Codere Online Reports Significant Growth in Q1 2025

Codere Online announces significant growth in the first quarter of 2025, posting a €54.3 million (about $61 million) revenue, up 8% compared to the same period of 2024.

Codere Online Announces Its Q1 Revenue

CEO of Codere Online, Aviv Sher, said that the company is off to a great start in 2025. He noted that in Mexico, net gaming revenue increased by 15% to €30.5 million (approximately $33 million), despite a 16% depreciation of the Mexican peso. In contrast, net gaming revenue in Spain was slightly lower than the previous year, totaling €21.9 million (around $23.7 million).

Oscar Iglesias, CFO of Codere Online, also expressed satisfaction with the company’s financial results, pointing out how important the Mexican market was for the growth seen. He also said that the company’s number of active clients grew by an impressive 31% compared to the same quarter last year, which management views as a highly encouraging sign.

Iglesias further added that, based on these results, the company believes it is on track to meet its previously communicated net gaming revenue outlook of €220 million–€230 million (approximately $238 million–$248 million) and adjusted EBITDA guidance of €10 million–€15 million (around $10.8 million–$16.2 million) for the year.

It Was Not Easy for the Company, However

Despite Codere Online posing some impressive results recently, they come at the tail end of some troubles the company has had. Codere Online saw various perils to its business in late 2024, including parting ways with its auditor Marcum. In addition, the company was involved in a lawsuit that sought to address potential securities fraud and additional illicit practices. This all caused a noticeable fall in Codere Online’s shares at the beginning of this year.

In addition, the company reported a net loss of €0.7 million (approximately $0.76 million) in Q1 2025, a notable reversal from the net income of €3.4 million (around $3.67 million) posted in Q1 2024, reflecting a significant year-over-year decline in profitability. Codere Online also anticipates receiving a delisting notice from Nasdaq due to its failure to file the 2024 annual report by the May 15 deadline, underscoring ongoing compliance challenges. Meanwhile, revenue in Spain declined slightly by 2%, suggesting potential difficulties in sustaining market share within this important region.

However, despite these troubles, Codere Online still made quite a significant step forward when it comes to total revenue compared to Q1 of 2024. The company maintains its statement of continuing to grow and succeed in the Latin American market.