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Codere Online Reports Financial Results for the Second Quarter 2023

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  • Total revenue was €37.1 mm in Q2 2023, while net gaming revenue[1] was €39.1 mm in the period, 35% and 34% above those from Q2 2022, respectively.
  • Mexico revenue was €16.2 mm in Q2 2023, while net gaming revenue was €18.0 mm in the period, 51% above of Q2 2022.
  • Spain revenue (and net gaming revenue) reached €17.5 mm in Q2 2023 (24% above Q2 2022).
  • Net loss was €1.7 mm in Q2 2023 versus a net loss of €6.7 mm in Q2 2022.
  • Total cash position of over €45 mm as of June 30, 2023.
  • Increasing full year 2023 net gaming revenue and Adjusted EBITDA outlook to €150-160 mm and negative €15-25 mm, respectively, and reiterating plan to be EBITDA and cash flow positive for the full year in 2024.

Madrid, Spain and Tel Aviv, Israel, August 31, 2023 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO

/ CDROW, “the Company”), a leading online gaming operator in Spain and Latin America, has released its financial results for the second quarter ended June 30, 2023.

Attached are the main financial and operating metrics of the period.

Aviv Sher, CEO of Codere Online, stated, “We’re glad to present a strong set of second quarter results and to continue building upon the momentum from the first quarter. Our net gaming revenue grew 34% to €39 million, in line with the level from the first quarter despite the seasonal decline in sporting events. Our casino product, which has been a strategic priority for some time, contributed 54% of our revenue in the period”.

Mr. Sher further added, “Mexico posted impressive top line growth of 51% in the second quarter, reaching €18.0 million and surpassing Spain for the first time since launching operations in the country. In Spain, net gaming revenue grew by an equally impressive 24% to €17.5 million.”

Oscar Iglesias, CFO of Codere Online, stated, “We continue delivering strong revenue growth, despite a lower level of marketing investment, on the back of strong brand recognition, higher quality customers and continued improvement in our product offering. This has allowed us to reduce our Adjusted EBITDA loss by more than half to negative €4.5 million in the second quarter.”

Mr. Iglesias further added, “We feel very encouraged by first half results, which continue to exceed our original expectations, and now expect to generate between €150-160 million of net gaming revenue in 2023, a 7% increase at the midpoint versus our prior outlook. In regards to Adjusted EBITDA, we expect to deliver negative €15-25 million, and believe we are well on track to deliver positive EBITDA and cash flow for the full year in 2024.”

Recent Events

Board Member Appointments:

  • In its meeting held on August 30, 2023, our Board of Directors appointed Gonzaga Higuero as a new member, replacing Daniel Valdez as one of five directors nominated by Codere Newco S.A.; o Mr. Higuero was recently appointed CEO of Codere Group and brings an extensive experience in top management positions, leading refinancing processes, turnarounds and acquisitions, both in Europe and Latam;

o The Company thanks Mr. Valdez for his valuable contribution to the Board over his nearly two years of service and for his unwavering support of the Company and its management team;

  • In our Annual General Meeting held on June 22, 2023, Michal Elimelech was appointed as a new member of our Board of Directors, replacing Oscar Iglesias as one of five directors nominated by Codere Newco S.A. Mr. Iglesias will continue working in his current executive role as CFO of Codere Online.

SBC Awards:

We have been invited to participate in the SBC Awards that will take place on September 21, 2023, in Barcelona, and have been nominated in the following categories:o Best affiliate program; o Southern European operator of the year; o Sportsbook operator of the year.

Spanish Retail Withdrawal Fraud:

We recently became aware of a successful fraud committed against the Company in Spain, related to a series of withdrawals totaling €0.5 million made by a customer from his online account in a third-party retail gaming hall (i.e. affiliate). An investigation is underway and the Company will be pursuing a recovery of the misappropriated funds.

Conference Call Information

Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, August 31, 2023. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

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Get back to basics and win big in latest ‘Powered by OneTouch’ title Mo Mo Moolah

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Mo Mo Moolah, the latest ‘Powered by OneTouch’ release, serves up a classic casino experience with innovative modern features and huge win potential.

A one line game set across three reels, Mo Mo Moolah evokes a sense of nostalgia where simplicity reigns supreme, combining traditional elements with features such as rewarding respins and multipliers.

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Madis Raus, Head of OneTouch, said: “The latest ‘Powered by OneTouch’ release, Mo Mo Moolah, embodies the perfect blend of classic charm with some added modern twists to keep things fresh.

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Gaming Corps’ sizzling Super Hot Stacks slot brings Free Spins and Bonus Guarantees

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Gaming Corps is bringing back the beloved classic fruit theme with the launch of new slot game Super Hot Stacks.

Super Hot Stacks is a five-reel video slot with three symbols per reel and 15 paylines. The game gives players the chance to watch their wins multiply as the reels stack up with juicy fruits and exciting multiplier values.

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Gaming Corps continues to cement its position as an up-and-coming games developer with this latest slot release, following a plethora of game launches this year, with successful titles such as Raging Zeus Mines, Wild Woof, Prospector’s Plinko and Luke E. Chance and the Book of Luck.

Connor Blinman, Head of Games at Gaming Corps said: “The Gaming Corps development team have been hard at work of late focusing on several game releases, and we are delighted Super Hot Stacks is now ready for players to enjoy. It is a pleasure for us to take a classic theme that players love and put our own spin on it.

“This has been a momentous year for Gaming Corps already as we continue to grow as a developer, creating diverse content remains at the forefront of our strategy, and there are more releases in the pipeline which will give players even more memorable experiences.”

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Get clucky in 3 Oaks Gaming’s Little Farm: Hold and Win

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3 Oaks Gaming, an established distributor of iGaming content, is taking players to a fun-filled farm in its latest Hold and Win adventure, where freshly hatched rewards including four in-game jackpots are on offer for players.

Little Farm: Hold and Win is a 5×4, 25-payline slot from the iGaming distributor that delivers light-hearted entertainment, underpinned by a feature-rich gameplay, vibrant animations and a range of furry friends.

Central to Free Spins is the Walking Wild feature, which is present throughout the mode and constantly shifts position with every spin. Drama unfolds when the fox lands on the reels, with the Wild dog symbol moving towards it and leaving a trail of wilds behind.

The iconic Bonus Game includes newly hatched chicks that display either cash values or the Mini, Minor or Major Jackpot symbols, while the farmer activates the Boost feature when it appears, instantly collecting all prizes shown on the board and is added to the total prize fund.

A popular feature within some of 3 Oaks Gaming’s latest hits, the Bonus Accum mechanic provides another chance to gain access to the Hold and Win Bonus Game.

Yuriy Muratov, Chief Business Development Officer at 3 Oaks Gaming, said: “Little Farm: Hold and Win brings together colourful graphics and an immersive gameplay where players need to don their straw hat to unearth big prizes.

“The Walking Wild is a great addition to this vibrant farm setting, and we’re confident this latest Hold and Win journey will prove popular with a wide audience of players.”

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