Codere Online's Q1 2025 Financial Highlights and Insights
Codere Online's Impressive Q1 2025 Financial Performance
Codere Online (NASDAQ: CDRO, CDROW) has announced its preliminary unaudited financial results for the first quarter of 2025, reflecting a strong performance in the competitive online gaming sector. The company achieved total revenue of €54.3 million and net gaming revenue of €57.0 million, marking an 8% increase compared to the same period last year.
Revenue Breakdown and Growth Across Markets
In the first quarter, Mexican operations significantly contributed to growth with revenues totaling €27.6 million. This shows a remarkable 15% rise in net gaming revenue year-over-year, which reflects an impressive performance even amid the economic fluctuations and currency devaluation challenges.
Conversely, revenues from Spain were slightly down, with net gaming revenue reaching approximately €21.9 million, which is a 2% decrease from €22.3 million in the previous year. This highlights the regional differences in market dynamics that the company navigates.
Financial Position and Strategic Outlook
Despite reported net losses of €0.7 million for March 31, 2025, Codere Online remains optimistic about its future. The company holds a solid cash position amounting to €41.8 million. Management continues to affirm its guidance for the fiscal year 2025, targeting net gaming revenue between €220 and €230 million, alongside a projected Adjusted EBITDA of €10 to €15 million.
Share Buyback and Investor Engagement
From the ongoing share buyback plan initiated earlier this year, Codere Online has repurchased $0.5 million worth of its shares, demonstrating confidence in its long-term value proposition to investors. The strategic move of returning capital underscores the management's commitment to enhancing shareholder value.
Management Insights on Performance
Codere Online's CEO, Aviv Sher, expressed satisfaction with the growth trajectory, particularly emphasizing the robust performance in Mexico where the business experienced a 15% increase in net gaming revenue in local currency. Sher noted that this growth showcases Codere's resilience and adaptability amidst varying economic conditions.
Comments from CFO Oscar Iglesias highlighted the significant increase in the company's portfolio of active players, which grew by 31% year-over-year. This expansion is crucial in establishing a strong base for sustainable growth moving forward.
Compliance and Regulatory Updates
On May 1, 2025, Codere filed its 2023 annual report, ahead of the deadline. Following this, the company received confirmation from Nasdaq that it had regained compliance with its listing requirements, which is a positive step for its continued operations in public markets.
Future Conference and Financial Engagement
Management will be hosting a conference call to discuss these results and provide further business updates, allowing stakeholders to gain deeper insights into the company's strategy and future initiatives. The call is scheduled for 8:30 am US Eastern Time.
Recent Developments and Company Background
Codere Online operates in Spain and Latin America, offering premier online sports betting and casino gaming experiences. Launched in 2014, Codere has blended technological innovation with operational excellence, forming a robust omnichannel gaming entity. The Codere Group, with decades of experience, supports the online platform, enhancing its effectiveness across several markets.
Frequently Asked Questions
What were Codere Online's net gaming revenues in Q1 2025?
In the first quarter of 2025, Codere Online reported net gaming revenues of €57.0 million, reflecting an 8% increase from the previous year.
How does Codere's performance in Mexico compare to Spain?
Mexico showed a strong growth of 15%, achieving €30.5 million in net gaming revenue, while Spain faced a slight decline to €21.9 million.
What is Codere's outlook for net gaming revenue for 2025?
Codere Online has reiterated its outlook for 2025 net gaming revenue between €220 and €230 million.
Has Codere Online initiated any share repurchases?
Yes, Codere Online has repurchased $0.5 million in shares under its share buyback plan.
When is Codere's next investor call scheduled?
Codere plans to hold a conference call on May 16, 2025, at 8:30 am US Eastern Time to discuss the financial results and outlook.
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