Codere Online is trading seamlessly despite the threat of its securities being delisted from the Global Nasdaq exchange.
In its Q3 trading statement, the Spanish online gambling group anticipates ending the year at the higher end of both the full-year 2024 net gaming revenue forecast of €205–215 million and the Adjusted EBITDA3 estimate of a positive €2.5–7.5 million.
This optimism is backed by strong Q3 performance, where Codere Online reported net gaming revenues of €52 million, a 20% increase over 2023’s €43 million.
Throughout the period, Codere Online saw continued growth in its home market of Spain, generating revenues of €48 million (+11%).
In Mexico, Codere Online’s income rose by 23% to €63 million (Q3 2023: €51 million), despite facing challenges from unfavorable currency fluctuations against the Mexican peso.
Year-to-date figures reveal Codere’s revenues at €159 million, a 31% increase over 2023’s €122 million.
Aviv Sher, CEO of Codere Online, remarked on the outcomes: “Our company has achieved another quarter of robust results, with net gaming revenue reaching €51.7 million, marking a 20% rise from the third quarter of 2023.
In Mexico, net gaming revenue hit €26.7 million, a 27% increase from the previous year’s 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, our performance in Spain remained strong, with net gaming revenue of €20.9 million in the quarter, 11% higher than last year.”
Importantly, leadership emphasized improved cost controls and reduced interest expenses, as Codere Online reported a Q3 positive EBITDA of €1.4 million, reversing 2023’s comparable losses of €7.5 million.
With positive earnings results, Codere’s year-to-date EBITDA stands at €3 million, overturning previous losses of €15 million.
As the year draws to a close, leadership is persistently working to finalize and file its Form 20-F for 2023 as soon as possible.
On 18 November 2024, the company officially requested a hearing with Nasdaq to appeal the delisting determination. Nasdaq notified the company that the hearing request was accepted and scheduled for 16 January 2025.
Oscar Iglesias, CFO of Codere Online, stated: “Beyond the remarkable top-line growth, we generated €1.5 million of Adjusted EBITDA and €3.5 million of cash in the quarter. This marks the third consecutive quarter of positive Adjusted EBITDA and brings the year-to-date total to €4.5 million.”
“Regarding our current outlook for 2024, we anticipate closing the year in the upper range for both our net gaming revenue and Adjusted EBITDA guidance.”
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