Kogan in the red amid $43m write-down from Mighty Ape acquisition

Sean Cao

25th Aug 2025

Online retailer Kogan.com has swung to a loss in the last fiscal year despite higher revenue as the company recorded a write-down from its acquisition of Mighty Ape.

The company’s statutory loss after tax for the year ended June 30 was $39.5 million, compared to a profit of $83,000 in the prior year. This included a $46.3 million goodwill write-down relating to the acquisition of the Mighty Ape marketplace in New Zealand.

The company said the one-off, non-cash write-down was a prudent step amid temporary impacts from platform migration and challenging trading conditions in New Zealand.

Revenue for the year increased 6.2 per cent to $488.1 million, and gross sales soared 15.1 per cent to $930.9 million. Adjusted EBITDA was $36.8 million, representing a margin of 7.5 per cent.

The top-line growth was driven by a 24 per cent increase in group platform-based sales revenue, 34 per cent growth in Kogan.com marketplace revenue, 35 per cent increase in active customers,and 17 per cent revenue uplift from the Kogan First loyalty program.

At Mighty Ape, the company noted there was a progressive improvement during the second half and expects a rebound in performance during FY26.

During July – the first month of FY26, Kogan recorded a 26.5 per cent increase in gross sales, with Kogan.com up 32.5 per cent and Might Ape down 3.5 per cent. Revenue grew 2.6 per cent, with Kogan.com up 11.4 per cent and Might Ape down 20.9 per cent.

The company expects adjusted EBITDA margin of between 6 per cent and 9 per cent for the full year, improving towards the second half as Mighty Ape’s recovery progresses.

In a separate release, Kogan announced several changes to its board of directors, including Greg Ridder’s intention to retire as chairman late next year. The company plans to retain Ridder in the role for at least one year following the annual general meeting in November to facilitate an orderly transition to a new chair.

In addition, the company has appointed Francine Ereira, Ronn Bechler and Gary Levin as independent non-executive directors, effective August 26. Harry Debney also plans to retire as director next year.