Kogan First is an "opt-in premium membership service" that customers can add to their cart via Kogan's sign-up box during checkout.

On top of its subscriber growth, Kogan also reported an improvement across all of its key financial metrics, which include:

- Gross sales increased by 2.1% year-on-year (YoY) to $63.9 million, a swing from full-year gross sales decline of 4.8%
- Revenue increased by 15.6% YoY to $40.3 million, a swing from a full-year drop of 6.1% in FY23
- Gross profit up by 23% in July, similar to its full-year FY23 growth of 23.3%

Kogan's overall platform-based sales contribution increased by 62%, up from 57% last year. This excludes Kogan.com's New Zealand gaming e-commerce subsidiary Mighty Ape.

Commenting on Kogan's financial performance over FY24, Kogan founder and CEO Ruslan Kogan says, "Our business returned to a position of profitability and strength, having navigated through the previous two and a half years of turbulence."

The turbulence the Kogan founder and CEO is referring to is the company's shaky financial performance in FY23 that saw sales and revenue dip from $1.8 billion and $718.5 million to $844.4 million and $489.5 million, recording a drop of 28.4% and 31.9% respectively.

The decline was a result of soft trading conditions brought on by cost-of-living pressures and interest rate rises throughout the year.

Another problem that Kogan encountered was overstocking and inventory problems in April 2021 that affected its growth.

"We got through this by restructuring and improving our operations, focusing on growing the right areas of our business, rapidly growing platform-based sales, and most importantly, investing in our loyal customer base. This has helped put Kogan.com in its strongest position ever," the Kogan CEO says.

The CEO says that it is "doubling down on its commitment" to affordability and value as response to the ongoing cost-of-living pressures affecting customers.

"This was at the core of our brand when we launched 18 years ago, and we understand the economic challenges our customers are facing. Everything we do is aimed at enabling our customers to live their best lives without having to strain their budgets. You’ll see this play out in all our investments and launches going forward."

"Our team’s obsession with delivering remarkable value for our customers has underpinned the growth of Kogan.com into the top performing Australian e-commerce company for nearly two decades. These efforts are more crucial than ever, and we’re primed to deliver again for our customers in FY25.”