Codere Online Luxembourg, S.A. reports developments for an online gaming operator that offers sports betting and online casino through websites and mobile applications. The company operates in Spain, Mexico, Colombia, Panama and Argentina, with news often centered on net gaming revenue, adjusted EBITDA, monthly active players and market-level performance in Spain and Mexico.
Recurring updates also cover product expansion and content relationships, including poker, casino games and technology-provider partnerships, along with annual report filings, investor conference participation, share repurchase activity and balance-sheet disclosures such as cash and financial debt.
Codere Online (NASDAQ: CDRO) has released its Q4 and full-year 2024 financial results, showing positive growth trends. The company reported Q4 total revenue of €50.0 million and net gaming revenue of €52.6 million, representing a 5% increase from Q4 2023. Net income excluding non-cash variation in fair value of public warrants reached €6.8 million in 2024, compared to a €4.0 million loss in 2023.
The company ended 2024 with a total cash position of €40.5 million and achieved its fourth consecutive quarter of positive Adjusted EBITDA, totaling €6.4 million for the full year. Looking ahead, Codere Online has provided 2025 guidance projecting net gaming revenue of €220-230 million and Adjusted EBITDA of €10-15 million.
Notable developments include a Board-approved share buyback plan of up to $5.0 million (subject to shareholder approval) and the implementation of a new 19% VAT on online deposits in Colombia, effective February 21, 2025.
Codere Online (NASDAQ: CDRO) has received a listing extension from the Nasdaq Hearings Panel, allowing the company to maintain its listing subject to filing its 2023 Annual Report by May 12, 2025. The extension was granted following a hearing on January 16, 2025, where the Panel reviewed the company's compliance plan for Listing Rule 5250(c)(1).
The company is actively working with its new auditor to complete and file the required 2023 Annual Report with the SEC within the granted extension period. Additionally, Codere Online has announced it will release its Q4 2024 financial results on February 20, 2025, before 8:30 AM US Eastern Time, followed by a management conference call to discuss results and provide a business update.
Codere Online (NASDAQ: CDRO) has commenced operations in Buenos Aires, Argentina, under a 5-year license from LOTBA. This move allows the company to tap into a market with an adult population of nearly 2.4 million, enhancing its presence in Latin America. The gross gaming revenue generated will incur a 10% tax. Codere Online now operates across six markets, including Spain and Mexico, and aims to leverage its established brand in Argentina to attract new customers.