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CDROW

Codere Online Luxembourg, S.A.

CDROW

Codere Online Luxembourg, S.A. • NASDAQ
$0.71 ▲ 1.43% (+0.01)
Market Cap $32.41 M
52w High $0.73
52w Low $0.70
Dividend Yield 0%
P/E 0
Volume 6.17K
Outstanding Shares 45.65M

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 Codere Online’s income statement shows a young business moving from heavy losses toward break-even. Revenue has been climbing steadily each year, suggesting solid demand and successful expansion, especially in its core Spanish and Latin American markets. Direct operating costs are relatively low for an online platform, so most revenue drops to gross profit, but marketing, technology, and expansion expenses have kept operating income and net income around zero or slightly negative until very recently. Losses were meaningful a few years ago but have narrowed sharply, indicating improving scale and cost discipline. The key question now is whether the company can sustain growth while keeping spending controlled enough to deliver consistent, durable profitability.

Balance Sheet

Balance Sheet The balance sheet looks simple and fairly clean, but also small in scale. The company is asset-light, which is typical for online betting: most of what it owns is cash rather than heavy physical assets. Debt levels are low, so financial leverage does not appear to be a major risk at this stage. Equity has moved from negative to positive, which is a healthy sign of repair, but the capital base is still thin, leaving less cushion if results were to deteriorate. Overall, the balance sheet supports the current business model, but doesn’t yet provide the deep financial strength of larger, more mature competitors.

Cash Flow

Cash Flow Cash flow is improving but not yet a clear strength. Historically, the business has consumed cash through operating losses and growth investments, though the cash burn has been shrinking as results move closer to break-even. Free cash flow tracks operating cash flow closely because capital spending needs are minimal, underscoring the asset-light nature of the model. This means most cash usage comes from marketing and operating costs rather than big infrastructure projects. The current picture suggests that, if revenue growth and margin improvements continue, the company could transition toward self-funding, but it still needs to prove that with several periods of consistently positive cash flow.

Competitive Edge

Competitive Edge Codere Online positions itself as a focused online sports betting and casino operator with particular strength in Spain and Latin America. Its main advantages come from the Codere brand, which is well known and relatively trusted in these markets, and from its omnichannel link to Codere’s physical betting shops and gaming halls, where customers can move cash in and out of online accounts. Strong football sponsorships in the region further reinforce brand visibility and credibility. At the same time, the company competes in a very crowded field, going up against global online betting giants and local operators, all under shifting and sometimes unfavorable tax and regulatory regimes. Its edge depends on executing localized strategies better than larger rivals and continuing to convert retail strength into online market share.

Innovation and R&D

Innovation and R&D Innovation at Codere Online is less about building entirely new in-house technology and more about smart integration of advanced, third-party tools into a flexible platform. The company is using AI-powered chatbots in Mexico to automate customer service and personalize offers, and real-time marketing platforms to tailor promotions and communications. Its website and apps include modern betting features such as live streaming, cash-out options, and highly customizable bets, which help keep users engaged. A strong emphasis on local tastes—like bespoke games themed around regional football clubs—differentiates its offering from more generic global platforms. Looking ahead, deeper use of data, AI, and machine learning for personalization, responsible gaming, and risk control will be important to maintain and extend this edge.

Summary

Codere Online is a small but growing online gaming operator that has been steadily increasing its revenues while working its way from sizable losses toward break-even. Its business model is light on physical assets, with a straightforward balance sheet, low debt, and a meaningful cash position relative to its size, but it still lacks the financial depth of larger peers. Cash flow has not yet turned into a consistent source of strength, although trends are moving in the right direction. Competitively, the company benefits from a strong regional brand, ties to a large retail network, and a localized, tech-enabled product in high-potential Latin American markets and selected European countries. The main uncertainties center on achieving sustained profitability and positive cash generation, navigating changing tax and regulatory environments, and defending its position against larger, better-capitalized rivals as it continues to expand.