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May 13, 2022 Finance, LatAm, Results

Codere Online posts $24.5m in total revenue for Q1 2022

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Company executives agree that the fiscal year is off to a good start based on Q1 results.

Codere Online, an internet gaming operator in Latin America, has published its Q1 2022 financial results. During the first quarter, the company’s total revenue rose by 20% when compared to the previous year period, reaching $24.5m.

Net gaming revenue reflected a 24% increase and climbed to $26.5m during Q1 2022.

The company reported a total net loss of $10.5m for the first quarter.

Codere Online CFO Oscar Iglesias said: “The business continued to track well in the first quarter of the year, with revenue growth in line with our expectations. We expect revenue growth to accelerate over the next few quarters and a significant uplift in second half results.

“We have a healthy balance sheet with over $100m of available cash which we will continue to deploy in furtherance of growth throughout our Latin America markets.”

Codere Online CEO Moshe Edree commented: “The business is off to a good start, with a 24% increase in net gaming revenue in the first quarter, on the back of a very strong performance in Mexico and solid results in Spain, where net gaming revenue is above where it was prior to the significant marketing restrictions implemented in May last year.

“Our customer base continued to grow, to nearly 83,000 average monthly active customers, 22% above those from Q1 2021 and we believe the foundation is now set for us to deliver on our operating and financial objectives for the year.”

Edree also spoke about the company’s initiative to maintain a high level of morale among its leadership team and strengthen relationship between Codere management and its shareholders.

“In the first quarter we put in place a long-term incentive plan which we believe will not only further align senior management and director interests with those of Codere Online and its shareholders but also strengthen the retention and motivation of senior management and directors in the long term,” Edree said.

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