Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a prominent online gambling operator in Spain and Latin America, today announced preliminary unaudited financial results for the quarter and year ended December 31, 2024.
The following are the period’s key financial and operational measures.
Numbers in short
Total revenue in Q4 2024 was €50.0 million, with net gaming revenue of €52.6 million, 5% more than in Q4 2023.
Net income excluding the non-cash variation in fair value of public warrants was €6.8 million in 2024, compared to a net loss of €4.0 million in 2023.
As of December 31, 2024, the total cash position stood at €40.5 million.
The full-year 2025 net gaming revenue projection is €220-230 million, with adjusted EBITDA of €10-15 million.
The company plans to launch a share buyback program of up to $5.0 million.
| Quarter ended December 31 | Year ended December 31 | ||||||
| 2023 | 2024 | Chg. % | 2023 | 2024 | Chg. % | ||
| Net Gaming Revenue (EUR mm)1 | |||||||
| Spain | 20.8 | 22.8 | 10% | 75.7 | 87.7 | 16% | |
| Mexico | 25.1 | 25.1 | – | 81.7 | 106.6 | 30% | |
| Other | 4.2 | 4.6 | 10% | 14.5 | 17.3 | 19% | |
| Total | 50.1 | 52.6 | 5% | 171.9 | 211.6 | 23% | |
| Avg. Monthly Active Players (000s)[5] | |||||||
| Spain | 47.4 | 48.7 | 3% | 42.3 | 49.7 | 17% | |
| Mexico | 59.1 | 68.9 | 17% | 52.5 | 64.4 | 23% | |
| Other | 32.6 | 29.8 | (9%) | 33.5 | 30.8 | (8%) | |
| Total | 139.2 | 147.5 | 6% | 128.3 | 144.9 | 13% | |
Aviv Sher, CEO of Codere Online, commented, “We had another excellent quarter, with net gaming revenue reaching €52.6 million, up 5% from the fourth quarter of 2023.
In Mexico, net gaming revenue remained constant at €25.1 million, owing to the severe devaluation of the Mexican peso.
On a constant currency basis, our growth in Mexico would have been 14%. Meanwhile, Spain’s net gaming revenue increased 10% to €22.8 million.”
Oscar Iglesias, CFO of Codere Online, stated, “Our excellent fourth-quarter performance boosted our full-year net gaming revenue to approximately €212 million, 10% higher than the midpoint of our initial €185-200 million forecast from early 2024.
More importantly, we generated a fourth consecutive quarter of positive Adjusted EBITDA, allowing us to reach €6.4 million for the year, which is at the higher end of our forecast of €2.5-7.5 million.”
Mr. Iglesias continued, “We are quite encouraged by our 2024 results and our ability to meet our commitments to investors despite the obstacles we faced, primarily on the currency front. For 2025, we expect net gaming revenue of €220-230 million and adjusted EBITDA of €10-15 million.
We are also pleased to announce a share buyback plan of up to $5.0 million, reflecting our confidence in the business and future cash flow production.”
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Recent Events
Listing Extension from Nasdaq
- Following a hearing on January 16, 2025 at which the Company presented its plan to regain compliance, the Nasdaq Hearings Panel granted the Company’s request to continue its listing on Nasdaq on February 12, 2025;
- The extension is subject to the Company filing its 2023 annual report on or before May 12, 2025;
- The Company continues to work diligently to complete and file its 2023 annual report as soon as possible and expects to do so within the extension period it has been granted.
Implementation of a Share Buyback Plan
- The Board of Directors of the Company has authorized (subject to obtaining shareholder approval) the repurchase of up to $5.0 million of the Company’s stock over a one year period;
- A general meeting of shareholders will be convened today and held on March 3, 2025 to approve the plan and the conditions under which it may be executed;
- The share buyback plan does not require the Company to acquire any specific number of shares and may be terminated at any time.
New Tax in Colombia
- On February 14, 2025, Colombia’s Ministry of Finance introduced, through executive decree, a value added (i.e. indirect) tax of 19% on all online deposits;
- The tax will be effective on February 21, 2025 and will remain in effect through December 31, 2025, though we expect legal challenges from the industry with respect to its constitutionality;
- The Company is currently assessing how it will respond from a legal and operating perspective to this tax and potential impacts on its business in Colombia.
Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)
Quarter ended December 31 | Year ended December 31 | ||||||
| Figures in EUR mm | 2023 | 2024 | Chg. % | 2023 | 2024 | Chg. % | |
| Total | |||||||
| Revenue | 46.9 | 50.0 | 7% | 162.6 | 201.4 | 24% | |
| (+) Accounting Adjustments[6] | 3.1 | 2.6 | (16%) | 9.2 | 10.2 | 11% | |
| Net Gaming Revenue | 50.1 | 52.6 | 5% | 171.9 | 211.6 | 23% | |
| Spain | |||||||
| Revenue | 20.8 | 22.8 | 10% | 75.7 | 87.7 | 16% | |
| (+) Accounting Adjustments6 | – | – | n.m. | – | – | n.m. | |
| Net Gaming Revenue | 20.8 | 22.8 | 10% | 75.7 | 87.7 | 16% | |
| Mexico | |||||||
| Revenue | 22.6 | 22.3 | (1%) | 73.3 | 95.7 | 31% | |
| (+) Accounting Adjustments6 | 2.5 | 2.8 | 12% | 8.4 | 10.9 | 30% | |
| Net Gaming Revenue | 25.1 | 25.1 | – | 81.7 | 106.6 | 30% | |
| Other | |||||||
| Revenue | 3.6 | 4.9 | 36% | 13.7 | 17.9 | 31% | |
| (+) Accounting Adjustments6 | 0.6 | (0.2) | (133%) | 0.8 | (0.7) | n.m. | |
| Net Gaming Revenue | 4.2 | 4.6 | 10% | 14.5 | 17.3 | 19% | |
Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)
| Quarter ended December 31 | Year ended December 31 | ||||||
| Figures in EUR mm | 2023 | 2024 | Chg. | 2023 | 2024 | Chg. | |
| Net Income (Loss) | (1.0) | 6.7 | 7.7 | (3.1) | 3.7 | 6.8 | |
| (+/-) Provision for Corporate Income Tax | (4.5) | (1.0) | 3.5 | (7.2) | 2.0 | 9.2 | |
| (+/-) Interest Expense / (Income) | 5.0 | (1.6) | (6.6) | (4.9) | (4.4) | 0.5 | |
| (+/-) Var. In Fair Value of Public Warrants | (0.2) | (2.7) | (2.5) | (0.9) | 3.1 | 4.0 | |
| (+) D&A | 0.0 | 0.3 | 0.2 | 0.1 | 0.4 | 0.3 | |
| EBITDA | (0.7) | 1.7 | 2.4 | (16.0) | 4.8 | 20.8 | |
| (+) Employee LTIP Expense | 0.9 | 0.1 | (0.8) | 3.5 | 1.7 | (1.8) | |
| (+/-) Other Accounting Adjustments | (4.3) | 0.0 | 4.4 | 0.4 | (0.1) | (0.4) | |
| Adj. EBITDA (Pre Non-Recurring Items) | (4.1) | 1.9 | 6.0 | (12.2) | 6.4 | 18.6 | |
| (+) Non-Recurring Items | 0.0 | 0.0 | 0.0 | 0.5 | 0.0 | (0.5) | |
| Adj. EBITDA | (4.1) | 1.9 | 6.0 | (11.7) | 6.4 | 18.1 | |
About Codere Online
Codere Online includes Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, part of the renowned casino operator Codere Group, began in 2014 and provides online sports betting and casino services via its cutting-edge website and mobile applications.
Codere Online now operates in its primary markets of Spain, Mexico, Colombia, Panama, and Argentina; this online business is supported by Codere Group’s physical presence in Spain and throughout Latin America, which serves as the foundation for the industry’s leading omnichannel gaming and casino presence.
About Codere Group
Codere Group is a multinational corporation dedicated to entertainment and leisure. It is a major player in the private gaming market, with four decades of experience and operations in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).
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