Codere Online (Nasdaq: CDRO / CDROW), a prominent online gaming operator in Spain and Latin America, has released its preliminary unaudited financial results for the third quarter of 2024, showcasing strong revenue growth across multiple markets. Total revenue for Q3 2024 reached €49.2 million, with net gaming revenue (NGR) increasing by 20% year-on-year to €51.7 million. The company saw significant performance in Mexico, where NGR rose to €26.7 million, reflecting a 27% increase from Q3 2023. In Spain, NGR reached €20.9 million, an 11% increase compared to the same period last year.
The average monthly active players across all markets grew by 15% year-on-year to 143,400, with notable increases in Spain (up 18%) and Mexico (up 23%). Codere Online ended the quarter with a total cash position of €44 million and anticipates closing the year at the upper end of its 2024 guidance. The company forecasts net gaming revenue of €205–215 million and Adjusted EBITDA between €2.5–7.5 million for the full year.
The company also addressed its ongoing Nasdaq delisting process. On November 12, 2024, Codere Online received a delisting notice due to a delay in filing its Form 20-F for the year ended December 31, 2023. Following a formal request for a hearing on November 18, 2024, the hearing has been scheduled for January 16, 2025. Codere Online is actively working to resolve the filing delay and complete its Form 20-F as soon as possible.
For the nine months ending September 30, 2024, Codere Online reported net income of €2.8 million, excluding the non-cash variation in the fair value of public warrants, compared to a net loss of €2.8 million during the same period in 2023. Net gaming revenue during this period grew by 31% year-on-year to €159.1 million, driven by exceptional performance in Mexico and Spain. Mexico achieved a 44% increase in NGR to €81.5 million, while Spain posted an 18% increase to €64.9 million.
Codere Online’s results highlight its robust growth trajectory and strong market position. The company continues to solidify its presence in key regions, particularly Spain and Latin America, while navigating regulatory challenges and operational demands. With consistent financial performance and strategic initiatives, Codere Online remains well-positioned to deliver long-term value for stakeholders.
Aviv Sher, CEO of Codere Online, commented on the results, “Our Company delivered another quarter of strong results, with net gaming revenue of €51.7 million, representing a 20% increase over the third quarter of 2023. In Mexico, net gaming revenue reached €26.7 million, 27% above the prior year period, despite the significant devaluation of the Mexican peso following the presidential election in June. In constant currency terms, our net gaming revenue in the country would have grown by 43%. Meanwhile, performance in Spain remained strong, with net gaming revenue of €20.9 million in the quarter, 11% above last year.”
Oscar Iglesias, CFO of Codere Online, stated, “Beyond the significant top line growth, we also generated €1.5 million of Adjusted EBITDA and €3.5 million of cash in the quarter. This is now the third consecutive quarter of positive Adjusted EBITDA and brings the year-to-date total to €4.5 million.”
Mr. Iglesias further added, “With regards to our existing outlook for 2024, we expect to finish the year in the upper part of the range with respect to both our net gaming revenue and Adjusted EBITDA guidance.”
English