Codere Online posts $63.8M net gaming revenue in Q1, up 8%

Online gaming operator Codere Online reported an 8% rise in net gaming revenue for the first quarter of 2025, but warned of a potential Nasdaq delisting due to a delayed annual filing.

Net gaming revenue rose to €57.0 million ($63.8 million) in the three months ended March 31, up from €52.8 million ($59.11 million) a year earlier, driven by growth in Mexico despite currency headwinds. Total revenue came in at €54.3 million ($60.79 million).

Aviv Sher, CEO of Codere Online, said: “We are off to a good start in 2025, with net gaming revenue reaching €57.0 million in the first quarter, an 8% increase compared to the same period last year. In Mexico, net gaming revenue grew 15% to €30.5 million, despite the 16% devaluation of the Mexican peso. Meanwhile, net gaming revenue in Spain was slightly below last year’s at €21.9 million.”

Codere reported a net loss of €0.7 million for the quarter, reversing a €3.4 million profit in the same period last year. The company ended the quarter with €41.8 million in cash.

CFO Oscar Iglesias said: “We are very pleased with our performance in Mexico and the underlying trends in local currency. Also, our portfolio of active customers grew by an impressive 31% versus the prior year quarter which is quite encouraging”.

The company reaffirmed its full-year 2025 guidance for net gaming revenue of €220–230 million and adjusted EBITDA of €10–15 million. “Based on these results, we believe that we are on track to meet our net gaming revenue outlook,” Iglesias added.

Codere also repurchased 68,384 shares under its $5.0 million share buyback plan, spending approximately $0.5 million at an average price of $6.63 per share.

On the regulatory front, Codere said it had filed its 2023 annual report on May 1 and regained compliance with Nasdaq’s listing requirements as of May 15. However, a delisting notice is expected due to the company missing the May 15 deadline for its 2024 filing.

Codere said it would request a hearing and seek a stay of any trading suspension. It expects to file the 2024 annual report by the end of May.