Codere Online ( (CDRO) ) has released its Q1 earnings. Here is a breakdown of the information Codere Online presented to its investors.
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Codere Online, a prominent online gaming operator in Spain and Latin America, offers online sports betting and casino services. The company has reported its financial results for the first quarter of 2025, showcasing a total revenue of €54.3 million and a net gaming revenue of €57.0 million, marking an 8% increase from the previous year. Despite a net loss of €0.7 million compared to a net income of €3.4 million in Q1 2024, the company maintains a strong cash position of €41.8 million.
Key highlights from the report include a significant 15% growth in Mexico’s net gaming revenue, reaching €30.5 million, despite currency devaluation challenges. The average monthly active players increased by 13% overall, with Mexico experiencing a notable 31% rise. Codere Online has also repurchased $0.5 million worth of shares as part of its $5.0 million share buyback plan.
The company has reiterated its 2025 outlook, expecting net gaming revenue between €220-230 million and adjusted EBITDA of €10-15 million. Additionally, Codere Online is working towards regaining compliance with Nasdaq listing requirements, following the filing of its 2023 annual report.
Looking ahead, Codere Online remains optimistic about achieving its financial targets for 2025, driven by strong performance in key markets and strategic initiatives to enhance shareholder value.