Codere Online has published its financial results for the first quarter of 2023. Company executives said Q1’s numbers reflect significant company growth.
During Q1, overall company revenue rose by 57% year-over-year and reached $41.1m. Net gaming revenue followed similar rising trends by climbing 55% when compared to last year’s first quarter, for a total of $43.1m.
With respect to its Mexico division, revenue for the region reached $17.2m, an increase of 75% year-over-year.
The company finished the quarter with a total cash position of $53.5m.
Codere Online CEO Aviv Sher commented on the Q1 report by saying: “We are off to a very strong start in 2023, with net gaming revenue growing by 55% in the first quarter.
“The significant investment that we made in the prior quarter around the World Cup allowed us to meaningfully grow our customer base versus pre-World Cup levels. These customers remained engaged throughout the first quarter, in particular in [sic] Spain and Mexico.”
Sher went on to discuss specific results in both Mexico and in Spain.
He said: “In Mexico, net gaming revenue grew by 75% versus the prior year quarter to nearly $19.7m.
“In Spain, net gaming revenue grew by an impressive 40% to over $19.7m despite the relatively flat number of active customers compared to last year, reflecting a higher quality portfolio of customers.”
Company CFO Oscar Iglesias summarized the quarter’s results as a significant improvement that was driven by the company’s desire to cut back on marketing expenses.
He said in closing: “We are excited to be presenting both strong top line growth in the quarter and, more importantly, a significant improvement in adjusted EBITDA. This was partially driven by the lower level of marketing spend in the quarter in furtherance of our plans to deliver sustainable growth for our shareholders.”
