I agree, but what have they done with the cash reserves for it...

I agree, but what have they done with the cash reserves for it to drop back so steeply. Did they increase their own paypackets that much? There is no explanation for the cash balance of $34.1 mill "down by a massive $49.2 million from $83.3 million at end of December." Where has it gone?

I'm still in profit having purchased my holding quite a while back but my profit has dwindled sizeably. I am sure plenty of holders who purchased in past few days/weeks when SP was rising are feeling the pinch and may not sleep well tonight.

Motley Food says:
"The Kogan share price is down 26% to $5.22. This has been driven by the release of the ecommerce company's third quarter update. Kogan reported declines in gross sales and revenue, as well as a quarter on quarter fall in active customers. But perhaps the main reason for the selling has been the company's cash balance. At the end of the period, Kogan had a cash balance of $34.1 million. This is down by a massive $49.2 million from $83.3 million at the end of December. And while the company is undertaking an on-market share buyback, it only spent $5.8 million on this program during the three months."