Cettire’s 2025 results were broadly in line with revenue expectations, according to RBC Capital Markets analyst Wei-Weng Chen, though balance sheet concerns persist. The online retailer’s net profit missed estimates due to a significant 42 per cent increase in amortisation, reaching $9.2 million, surpassing RBC’s forecast of $8 million. Cettire operates as an online retailer, offering customers access to a wide selection of luxury goods. The company aims to provide a seamless shopping experience through its platform.
Chen highlighted cash flow as a critical issue, noting that Cettire’s cash balance decreased by $8 million in June to $37 million, despite only a modest EBITDA loss. This decline underscores ongoing pressures related to working capital. The analyst also raised concerns regarding governance and costs, specifically questioning the justification for substantial pay increases for chief executive Dean Mintz and chief financial officer Tim Hume during a period of financial strain.
Mintz’s total fixed remuneration nearly doubled to $850,000, with a matching maximum short-term incentive. Hume’s package also increased to $550,000, including a $412,500 incentive. Cettire anticipates low single-digit gross revenue growth overall for the financial year-to-date 2026, with emerging markets demonstrating double-digit increases.
Positive adjusted EBITDA in July indicates early momentum; however, changes to US de minimis rules, effective 29 August 2025, could potentially disrupt these improving trends in the US market. Chen noted that Cettire remains focused on self-funded, profitable growth in the 2026 financial year while navigating balance sheet and market risks. Shares in the online retailer were up 5 per cent.
