Codere Online Surges with Strong Q3 Performance and Upgrades 2023 Forecasts

The NASDAQ-listed gaming company Codere Online has posted strong Q3 results, with double-digit growth in net gaming revenue (NGR) coming from notable expansion in its two main regions, Mexico and Spain. The firm reported its first-ever breakeven quarter in adjusted EBITDA, a significant step towards profitability, therefore the favorable results are noteworthy.

Codere Online saw a 41% YoY rise in NGR for the Q3 quarter ended September 30, reaching €43.2 million. Mexico was the standout performance, exceeding forecasts with a stunning 63% increase in sales to reach €21.0 million. The second-largest market, Spain, reported a 27% increase in NGR to €18.9 million. On the other hand, the smallest market, Colombia, had a minor decline of 5% to €1.5 million.

Strategic Shifts and Market Dynamics

The casino division of Codere Online maintained its top spot as the most profitable, accounting for 58% of Q3 2023 NGR as opposed to 53% in the prior year. The remaining 42% was made up of the sports betting industry. The company’s average monthly active player count increased by 19% to 124,500, which fueled its expansion.

The wise control of marketing expenses, which witnessed a drop from €24.3 million to €19.7 million YoY, is noteworthy. As a consequence, marketing only accounted for 46% of NGR in Q3 2023, down from around 80% in the same time the previous year.

Codere Online CEO Aviv Sher called the quarter a “significant step in our path to profitability.” Oscar Iglesias, CFO of Codere Online, emphasized that the company’s impressive top-line growth and enhanced profitability were largely due to its strong brand, excellent customer acquisitions, and appealing product offering.

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Motivated by the impressive Q3 results, Codere Online has raised its 2023 prediction for the second quarter in a row. The prior projection of €150 million to €160 million was replaced with a revised NGR prediction that falls between €155 million and €165 million. From the prior projection of minus €15 million to negative €25 million, adjusted EBITDA is now forecast to be negative €10 million to negative €18 million, a positive adjustment.

The business, which had its NASDAQ debut in December 2021, reaffirms its goal of attaining adjusted EBITDA and cash flow positive for the entire year 2024, solidifying its standing as a major participant in the world gaming industry.

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