Marketplace company Kogan has reported a $39.5 million after tax loss and issued a trading halt at the same time.
The after tax loss in FY25 follows a profit after tax of $83,000 in FY24. The company’s profit before tax also plunged into negative territory, hitting minus $32.89 million. This is down by $54.1 million from FY24.
The group’s statutory loss after tax for FY25 included a $46.3 million goodwill impairment on its Mighty Ape marketplace in New Zealand. The NZ marketplace originally sold gaming goods, and has since begun selling other household items including apparel in recent years.
Alongside the goodwill charge, Kogan also reported equity-based compensation and associated expenses of $5.6 million, up from $3.9 million in FY24, alongside an unrealised losses of $800,000, up from $100,000 in FY24, in relation to open forward foreign exchange contracts held as at June 30 this year.
There was also a non-cash depreciation and amortisation of intangible assets – brand, software and right-of-use assets – that were acquired as part of the Mighty Ape acquisition in December 2020 of $3.4 million.
Despite the overall loss, Kogan reported a $28.4 million lift in revenues from ordinary activities to $488.1 million.
This was driven by a 20.5 per cent lift in platform-based sales by its core Kogan.com marketplace, with its Kogan First loyalty program delivering $51.3 million in revenue for FY25, up 17.5 per cent.
Regarding Mighty Ape, Kogan reported it launched the brand under a new website, alongside an upgraded PRIMATE loyalty program and an accompanying mobile app.
“These developments scaled rapidly and represent significant new long-term revenue opportunities,” the company noted. “PRIMATE subscription revenue grew 367 per cent to $2.4 million, with momentum accelerating following the October 2024 website upgrade.
“While marketing efficiency was temporarily disrupted by the website upgrade, efficiency rebounded in the final months of the year, positioning the business for stronger performance, with the focus now on improving the product range and optimising inventory mix.”
Founder and CEO Ruslan Kogan said FY25 was a strong year for Kogan, both financially and operationally.
“We delivered growth across all major revenue streams, expanded the Kogan Community, and strengthened our balance sheet through disciplined execution,” he 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.
“With these foundations now in place, we are confident Mighty Ape is on the path to recovery and long-term success.”
In the first month of FY26, the company reported that both its group gross sales and group revenue were up compared to the same time last year, however Mighty Ape sales continued to be challenged.
Mighty Ape’s gross sales hit $10.3 million in July 2025, down 3.5 per cent year-on-year, with its revenue down 20.9 per cent to $8.6 million in the same timeframe.
The Kogan.com marketplace reported a 32.5 per cent lift in gross sales to $70.4 million, with its revenue up 11.4 per cent to $32.7 million.
The company is guiding a group adjusted EBITDA margin of between 6 per cent and 9 per cent in FY26.
“The way we’ve engineered our business is what makes Kogan.com unique,” the company’s founder said. “Through the financial strength of our loyalty programs, we can offer products at cost price, delivering true value to customers, while generating profitability through our scalable, platform-based businesses.
“This model not only underpins our long-term competitiveness but also helps Australians and New Zealanders access the products and services they need at affordable prices, making everyday life easier and enabling them to live their best lives.”
Alongside its FY25 results, Kogan also confirmed a renewal of its board, adding three new non-executive directors as of August 26. This includes Francine Ereira, Ronn Bechler and Gary Levin.
Ereira has previously held senior leadership roles at Klarna, Zip Co, The Walt Disney Company and Sheridan. She currently serves as a non-executive director of Baby Bunting, Hammerstone and Shippit.
Bechler has close to 30 years’ experience advising boards and executive teams of ASX-listed companies. He is the founder of Market Eye, a corporate communications and investor relations firm that was successfully acquired in 2022.
Levin, meanwhile, brings over 40 years of executive and board experience across public and private companies. His board experience includes current roles as non-executive director of Baby Bunting and chair of Cheap as Chips, and past roles with JB Hi-Fi, Catch Group and Rabbit Photo.
“I have watched Kogan.com evolve from its legendary humble beginnings, first as a competitor, then as an investor and customer, into the dynamic and successful business it is today,” Levin said. “I am humbled and excited to now join Ruslan, David, and the Kogan.com team as a non-executive director.
“I have a strong affinity with e-commerce and the unique range of products and services that Kogan.com offers, and the customer-centric approach that defines Kogan.com. Their ability to continually evolve, disrupt, and scale through a deep understanding of their customers’ needs is something I’ve long admired.
“I look forward to contributing to the next phase of strategic growth and supporting the business on this journey.”
On top of this, Kogan announced its intention to retain Greg Ridder as chairman for at least one year following the November 2025 AGM. This is to enable an orderly transition to a new chair at around the 2026 AGM.
Ridder, as well as Harry Debney, have both expressed their intentions to retire in late 2026 after more than 10 years as directors of the company, since the 2016 IPO.