CDON (CDON) Q4 2024 earnings summary

Executive summary

• 2024 was a transformative year with major organizational restructuring, platform migration, and centralization to Stockholm, resulting in staff reductions and improved operational efficiency.

• Q4 results were weaker than expected, with sales and GMV declining due to organizational changes, platform migration, and fierce price competition.

• Increased reliance on paid traffic and higher marketing costs pressured margins.

• CEO highlighted ongoing integration of Fyndiq and focus on AI and innovation for 2025.

Financial highlights

• Q4 GMV declined 11% year-over-year to SEK 558.0 million; full-year GMV down 9% to SEK 1,826.4 million.

• Net sales fell 13% in Q4 to SEK 139.2 million; full-year net sales at SEK 435.2 million.

• GPAM dropped 16% in Q4 to SEK 59.3 million; full-year GPAM at SEK 194.7 million.

• EBITDA was SEK 10.5 million in Q4 and SEK 4.5 million for the year; adjusted EBITDA (excluding SEK 10 million in one-off costs) was SEK 15–16 million.

• End-of-year cash balance was SEK 144.9 million, down from SEK 153.8 million the previous year.

Outlook and guidance

• Management expects 2025 to be a turning point, with improved organizational output, focus on new features, innovation, and further integration of Fyndiq.

• No specific growth or customer experience targets for 2025, but several initiatives are underway to improve supply, marketing efficiency, and customer experience.