Some of the verticals that Kogan has entered into in the past couple of years do not have any inventories, eg. Kogan mobile plans, Kogan insurance. They receive the money upfront before having to pay the providers (Vodafone, insurance companies) minus their commissions.
They also have a growing customer base which they can cross sell to, hence relatively low marketing spend.
The selloff is simply the market bringing back Kogan from ridiculous valuation to less crazy but still expensive valuation.
The founders' shenanigans certainly didn't help.
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