Kogan Shares Fall, Down 52% YTD As He Tries To Take On Media Companies To Prop Up Revenue

Kogan shares fell 2.01% today, leaving the online retailer down 52% for the year despite reporting improved headline results.

The Melbourne-based company posted an adjusted EBITDA of $10.1 million for the first four months of the 2026 financial year—down 31.3% compared with the same period last year. The steep decline was largely attributed to losses from its New Zealand subsidiary, Mighty Ape, which has widely been described as a “dud” acquisition for Kogan.

Ruslan Kogan, the company’s founder (seen above), still remains optimistic about the future.

He claims that key initiatives to prop up Mighty Ape’s recovery have largely been achieved, and he is confident that the subsidiary’s financial performance will return to profitability in the second half of FY26.

Chairman Greg Ridder told