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CDRO

Codere Online Luxembourg, S.A.

CDRO

Codere Online Luxembourg, S.A. • NASDAQ
$7.14 ▲ 2.00% (+0.14)
Market Cap $325.88 M
52w High $8.75
52w Low $5.18
Dividend Yield 0%
P/E 79.33
Volume 34.01K
Outstanding Shares 45.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $49.298M $43.273M $2.08M 4.219% $0.046 $1.383M
Q3-2024 $49.298M ▼ $43.273M ▼ $2.08M ▲ 4.219% ▲ $0.046 ▲ $1.383M ▲
Q2-2024 $51.054M $45.522M $-126K -0.247% $-0.003 $850K
Q1-2024 $51.054M ▲ $45.522M ▲ $-126K ▲ -0.247% ▲ $-0.003 ▲ $850K ▲
Q4-2023 $43.506M $40.908M $-1.056M -2.427% $-0.023 $-1.696M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $53.801M ▲ $74.54M $50.32M $24.071M ▲
Q3-2024 $40.307M ▼ $74.54M ▲ $50.32M ▼ $24.071M ▲
Q2-2024 $40.433M $71.776M $52.846M $18.782M
Q1-2024 $40.433M ▼ $71.776M ▼ $52.846M ▲ $18.782M ▼
Q4-2023 $51.676M $73.799M $52.513M $21.139M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $2.08M $2.09M $-27K $-910K $0 $2.063M
Q3-2024 $2.08M ▲ $2.09M ▲ $-27K ▲ $-910K ▼ $0 $2.063M ▲
Q2-2024 $-126K $-118.5K $-101K $-111K $0 $-219.5K
Q1-2024 $-126K ▲ $-118.5K ▲ $-101K ▼ $-111K ▼ $0 $-219.5K ▲
Q4-2023 $-1.056M $-3.026M $-84K $1.589M $0 $-3.11M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily each year, showing that Codere Online is gaining traction and scale in its markets. At the same time, losses have narrowed significantly, moving from heavy red ink a few years ago to roughly break-even more recently. This points to better cost control, more efficient marketing, and improving operating leverage as the platform grows. Earnings per share have moved from deep negative territory toward slightly positive, which suggests the business is transitioning from an investment-heavy build-out phase toward a more sustainable, potentially profitable model. Still, profitability looks young and fragile, not yet firmly established across multiple years.

Balance Sheet

Balance Sheet The balance sheet is lean and relatively simple, with a small overall asset base and a meaningful portion of that held in cash. Debt levels appear modest, which reduces financial risk but also reflects the company’s limited scale. Equity has moved from negative to positive, indicating that past losses have been absorbed and the capital structure is now more solid. However, the cushion is not large, so the company does not have a huge safety margin if performance were to deteriorate or if it needed to fund a major expansion purely from its own resources.

Cash Flow

Cash Flow Historically, cash generated from the business has been slightly negative, reflecting the costs of growth and customer acquisition. More recently, operating cash flow has moved close to break-even, which is consistent with the improving income statement. The company appears to have a very light capital expenditure burden, suggesting an asset-light, primarily digital model where most spending is on marketing, technology, and people rather than heavy physical infrastructure. Overall, cash burn has come down, but the business still depends on careful cash management and continued operational improvement.

Competitive Edge

Competitive Edge Codere Online operates in a highly competitive online gambling and sports betting space, but it has some clear advantages. It benefits from the long-established Codere brand in Spain and Latin America, giving it recognition and trust that many newer online-only rivals lack. Its omnichannel link to Grupo Codere’s physical locations provides a pipeline of customers and multiple touchpoints for engagement, which can help keep marketing costs lower and strengthen loyalty. At the same time, the sector faces intense competition from global online operators, constant promotional battles, and heavy regulatory oversight, especially around advertising, responsible gaming, and taxation. Success will depend on maintaining a distinct local feel, managing regulatory risk, and defending margins in a crowded field.

Innovation and R&D

Innovation and R&D Innovation is a core part of Codere Online’s strategy. The company has built on a modern, scalable technology stack using private cloud infrastructure, which should help it adapt to different country rules and grow without constant replatforming. Its partnership with an AI-first conversational platform and deployment of an AI-powered chatbot in Mexico show a push toward personalized customer service and smarter marketing. The use of generative AI tools internally also suggests a focus on operational efficiency and faster experimentation. Beyond technology, Codere Online differentiates through strong localization—tailoring offers, payment methods, and campaigns to each market—and integrating online play with retail presence. This combination of tech, data, and local nuance is central to its attempt to build a lasting moat.

Summary

Codere Online looks like a maturing digital gaming and betting platform that has moved from a heavy investment phase toward early signs of sustainable profitability. Revenue is clearly trending up, losses are shrinking, and cash burn has eased, though the financial base remains relatively thin and still requires disciplined execution. The company’s main strengths are its established brand, omnichannel connection to physical venues, and focus on Spanish-speaking markets where online penetration is still growing. Its technology investments and AI-driven initiatives add to its differentiation, especially when combined with strong local tailoring. On the other hand, competition is fierce, regulation is demanding, and scale is still limited compared with global peers. Overall, Codere Online presents the profile of a focused regional growth story with improving financial health but ongoing execution and regulatory risks that need to be monitored over time.

NEWS

November 20, 2025 · 10:22 AM UTC

Codere Online to Participate in Upcoming Investor Conferences

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November 17, 2025 · 7:30 AM UTC

Codere Online Reports Financial Results for the Third Quarter 2025

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November 17, 2025 · 6:30 AM UTC

Codere Online Appoints Marcus Arildsson as Chief Financial Officer

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October 28, 2025 · 11:30 AM UTC

Codere Online to Release Financial Results for the Third Quarter 2025 on November 17th

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September 2, 2025 · 7:30 AM UTC

Codere Online Announces Chief Financial Officer Transition to New Role

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