure hunt” shopping experience for consumers, and are often supplemented with exclusive, limited-time products that are highlighted on social media.

1 unchanged sentence

Additionally, we are continuing to invest in our direct-to-consumer channel to expand our reach and further strengthen our relationship with our fan base.

Our direct-to-consumer channel includes our own e-commerce websites in the U.S.

and Europe as well as our three flagship retail stores located in the U.S.

Our direct-to-consumer channel includes our own e-commerce websites in the U.S., Mexico and Europe as well as our three flagship retail stores located in the U.S.

Leading Design and Creative Capabilities

6 unchanged sentences

Growth Strategies

Grow our Core Pop Culture Business

We intend to grow our core business by utilizing our strength in building fun, creative and nostalgic programs at retail through:

(1) leveraging an increasing array of content, categories and distribution;

(2) creating programs that utilize evergreen content with a focus on targeting underpenetrated content genres to expand our addressable market;

and (3) continued product innovation to bring new designs and products to market.

This includes building out our fandoms in sports, music and video games, expanding our points of distributions to include stadiums, theaters and theme parks, among others, and diversifying our offering with personalized products, such as Pop!

Yourself, micro collectibles and blind boxes.

We also intend to continue licensing content that will allow us to capitalize on the popularity of current releases across movies, TV shows, video games, and other content types, and to leverage those licenses across a broader array of products and expanded distribution to reach new consumers.

We have the ability to leverage evergreen or back catalog content by creating fun, whimsical and nostalgic programs to be sold at retail that resonate with fans.

Our evergreen programs include new versions of well-known characters or newer product form factors such as Bitty Pop!.

Additionally, we intend to strategically focus on growing within genres that we believe we have underpenetrated, such as anime, sports, music and video gaming.

We expect to do this by expanding our license portfolio, creating new products or designs that resonate with fans and strategically expanding our distribution of these products.

Within anime and video gaming, we continue to add new license relationships with multiple new properties.

In the sports category, we are continuing to leverage our broad range of sports licenses and seeking to add new distribution to reach sports fans.

Additionally, within the music category, we are expanding our license base to include more artists.

We expect to continue to utilize our in-house creative team to create new designs, products and brands that resonate with our core consumers.

Extend Funko’s International Reach

Make Culture Pop!

We believe our growth opportunity is at the intersection of Culture, Creativity and Commerce.

We believe we should be the definitive brand for transforming pop culture into products.

We strive to be at the center of the moments everyone is talking about, created by us or with us, across all corners of pop culture.

We intend to enhance our ability to identify trends and supercharge our speed to market.

During the year ended December 31, 2025, we were among the first to recognize the mass audience and collector appeal of KPop Demon Hunters and moved quickly to create an exciting lineup of products to have on the retail shelves for the holiday season.

This launch was one of our biggest presale events when it launched on our e-commerce site.

It is a priority for us to rebuild credibility and enthusiasm with core collectors and mega fans, by improving execution around limited editions, storytelling and drop cadence.

We are also actively exploring ways to expand our business to new corners of pop culture through trend mashups and out-of-the-box collaborations with iconic brands and categories such as footwear, automotive and cosmetics.

We intend to do more in the areas of K-Pop, sports, music tours, fashion and architecture, and we are working with relevant content creators to expand into newer areas of fandoms like Twitch streamers, YouTubers and influencers.

Anime continues to be one of our largest fan verticals and we intend to expand in Asia and EMEA.

Funko is a leading pop culture consumer products company .

We intend to further enhance our innovation, expanding assortments and being more aggressive about growing and adding new form factors for fans.

We have a product archive of formats going back 25 years that we intend to leverage in new relevant ways.

We intend to further expand Bitty Pop!, our mini vinyl figures for collectors, gifts or display.

We have built out the Bitty line to include the ability to world-build.

We intend to further expand the line to include more licensed and original characters and environments that allow fans to create realistic worlds or use their imagination to create new ones.

As the blind box format continues to grow in popularity, we are excited to expand our presence into a space in which we have a proven track record and one that allows us to create new characters and our own intellectual property across film, series and social media platforms.

We have introduced our new Premium Blind Box collections, an artist-driven product line that gives fans the opportunity to discover bold and imaginative designs.

Our Premium Blind Box line includes a chase variant, and we are planning to add more offerings from both internal and external artists.

We see a significant opportunity to amplify our retail presence, by focusing on bringing products to life on-shelf and online through experiences that delight consumers and drive growth and newness for our partners worldwide.

We believe the rise of pop culture and deep fan loyalty are global.

2 unchanged sentences

We are continuing to invest in the growth of our international business, both directly and through third-party distributors.

We believe there are opportunities to further grow our sales in other regions, such as Latin America, Canada, Oceania and APAC, by expanding our direct sales to retailers or through expanded distributor relationships.

Increase our Direct-to-Consumer Business

We view our direct-to-consumer business, which includes our e-commerce websites, www.funko.com, www.funkoeurope.com, www.loungefly.com, and www.mondoshop.com and three flagship retail stores, as a significant growth opportunity and an important vehicle for expanding our reach and broadening our relationship with our fans.

We plan to build a robust online platform and to enhance our digital capabilities to provide the infrastructure to scale this business over the long-term.

In 2023, we relaunched our U.S.

website platform that consolidated www.funko.com and www.loungefly.com under one online shopping cart.

Our direct-to-consumer strategy also provides us with an opportunity to utilize data and trend analysis to inform our overall business strategy.

We believe our direct-to-consumer business will help us strengthen our connection with our fans, deepen consumer engagement to drive customer lifetime value, build brand awareness with new audience segments, and support our retail customers.

In addition, we plan to leverage our direct-to-consumer business to bring new products and licenses to market quickly to keep pace with rapidly evolving pop culture trends.

We believe there are opportunities to further increase our sales in other regions, such as Asia and Latin America, by expanding our direct sales to retailers, co-branded franchise stores and/or through expanded distributor relationships.

Within our direct-to-consumer business, we intend to simplify the experience on our e-commerce site and app.

This includes a more intuitive design, improved functionality around limited drops, wish lists and loyalty programs.

We intend to deploy technological AI-based enhancements to our Pop!

Yourself builder.

Product Lines and Licenses

3 unchanged sentences

Additionally, by utilizing our in-house creative team we have the ability to develop our own content and intellectual property.

Our current products are principally figures, fashion accessories, apparel, plush products, accessories, homewares, NFTs, vinyl records and limited-edition posters.

Our current products are principally figures, fashion accessories, apparel, plush products, accessories, homewares, vinyl records and limited-edition posters.

Our Brands and Designs

11 unchanged sentences

In addition, we also develop product lines that we market under the broader Funko brand, such as Funko action figures, Funko Soda, and Funko Plush product lines.

In 2022, we completed our acquisition of Mondo Collectibles, a boutique collectibles brand specializing in high-end collectibles as well as limited-edition art prints and vinyl records.

We also market under Mondo, a boutique collectibles brand specializing in high-end collectibles as well as limited-edition art prints and vinyl records.

We expect to continue to develop new product designs and lines, which may develop into proprietary brands in the future.

1 unchanged sentence

We believe we also provide value to content providers by maximizing the lifetime value of their content by extending its relevance to consumers through ongoing fan engagement.

Our top ten licensors collectively accounted for approximately 63%, 63% and 68% of our sales for the years ended December 31, 2025, 2024 and 2023, respectively.

Moreover, while we have separate licensing arrangements with Disney, LucasFilm and Marvel, these parties are all under common ownership by Disney and collectively these licensors accounted for approximately 28%, 32% and 38% of our sales for the years ended December 31, 2025, 2024 and 2023, respectively.

License Agreements .

12 unchanged sentences

They also typically provide for a minimum guarantee that covers all licensed properties under that license agreement, a portion of which is generally required to be paid in advance, and the amount of which is negotiated based on a variety of factors, including past and expected sales and the licensor’s expected line-up of new releases.

Historically, we have a strong track record for meeting minimum guarantees under our license agreements.

For the years ended December 31, 2025, 2024 and 2023, 36%, 37% and 31% of sales, respectively, were related to the Company's five largest license agreements, with no individual license agreement accounting for more than 10% of sales.

For the year ended December 31, 2022, 13% of sales were related to the Company's largest license agreement, with no other license agreement accounting for more than 10% of sales.

Licensed Properties.

10 unchanged sentences

• Current Releases.

Properties in the current release category typically are tied to new movie releases, current television series or new video game titles.

Properties in the current release category typically are tied to new movie releases, current television series or newer video game titles.

These properties are intended to capitalize on the excitement of fans surrounding the launch of new content.

Products that we design and sell based on new movie releases are expected to have a limited duration of market demand, depending on the popularity of the title.

Examples of new movie releases are Deadpool & Wolverine, Inside Out 2 and Moana 2.

Examples of new movie releases are KPop Demon Hunters, Lilo and Stitch (2025) and Wicked:

Additionally, products that we design and sell based on current television series or new video game titles are expected to have a market demand depending on the popularity and longevity of the title, which is generally expected to be multiple years.

Examples of our current TV properties include One Piece, The Mandalorian, Demon Slayer, Naruto, and Stranger Things.

Examples of our current video game properties are Fortnite, Overwatch and Five Nights at Freddy’s.

Examples of our current TV properties include One Piece and Stranger Things.

Examples of a current video game property is Five Nights at Freddy’s.

We expect these categories and the properties they encompass to evolve over time as current content becomes classic evergreen and as new forms of pop culture content emerge.

2 unchanged sentences

We believe our creative product designs and nimble speed to market are key reasons why content providers trust us with their properties and consumers passionately engage with our brands and products.

We leverage our creative, art and sculpting teams to design and develop products in-house from inception to production.

We leverage our creative, art and sculpting teams to design and develop a majority of our products in-house from inception to production.

Our creative team layers our whimsical, fun and unique style onto the content we license to create product designs that resonate with consumers.

12 unchanged sentences

We do not have long-term contracts with our manufacturers.

We believe that alternative sources of supply are available to us although we cannot be assured that we can obtain adequate supplies of manufactured products on a timely basis or at all.

During 2025, we moved production of certain products from China to Vietnam to mitigate the impact of the U.S.

implemented tariffs.

Our relationships with key manufacturers aided in securing additional factory capacity and ability to transfer our tools and molds to quickly resume production.

We believe that further alternative sources of supply are available to us although we cannot be assured that we can obtain adequate supplies of manufactured products on a timely basis or at all.

We base our production schedules for products on our internal forecasts, taking into account historical trends of similar products and properties, current market information and communications with customers.

7 unchanged sentences

In addition, changes in trade policies of the U.S.

or other countries, such as tariffs or retaliatory tariffs, may contribute to inflationary conditions and increase the manufacturing costs or limit the availability of our products, particularly with regard to our products manufactured and/or assembled in China and Mexico.

or other countries, such as tariffs or retaliatory tariffs, have and may continue to contribute to inflationary conditions and increase the manufacturing costs or limit the availability of our products, particularly with regard to our products manufactured and/or assembled in Vietnam, China, Cambodia and Mexico.

Although we do not manufacture our products, we own most of the tools and molds used in the manufacturing process, and generally these are transferable among manufacturers if we choose to employ alternative manufacturers.

1 unchanged sentence

Domestically, we sell our products to specialty retailers, mass-market retailers and e-commerce sites.

Our key retail partners in the United States include Target, Amazon, Entertainment Earth, GameStop and Hot Topic.

Our key retail partners in the United States include Amazon, Hot Topic, Walmart, Target and GameStop.

Internationally, we sell our products directly to similar retailers, primarily in Europe, through our subsidiary Funko UK, Ltd.

Our key international retail customers include Amazon, GameStop, and Fnac.

Our key international retail customers include Amazon, Smyths Toys, and Carrefour.

In addition to major retailers, we also sell our products to distributors for sale to specialized retailers in the United States and in certain countries internationally, typically where we do not currently have a direct presence.

2 unchanged sentences

We intend to continue to increase our focus on these efforts in the future.

In 2023, we relaunched our U.S.

website platform that consolidated www.funko.com and www.loungefly.com under one online shopping cart.

We also utilize www.funkoeurope.com to serve customers in the UK and Europe.

We believe we have a diverse customer base, with our top ten wholesale customers representing approximately 31%, 31%, and 32%, of our 2025, 2024, and 2023 sales, respectively.

5 unchanged sentences

We sell our products to our customers with payment terms typically varying from 30 to 90 days (average 60 days).

We contract the manufacture of most of our products to third-party unaffiliated manufacturers primarily located in Vietnam, China and Mexico and ship those products to our warehouse or third-party logistics facilities in the United States, the United Kingdom and the Netherlands.

While most of our sales originate in the United States and the United Kingdom from inventory we hold in our warehouses and third-party logistics locations, certain of our customers may take title to our products upon shipment from the factory or at the port.

We establish reserves for sales allowances, including promotional and other allowances, at the time of sale.

We contract the manufacture and assembly of most of our products to third-party unaffiliated manufacturers primarily located in Vietnam, China, Cambodia and Mexico and ship those products to our warehouse or third-party logistics facilities in the United States, the United Kingdom and the Netherlands.

While a majority of our sales originate in the United States and the United Kingdom from inventory we hold in our warehouses and third-party logistics locations, certain of our customers may take title to our products upon shipment from the factory or at the port.

We establish sales allowances, including promotional and other allowances, at the time of sale.

The reserves are determined as a percentage of sales based upon either historical experience or upon estimates or programs agreed upon by our customers and us.

As of December 31, 2024 and 2023, we had reserves for sales allowances of $42.2 million and $44.1 million, respectively.

As of December 31, 2025 and 2024, we had sales allowances of $39.8 million and $42.2 million, respectively.

We believe Funko’s trendsetting and nostalgia-based product assortment is a unique voice in the pop culture marketplace, and that our expansive retailer presence, high engagement rates across our owned channels, and devout fan base create fervor for the Funko brand.

Our ability to effectively engage with our customers has resulted in a deep affinity for Funko and our products.

Funko continues to acquire new fans through high profile social media sites such as Facebook, X (formerly Twitter), Instagram, TikTok and YouTube.

Funko continues to acquire new fans through high profile social media sites such as Facebook, X, Instagram, TikTok and YouTube.

We continue to expand our reach globally through our compelling content, events and personal engagement with our fan base.

38 unchanged sentences

In addition, our online products and services, including our e-commerce and digital communications activities, are or may be subject to U.S.

data privacy and cybersecurity laws, such as the U.S.

digital marketing, such as the CAN-SPAM Act, and data privacy and cybersecurity laws, such as the U.S.

Children’s Online Privacy Protection Act, the California Consumer Privacy Act (“CCPA”), and the EU/UK General Data Protection Regulation (“GDPR”).

20 unchanged sentences

Generally, the first quarter of the year represents the lowest volume of shipments and sales in our business and in the retail and toy industries generally, and it is also the least profitable quarter due to the various fixed costs of the business.

However, the rapid growth we have experienced in recent years may have masked the full effects of seasonal factors on our business to date, and as such, seasonality may have a greater effect on our results of operations in future periods.

However, the volatility in net sales we have experienced in recent years may have masked the full effects of seasonal factors on our business to date, and as such, seasonality may have a greater effect on our results of operations in future periods.

See Item 1A, “Risk Factors.”

1 unchanged sentence

The following table provides information regarding our executive officers and members of our board of directors (ages as of March 12, 2026):

Cynthia Williams 58 Chief Executive Officer and Director

Josh Simon 47 Chief Executive Officer and Director

Yves Le Pendeven 47 Chief Financial Officer

1 unchanged sentence

Andy Oddie 53 Chief Commercial Officer

Husnal Shah 48 Chief Product Officer

Charles Denson

69 Chairman of the Board of Directors

Reed Duchscher 36 Director

Trevor Edwards 63 Director

3 unchanged sentences

Sarah Kirshbaum Levy 55 Director

Michael Lunsford

Executive Officers

Cynthia Williams has served as Funko, Inc.'s Chief Executive Officer and Director since May 2024.

Williams served as President and Chief Operating Officer of Wizards of the Coast and Digital Gaming at Hasbro, Inc., a multi-national toy and game company, from February 2022 to April 2024, where she oversaw the company’s portfolio of games that includes Dungeons & Dragons, Magic:

The Gathering and Monopoly.

Williams previously served in different executive capacities at Microsoft Corporation, a global technology conglomerate, from August 2018 to February 2022, including as General Manager and Vice President, Gaming Ecosystem Commercial Team from September 2020 to February 2022, General Manager and Vice President, Xbox Business Engineering & Mixer from November 2019 to September 2020 and General Manager and Vice President, Gaming Business Expansion, Xbox from September 2018 to November 2019.

Williams earned a B.S.

in Business Administration, from Western Carolina University and a M.B.A from Wake Forest University.

The Company believes Ms.

Williams is qualified to serve on the board of directors due to her extensive experience in the consumer products, gaming and e-commerce industries as well as her board management experience at large multinational public companies.

Josh Simon has served as Funko, Inc.'s Chief Executive Officer and Director since September 2025.

Simon previously served as Vice President, Global Consumer Products at Netflix, Inc., a media company, from March 2020 to August 2025.

In this position, Mr.

Simon led all aspects of the consumer products business division, including overseeing its global merchandise business, live experiences, and the Roald Dahl Story Company.

He also launched Netflix’s first e-commerce platform for consumer products and managed relationships with the world’s largest retailers, including Walmart and Target, and oversaw the growth of the Netflix Live Experience business launching more than 40 unique experiences across 300 cities around the world.

Prior to Netflix, Mr.

Simon served in multiple leadership roles at Nike, Inc., a global athletic apparel company, from January 2015 to February 2020, including serving as Vice President, Product and Merchandising Strategy and Head of Global Category Strategy.

He also served in senior roles at The Walt Disney Company, a media and entertainment company, from 2000 to 2006, including as Director of Production & Development.

Simon received his B.A.

in Economics from Harvard University.

We believe Mr.

Simon is qualified to serve on our board of directors due to his extensive leadership experience in operations, licensing and strategy and his perspective as the Company’s Chief Executive Officer.

Yves Le Pendeven has served as Funko, Inc.'s Chief Financial Officer since August 2024.

5 unchanged sentences

Le Pendeven was a Director, Financial Planning & Analysis in the corporate finance group at Quiksilver.

Le Pendeven earned a M.B.A from the Paul Merage School of Business at University of California - Irvine and a B.A.

Le Pendeven earned a M.B.A.

from the Paul Merage School of Business at University of California - Irvine and a B.A.

in Science, Technology and Society from Stanford University.

17 unchanged sentences

Underground Toys Limited was acquired by Funko in early 2017.

Husnal Shah has served as Chief Product Officer since July 2025.

Prior to her appointment of Chief Product Officer, she was Vice President of Global Sourcing at Funko from November 2021 to July 2025, where she also oversaw Product Safety and Quality, Social Compliance, and managed the Company’s operations across Asia.

Before joining Funko, she held several leadership roles at The Walt Disney Company, rising through positions of increasing responsibility within Product Development and Sourcing from May 2006 to November 2021.

Most recently, she served as Director of Global Sourcing at Disney Consumer Products, where she led both vertical and wholesale businesses.

Shah holds an M.B.A.

from the K.S.

School of Business Management at Gujarat University in India.

Charles Denson has served on the board of directors of Funko, Inc.

8 unchanged sentences

Denson’s extensive experience in brand building, brand management and organizational leadership in the public company context makes him well-qualified to serve as the Chairman of our board of directors.

Reed Duchscher has served on the board of directors of Funko, Inc.

since January 2026.

Duchscher has served as the Chief Executive Officer of Night Inc., a next-generation talent management and venture platform that partners with the world’s most influential creators, artists and brands, since July 2015.

Duchscher received his B.A.

of Science from North Dakota State University and his Masters in Sports Administration from Fairleigh Dickinson University.

We believe Mr.

Duchscher is qualified to serve as a director of the Company due to his leadership experience working with creators and knowledge of the content creation industry.

Trevor Edwards has served on the board of directors of Funko, Inc.

13 unchanged sentences

Edwards received a BBA and MBA from Bernard Baruch College.

The board believes Mr.

Edwards extensive marketing and brand management experience, as well as public company leadership experience, make him well-qualified to serve on the board.

We believe Mr.

Edwards' extensive marketing and brand management experience, as well as public company leadership experience, make him well-qualified to serve on our board of directors.

Jason Harinstein has served on the board of directors of Funko, Inc.

2 unchanged sentences

Prior to such role, he served as Chief Financial Officer for Flatiron Health, a healthtech company dedicated to improving cancer care, from April 2017 to December 2021.

Harinstein has served on the board of directors of Groupon, Inc.

since July 2023 and previously served on the board of directors of Alkuri Global Acquisition Corp.

Harinstein currently serves on the board of directors of Collectors, Inc., Lucky Strike Entertainment, and Groupon, Inc.

and previously served on the board of directors of Alkuri Global Acquisition Corp.

from January 2021 to December 2021.

2 unchanged sentences

from the University of Chicago.

The board believes Mr.

We believe Mr.

Harinstein is qualified to serve as a director of the Company due to his financial expertise, leadership experience and knowledge of the collectibles industry.

26 unchanged sentences

Internet Life, where he produced live music and film events celebrating the best in digital video and music.

Jacobs is on the board of directors of The Chernin Group, Hodinkee, Collectors Universe and The North Road Company.

Jacobs is on the board of directors of TCG, The Chernin Group, Collectors Universe, Epic Gardening and The North Road Company.

He previously served on the board of directors of Barstool Sports, Goldin Auctions, Equip, Scopely, Exploding Kittens, The Action Network, Otter Media, Fullscreen, Ellation (Crunchyroll), Hello Sunshine, Hodinkee, Headspace, and Gunpowder & Sky.

29 unchanged sentences

Levy’s extensive experience in entertainment and media, in particular her familiarity with consumer products licensing, make her well-qualified to serve on our board of directors.

Michael Lunsford has served on the board of directors of Funko, Inc.

since October 2018.

He also served as Funko's Interim Chief Executive Officer from July 2023 to May 2024.

Lunsford served as an Advisor and Vice President of McClatchy, Inc.

from 2017 to September 2020.

Lunsford previously served as the Chief Executive Officer of SK Planet, Inc.

from 2013 until 2018 and as interim Chief Executive Officer of shopkick, Inc.

From 2008 to 2013, Mr.

Lunsford held various management roles with RealNetworks, Inc., including interim Chief Executive Officer and Executive Vice President and General Manager of RealNetworks’ Core Business and Chief Executive Officer of Rhapsody.

Lunsford also served on the board of directors of shopkick, Inc.

from 2013 to 2018, and on the boards of directors of various portfolio companies owned by SK Planet, Inc.

from 2013 to 2018.

From 2014 to 2018, Mr.

Lunsford served on the board of directors of the University of North Carolina Board of Visitors and IslandWood.

Lunsford received an M.B.A.

in Economics from The University of North Carolina.

We believe Mr.

Lunsford’s broad management, retail and e-commerce experience make him well-qualified to serve as a member of our board of directors.

Segment Information

We identify our segments according to how the business activities are managed and evaluated, for which discrete financial information is available and is regularly reviewed by our Chief Operating Decision Maker (“CODM”) to allocate resources and assess performance.

Due to a change in executive management during the year ended December 31, 2024, our CODM has changed from our prior Chief Financial Officer and Chief Operating Officer to our current Chief Executive Officer.

Due to a change in executive management during the year ended December 31, 2025, our CODM has changed from our prior Chief Executive Officer to our current Chief Executive Officer.

Because our CODM reviews financial performance and allocates resources at a consolidated level on a regular basis, we have one segment.

13 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business