Kogan produced 28.3% of its gross profit in recurring subscription revenues from its loyalty programs Kogan FIRST (Australia) and Mighty Ape PRIMATE (New Zealand). Kogan FIRST produced $51.3 million of revenue (up 17% on FY24 and up 40% on FY23) with 90% of subscribers on an annual plan. A new premium loyalty tier, Kogan FIRST MAX, was launched.