Highlights

  • Cettire (ASX:CTT) reported FY26 gross Revenue of A$953.4 million and adjusted EBITDA of A$17.1 million, compared with A$0.3 million a year earlier.
  • Operating cash flow improved to positive A$15.6 million from an outflow of A$28.2 million in FY25.
  • Active customers declined 8 per cent, while average order value increased 10 per cent to A$904.
  • Early FY27 trading indicated approximately 22 per cent gross revenue growth, with positive adjusted EBITDA recorded in July 2026.

Cettire (ASX:CTT) operates at significant scale in global online luxury retail, with FY26 gross revenue approaching A$1 billion. The company reported gross revenue of A$953.4 million for the year ended 30 June 2026, alongside adjusted EBITDA of A$17.1 million compared with A$0.3 million a year earlier, although it remained loss-making on a statutory basis.

The central issue for investors is whether the improvement in profitability and operating cash generation can be sustained while Cettire rebuilds revenue growth, manages pressure on margins and stabilises its customer base.

Latest Development

In its FY26 results released in late August 2026, Cettire (ASX:CTT) reported its financial performance for the year ended 30 June 2026 through its Appendix 4E, results release and investor presentation. The company also held an investor webinar hosted by founder and Chief Executive Officer Dean Mintz and Chief Financial Officer Tim Hume.

The headline was a profitability turnaround on a slightly smaller revenue base. Gross revenue fell 2 per cent to A$953.4 million and sales revenue declined 3 per cent to A$718.4 million, but adjusted EBITDA increased to A$17.1 million, representing a Margin of 2.4 per cent compared with effectively zero in FY25.

Statutory EBITDA was A$4.9 million, while the company recorded a net loss after tax of A$8.5 million.

Company Overview

Launched in 2017 and listed on the ASX in December 2020, Cettire (ASX:CTT) operates a global online platform offering personal luxury goods, including clothing, footwear, bags and accessories, across more than 2,500 brands and approximately 500,000 products.

Its customer base spans multiple international markets rather than being concentrated primarily in Australia, differentiating the company from many locally listed retailers.

Supply-side depth improved during FY26, with published in-stock products rising to around 360,000 from approximately 270,000.

Financial and Operational Position

Delivered margin was A$108.5 million, or 15.1 per cent of sales revenue, compared with A$119.4 million and 16.1 per cent in FY25.

The improvement in Earnings was therefore driven largely by cost discipline rather than stronger pricing. Total Marketing Investment declined 39 per cent to A$36.1 million, while paid customer Acquisition cost fell to 4.6 per cent of sales from 7.1 per cent.

Operating cash flow improved to positive A$15.6 million from an outflow of A$28.2 million in FY25. Cash stood at A$27.9 million at 30 June 2026, compared with A$37.1 million a year earlier, while the company reported no financial debt.

Customer metrics presented a mixed picture. Active customers declined 8 per cent to 605,251, while average order value increased 10 per cent to A$904. Repeat customers continued to account for 68 per cent of gross revenue.

Emerging markets increased their contribution to 44 per cent of gross revenue from 37 per cent, while non-US sales grew 14 per cent. Tariff changes and geopolitical factors continued to weigh on the United States business.

What Investors May Watch Next

The clearest forward indicator came from the trading commentary provided with the FY26 results in late August 2026. Cettire reported year-to-date gross revenue growth of approximately 22 per cent, measured to 24 August 2026, with growth outside the United States running at a faster pace.

The company also recorded positive adjusted EBITDA in July 2026.

Whether that growth rate can be sustained through the December half will be an important consideration, alongside any stabilisation in active customer numbers and further developments around US Import tariffs.

Risks

Cettire (ASX:CTT) remains loss-making at the statutory level, while its cash balance declined during FY26.

Active customers fell 8 per cent, indicating that revenue performance has become more reliant on higher average order values rather than expansion of the customer base. Delivered margin also compressed during the year.

The company's US operations remain exposed to tariff and policy changes, while its broader Business model operates in a highly competitive cross-border luxury retail market. No Dividend was declared for FY26.

Conclusion

For Cettire (ASX:CTT), the key question is whether improved adjusted EBITDA and positive Operating Cash Flow in FY26 can be combined with a sustained return to revenue growth.

Early FY27 trading, including approximately 22 per cent gross revenue growth and positive adjusted EBITDA in July 2026, provides an encouraging initial indication. However, declining active customer numbers, compressed delivered margins and uncertainty around the US market remain important considerations as investors assess the durability of the company's recovery.