Codere Online ( (CDRO) ) has released its Q3 earnings. Here is a breakdown of the information Codere Online presented to its investors.
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Codere Online is a prominent online gaming operator providing sports betting and casino services in Spain and Latin America, with a strong omnichannel presence supported by the Codere Group’s physical venues.
In its latest earnings report, Codere Online announced robust financial results for Q3 2024, with a total revenue of €49.2 million and net gaming revenue increasing by 20% compared to the same period last year. The company continues to demonstrate significant growth in its core markets.
Key financial highlights include an impressive 27% increase in Mexico’s net gaming revenue, reaching €26.7 million, despite currency challenges. Spain also showed solid performance with an 11% increase in net gaming revenue. The company achieved a positive adjusted EBITDA of €1.5 million and a cash generation of €3.5 million, marking the third consecutive quarter of positive adjusted EBITDA.
Looking ahead, Codere Online expects to meet the upper range of its 2024 financial outlook, projecting net gaming revenue between €205 and €215 million and an adjusted EBITDA of €2.5 to €7.5 million. The management remains optimistic about sustaining growth and enhancing profitability.
Despite a delisting notice from Nasdaq due to filing delays, Codere Online is actively addressing the issue and is committed to maintaining its market position and investor confidence.
