Codere Online Reports Financial Results for the Third Quarter 2023

Codere Online has released its financial results for the third quarter and nine month period ended September 30, 2023.
Below are the main financial and operating metrics of the period.

  • Total revenue was €41.1 mm in Q3 2023, while net gaming revenue1 was €43.2 mm in the period, 42% and 41% above those from Q3 2022, respectively.
  • Mexico revenue was €18.8 mm in Q3 2023, while net gaming revenue1 was €21.0 mm in the period, 63% above Q3 2022.
  • Spain revenue (and net gaming revenue) reached €18.9 mm in Q3 2023, 27% above Q3 2022.
  • Net loss was €1.8 mm in Q3 2023 versus a net loss of €11.6 mm in Q3 2022.
  • Total cash position of €43 mm as of September 30, 2023.
  • Increasing full year 2023 net gaming revenue and Adj. EBITDA outlook to €155-165 mm and negative €10-18 mm, respectively, and reiterating plan to be Adj. EBITDA and cash flow positive for the full year in 2024.

Aviv Sher, CEO of Codere Online, stated, “We’re very pleased with our performance in the third quarter and to be presenting another set of impressive results. This quarter we not only posted significant net gaming revenue growth of 41% to €43 million, but also took a significant step in our path to profitability with break even Adjusted EBITDA in the period. It was a solid quarter for sports betting, with the return of the major sporting events, but also for our casino product, which contributed 58% of our revenue in the period."

Oscar Iglesias, CFO of Codere Online, stated, “Our third quarter results have shown that the combination of a strong brand, high-quality customer acquisitions and an attractive product offering has allowed us to deliver not only strong top line growth but also a significant improvement in profitability, with our first quarter of breakeven Adjusted EBITDA less than two years following our U.S. listing."
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