CDON (CDON) Q2 2025 earnings summary

Executive summary

• Achieved first year-over-year growth in both GMV and gross profit after marketing since the merger, with both CDON and Fyndiq segments contributing and sustained positive sales momentum since March.

• Asset-light, scalable business model with a negative cash cycle, serving nearly 3 million active customers and offering 30 million SKUs from 3,000 merchants.

• Strategic focus on onboarding large European merchants, launching new product categories such as snus in Q4, and improving marketing efficiency through SEO and AI-driven search.

• Board initiated a strategic review to maximize shareholder value.

• New merchant API launched to accelerate onboarding and support European merchant integration.

Financial highlights

• GMV rose 8% year-over-year to SEK 460.2 million, with net sales up 3% to SEK 100.5 million and gross profit after marketing (GPAM) up 8% to SEK 48.1 million.

• EBITDA turned positive at SEK 0.4 million, a significant improvement from last year’s -SEK 9.4 million.

• Group take rate increased to 18.4%, with Fyndiq’s take rate at 31.5% due to one-off merchant performance fees.

• Operational cash flow before working capital changes was positive at SEK 2.2 million; cash and cash equivalents stable at SEK 81.8 million.

• Marketing costs remained high, with Fyndiq at 12% of GMV and group marketing spend at SEK 36.7 million (8.0% of GMV).

Outlook and guidance

• Expecting positive impact from onboarding new European merchants and launching the snus category in Q4.

• Focused on improving marketing mix, increasing direct and organic traffic, and reducing operating expenses in H2.

• Management anticipates scalable, sustainable growth with further cost reductions as migration and office closure savings materialize.