CDON (CDON) Q3 2025 earnings summary

Executive summary

• Achieved seven consecutive months of GMV growth and five months of gross profit after marketing growth, with both CDON and Fyndiq segments contributing.

• Q3 2025 marked a turning point, concluding a 2.5-year rebuilding phase and setting the stage for growth and innovation into 2026, supported by a SEK 45 million capital injection.

• Four growth initiatives launched: Nordic market expansion, tech resource boost (especially AI), brand marketing, and retail media.

• Building a stronger assortment for the upcoming Christmas sales period and preparing for major European merchant integrations.

Financial highlights

• Group GMV grew 8% year-over-year to SEK 481.4 million, with net sales up 7% to SEK 109.8 million and gross profit after marketing (GPAM) up 12% to SEK 52.2 million.

• EBITDA reached SEK 11.5 million, more than doubling from SEK 5.5 million a year ago.

• Average order value increased by 18% year-over-year to SEK 469, though total orders declined 10%.

• Cash balance at quarter-end was SEK 87 million, up from SEK 82 million, with a significantly improved current ratio post share issue.

• EBIT was SEK -9.6 million; adjusted EBIT (excluding SEK 16.7 million goodwill amortization) was SEK 7.0 million.

Outlook and guidance

• Expecting continued momentum into Q4, with a focus on maximizing the holiday season and onboarding new European merchants.

• Growth investments to begin in Q1 2026, with some initiatives already underway.