Shares in Kogan.com fell hard after the pure play online retailer released a cash flow update for the three months to March showing a rise in customers and revenue.
At the close, Kogan.com shares were down 17.7% to $7.60. The company listed on the ASX in 2016 at $1.80.
Founder and CEO Ruslan Kogan says company started the new calendar year with a strong quarter.
“Our team is delighting customers across the board and our portfolio strategy is starting to gain strong momentum,” he says.
“The business is poised to continue its growth trajectory into the seasonally strong end-of-financial-year quarter.”
Kogan told Business Insider the numbers showed strong growth.
“Kogan.com mobile is shooting the lights out,” he says.
The company ended the quarter with $19.3 million in cash but a negative operating cash flow of $625,000.
Revenue grew by 46.1% compared to the same quarter last year.
Kogan.com had 1.288 million active customers, as this chart shows.
Kogan.com earlier this month extended its portfolio offering, this time adding pet and life insurance.
The announcement followed the launches of Kogan Insurance late last year and Kogan Health in February this year.
The company has an expanding portfolio including Kogan Retail, Kogan Marketplace, Kogan Mobile, Kogan Internet, Kogan Insurance, Kogan Health and Kogan Travel.
In February Kogan.com posted a 45.7% jump in revenue to $209.62 million for the six months to December. Profit was $8.33 million, up 470%.
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