Is CDON profitable in 2026?

No. CDON's reported EBITDA swung negative in Q2 2026 despite Group GMV growing 13% YoY to SEK 521 million. FY2025 net loss was SEK -56.9 million, narrower than FY2024 but still a loss, as company targets SEK 100 million EBITDA only by 2027.

CDON AB is a standalone public company listed on Nasdaq since November 6, 2020, with no parent. As of July 10, 2026, top holders were Bisslinge Forvaltning AB (~5.5%), Mandatum Henkivakuutusosakeyhtio (~5.3%), and Kanen Wealth Management (~4.7%); top six holders own about 53%.

Who is CDON's biggest competitor, Amazon or Temu?

Amazon and Zalando dominate by scale, but Temu is the fastest-rising threat: as of spring 2026 Temu took market leadership in Finland from Zalando and moved into second place in Sweden, directly pressuring CDON's bargain-focused Fyndiq segment.

Could AI replace CDON's marketplace?

CDON's core functions, search, pricing, recommendations, are the exact functions AI-driven personalization and agentic shopping are commoditizing industry-wide as of 2026. CDON's own countermeasure is a nascent Retail Media product launched in 2026 with unproven scale.

Is CDON stock safe to invest in right now?

CDON is a small, volatile Nordic small-cap. After Q2 2026 results (July 15, 2026) the stock fell about 6.6% premarket and by July 22, 2026 traded near 52-week lows (SEK 51.6-60) against a 52-week high of SEK 83.4, with a market cap of roughly SEK 675-800 million.

Did CDON acquire Fyndiq, and was it a good deal?

Yes. In February 2023 CDON agreed to acquire Fyndiq in a stock-and-cash deal worth about SEK 735 million (~EUR 65.6 million), completed April 2023, with Fyndiq shareholders receiving roughly 40% of the combined entity. Fyndiq's take rate now exceeds 30% versus CDON's 12.8%.

E-commerce and marketplaces · Sweden

CDON

cdon.com ↗

CDON is a small Nordic online marketplace connecting third-party sellers with shoppers in Sweden and neighbors.

Protection under test

Assessed 22 July 2026 · Evidence as of 22 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 22 July 2026 · Checkable from Oct 22, 2026 · Every call on the record Checkpoint: Q3 2026 earnings report

The call

CDON is growing sales by taking a smaller cut per sale, while Amazon, Zalando, and Temu compete for the same Nordic shoppers from every direction.

CDON runs an online marketplace in Nordic countries where third-party sellers list products, similar to how eBay or Etsy work. It is not hard to copy or replace because Amazon and Zalando already do this better with more resources, and Temu is taking customers in the budget section where CDON competes. The company is growing sales volume but making less money on each sale to stay competitive, which means one shift could change everything: if CDON can show it is actually becoming profitable while keeping its sales growing, investors might believe it can survive; if it keeps losing money while growing slower than its competitors, it will likely fade.

Why

AI pressure: None apparent. AI shopping agents and price comparison tools make it easier for buyers to skip CDON and go straight to the cheapest seller anywhere. Could AI do the core job? Yes, likely.

Bigger players: Amazon, with Zalando and Temu also pulling share. Amazon and Zalando can copy CDON's marketplace model at scale, while Temu is already pulling bargain shoppers out of CDON's Fyndiq segment. Could a giant copy it? Yes, easily.

What protects it. Local brand recognition and 3 million Nordic customer accounts, though this has not stopped take rates from falling.

What would change this call

CDON's Q3 2026 earnings print on Oct 22, 2026. Shows whether EBITDA keeps bleeding and take rate keeps falling despite GMV growth.
Next PostNord Nordic e-commerce report on Temu's bargain-segment share. Shows whether Temu is directly displacing Fyndiq in low-price goods.
CDON's fall 2026 brand campaign results on consideration scores. Shows whether marketing spend can reverse declining brand consideration versus rivals.

Key numbers

Revenue SEK 444M, net loss SEK -56.9M (2025-12-31)
GMV +13% YoY but take rate fell to 12.8% from 13.7% (2026-06-30)
Market cap around SEK 675-800M, near 52-week lows (2026-07-22)

Named risks

CDON segment take rate fell from 13.7% to 12.8% in Q2 2026, compressing margins as GMV grows. Severity: high
Temu rapidly gaining Nordic share, directly threatens Fyndiq's bargain marketplace segment. Severity: high
Reported EBITDA turned negative in Q2 2026 despite 13% GMV growth. Severity: high
Brand consideration for both CDON and Fyndiq declined slightly versus August 2025 despite new marketing spend. Severity: medium
Small scale (73 employees, SEK 444M revenue) competing against Amazon and Zalando with far greater resources. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Amazon	contesting	Largest Nordic marketplace by GMV but losing share across all 4 Nordic markets, 2025-2026, sharpest in Finland and Norway
Zalando	losing to	Top-2 position in all four Nordic countries and market leader in Denmark, EUR 10.6B revenue in 2024
Temu	losing to	Took Finland leadership from Zalando and reached #2 in Sweden by spring 2026, pressuring Fyndiq's bargain segment
Elkjop/Elgiganten	losing to	Reported as top online marketplace in Norway by GMV as of Dec 2025

Questions people ask

Is CDON profitable in 2026?: No. CDON's reported EBITDA swung negative in Q2 2026 despite Group GMV growing 13% YoY to SEK 521 million. FY2025 net loss was SEK -56.9 million, narrower than FY2024 but still a loss, as company targets SEK 100 million EBITDA only by 2027.
Who owns CDON?: CDON AB is a standalone public company listed on Nasdaq since November 6, 2020, with no parent. As of July 10, 2026, top holders were Bisslinge Forvaltning AB (~5.5%), Mandatum Henkivakuutusosakeyhtio (~5.3%), and Kanen Wealth Management (~4.7%); top six holders own about 53%.
Who is CDON's biggest competitor, Amazon or Temu?: Amazon and Zalando dominate by scale, but Temu is the fastest-rising threat: as of spring 2026 Temu took market leadership in Finland from Zalando and moved into second place in Sweden, directly pressuring CDON's bargain-focused Fyndiq segment.
Could AI replace CDON's marketplace?: CDON's core functions, search, pricing, recommendations, are the exact functions AI-driven personalization and agentic shopping are commoditizing industry-wide as of 2026. CDON's own countermeasure is a nascent Retail Media product launched in 2026 with unproven scale.
Is CDON stock safe to invest in right now?: CDON is a small, volatile Nordic small-cap. After Q2 2026 results (July 15, 2026) the stock fell about 6.6% premarket and by July 22, 2026 traded near 52-week lows (SEK 51.6-60) against a 52-week high of SEK 83.4, with a market cap of roughly SEK 675-800 million.
Did CDON acquire Fyndiq, and was it a good deal?: Yes. In February 2023 CDON agreed to acquire Fyndiq in a stock-and-cash deal worth about SEK 735 million (~EUR 65.6 million), completed April 2023, with Fyndiq shareholders receiving roughly 40% of the combined entity. Fyndiq's take rate now exceeds 30% versus CDON's 12.8%.

Timeline

2026-07-22Stock trades near 52-week low (SEK 51.6-60), market cap SEK 675-800 million
2026-07-15Q2 2026 results: GMV +13% YoY to SEK 521M, EBITDA negative, shares fall ~6.6% premarket
2026-06-30Retail Media product launched, management cites 'strong merchant returns'
2026-05-28Company states 2027 EBITDA target of SEK 100 million
2026-04-23Q1 2026 report: GMV +14% YoY, active customers approaching 3 million
2026-03-31'Giants' large merchants scale to 5.2% of GMV, up from under 1%
2025-12-31FY2025 revenue ~SEK 444M, net loss -56.9M, 73 full-time employees
2025-09-30Merchant performance fees introduced on CDON marketplace
2024-06-04Qliro payments partnership expanded, Fyndiq moves to Qliro checkout
2023-04CDON completes acquisition of Fyndiq for ~SEK 735 million

Revision history

22 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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