- FNKO
+0.92%
For many celebrities, getting a Funko Pop! figurine modeled after themselves is a sign they’ve made it in Hollywood. The 4-inch vinyl “Pop!” figurines, with their oversize heads and black dot eyes, symbolize being ingrained in pop culture — objects fans buy, celebrate and display.
At Funko’s flagship Hollywood store, there are thousands to choose from, ranging from NFL players to Disney princesses and characters from the Netflix period drama “Bridgerton.”
But the publicly traded company behind the popular figurines has been facing significant headwinds.
Funko Inc. last year posted a loss of $67.4 million on sales of $908.2 million, down 13% from the previous year. The company disclosed it had debts of $225 million.
The Everett, Wash.-based company warned investors in filings that there was “substantial doubt” about its ability to generate enough cash to meet its debt payments, citing the effects of tariffs in China, where most of its toys were made, canceled retail orders and loan covenants it expected to breach.
Now the company is looking to stage a comeback.
Leading the turnaround challenge is Josh Simon, who left his job running global consumer products at Netflix to become Funko’s chief executive in September 2025 — the third person to hold the title in two years.
“Funko was at an interesting inflection point,” said 48-year-old Simon, who lives in Los Feliz. “I felt there was still a lot of really deep fandom and enthusiasm from retailers and at the same time, there were a lot of problems that had to be sorted out at the company. I thought it would be an interesting adventure and hopefully a way to help turn things around a bit and restore it back to that level of fan passion and glory that existed years ago.”
The rise and fall of Funko
Funko began in 1998 when T-shirt designer Mike Becker decided bobbleheads would be the next big thing and shipped them out of his garage. After entrepreneur Brian Mariotti bought Funko in 2005, the business began licensing more characters. Sales took off with the launch of its big-headed “Pop!” figurines in 2010.
The company changed ownership over the years, added backpacks and other products, and went public in 2017. Most of its revenue still comes from making licensed characters and selling them through retailers, online and at events.
But Funko has had its struggles.
Before the pandemic, the company overestimated demand, picked the wrong characters and made too many figurines, said Gerrick Johnson, senior research analyst at Seaport Research Partners, which has a buy rating on Funko.
