I think its positive . GST avoiders beware!, page-22

Kogan's gross profit margin has been 18% and 19.5% in the last 2 FY's.

Say I take an extremely simple, naive, view that GST implications drops their gross profit margin to 10%, minus costs would see a $20m loss on similar revenue of $400m compared to 2018's $20m profit.

Obviously I haven't factored in a lot of things, (like any substantial revenue increase) but considering how razor thin it's margins are, it's difficult to see where Kogan can pull an extra $20m in profit to manage a break even quarter. 

Like some others have said, I think Kogan can be a fantastic company. I've used them for a bunch of things. I'd love to have gotten in at the IPO in hindsight, but there is something about Ruslan I just don't trust. This quarterly will probably confirm what I think of him.