Kogan.com
Australian online retailer and marketplace selling electronics, goods, and services.
On the record
Checkpoint: FY26 results showing whether Kogan FIRST and services growth offset falling marketplace reach
The call
Kogan keeps posting profit and cash flow while Amazon, Temu, and Shein grow faster and its own marketplace reach keeps shrinking.
Kogan.com sells electronics and everyday items online to Australian customers and makes real money doing it. The problem is that it competes in the hardest part of online retail, where bigger players like Amazon, Temu, and Shein already reach most shoppers and are growing faster. Kogan outsources its search and customer service to outside companies, so there is nothing stopping Amazon or Temu from copying what it does. The one thing that could save Kogan is if its subscription service called FIRST, which charges members for faster delivery and other perks, grows into a real business that keeps customers loyal and brings in serious profit before more shoppers leave for cheaper competitors.
Why
01
AI pressure: AI shopping agents like Amazon's Rufus and Google's AI-powered shopping search. AI agents that instantly compare prices across sites could steer buyers to Temu or Shein before they land on Kogan. Could AI do the core job? Only partly.
02
Bigger players: Amazon, Temu, and Shein. Temu and Shein reach fewer shoppers than Amazon but grow much faster, while Kogan's own marketplace reach fell 6 points. Could a giant copy it? Yes, easily.
03
What protects it. A$42 to 72M in cash, no debt, and 3.5M active customers buy Kogan time to keep undercutting on price.
What would change this call
Kogan's FY26 results (due 24 Aug 2026) show marketplace reach falling below 15%. Would confirm Amazon, Temu, and Shein are continuing to displace Kogan in its core marketplace business.
Kogan FIRST subscriber count, ARPU, and retention disclosed in FY26 or H1 FY27 reports. Would show whether the subscription and services push is becoming a real profit engine or stalling.
Mighty Ape NZ revenue and EBITDA trend after its platform migration. Would show whether this loss-making unit is recovering or dragging on group profitability.
Kogan FIRST subscriber count, ARPU, and retention disclosed in FY26 or H1 FY27 reports. Would show whether the subscription and services push is becoming a real profit engine or stalling.
Mighty Ape NZ revenue and EBITDA trend after its platform migration. Would show whether this loss-making unit is recovering or dragging on group profitability.
Key numbers
- FY25 revenue A$488.1M, up 6.2%
- Marketplace reach fell to 15%, down 6 pts YoY
- Statutory net loss A$39.5M vs A$36.8M adjusted EBITDA
Named risks
- Marketplace shopper reach fell to 15%, down 6 pts YoY, amid Amazon/Temu/Shein share gains.
- Statutory net loss of ~A$39.5M in FY25 diverges from positive adjusted EBITDA metrics.
- Mighty Ape (NZ) segment adjusted EBITDA turned slightly negative post platform migration.
- Recurring ACCC enforcement pattern (2009, 2016, 2019-2020, 2026 magnet-toy takedown) signals compliance exposure.
- Core AI-dependent search and customer service functions outsourced to third-party vendors (Marqo, Salesforce), limiting proprietary moat.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Amazon Australia | losing to | Amazon reach 60% vs Kogan 15%, Amazon +3.45% YoY as of Feb 2026 |
| Temu | losing to | Temu reach 47%, growing 24% YoY, vs Kogan reach falling 6 pts, Feb 2026 |
| Shein | losing to | Shein reach 30%, fastest growth at 15% YoY, as of Feb 2026 |
| Catch (defunct) | gaining on | Catch ceased trading Jan 2025, removing a direct local competitor |
| MyDeal (defunct) | gaining on | MyDeal shut down, per Feb 2026 mi-3.com.au report |
| JB Hi-Fi / Harvey Norman | contesting | Long-running bricks-and-mortar rivals in Australian consumer electronics |
Questions people ask
- Is Kogan.com profitable in 2025?
- Yes on an adjusted basis: Kogan.com reported FY25 (year ended 30 June 2025) Adjusted EBITDA of A$36.8M (7.5% margin) and free cash flow of A$32.4M, up 40% YoY. However, statutory net income was reported at approximately -A$39.5M for the same period, per WSJ data.
- Could AI shopping agents replace Kogan.com?
- Kogan.com already outsources core AI-dependent functions: Marqo handles product search across its 16-million-item catalog and Salesforce Agentforce handles about 50% of customer service inquiries as of March 2026. Analysts flag this as a weak moat since rivals can license the same AI tools, leaving little proprietary defense against AI-native shopping agents.
- Who is Kogan.com's biggest competitor?
- Amazon Australia leads with 60% shopper reach and 8.8 million active shoppers (+3.45% YoY) as of February 2026. Temu (47% reach, +24% YoY) and Shein (30% reach, +15% YoY) are growing faster than Kogan, whose own marketplace reach fell to just 15%, down 6 points YoY, per a February 2026 Pattern report.
- Is Kogan.com losing market share?
- Yes. Kogan's marketplace shopper reach in Australia fell to 15%, down 6 percentage points year-over-year, as of February 2026, while Amazon, Temu, and Shein all grew reach over the same period. Local rivals Catch and MyDeal both shut down, with Catch ceasing trading in January 2025.
- What is Kogan FIRST and does it matter for Kogan.com's future?
- Kogan FIRST is Kogan.com's subscription loyalty program, generating A$51.3M in FY25 revenue (year ended 30 June 2025), up 17.5% YoY. It absorbed a 34% price increase in October 2022 without major customer loss, but its long-term ability to offset marketplace share erosion against Amazon and Temu remains unproven.
- Who owns Kogan.com?
- Kogan.com Ltd is publicly traded on the ASX under ticker KGN (also OTC in the US as KGGNF), having listed on 7 July 2016. Founder and CEO Ruslan Kogan remains a major shareholder, holding approximately 16.85 million shares as of 30 June 2025.
Timeline
- 2026-06ACCC issues takedown requests to Amazon, eBay, Kogan and Fruugo over banned magnet toys
- 2026-03Salesforce Agentforce customer-service AI deployment launched, handling ~50% of inquiries
- 2026-02CEO Ruslan Kogan uses AI avatar to deliver half-year FY26 results presentation
- 2026-02Report shows Kogan marketplace reach fell to 15%, down 6 points YoY, vs Amazon/Temu/Shein gains
- 2025-12-31H1 FY26 revenue ~A$287.6M (+16% YoY), net income ~A$8.25M
- 2025-08-25FY25 results: revenue A$488.1M, adjusted EBITDA A$36.8M, 3.5M+ active customers
- 2025-01Local rival Catch ceases trading; MyDeal also shuts down
- 2024-10Mighty Ape (NZ) migrated to new platform, causing short-term sales disruption
- 2022-10Kogan FIRST subscription price raised 34%, retained without major churn
- 2020-12-06Kogan pays A$350,000 ACCC penalty for misleading tax-time promotion
Head to head
Revision history
22 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Kogan.com (ASX) (2026-06-25)
- Kogan.com FY25 Results Announcement (2025-08-25)
- Strong Customer Growth Amidst... (2025-08-25)
- Kogan.com: Inventory Crisis to Subscription Flywheel (2026-05-26)
- Kogan.com - KGN - Stock Price & News
- Kogan.com Ltd. Annual Income Statement - WSJ (2025-12-18)
- gurufocus.com (2026-07-22)
- Global marketplace giants reshape Australian landscape... (2026-02-08)
- How Kogan.com Automated 67% of Customer Inquiries and Tripled Resolution (2026-07-10)
- Kogan Enterprise Search Case Study (2026-05-08)
- Kogan.com chief Ruslan Kogan rolls out AI to deliver half-year results presentation (2026-02-22)
- ACCC issues takedown requests to Amazon, eBay, Kogan and Fruugo (2026-06-01)