Codere Online (NASDAQ: CDRO) is once again under pressure from Nasdaq regulators after failing to file its 2024 annual report by the May 15 deadline, potentially triggering a new delisting process. The Spanish-Latin American gaming operator had only recently regained compliance after a similar issue with its 2023 filings.
Codere in Freefall: Moody’s Withdraws Credit Ratings
Although Codere submitted its delayed 2023 Form 20-F on May 1, securing a temporary reprieve from the Nasdaq Hearings Panel, the latest missed deadline places the company at renewed risk. In a public statement, Codere confirmed its intention to request a new hearing and seek a stay on any trading suspension, aiming to submit the pending 2024 report by the end of May.
Financially, the company posted €57 million ($63.8M) in Q1 2025 net gaming revenue, up 8% year-over-year, led by continued growth in Mexico. However, it reported a net loss of €0.7 million, a reversal from the €3.4 million profit recorded in Q1 2024. Codere maintains full-year revenue guidance of €220–230 million, with adjusted EBITDA forecasted at €10–15 million.
Despite these targets, the compliance risk now overshadows performance metrics. The company's stock price closed at $7.89 on Friday, with minor intraday fluctuation and low trading volume.
The liquidator leaves the value of the Codere shares in the hands of the minorities at zero.
With Nasdaq scrutiny intensifying and investor confidence fluctuating, Codere Online's ability to file on time and sustain its U.S. listing will be crucial in the coming weeks.
