Net gaming revenue during the three months up to 30 September at Codere Online reached €51.7 million (£43.1 million/$54.4 million). This exceeds [last year’s $43.2 million](https://igamingbusiness.com/finance/codere-online-raises-forecast-again-after-first-breakeven-quarter/) but is 5% lower than the €54.4 million recorded in [Q2 this year](https://www.codereonline.com/news/news-details/2024/Codere-Online-Reports-Financial-Results-for-the-Second-Quarter-2024/default.aspx).
[Analysing its performance](https://www.globenewswire.com/news-release/2024/11/27/2988117/0/en/Codere-Online-Reports-Financial-Results-for-the-Third-Quarter-2024.html), Codere Online reported significant increases across all its regional operations. These include Mexico, Spain, and other regions such as Colombia, Panama, and Buenos Aires in Argentina.
Mexico led the way with €26.7 million in revenue, up 27.1% from last year, despite a devaluation of the Mexican peso following the presidential election in June. The operator saw average monthly active player numbers increase 23% year-on-year to 637,000.
“Our company delivered another quarter of strong results,” CEO Aviv Sher said. “In Mexico, net gaming revenue was 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%.”
Elsewhere, revenue in Spain in Q3 increased by 10.6% to €20.9 million. This was also aided by a rise in average monthly active players to 485,000, an 18.3% increase from the previous year.
Codere Online also posted a 24.2% rise in revenue from operations in other regions. Activity across Colombia, Panama, and Buenos Aires generated €4.1 million.
## Net loss remains despite adjusted EBITDA success in Q3
Spending-wise, costs were higher almost across the board in Q3. The largest outgoing for the operator was marketing at €22.4 million, a 13.7% increase from last year.
However, revenue growth helped to offset this, with EBITDA for Q3 reaching €1.4 million, compared to last year’s €7.4 million loss. Additionally, adjusted EBITDA reached €1.5 million, in contrast to breakeven in 2023.
“This is now the third consecutive quarter of positive adjusted EBITDA and brings the year-to-date total to €4.5 million,” CFO Oscar Iglesias said.
Regarding its bottom line, Codere Online paid €2.1 million in income tax and accounted for €2.0 million in interest expenses. After including depreciation and amortization costs, the net loss for Q3 was €2.8 million, higher than last year’s €1.8 million.
## Codere Online eyes upper end of guidance range
Looking at year-to-date performance, revenue for the nine months ending in September reached €159.1 million, marking a 30.6% rise.
Costs increased across all areas, but EBITDA still rose to a positive €3 million, compared to last year’s €15.4 million loss. Adjusted EBITDA was also positive at €4.5 million, in contrast to a $7.6 million loss in 2023.
Regarding the bottom line, income tax payments totaled €3 million and warrants hit €5.8 million, although Codere Online recovered €2.8 million through interest income. This resulted in a net loss of €3 million, compared to €2.1 million in the previous year.
Looking ahead, CFO Iglesias is confident about full-year performance. Based on Q3 and the preceding two quarters, Codere Online is likely to finish at the upper end of its guidance range for 2024.
## Nasdaq delisting appeal set for January
The Q3 results announcement also referenced news from earlier this month regarding its delisting from the Nasdaq Stock Market.
Nasdaq notified Codere Online on 12 November about its ruling. This followed Codere Online’s failure to file its Form 20-F for the year ended 31 December 2023, as required by [Nasdaq Listing Rule 5250(c)(1)](https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5200-series).
Codere Online formally [requested a hearing to appeal the decision](https://igamingbusiness.com/finance/codere-online-appeal-nasdaq-delisting/) on 18 November, stating it is working to complete and file the form. Nasdaq granted this request, with the hearing set for 16 January.