CULVER CITY, Calif., March 11, 2026 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, hosted an invite-only event during the Game Developers Conference (GDC), offering media and industry partners an early look at upcoming gaming content, major milestones, and new projects. The private showcase featured new trailers, live developer discussions, and multiple franchise updates across the Company’s robust gaming pipeline portfolio.
The event kicked off by highlighting the steady cadence of new content coming to the ARK franchise. Studio Wildcard’s Jeremy Stieglitz introduced PixARK Worlds, a new title in development by Studio Sirens and Snail Games, created with guidance from Studio Wildcard, featuring revolutionary user-generated content designed to expand the ARK universe onto the Nintendo Switch 2. Stieglitz also revealed details about ARK: Survival Ascended content coming this year including ARK: Bob’s True Tales: Tides of Fortune (June), focused on physical sailing ships across a vast ocean world, ARK: Dragontopia (December), and a custom ARK World Creator (May) for consoles, while outlining continued franchise growth plans heading into 2027. Meanwhile, Studio Sirens’ Matt Kohl debuted an event-exclusive trailer for ARK: Survival of the Fittest, offering a renewed look at its standalone competitive esport-style gameplay.
The upcoming internally developed open-universe space survival RPG and AAA title, For The Stars, revealed an event exclusive trailer, providing a deeper look at its open-universe exploration, player-driven research systems, and evolving frontier civilization themes. Attendees were given a glimpse into the game’s expanding scope and ambitious world-building vision through a new trailer and early concept art.
Medieval survival strategy title Bellwright celebrated surpassing 1 million units sold, marking a major milestone on its path toward full 1.0 release and planned console port to Xbox and PlayStation. The game’s Creative Director and Project Lead, Florian “Chadz” Hofreither reflected on the journey through Early Access, emphasizing community feedback as a central force in shaping the game’s progression and long-term roadmap.
Meanwhile, Echoes of Elysium will be at the Snail booth #1238 celebrating its Early Access Steam launch from earlier this year. Developers will be discussing how player feedback has directly influenced feature prioritization, balance updates, and long-term design decisions.
Additionally, Snail Games highlighted its Interactive Films initiative, an innovative publishing model that repurposes high-engagement vertical narrative content into fully interactive RPG Full Motion Video experiences. The approach bridges digital storytelling formats with gameplay interactivity, positioning the project at the forefront of hybrid entertainment.
The GDC event reflects Snail Games’ continued investment in long-term franchise growth, indie innovation, and new media experimentation reinforcing its commitment to evolving alongside players and the broader interactive entertainment landscape.
Developers for all previously mentioned titles will be available for interviews at the GDC 2026 Expo floor, at Booth #1238. For press interested in scheduling an interview, please reach out to press@snailgamesusa.com.
About Snail, Inc. Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/
Forward-Looking Statements: This press release contains statements that constitute forward-looking statements within the meaning of the U.S. federal securities laws. Such statements are based upon various facts and derived utilizing numerous important assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. The forward-looking statements include statements regarding the steady cadence of new content coming to the ARK franchise, the planned release of Gobby Gang, discussing at the Snail booth how player feedback has directly influenced Echoes of Elysium’s feature prioritization, balance updates, and long-term design decisions, the Company continuing to invest in long-term franchise growth, indie innovation, and new media experimentation and reinforcing the Company’s commitment to evolving alongside players and the broader interactive entertainment landscape. Any forward-looking statements included herein reflect our current views, and they involve certain risks and uncertainties, including, among others, acceptance of our titles in the marketplace and the successful development, marketing or sale of our titles and our ability to retain our key employees or maintain our Nasdaq listing. These risks should not be construed as exhaustive and should be read together with the other cautionary statement included in our Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q and current reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.
Investor Contact: John Yi and Steven Shinmachi Gateway Group, Inc. 949-574-3860 SNAL@gateway-grp.com
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid Q4 results. The company reported Q4 revenue of $90.0 million and adj. EBITDA of $15.0 million. While revenue was modestly below our estimate of $99.0 million, adj. EBITDA was in line with our estimate of $15.1 million, as illustrated in Figure #1 Q4 Results. Notably, the strong adj. EBITDA figure was largely driven by more efficient use of marketing spend, which decreased approximately 25% y-o-y.
Key operating metrics. Bookings and monthly paying users (MPU) decreased by 7% and 10%, respectively, compared with the prior year period, but the decrease was expected as the company is focused on the quality of gameplay and retaining high-quality users. Furthermore, the company’s strategy appears to be paying off, as average bookings per paying user (ABPPU) increased from $102 in Q4’24 to $106 in Q4’25.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Viewership Milestone. The company announced that more than four million viewers tuned in to its broadcast and streaming platforms for its live coverage of the President’s State of the Union address on February 24. Notably, the Newsmax channel garnered 2.8 million total viewers, with an additional 1.3 million streaming the coverage on Newsmax2. The strong viewership marked a major ratings and digital engagement milestone, reflecting the network’s growing reach across traditional and digital platforms.
Ratings Leadership. The network’s total audience exceeded the combined viewership of Fox Business, CNBC, and NewsNation by 23%. Throughout the evening, the Newsmax team provided continuous updates on Newsmax.com and engaged more than 23 million social media followers. Additionally, a wide range of lawmakers, administration officials, and political commentators joined the network on both broadcast and streaming coverage.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
CULVER CITY, Calif., March 06, 2026 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, today announced that its medieval survival title, Bellwright, has officially surpassed 1 million units sold on Steam in Early Access. The achievement highlights the title’s strong Early Access performance and positions Bellwright for additional commercial upside as it advances toward the full 1.0 launch and console port to Xbox and PlayStation.
Bellwright combines open-world survival mechanics with town-building systems, strategic combat, and progression-driven gameplay set within a dynamic medieval world. Its consistent content updates and active player base have driven durable sales performance and reinforced the Company’s confidence in scaling the title. The upcoming Xbox and PlayStation launch aims to further support the title’s accelerating growth and capture incremental demand from player bases beyond the PC community.
Surpassing one million units sold ahead of its 1.0 release highlights the title’s thoughtful development, strong community engagement, and long-term franchise potential for Bellwright. Bringing development fully in-house through the previous acquisition and integration of Donkey Crew, the title’s independent development studio based in Poland, further aligns the creative vision, operational execution, and long-term IP strategy to support the game’s continued evolution. As Bellwright approaches full launch, this milestone reflects a solid foundation and meaningful momentum heading into its next phase.
“We’re incredibly grateful to the players who believed in Bellwright early and helped shape it into what it is today,” said Florian “Chadz” Hofreither, Creative Director and Project Lead from Donkey Crew. “The community’s feedback, passion, and patience throughout development have been instrumental in reaching this milestone. As we move toward 1.0 and beyond, we’re excited to continue building alongside our players and expanding the world of Bellwright.”
Florian “Chadz” Hofreither, Creative Director and Project Lead from Donkey Crew will be available for interviews at GDC 2026 from March 9-13 at Booth #1238. For press interested in scheduling an interview, please reach out to press@snailgamesusa.com.
About Snail, Inc. Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/
Forward-Looking Statements:
This press release contains statements that constitute forward-looking statements within the meaning of the U.S. federal securities laws. Such statements are based upon various facts and derived utilizing numerous important assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. The forward-looking statements include statements regarding positioning Bellwright for additional commercial upside as it transitions into full launch, the long-term franchise potential for Bellwright, aligning creative vision and operational execution to support the game’s continued evolution, Bellwright having a solid foundation and meaningful momentum heading into its next phase, moving toward 1.0 and beyond and continuing to build alongside our players and to expand the world of Bellwright. Any forward-looking statements included herein reflect our current views, and they involve certain risks and uncertainties, including, among others, our ability to transition Bellwright into full launch as planned, our ability to support the game’s continued evolution, acceptance of our titles in the marketplace and the successful development, marketing or sale of our titles and our ability to retain our key employees or maintain our Nasdaq listing. These risks should not be construed as exhaustive and should be read together with the other cautionary statement included in our Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q and current reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.
Investor Contact: John Yi and Steven Shinmachi Gateway Group, Inc. 949-574-3860 SNAL@gateway-grp.com
March 5, 2026 – Limassol, Cyprus – GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”) released its preliminary, unaudited financial and operational results for the fourth quarter and twelve months ended December 31, 2025.
Fourth quarter 2025 financial highlights:
Revenue of $90 million decreased by 8% year-over-year.
Selling and marketing expenses of $35 million decreased by 25% year-over-year.
Profit for the period, net of tax, of $14 million in Q4 2025 increased vs. $2 million in Q4 2024.
Adjusted EBITDA¹ of $15 million in Q4 2025 increased vs. $9 million in Q4 2024.
Fourth quarter and twelve months 2025 financial performance in comparison
US$ million
Q42025
Q4 2024
Change (%)
12M 2025
12M 2024
Change (%)
Revenue
90
98
(8%)
404
421
(4%)
Platform commissions
(18)
(21)
(13%)
(85)
(91)
(7%)
Game operation cost
(15)
(13)
13%
(57)
(51)
12%
Selling and marketing expenses
(35)
(47)
(25%)
(159)
(209)
(24%)
General and administrative expenses
(9)
(8)
14%
(35)
(32)
10%
Profit/loss for the period, net of tax
14
2
N/M
69
26
N/M
Adjusted EBITDA²
15
9
66%
79
42
87%
Cash flows (used in)/generated from operating activities
18
5
N/M
29
29
3%
¹ For more information, see section titled “Presentation of Non-IFRS Financial Measures” on the last two pages of this report, including the reconciliation of the profit for the period, net of tax to the Adjusted EBITDA.
² The financial information presented for the comparative periods of 2024 may not reconcile exactly with the amounts previously published for those periods. This is due to the reclassification of the Impairment loss on loan receivables from Royal Ark to the Share of loss of equity-accounted associates line.
Fourth quarter 2025 financial performance
In the fourth quarter of 2025 our revenue decreased by $8 million (or 8%) year-over-year and amounted to $90 million, reflecting a decline in recognition of revenue from both current-period and prior-period bookings. This was mainly due to declining consumer spending levels in the current and preceding years, which reduced the amount of revenue recognized during the quarter. The decrease is consistent with our strategy to pursue more disciplined marketing spending and focus on attracting higher-quality, better-paying users rather than maximizing short-term volume.
Platform commissions decreased by $3 million (or 13%) in the fourth quarter of 2025 to reach $18 million, generally proportionate to the decrease in revenues.
Game operation cost increased by $2 million in the fourth quarter of 2025 and amounted to $15 million, mainly driven by an increase in investments in our IT infrastructure.
Selling and marketing expenses decreased by $12 million in the fourth quarter of 2025, amounting to $35 million. This decrease was driven by our continued focus on improving the efficiency of user acquisition activities. The decrease reflects a more selective approach to performance marketing, prioritizing channels that attract players with higher long-term value over broadscale campaigns aimed at short-term growth.
General and administrative expenses remained relatively stable at $9 million in the fourth quarter of 2025 vs. $8 million in the fourth quarter of 2024.
We recorded a profit for the period, net of tax, of $14 million in the fourth quarter of 2025 compared with $2 million in the same period of 2024, driven primarily by the factors above and i.) decrease of net financial expenses in Q4 2025 vs Q4 2024 in the amount of $3 million and ii.) decrease of share of loss of equity accounted associates by $6 million in Q4 2025 as compared with the same period of prior year. Adjusted EBITDA amounted to $15 million in the fourth quarter of 2025, an increase of $6 million compared with the same period in 2024 driven primarily by the same factors as those affecting the profit, except for the decrease of share of loss of equity accounted associates, which does not impact Adjusted EBITDA.
Cash flows generated from operating activities were positive $18 million in the fourth quarter of 2025 compared with positive $5 million in the same period in 2024.
Twelve months 2025 financial performance
In the year ended December 31, 2025, our revenue decreased by $17 million (or 4%) year-over-year and amounted to $404 million, reflecting a decline in recognition of revenue from both current-period and prior-period bookings. This was mainly due to declining consumer spending levels in the current and preceding years, which reduced the amount of revenue recognized during the year. The decrease is consistent with our strategy to pursue more disciplined marketing spending and focus on attracting higher-quality, better-paying users rather than maximizing short-term volume.
Platform commissions decreased by $7 million (or 7%) in the year ended December 31, 2025 to reach $85 million, generally proportionate to the decrease in revenues.
Game operation cost increased by $6 million in the year ended December 31, 2025 and amounted to $57 million, mainly driven by an increase in investments in our IT infrastructure.
Selling and marketing expenses decreased by $50 million in the year ended December 31, 2025, amounting to $159 million. This decrease was driven by our continued focus on improving the efficiency of user acquisition activities. The decrease reflects a more selective approach to performance marketing, prioritizing channels that attract players with higher long-term value over broadscale campaigns aimed at short-term growth.
General and administrative expenses increased by $3 million in the year ended December 31, 2025 and amounted to $35 million vs. $32 million in the year ended December 31, 2024. The increase was primarily driven by higher salary and related personnel expenses, reflecting the expansion of development activities and increased scale of operations across our game development studios.
We recorded a profit for the period, net of tax, of $69 million in the year ended December 31, 2025 compared with $26 million in the same period of 2024, driven primarily by the factors above and i.) decrease of net financial expenses in the year ended December 31 2025 vs the same period in 2024 in the amount of $7 million, ii.) increase in gain resulted from the change in fair value of share warrant obligation and other financial instruments by $3 million in the year ended December 31 2025 as compared with the same period of prior year and iii.) decrease of share of loss of equity accounted associates by $4 million in the year ended December 31, 2025 as compared with the same period of prior year. Adjusted EBITDA amounted to $79 million in the year ended December 31, 2025, an increase $37 million compared with the same period in 2024 driven primarily by the same factors as those affecting the profit, except for the increase in gain resulted from the change in fair value of share warrant obligation and other financial instruments and the decrease of share of loss of equity accounted associates, which do not impact Adjusted EBITDA.
Cash flows generated from operating activities remained the same, at $29 million, in the year ended December 31, 2025 vs. the same period of 2024. The divergence in earnings and cash flow dynamics reflects the significant impact of deferred revenue recognition on current-period income, which did not have a material effect on current-period cash flows.
Fourth quarter and twelve months 2025 operational performance comparison
Q42025
Q4 2024
Change (%)
12M 2025
12M 2024
Change (%)
Bookings ($ million)
88
94
(7%)
351
404
(13%)
Bookings from in-app purchases
83
89
(6%)
331
377
(12%)
Bookings from advertising
4
5
(18%)
20
27
(25%)
Share of advertising
5.1%
5.8%
(0.7) p.p
5.7%
6.7%
(1.0) p.p.
MPU (thousand)
262
292
(10%)
281
342
(18%)
ABPPU ($)
106
102
4%
98
92
7%
Bookings declined in the fourth quarter and twelve months of 2025 to reach $88 million and $351 million, respectively, compared with $94 million and $404 million in the same period in 2024. The decline is primarily due to a decline in monthly paying users by 10% in the fourth quarter of 2025 vs. the same period in 2024 and by 18% in the year ended December 31, 2025 vs. the same period in 2024, which we attribute to the decrease of the user acquisition investments throughout 2024 and 2025, partially offset by an increase in ABPPU.
The share of advertisement sales as a percentage of total bookings decreased in the fourth quarter of 2025 to reach 5.1% compared to 5.8% in the same respective period in 2024 and decreased in the year ended December 31, 2025 to reach 5.7% compared to 6.7% in the same period in 2024. This decline was primarily driven by a global trend of declining CPM rates for advertising throughout 2024 and 2025.
Split of bookings by platform
Q42025
Q4 2024
12M 2025
12M 2024
Mobile
58%
57%
60%
60%
PC
42%
43%
40%
40%
In the fourth quarter of 2025 we recorded an increase in share of mobile to reach 58% vs. 57% in the same period in 2024 and decrease in share of PC to reach 42% vs. 43% in the same period in 2024. In the year ended December 31, 2025 the share in mobile and PC remained the same compared to same period in 2024.
Split of bookings by geography
Q42025
Q4 2024
12M 2025
12M 2024
US
30%
34%
33%
34%
Asia
18%
21%
19%
22%
Europe
34%
32%
33%
30%
Other
18%
13%
15%
14%
Our split of bookings by geography in the fourth quarter and twelve months of 2025 vs. the same respective periods in 2024 saw a decrease in the share of bookings derived from the US and Asia and an increase in bookings derived from Europe and Other.
Note:
Due to rounding, the numbers presented throughout this release may not precisely add up to the totals. The period-over-period percentage changes are based on the actual numbers and may therefore differ from the percentage changes if those were to be calculated based on the rounded numbers.
The figures in this release are preliminary and unaudited. The Company’s 2025 Annual Report on Form 20-F, which will include the Company’s audited financial statements as of for the year ended December 31, 2025, is expected to be published within the prescribed filing period.
About GDEV
GDEV is a gaming and entertainment holding company, focused on development and growth of its franchise portfolio across various genres and platforms. With a diverse range of subsidiaries including Nexters and Cubic Games, among others, GDEV strives to create games that will inspire and engage millions of players for years to come. Its franchises, such as Hero Wars, Island Hoppers, Pixel Gun 3D and others have accumulated over 550 million installs and more than $2.5 billion of bookings worldwide. For more information, please visit www.gdev.inc.
Contacts:
Investor Relations
Roman Safiyulin | Chief Corporate Development Officer investor@gdev.inc
Certain statements in this press release may constitute “forward-looking statements” for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
The forward-looking statements contained in this press release are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s 2024 Annual Report on Form 20-F, filed by the Company on March 31, 2025, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Presentation of Non-IFRS Financial Measures
In addition to the results provided in accordance with IFRS throughout this press release, the Company has provided the non-IFRS financial measure “Adjusted EBITDA” (the “Non-IFRS Financial Measure”). The Company defines Adjusted EBITDA as the profit/loss for the period, net of tax as presented in the Company’s financial statements in accordance with IFRS, adjusted to exclude (i) goodwill and investments in equity-accounted associates’ impairment, (ii) loss on disposal of subsidiaries, (iii) income tax expense, (iv) other financial income, finance income and expenses other than foreign exchange gains and losses and bank charges, (v) change in fair value of share warrant obligations and other financial instruments, (vi) share of loss of equity-accounted associates, (vii) depreciation and amortization, (viii) share-based payments expense and (ix) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. The Company uses this Non-IFRS Financial Measure for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that this Non-IFRS Financial Measure is a useful financial metric to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. This Non-IFRS Financial Measure is not intended to replace, and should not be considered superior to, the presentation of the Company’s financial results in accordance with IFRS. The use of the Non-IFRS Financial Measure terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures.
Reconciliation of the profit for the period, net of tax to the Adjusted EBITDA
US$ million
Q42025
Q4 2024
12M 2025
12M 2024
Profit for the period, net of tax
14
2
69
26
Adjust for:
Income tax expense
0.9
1
5
5
Adjusted finance income/expenses³
(0.2)
0.7
(3)
(2)
Share of loss of equity-accounted associates2
(1)
5
4
8
Change in fair value of share warrant obligations and other financial instruments
(0.2)
(0.6)
(4)
(0.9)
Depreciation and amortization
2
2
7
6
Share-based payments
0.1
0.2
0.6
1
Adjusted EBITDA
15
9
79
42
³ Adjusted finance income/expenses consist of finance income and expenses other than foreign exchange gains and losses and bank charges, net.
BOCA RATON, FL / ACCESS Newswire / March 5, 2026 / Newsmax Inc. (NYSE:NMAX) (“Newsmax” or the “Company”) today announced that the Company will report financial results for the fourth quarter and fiscal year ended December 31, 2025 on Thursday, March 26, 2026, after the U.S. stock market closes.
Management will host a conference call at 4:30 PM ET the same day to discuss the results. The live webcast and replay will be available on the Newsmax Investor Relations website at ir.newsmax.com.
About Newsmax
Newsmax Inc. is listed on the NYSE (NMAX) and operates, through Newsmax Broadcasting LLC, one of the nation’s leading news outlets, the Newsmax channel. The fourth highest-rated network is carried on all major pay TV providers. Newsmax’s media properties reach more than 58 million Americans regularly through Newsmax TV, the Newsmax App, its popular website Newsmax.com, and publications such as Newsmax Magazine. Through its social media accounts, Newsmax reaches over 24 million combined followers. Reuters Institute says Newsmax is one of the top U.S. news brands and Forbes has called Newsmax “a news powerhouse.”
Leading Mexican operator leverages provider’s content ecosystem to diversify casino offering
Mexico City, Mexico, March 4, 2026 (GLOBE NEWSWIRE) RubyPlay, a studio-based content ecosystem, has strengthened its presence in Mexico through a new partnership with Codere Online (Nasdaq: CDRO), one of the leading digital sports betting and casino operators in the country.
The deal has seen Codere Online integrate a broad selection of RubyPlay’s most popular titles, including player favourites such as J Mania® Loco Habanero, Grand Express Diamond Class, and Zeus Rush Fever® Deluxe SE.
The partnership also includes content incorporated from Koala Games, one of the fast-growing studios within RubyPlay’s ecosystem, including popular hits Voltage Blitz® Rapid and Voltage Blitz® Vortex, while providing Codere Online with access to additional content from across RubyPlay’s wider studio network as further titles are introduced.
This collaboration reinforces RubyPlay’s expansion across the LATAM region, where its content is strongly performing with multiple leading brands. At the core of this growth is RubyPlay’s multi-layered content ecosystem, which is benefiting operators of all sizes with a greater variety of games. The model enhances RubyPlay’s ability to develop tailored, relevant content while leveraging a unified distribution network. This approach enables faster delivery cycles, greater portfolio diversity, and improved responsiveness to both operator requirements and evolving player preferences.
The NASDAQ-listed operator has established itself as a leader across its core Spanish-speaking markets, including Mexico. Through this latest partnership, RubyPlay’s portfolio will reach an even broader audience in Mexico, the second-largest market in Latin America, supporting Codere Online’s ongoing commitment to delivering a high-quality and engaging online casino experience for players in the region.
Dima Reiderman, CCO at RubyPlay, said: “Partnering with Codere Online represents a significant milestone in our expansion across Mexico and the wider LATAM region. The operator’s strong brand recognition and vast customer base make them an ideal partner to reach even more players within the region.
“Through our studio-based ecosystem, including Koala Games and Mad Hat Games, we can leverage additional market-focused content to support Codere Online’s evolving strategy in Mexico and the wider LATAM region”
Sarit Adania, Head of Casino Product at Codere Online added: “RubyPlay’s consistently high-performing titles through its impressive content ecosystem will become a significant addition to our online casino offering in Mexico.
“By integrating content from both RubyPlay and Koala Games, we are seamlessly diversifying our games portfolio and continuing to deliver the engaging, premium experiences our players expect.”
About RubyPlay
RubyPlay is a B2B iGaming company operating as a studio-based, layered content ecosystem. The company is built around multiple market-focused studios, all supported by a shared technology, infrastructure and distribution platform. Each of our studios, RubyPlay Studio, Koala Games, Mad Hat Games, and Xslots, develops its own dedicated catalog aligned with specific markets and audiences. Together, these studios form an extended proprietary content library.
RubyPlay also operates a dedicated studio focused exclusively on bespoke, branded and white-label content, enabling operators to assemble tailored games by combining creative, technical, and market capabilities from across the ecosystem. Rather than leading with a single supplier brand, RubyPlay is designed to support operator-led branding, allowing clients to adapt content to their own identity, strategy, and market needs. This model positions RubyPlay as a long-term content partner for operators seeking flexibility, relevance and brand control.
About Codere Online
Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.
Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid Q4 Results. The company reported Q4 revenue of €60.7 million and adj. EBITDA of €6.7 million, both of which surpassed our estimates of €57.0 million and €3.0 million, respectively. Notably, the company benefited from strong user activity in the quarter, both in monthly active users and first time deposits (FTD), as well as an improved cost per acquisition (CPA).
Favorable fundamentals. Notably, in Q4, the company benefited from strong activity in Mexico, which generated revenue of €32.8 million, up 31% YoY. The favorable performance in Mexico was supported by 99,000 average monthly users, up 43% YoY. On a consolidated basis, the company averaged 177,000 monthly active users, up 20% YoY. Furthermore, the company benefited from efficient CPA spend of €166, with 89,000 FTD recorded in Q4, which is up 22% over the prior year period.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Acquisition Expected to Contribute Over $20 Million in 2026 Revenue
LONDON, Feb. 27, 2026 (GLOBE NEWSWIRE) — Sports Entertainment Gaming Global Corporation (NASDAQ: SEGG, LTRYW) (the “Company” or “SEGG Media”) today provided an investor update highlighting the diverse and growing revenue streams resulting from its $61million acquisition of a controlling supermajority interest in Veloce Media Group (“Veloce”).
The acquisition materially expands SEGG Media’s top line, strengthens its international footprint, and accelerates its transition into a scaled, revenue-generating global sports and digital media platform. Based on current operating performance and contracted partnerships, management expects Veloce and its subsidiary Quadrant to generate in excess of $20 million in revenue during 2026.
Multi-Pillar Revenue Model with Immediate Scale
Veloce operates a diversified revenue model across five core verticals:
Digital advertising and media
Creator representation and brand partnerships
Esports and sim racing services
Sustainable motorsport operations
Direct-to-consumer and lifestyle commerce through its growing wholly-owned subsidiary, Quadrant, co-founded by 2025 Formula One World Champion Lando Norris.
This multi-pillar structure reduces single-stream dependency while creating cross-selling and recurring monetization opportunities across audiences, brands, and commercial partners.
Expansive Digital Media Network & Creator Agency Division
Veloce’s owned and operated media network spans more than 45 racing and gaming channels globally. In 2025, the platform generated:
$2.17 million in digital advertising revenue
Hundreds of millions of views across motorsport and gaming content
In addition, Veloce’s creator agency division, which was launched in 2025, represents 15 high-profile racing and automotive creators and has generated:
$620,000 in revenue since inception
Commercial partnerships with Audi, Ferrari, Mercedes-Benz, Jaguar, Rolex, Peroni, and Lego
The creator agency model provides scalable margin expansion through brand brokerage and commercial representation agreements. This media reach also acts as a strategic marketing funnel for Veloce and Quadrant products, including merchandise and a forthcoming VISA-branded card, enhancing direct-to-consumer engagement and recurring revenue opportunities.
Quadrant Expansion
A key growth driver has been the expansion of Quadrant, acquired in July 2025. Leveraging Norris-related commercial assets and a vast creator network, in 2025, Quadrant delivered:
1 billion brand impressions
$2.45 million in partnership and digital revenue (H2 2025; the portion of 2025 owned by Veloce)
$675,000 in merchandise, product and B2B activations in the second half of 2025, including T-Mobile collaborations at the Las Vegas Grand Prix
Quadrant’s hybrid model which combines athlete-led brand equity, digital engagement, merchandise, and live activation, provides both sponsorship-driven and consumer-driven revenue streams.
Leadership in Esports, Sim Racing and Sustainable Motorsport
The Veloce Group maintains a leadership position in competitive sim racing and esports, providing official Formula 1 team esports services, global league and sim racing activations, and operating its own professional team and development academy. This division generated $3.36 million in fee-for-service and sponsorship revenue in 2025.
Beyond digital competition, Veloce has established strong credentials in sustainable motorsport, previously operating a championship-leading Extreme E team supported by title partner E.ON. While it did not take part in Extreme E in 2025, for 2024 sponsorship revenue was $2.27 million. Veloce has a confirmed entry into the FIA Hydrogen World Cup in 2026, positioning the Group at the forefront of next-generation racing innovation.
These combined pillars and results demonstrate the scale and balance of Veloce’s diversified revenue model across advertising, esports services, sponsorship, digital partnerships, and commerce, delivering immediate and significant revenue for SEGG Media, instantly improving shareholder value. Revenue for 2026 from Veloce and Quadrant is expected to exceed $20 million.
CEO Statement
Daniel Bailey, Chief Executive Officer of Veloce Media Group, said: “The last two years have been transformational for Veloce. We have built a complementary and diversified platform spanning digital media, esports, sustainable motorsport, and lifestyle commerce.
Our $61 million valuation reflects both what we have achieved and the strength of our foundation. With strong partnerships, a rapidly growing global audience, and a unique joint venture alongside a Formula One World Champion, we are exceptionally well-positioned for our next phase of growth, especially now that Veloce has been acquired by SEGG Media and we expect to continue our momentum to exponentially accelerate and hit our revenue targets with SEGG Media’s support.”
Strategic Impact for SEGG Media Shareholders
The Veloce acquisition delivers:
Immediate revenue scale
Diversified global brand partnerships
Multi-vertical monetization
Strong digital audience penetration
Recurring commercial contracts
High-growth subsidiary expansion (Quadrant)
The transaction significantly enhances SEGG Media’s consolidated revenue base and supports its strategic objective of building a scalable, cash-generative international sports and digital media platform.
Looking Ahead
Management’s 2026 priorities include:
Expanding international sponsorship partnerships
Scaling creator and brand monetization
Growing direct-to-consumer commerce
Integrating Veloce across the broader SEGG Media ecosystem
Driving margin expansion through operational integration
Veloce Media Group now represents a cornerstone operating asset within SEGG Media’s global portfolio.
About SEGG Media
Sports Entertainment Gaming Global Corporation (Nasdaq: SEGG, LTRYW) is a global sports, entertainment, and gaming group operating a portfolio of digital and experiential assets including Sports.com, Concerts.com, TicketStub.com, Lottery.com, and Veloce Media Group. Through its expanding ecosystem of media, live experiences, gaming platforms, and creator-led content, the Company connects global audiences to the sports, events, and interactive entertainment they love. Focused on disciplined execution, ethical gaming, and scalable revenue generation, SEGG Media is building an integrated platform designed to drive sustainable growth and long-term shareholder value.
Important Notice Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the Company’s strategy, future operations, prospects, plans and objectives of management, are forward-looking statements. When used in this Form 8-K, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “initiatives,” “continue,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. In addition, the Company cautions you that the forward-looking statements contained in this press release are subject to risks and uncertainties, including but not limited to, any future findings from ongoing review of the Company’s internal accounting controls, additional examination of the preliminary conclusions of such review, the Company’s ability to secure additional capital resources, the Company’s ability to continue as a going concern, the Company’s ability to respond in a timely and satisfactory matter to the inquiries by Nasdaq, the Company’s ability to regain compliance with the Bid Price Requirement, the Company’s ability to regain compliance with Nasdaq Listing Rules, the Company’s ability to become current with its SEC reports, and those additional risks and uncertainties discussed under the heading “Risk Factors” in the Form 10-K/A filed by the Company with the SEC on April 22, 2025, and the other documents filed, or to be filed, by the Company with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that the Company has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.
This press release was published by a CLEAR® Verified individual.
For additional information, visit http://www.seggmedia.com/ or contact media relations at media@seggmediacorp.com.
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Better than expected Q4. Total Q4 revenues of $560.3 million was better than our $550.9 million estimate, due to better than expected Core Local advertising and better Scripps Networks revenue. Adj. EBITDA of $86.4 million beat our $75.6 million estimate on lower segment expenses, particularly in its Networks segment.
Core advertising stronger than expected. Core Advertising revenue increased a strong 12.2% to $165.4 million, better than our estimate of $162.0 million. It is not surprising given the record amount of year earlier Political advertising that there would be a large level of Core Advertising displacement. Importantly, management indicated that Core Advertising momentum continues to be favorable into the first quarter 2026.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
The Company delivered a strong set of results, with record net gaming revenueof €224.1 million and Adj. EBITDA of €13.8 million for FY 2025
Total revenue was €57.1 mm in Q4 2025, while net gaming revenue1 was €60.7 mm, 15% above Q4 2024.
Mexico revenue was €29.4 mm in Q4 2025, while net gaming revenue was €32.8 mm, 31% above Q4 2024.
Adj. EBITDA reached €6.7 mm in Q4 2025, €4.8 mm above Q4 2024.
Net loss was €1.8 mm in 2025 versus a net income of €3.9 mm in 2024.
Total cash position of €50.0 mm and no financial debt as of December 31, 2025.
Outlook for FY 2026: Net gaming revenue of €235-245 mm and Adj. EBITDA2 of €15-20 mm.
391 thousand repurchased shares for an aggregate amount of $2.7 mm under the Company’s share buyback plan through February 25, 2026.
Madrid, Spain and Tel Aviv, Israel, February 26, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited3 financial results for the quarter and year ended December 31, 2025.
Below are the main financial and operating metrics of the period.
Aviv Sher, Chief Executive Officer of Codere Online, commented, “In the fourth quarter of 2025, our net gaming revenue reached €60.7 million, marking the highest quarterly figure in the Company’s history.” This increase was mostly driven by Mexico, where our net gaming revenue grew 31% on the back of a 43% increase in our portfolio of active customers in the country. In December, we hit a record of 100,000 active players in the country, positioning us well for the upcoming World Cup this summer”.
Marcus Arildsson, CFO of Codere Online, commented, “Beyond the strong top line performance in the fourth quarter, we also had a significant uplift in Adj. EBITDA to €6.7 mm in the period, allowing us to meet the upper part of the 2025 outlook range we provided last year.”
Mr. Arildsson further stated, “As we look out to 2026, we are encouraged by the strong trends in both Mexico and Spain and expect our net gaming revenue for the year to be in the €235-245 million range and Adj. EBITDA between €15 and 20 million.”
Recent Events
Board Appointments
On December 1, 2025, Mr. Oscar Iglesias, who previously served as the Company’s Chief Financial Officer, was appointed as member of the Company’s board of directors (the “Board”).
On December 9, 2025, Mr. Gaëtan Dumont was appointed as member of the Board.
Colombia License Renewal
On November 13, 2025, the Company renewed its online gaming license in Colombia for a period of 5 years.
The current license will expire in November 2030.
Changes in Gaming Taxes
Effective January 1, 2026, the statutory excise tax rate applicable to gaming in Mexico (“IEPS”) was increased from 30 to 50%.
The value added (i.e. indirect) tax of 19% on all online deposits introduced through executive decree in Colombia in February 2025 expired on December 31, 2025.
Repurchases Under the Share Buyback Plan
The Company has repurchased 391 thousand shares for an aggregate amount of $2.7 million under its authorized share buyback plan through February 25, 2026.
The plan has an authorized total investment of $7.5 million or up to 1 million shares and expires on December 31, 2026.
Conference Call Information
Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, February 26, 2026. Access links to the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.
Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)
Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)5
About Codere Online
Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.
About Codere Group Codere Group is a multinational group dedicated to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).
Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.
Forward-Looking Statements Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.
These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
Financial Information and Non-GAAP Financial Measures Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).
This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.
Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.
This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.
Use of Projections This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.
For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.
Preliminary Information This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.
No Offer or Solicitation This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Industry and Market Data In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.
Contacts:
Investors and Media Guillermo Lancha Director, Investor Relations and Communications Guillermo.Lancha@codereonline.com (+34) 628.928.152
1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report.
2 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report. 3 See “Preliminary Information” below.
4 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina. 5 Please refer to page 25 of our Q4 2025 Earnings Presentation for further details regarding this reconciliation.
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Better than expected Q4. Total Q4 revenues of $560.3 million was better than our $550.9 million estimate, due to better than expected Core Local advertising and better Scripps Networks revenue. Adj. EBITDA of $86.4 million beat our $75.6 million estimate on lower segment expenses, particularly in its Networks segment.
Core advertising stronger than expected. Core Advertising revenue increased a strong 12.2% to $165.4 million, better than our estimate of $162.0 million. It is not surprising given the record amount of year earlier Political advertising that there would be a large level of Core Advertising displacement. But, we are pleased that Core Advertising reflected a strong rebound in the quarter, even better than what we were looking for.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
EL SEGUNDO, Calif.–(BUSINESS WIRE)– The Beachbody Company, Inc. (NASDAQ: BODI) (“BODi” or the “Company”), a leading fitness and nutrition company, will release its fourth quarter 2025 results on Tuesday, March 10, 2026, after the U.S. stock market closes. The Company will host a conference call at 5:00 p.m. (Eastern Time) that day to discuss the results.
For those unable to participate in the conference call, a replay will be available after the conclusion of the call on March 10, 2026, through March 17, 2026. The toll-free replay dial-in number is (866) 813-9403 (U.S & Canada). The replay passcode is 989620.
About BODi and The Beachbody Company, Inc.
BODi, formerly known as Beachbody, has been a pioneer in structured, step-by-step home fitness and nutrition programs for nearly three decades, with iconic products such as P90X, INSANITY, 21 Day Fix and the original premium superfood nutrition supplement, Shakeology. Since its inception, BODi has helped more than 30 million people reach life-changing results. Today, BODi continues to evolve with a simple mission: help people achieve their goals and lead healthier, more fulfilling lives, especially busy, time-strapped people who want to fit healthy habits into everyday life with proven solutions. The BODi community empowers millions to stay motivated and accountable, supporting healthy weight management, improved metabolic function, increased mental and physical well-being, better sleep, as well as evidence-based habits that enhance healthspan and longevity.
