FNKO · CIK 0001704711
What Funko, Inc. told the SEC could break it.
Funko's risks trace back to where its products are made. It outsources manufacturing and assembly of most of its collectibles to third-party makers concentrated in Vietnam, China, Cambodia and Mexico, which makes trade policy its sharpest exposure: U.S. tariffs on those sourcing countries both raised its duty and freight costs and dented demand, with net sales falling 13.5% in 2025 on tariff disruption and macro uncertainty. On the sell side it leans on retailers and distributors for shelf space, with its top ten wholesale customers making up about 31% of sales in both 2025 and 2024 — a degree of customer concentration on top of its supply-chain exposure.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- U.S. tariffs on Vietnam/China/Cambodia/Mexico importsmedium
Tariffs on its key sourcing countries have both raised duty/freight costs and depressed demand — net sales fell 13.5% in 2025 with the decline attributed to tariff disruption and macro uncertainty.
“The decrease in net sales was across all distribution channels as a result of adverse impacts to demand from tariff disruption and general macroeconomic uncertainty.”
SEC filing →As of 2026
Customer concentration
- Top-ten wholesale customers (~31% of sales)low
Funko depends on retail customers and distributors for shelf space and reach; its top ten wholesale customers represented ~31% of sales in both 2025 and 2024.
“Our top ten wholesale customers represented approximately 31% of our sales for both the years ended December 31, 2025 and 2024.”
SEC filing →As of 2026
Geographic concentration
- Manufacturing concentrated in Vietnam, China, Cambodia and Mexicolow
Funko outsources manufacturing/assembly of most products to third-party manufacturers concentrated in Vietnam, China, Cambodia and Mexico, exposing it to disruption and trade actions in those regions.
“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.”
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