Strong Q1 2025 performance and regulatory recovery support operator’s momentum
Codere Online has confirmed it is once again in full compliance with Nasdaq Capital Market listing requirements, following the submission of its long-overdue 2024 annual report (Form 20-F). The Luxembourg-based online gaming company announced on 6 June that it had received formal notification from Nasdaq confirming the cancellation of its scheduled delisting hearing, originally triggered by a delayed filing.
Regulatory Hurdle Cleared
The operator was previously flagged for non-compliance with Nasdaq Listing Rule 5250(c)(1), which mandates timely submission of periodic reports to the US Securities and Exchange Commission (SEC). The late filing put Codere Online at risk of being delisted from the exchange, potentially impacting investor confidence and limiting access to capital markets.
However, the company submitted its annual report on 2 June 2025, bringing it back into good standing. This regulatory clearance ensures that Codere Online’s securities will continue to trade on the Nasdaq Capital Market without interruption—critical for both shareholder confidence and corporate stability.
Q1 Performance Shows Positive Momentum
Codere Online’s compliance announcement comes just weeks after the company reported encouraging Q1 2025 financial results, which showed net gaming revenue rising 8% year-on-year to €57 million. The growth was primarily driven by the Mexican market, which continues to outperform, effectively compensating for a marginal decline in Spain.
While the company posted a net loss of €0.7 million, it maintained its full-year revenue guidance of €220–230 million and adjusted EBITDA between €10–15 million—suggesting confidence in its operational fundamentals and market outlook.
Content Expansion Supports Strategic Growth
Codere Online is also enhancing its player offering. A recent partnership with Greentube, a division of Novomatic, has introduced new gaming titles into the Spanish market. This rollout comes after nearly two years of technical integration, underlining the company’s long-term commitment to content quality and regional market differentiation.
This deal strengthens Codere’s competitive edge in regulated European markets, and aligns with its broader strategy of diversifying content portfolios and improving user engagement.
Looking Forward: Stability and Growth
By overcoming its regulatory filing challenges and leveraging growth in emerging markets like Mexico, Codere Online is navigating 2025 with renewed focus. Its Nasdaq compliance marks more than just a procedural success—it reinforces the company’s position as a stable and transparent player in the global iGaming industry.
With strategic partnerships, geographic revenue diversity, and a reinforced listing status, Codere Online appears well-positioned to pursue sustainable growth through the rest of the year.
