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Codere Online has successfully achieved its objective of returning to profitability, as leadership reassures investors that the company will maintain its shareholding uninterrupted on the Global Nasdaq exchange.
Publishing its Q4 and 2024 results, Codere Online registered full-year corporate revenues of €211m, up 23% on FY2023 comparatives of €172m.
Maintaining the KPI of average active monthly players in Spain of 48,000 and in Mexico of 68,000, as Codere Online achieved Q4 revenues totalling €50m and net income contribution of €6.8m.
Of strategic importance, year-end accounts saw Codere Online display a positive net income of €3m, as the group reveals its first income profits since listing on the Nasdaq in 2021.
CEO Aviv Sher, stated, “We delivered another solid quarter, with net gaming revenue reaching €52.6 million, a 5% increase compared to the fourth quarter of 2023.
“In Mexico, net gaming revenue was flat at €25.1 million, driven by the significant devaluation of the Mexican peso. On a constant currency basis, our growth in Mexico would have been 14%. Meanwhile, Spain continued to perform well, with net gaming revenue rising 10% to €22.8 million.”
In a key update for investors, Codere Online has successfully secured an extension from the Nasdaq Hearings Panel, ensuring the company’s continued listing on the exchange.
The panel granted the company’s request to continue trading on Nasdaq as of 12 February 2025, on the contingent that the company files its 2023 annual report by the deadline of 12 May 2025.
Codere Online has assured investors that it is working diligently to complete and submit the report well within the granted extension period. The firm maintains that issues are primarily related to its change of auditing firms during the financial year of 2023.
Addressing investors, Aviv Sher said: “While this Nasdaq compliance issue has taken a lot more time and energy than we would have liked, we believe that things are moving in the right direction and currently expect to file our 2023 annual report within the extended deadline.”
Looking ahead, Codere Online has set an ambitious 2025 outlook, forecasting net gaming revenue of €220-230m and an Adjusted EBITDA of €10-15m. The company also maintains a strong cash position of €40.5m as of 31 December 2024.
CFO Oscar Iglesias expressed optimism about the company’s trajectory, stating: “We are very encouraged by our 2024 results and our ability to meet our commitment to investors despite the headwinds we faced, mostly on the currency front. For 2025, we anticipate net gaming revenue of €220-230 million and an Adjusted EBITDA of €10-15 million.”
He further announced a share buyback plan of up to $5 million, highlighting the company’s confidence in its future cash flow generation and business stability.
While the company has demonstrated strong financial performance, it also faces new regulatory challenges. On 14 February 2025, Colombia’s Ministry of Finance introduced a 19% value-added tax (VAT) on all online deposits through an executive decree. The tax will take effect on 21 February 2025 and remain in place until 31 December 2025.
Codere Online is currently assessing the potential financial and operational impacts of this tax, as well as considering legal avenues to challenge its constitutionality. The company remains committed to navigating regulatory changes while maintaining its growing foothold in the Latin American market.
