Codere Online reported net gaming revenue (NGR) of €51.7 million for the third quarter of 2024, marking a 20% increase over the same period in 2023. Mexico's NGR reached €26.7 million, growing 27% year-over-year despite a significant devaluation of the Mexican peso, which would have resulted in 43% growth in constant currency terms. Spain also contributed positively with NGR of €20.9 million, an 11% increase from the prior year.
The company achieved positive Adjusted EBITDA for the third consecutive quarter, reaching €1.5 million in Q3 2024, bringing the year-to-date total to €4.5 million. Additionally, Codere Online generated €3.5 million of cash during the quarter, reflecting improved operational efficiency. Management indicated expectations to finish 2024 at the upper end of its net gaming revenue and Adjusted EBITDA guidance ranges.
Despite the strong financial performance, the earnings release acknowledged the recent delisting notice received from Nasdaq. This regulatory challenge, stemming from the delay in filing the 2023 Form 20-F, introduces a notable risk factor alongside the positive operational results.
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