From GlobeNewswire: 2024-11-27 07:00:00

Codere Online reported total revenue of €49.2 million and net gaming revenue of €51.7 million in Q3 2024, a 20% increase from Q3 2023. Mexico revenue was €24.2 million, with net gaming revenue at €26.7 million, up 27% from the previous year. Spain revenue reached €20.9 million, an 11% increase from Q3 2023. The company’s net income excluding non-cash variation in fair value of public warrants was €2.8 million in 9M 2024, compared to a net loss of €2.8 million in 9M 2023. Codere Online has a total cash position of €44.0 million as of September 30, 2024. The company expects to finish the year with net gaming revenue and Adjusted EBITDA at the upper end of their outlook ranges for 2024.

Aviv Sher, CEO of Codere Online, highlighted the strong results in Q3, with net gaming revenue growing by 20% to €51.7 million. In Mexico, net gaming revenue increased by 27% to €26.7 million, and in Spain, it grew by 11% to €20.9 million. Oscar Iglesias, CFO, noted positive Adjusted EBITDA of €1.5 million and €3.5 million in cash generated during the quarter. This marks the third consecutive quarter of positive Adjusted EBITDA for the company.

Codere Online received a delisting notice from Nasdaq on November 12, 2024, due to the delayed filing of its Form 20-F for the year ended December 31, 2023. The company has requested a hearing to appeal the delisting determination, scheduled for January 16, 2025. Codere Online continues to work on completing and filing the required form as soon as possible.

Codere Online’s management will host a conference call at 8:30 am US Eastern Time on November 27, 2024, to discuss the financial results and provide a business update. The company’s financial statements are prepared in accordance with International Financial Reporting Standards and include non-GAAP financial measures like net gaming revenue and Adjusted EBITDA. These measures provide additional insights for investors to evaluate ongoing operating results and compare with other companies in the industry.



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