Codere Online Achieves 34% Revenue Surge in Q1 2024, Reaching €53 Million in Net Gaming Revenue

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Operator Codere Online has recently revealed its preliminary unaudited financial results for the first quarter ending on March 31, 2024. These revenue results underscore a period of significant growth and achievement for the company, marked by substantial increases in key financial metrics.

Codere Online

Stellar Financial Highlights

In the first quarter of 2024, Codere Online recorded total revenue of €50.4 million, with net gaming revenue soaring to €53 million (equivalent to $57.58 million), reflecting a remarkable 34% year-on-year increase. This surge in revenue is particularly noteworthy and serves as a testament to the company’s robust operational performance and strategic initiatives.

Market-Specific Performance

Codere Online’s financial success extends beyond its overall revenue growth, with specific markets demonstrating exceptional performance. Notably, Mexico emerged as a standout market, generating revenue amounting to €23.8 million. Similarly, Spain showcased impressive revenue figures, reaching €22.3 million. These strong performances in key markets underscore Codere Online’s strategic focus and effective execution in driving growth and market penetration.

Significant Improvement in Net Income

A particularly encouraging aspect of Codere Online’s financial report is the significant improvement in net income. In the first quarter of 2024, the company achieved a net income of €3.4 million, representing a substantial improvement from a net loss of €1.3 million during the same period in 2023. This impressive turnaround underscores Codere Online’s enhanced operational efficiency and financial resilience.

Insights from Codere Online Leadership

Aviv Sher, CEO of Codere Online, expressed his satisfaction with the company’s performance, emphasizing the robust revenue growth and the acquisition of high-quality customers. He attributed the success to targeted marketing efforts, which led to a considerable increase in the active customer base and enhanced customer spending.

Oscar Iglesias, Codere Online’s CFO, echoed Sher’s sentiments, highlighting the surpassing of top-line growth expectations and the positive adjusted EBITDA contribution from Mexico. He emphasized the company’s progress towards achieving full-year profitability targets, citing the strong performance in both Mexico and Spain as key drivers of success.

Looking Ahead

As Codere Online continues its trajectory of growth and success, the company remains committed to delivering value to its stakeholders and sustaining its position as a leader in the online gaming industry. With a strategic focus on market expansion, customer acquisition, and operational excellence, Codere Online is poised for continued success in the dynamic and competitive landscape of online gaming.

In conclusion, Codere Online’s exceptional financial performance in the first quarter of 2024 reflects its resilience, strategic vision, and commitment to excellence. With robust revenue growth, market-specific successes, and improved net income, Codere Online demonstrates its capacity to thrive in a rapidly evolving industry landscape.

FAQs About Codere Online’s Q1 2024 Financial Results

1. What are the financial results announced by Codere Online for Q1 2024?

Codere Online reported total revenue of €50.4 million and net gaming revenue of €53 million ($57.58 million), reflecting a 34% year-on-year increase.

2. Which markets showed notable revenue performance according to Codere Online’s financial report?

Mexico and Spain demonstrated exceptional revenue performance, with Mexico generating €23.8 million and Spain reaching €22.3 million in revenue.

3. How does Codere Online’s net income compare to the previous year’s performance?

Codere Online achieved a net income of €3.4 million in Q1 2024, marking a significant improvement from a net loss of €1.3 million in the same period of 2023.

4. What factors contributed to Codere Online’s strong performance in Q1 2024?

Codere Online’s CEO attributed the success to targeted marketing efforts, resulting in a 25% increase in the active customer base and higher customer spending.

5. What insights did Codere Online’s CFO provide regarding the financial results?

Codere Online’s CFO highlighted the company’s surpassing of top-line growth expectations and the positive contribution from Mexico to adjusted EBITDA.

6. How does Codere Online plan to sustain its success in the future?

Codere Online remains committed to strategic initiatives focused on market expansion, customer acquisition, and operational excellence to maintain its leadership in the online gaming industry.

7. What sets Codere Online apart in the competitive online gaming landscape?

Codere Online’s exceptional financial performance, market-specific successes, and commitment to excellence distinguish it as a leader in the dynamic online gaming industry.

8. How can stakeholders benefit from Codere Online’s financial success?

Stakeholders can expect continued value creation and sustained growth opportunities from Codere Online’s strong financial performance and strategic vision.