Codere Online reports 33% surge in Q4 net gaming revenue to $54M, eyes profitable 2024

Multinational gaming company Codere Online saw its total revenue grow 32% to €46.9 million ($51 million) in the fourth quarter of 2023, while net gaming revenue reached €50.1 million ($54.2 million) during the period, up 33% from Q4 2022. Driven by the record quarterly net gaming revenue, full-year revenue jumped by 40 percent to €171.9 million ($185.7 million).

Overall revenue from Mexico reached €22.6 million ($24.5 million) in Q4 2023 and net gaming revenue stood at €25.1 million ($27 million) in the period, 54% above Q4 2022. For the full year, it amounted to €81.7 million ($88.2 million), a 60% rise.

Revenue and net gaming revenue from Spain reached €20.8 million ($22.5 million) during the quarter, marking an increase of 17% above Q4 2022. The market also saw a 26% year-on-year rise in revenue to €75.7 million ($81.8 million) for the full year.

The company narrowed its net loss to €1 million in Q4 2023 from €17.4 million ($19 million) in the same period last year. Codere Online said it now expects to generate positive adjusted EBITDA in 2024 after the favorable Q4 results.

“In Q4 2023 we delivered an impressive 33% growth in net gaming revenue to €50 million, our highest ever quarterly figure, despite a tough comp with the World Cup in the prior year period,” Aviv Sher, CEO of Codere Online, said.

"Our strategic focus on Mexico and Spain, where we are seeing a strong return on marketing investment, has proven successful, with significant increases in both our active customer base and spend per customer. Casino continued to exceed our expectations with a second consecutive quarter contributing 58% of total net gaming revenue in the period."

The company said its total cash position was €41 million ($44.4 million) as of December 31, 2023. It also stated it expects net gaming revenue of €185-200 million ($200- $217 million) for the full year 2024 and anticipates positive Adjusted EBITDA and cash flow.

“We are very encouraged by our performance in 2023 which further supports our expectation that we will generate positive Adjusted EBITDA and cash flow for the full year in 2024, a year in which we expect net gaming revenue of €185-200 million,” Oscar Iglesias, CFO of Codere Online, said.

"In short, we expect to deliver upon our original commitment to investors to be a profitable company in the third year after de-SPAC and are more committed than ever to creating meaningful value for our shareholders."