Kogan.com (ASX:KGN) released its financial results for the first half of fiscal year 2026, revealing a sharp contrast between its core platform's growth and the ongoing challenges faced by its Mighty Ape subsidiary.
The company recorded total gross sales of $572.4 million, representing a 16% year-on-year increase.
However, group statutory NPAT fell by 20% to $8.2 million, largely weighed down by underperformance in the New Zealand-based Mighty Ape segment.
The core Kogan.com business demonstrated significant momentum, with revenue climbing 17% to $232.4 million and adjusted EBITDA increasing by 18% to $27.6 million.
The growth was supported by a 28% growth in active customers, bringing the platform's total to 3 million.
Mighty Ape saw its revenue slide 25% to $55.2 million, resulting in an adjusted EBITDA loss of $3.2 million.
Despite this, the subsidiary managed a 5% increase in its customer base, reaching 0.7 million.
The group maintains a healthy balance sheet with $71.8 million in cash and zero external debt.
Inventory levels were reported at $76.9 million, with $61.2 million currently held in-warehouse.
The board declared a fully franked interim dividend of 8 cents per share.
At the time of reporting, Kogan.com's share price was $3.30.