Codere Online revenue jumped in the first quarter of 2025. The company reported a solid performance, especially in its Mexican market. Net gaming revenue rose to €57 million, an 8% increase year-over-year.

  • Codere Online revenue in Mexico reached €30.5 million in Q1 2025, up 15% from Q1 2024. This growth came despite a 16% devaluation of the Mexican peso. The company’s CEO, Aviv Sher, highlighted Mexico’s resilience and importance to the overall growth.

  • Spain brought in €21.9 million in net gaming revenue, a 2% dip from last year. Average monthly active players in Spain rose by 4% to 52,000. Revenue was flat due to stable customer activity and no accounting adjustments.

  • Other markets, including Colombia and Argentina, contributed €4.5 million in net gaming revenue. That’s a 10% increase over Q1 2024. However, average monthly active users in these regions fell by 11%.

  • Total average monthly active players across all regions climbed to 161,300, a 13% year-over-year rise. Mexico led this increase with 82,000 active users, up 31%. CFO Oscar Iglesias said this growth supports confidence in hitting the 2025 revenue outlook.

  • The company posted a net loss of €0.7 million compared to a €3.4 million profit last year. Adjusted EBITDA was €1.8 million, up slightly from €1.7 million in Q1 2024. Interest expense and valuation changes of public warrants impacted profitability.

  • Codere Online maintained its 2025 guidance of €220–230 million in net gaming revenue and €10–15 million in adjusted EBITDA. The company’s cash position stood at €41.8 million at the end of March 2025. Management reaffirmed its targets despite short-term losses.

  • A share buyback program authorized in March 2025 allowed the company to repurchase $0.5 million worth of shares. A total of 68,384 shares were bought at an average price of $6.63. This is part of a $5 million buyback initiative approved by the board.

  • On compliance, Codere Online filed its 2023 annual report on time and regained Nasdaq listing compliance. It expects a delisting notice for missing the 2024 report deadline but plans to request a hearing. The company aims to re-establish compliance before any trading suspension.

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