Codere Online said it expects to generate positive adjusted EBITDA in 2024 after it cut its loss to €1m in Q4 2023, down from €17m.
Steered by record quarterly net gaming revenue in Q4 of €50.1m – up 33 per cent year-on-year – full-year revenue jumped by 40 per cent to €171.9m.
Codere’s Q4 revenue in Mexico rose by 54 per cent in Q4 to €25.1m and reached €81.7m for the full year, a 60 per cent rise.
Net gaming revenue in Spain, meanwhile, climbed 17 per cent in Q4 to €20.8m, and a 26 per cent year-on-year rise saw Spain revenue hit €75.7m for the full year.
Codere Online CEO Aviv Sher said the company’s “strategic focus” on the two markets has “proven successful” thanks to a “strong return on marketing investment.”
“Casino continued to exceed our expectations with a second consecutive quarter contributing 58% of total net gaming revenue in the period,” Sher added.
Oscar Iglesias, chief financial officer of Codere Online, said the total revenue of €171.9m is 19 per cent above the midpoint of the initial €140 to €150m outlook provided early last year.
“This outperformance, combined with the overall lower level of marketing investment, also allowed us to deliver a better than expected negative €12mm in Adjusted EBITDA versus the initial outlook of negative €20-30mm,” Iglesias said.
“We are very encouraged by our performance in 2023 which further supports our expectation that we will generate positive adjusted EBITDA and cash flow for the full year in 2024, a year in which we expect net gaming revenue of €185-200m.
“In short, we expect to deliver upon our original commitment to investors to be a profitable company in the third year after de-SPAC and are more committed than ever to creating meaningful value for our shareholders.”
