Codere Online confirmed that CEO Moshe Eder has resigned following the release Q4 results and 2022 results .
Edree has resigned as CEO, but will continue at Codere Online as Executive vice Chairman of the Board. COO AvivSheer will take over as Edree’s replacement as the company enters its second year as an listed company.
Edree said that he was proud of the accomplishments of Edree and his first year as CEO of a public company and thanked God for the chance to be a part of such an important phase of growth and expansion. Aviv and me have worked together for more than a decade, and he has been a key part of our success.
“I have complete confidence in his leadership, his ability to build upon our successes, and take the company even higher.”
Codere reported Q4 revenues in the range of $36.3m. This pushed full-year NGR up to $136.6m, an increase of 48% year over year.
The firm’s Latin American markets Mexico , Colombia and Mexico saw the most growth, with full-year NGR gains of 83% and 72%.
Mexico contributed $54.5m to NGR in 2022, while Colombia contributed $8.4m. Mexico’s Q4 revenues increased by 106% due to a strong trading performance during FIFA World Cup.
Mexico’s unit nearly doubled its player base in Quarter 4, too. Full-year active monthly payers grew 93% to 38.5 million, an increase of 59% YoY. Similar results were seen in Colombia where active monthly players grew 43% YoY, to 28.7 millions.
Codere Online posted losses of $49.0m and $18.6m respectively in Q4 despite top-line growth and an increase number active players.
Edree outlined key highlights for 2022. He stated that: Net gaming revenue grew by 70% in Q4 and $131.2m in the full-year, and we are reporting better than anticipated results for 2022.
This success is testament to the dedication of our team and their focus on providing an unmatched online gaming experience for customers. The World Cup was a key factor in keeping customers engaged and attracting new customers. We had 54% more active users in this quarter than the same period in 2021.
Codere Online also provided a glimpse at its cash position as it stood Dec. 31, 2022, at $57.6m
The firm also provided guidance on its 2023 NGR (and EBITDA) estimates, which it expects to be between $150-$160m & $20-$30m, respective.
Its launch in the Argentinian Province of Cordoba will boost this, as it also plans to obtain licensing in Buenos Aires as well as Mendoza.
Oscar Iglesias is Codere Online’s CFO. He stated that “We are happy to have exceeded our 2022 net gambling revenue outlook of EUR115-120m” and continued our commitment to investors in the first year of being a public company. We aim to generate between EUR140-15 mm and EUR120 mm net gaming revenue in 2023. Our Adjusted EBITDA loss will be reduced by half to EUR20-30 mm. In 2024, we expect to be EBITDA- and cash flow positive for the entire year.
“We remain excited about the future, and the possibilities that lie ahead, especially in Argentina, where significant progress has been made towards opening operations in several new areas this year. We are confident that we will be able to implement our plans and deliver sustainable growth for shareholders.
