Codere Online has announced its financial results for the third quarter of 2024. The company reported growth in both revenue and active players. However, it is addressing a potential delisting from Nasdaq due to a delayed filing.

  • Total revenue reached €49.2 million in Q3 2024, with net gaming revenue at €51.7 million. This marks a 20% increase compared to the same period in 2023. The growth reflects the company’s expanding operations.
  • In Mexico, revenue was €24.2 million, with net gaming revenue at €26.7 million. This represents a 27% rise from Q3 2023. The increase occurred despite the devaluation of the Mexican peso.
  • Spain reported revenue and net gaming revenue of €20.9 million. This is an 11% growth over the previous year. The steady performance indicates a stable market presence.
  • The average number of monthly active players rose to 143,400. This is a 15% increase from Q3 2023. The rise suggests effective customer engagement strategies.
  • Adjusted EBITDA for the quarter was €1.5 million. This marks the third consecutive quarter of positive Adjusted EBITDA. Year-to-date total stands at €4.5 million.
  • The total cash position as of September 30, 2024, was €44.0 million. This financial standing supports ongoing operations. It also provides a buffer for future investments.
  • The company received a delisting notice from Nasdaq on November 12, 2024. This was due to the delayed filing of its Form 20-F for the year ended December 31, 2023. A hearing is scheduled for January 16, 2025, to appeal the decision. Codere Online is working diligently to complete and file the required document as soon as possible. The company aims to resolve the issue promptly. It is committed to maintaining its Nasdaq listing.
  • The company expects to finish the year in the upper part of both its net gaming revenue outlook of €205 – 215 million and Adjusted EBITDA outlook of positive €2.5 – 7.5 million. This reflects confidence in its financial performance. The company anticipates continued growth.