Kogan shares lift amid customer, sales growth
Make us a preferred source
Make us a preferred source on Google
More news: Shares in Kogan increased in afternoon trade after the company reported a lift in active customer numbers and group gross sales lifted 26.5% year on year.
At 1:22pm AEST, Kogan shares had lifted 2.5% to $4.13.
RBC Capital Markets analyst Wei-Weng Chen considered the results to be “mixed” and described FY26 and medium-term margin guidance as “OK”.
Kogan is targeting medium-term adjusted EBITDA margins in the range of 8% and 12% and long-term adjusted EBITDA margins of more than 20%. Chen noted that consensus expectations are for a peak margin of 9.9% in FY33.
What they said: “Positives from the result were: growth in active customers and marketing investments driving strong gross sales growth. Negatives were: Mighty Ape remains challenged in 1H26 and Group FY26-to-date revenue growth is below consensus estimates for 1H26,” Chen said.
Kogan posts a full-year net loss of $33m
The news: Electronics retailer Kogan has posted a full-year loss after tax of $39.47 million, swinging from a profit after tax of about $83,000 in FY24 as subsidiary Mighty Ape faced a “challenging year”, which included a $46.3 million goodwill impairment.
The company also announced that Francine Ereira, Ronn Bechler and Gary Levin will be appointed to the board from 26 August. Chair Greg Ridder and non-executive director Harry Debney are set to retire around the 2026 annual general meeting.
The numbers: Kogan’s full-year loss was contrary to the market consensus estimate of a $13.4 million full-year profit, according to Visible Alpha.
Revenue from ordinary activities meanwhile lifted 6.2% to $488.11 million from $459.70 million, which was close to market consensus estimate of $489.3 million.
A final 68.5% franked dividend of 7 cents per share was declared, which is less than the fully-franked 7.5 cents per share declared in the previous corresponding period.
The context: Group active customers increased to 3.5 million at the end of FY25, up 35.1% year on year amid "strategic investment in high return-on-investment marketing channels, which expanded the company's reach and strengthened engagement", according to Kogan.
The Kogan.com marketplace meanwhile delivered $29.4 million in revenue, a 34.2% year-on-year increase.
Despite the Mighty Ape impairment, Kogan said the marketplace "continues to expand, attracting both established Kogan.com marketplace sellers and new sellers unique to the New Zealand market". Kogan said it is confident in a performance rebound for Mighty Ape in FY26.
What they said: "We delivered growth across all major revenue streams, expanded the Kogan Community and strengthened our balance sheet through disciplined execution," Kogan founder and CEO Ruslan Kogan said.
"While Mighty Ape faced challenges during the year, including the impact of its platform migration and tough trading conditions in New Zealand, we have taken the prudent step of resetting the business."
