Codere Online Luxembourg (CDRO) Q3 2024 earnings summary

Executive summary

• Q3 2024 Net Gaming Revenue reached €52 million, up 20% year-over-year, driven by strong growth in Mexico and Spain despite currency headwinds.

• Adjusted EBITDA was €1.5 million for Q3 2024, marking the third consecutive quarter of positive results.

• Mexico's NGR rose 27% to €27 million, and Spain's NGR increased 11% to nearly €21 million.

• Average monthly active users increased 15% year-over-year to approximately 143,000, with average monthly spend per active up 4%.

• The company is addressing a Nasdaq delisting process, with a hearing scheduled for January 16, and is prioritizing the completion of its 20-F filing.

Financial highlights

• Net Gaming Revenue for Q3 2024 was €52 million, up 20% year-over-year; year-to-date NGR was €159.1 million, up 31%.

• Adjusted EBITDA was €1.5 million in Q3 2024 and €4.5 million for the first nine months, compared to a loss of €7.6 million in the prior year.

• Available cash at quarter-end was €44 million, with €38 million available.

• Cash flow from operations was €5.1 million for the first nine months of 2024; Q3 cash generation was €3.5 million.

• Net income for the nine months ended September 2024, excluding warrant fair value changes, was €2.8 million.

Outlook and guidance

• Management expects to finish 2024 at the upper end of the €205–215 million NGR outlook and €2.5–7.5 million Adjusted EBITDA guidance.

• No formal guidance for 2025 yet; focus remains on strong year-end execution.