Codere Online posts 8% net gaming revenue rise in Q1 2025 as Mexico growth offsets Spain dip

Codere Online, the Nasdaq-listed online gaming operator active in Spain and Latin America, has published preliminary unaudited financial results for the quarter ended 31 March 2025.

Total revenue came in at €54.3 million, while net gaming revenue, a non-IFRS measure, reached €57.0 million, an 8% increase on the same period last year (17% in constant currency). Mexico was the standout market, with revenue of €27.6 million and net gaming revenue of €30.5 million, up 15% year on year (34% in constant currency), despite a 16% devaluation of the Mexican peso. Spain’s net gaming revenue slipped 2% to €21.9 million.

The group reported a net loss of €0.7 million for the quarter, reversing a €3.4 million net income in Q1 2024. Cash stood at €41.8 million as of 31 March 2025. Average monthly active players rose 13% to 161,300, with Mexico active players up 31% to 82,000.

Guidance and buyback

Codere Online reiterated its 2025 outlook of €220-230 million in net gaming revenue and €10-15 million in adjusted EBITDA. Under its $5.0 million share buyback plan, approved by shareholders in March 2025 for up to one million ordinary shares over a year, the company had repurchased 68,384 shares for around $0.5 million at an average price of $6.63 as of 15 May 2025.

Nasdaq compliance issues

The company filed its 2023 annual report on 1 May 2025, ahead of a 12 May deadline, and Nasdaq confirmed on 15 May that it had regained compliance with listing requirements. However, Codere Online said it is still completing the audit of its 2024 accounts and expects to file its 2024 annual report by the end of May. As this filing missed the 15 May deadline, including the grace period, the company anticipates receiving a delisting notice from Nasdaq. It said it will request a hearing with the Nasdaq Hearings Panel and seek a stay on any trading suspension, while expecting to file the 2024 report and restore compliance before any hearing takes place.

Chief executive Aviv Sher said the group made a good start to the year, citing the growth in net gaming revenue and Mexico’s performance despite currency headwinds. Chief financial officer Oscar Iglesias highlighted the 31% rise in Mexico’s active customer base and said the company remains on track to meet its full-year guidance.

Codere Online’s management hosted a conference call on 16 May 2025 to discuss the results, with materials made available on the company’s website.