Kogan's share price has taken a hammering after a seemingly positive announcement about its quarterly cash flow position, dropping nearly 12 percent over the course of Tuesday.
The online retailer announced to the market on Tuesday morning that it ended the fourth quarter of the 2018 financial year with $41.99 million in cash, up from $19.3 million at the end of the previous quarter.
Kogan also gave shareholders a look at its unaudited results for the year, expecting revenue to grow by more than 40 percent from $289.5 million last year to more than $405 million this year. EBITDA is expected to increase by more than 90 percent, from $12.5 million last year to nearly $24 million.
The company said it also managed to crack more than a million active customers this financial year, growing from 955,000 last year to 1.38 million as of 30 June 2018.
Despite the strong showing, Kogan's shares slipped from $6.65 each at the start of the day to $5.84 when trading closed at the end of the day, a drop of 81 cents.
"Kogan.com finished the financial year with a strong quarter of continued growth, as we execute our long-term strategy," said chief executive Ruslan Kogan.
"We are excited about all the growth initiatives we are implementing, as we continue to make the most in-demand products and services more accessible and affordable for our customers."
Kogan has enjoyed steady revenue growth since going public in July 2016 with an initial share price of $1.80 each. The share price peaked in March this year at $9.85.
Since then, Kogan's share price has taken two significant hits this year. The first was in April after the company announced its March quarterly results. Share price dropped 17 percent despite reporting revenue growth of 46.1 percent compared to the prior corresponding period.
The second setback was in June this year after founders Ruslan Kogan and David Shafer "reluctantly" sold off six million shares for a reported price of $7 each due to "personal financial commitments". Shares were trading at $7.87 each when the sell-off was revealed.
Kogan will announce its final audited results with additional commentary next month.