JAKKS Pacific, Inc. (JAKK) stock has surged 9.61% as of this writing in the pre-market session on Thursday. JAKKS Pacific, Inc. (JAKK) stock started the Wednesday, April 28, 2021, with negativity and lost 0.34% in the normal trading session but it gained 9.61% in the after-hours session and closed at $8.04 per share. JAKK shares have fallen by 12.06% over the last 12 months, and they have moved up by 13.72% in the past week. Over the past three months, the stock has lost 6.44%, while over the past six months, it has surged 69.40%.
Let’s see if we can find any recent developments
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Financial results announcement
On April 28, 2021, JAKKS Pacific, Inc released its financial results for the first quarter ended March 31, 2021.
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Q1 2021 financial highlights
- Q1 2021 net sales were $83.8 million, compared to $66.6 million in Q1 2020.
- Q1 2021 gross margin was 31.1% which is 650 basis points up in comparison with Q1 2020.
- Gross profit in the first quarter of 2021 was $26.1 million compared to $16.4 million the prior-year quarter
- SG&A costs were $28.8 million compared to $32.3 million in Q1 2020.
- JAKKS Pacific suffered a net loss of $24.4 million in Q1 2021 compared to a net loss of $12.3 million in Q1 2020
- The adjusted net loss was $9.5 million in Q1 2021, compared to an adjusted net loss of $21.9 million in Q1 2020attributable to common stockholders.
- Adjusted EBITDA was -$2.4 million, compared to -$13.9 million in the first quarter of 2020.
- As of March 31, 2021, the company had totalled $84.1 million in cash and cash equivalents.
PAW Patrol distribution rights announcement
On April 26, 2021, JAKKS Pacificand Disguise, Inc. which is the Halloween costume division of JAKKS, announced new rights in the U.S. for the upcoming theatrical release, PAW Patrol.
The Movie will be distributed by Paramount Pictures. PAW Patrol is based on the award-winning preschool series produced by Spin Master Entertainment and broadcast by Nickelodeon, is scheduled to be released into theatres on August 20.
JAKKS Pacific and SEGA of America partnership
On April 20, 2021, SEGA of America Inc announced a renewal of the JAKKS Pacific franchise agreement for the Classic and Modern versions of the Sonic the Hedgehog Collection. AKKS will design, manufacture, market, and sell Sonic the Hedgehog branded toy product lines worldwide commencing in 2022.
This renewed agreement will include rights to produce action figures, playsets, vehicles, plush and other collectibles.
Conclusion
The recent Q1 financial results are the reason behind its current surge. JAKK beat the revenue estimates and we can expect to rise further in the coming days.