Financial Data and Key Metrics Changes - The company reported net gaming revenues of €53 million for Q4 2024, a 5% increase compared to Q4 2023. In constant currency terms, this would have been €57 million, reflecting a 15% increase year-on-year [10][14][20] - Adjusted EBITDA for Q4 2024 was €1.9 million, with a total of €6.4 million for the full year, marking positive adjusted EBITDA in each quarter throughout 2024 [15][16] - The average cost per acquisition (CPA) decreased to €211, the lowest since Q4 2023, indicating improved efficiency in customer acquisition [12][48] Business Line Data and Key Metrics Changes - The casino segment contributed 62% of total net gaming revenue in Q4 2024, driven by a seasonal decline in sports betting [10] - In Spain, net gaming revenue grew by 10% to €23 million, while in Mexico, it remained flat at €25 million due to currency and sports betting margin headwinds [14][20] - The number of average monthly active customers increased by 6%, reaching nearly 70,000, which is 16% higher than Q4 2023 [21] Market Data and Key Metrics Changes - The Mexican peso devalued by 14% in Q4 2024, impacting net gaming revenue by approximately €3.4 million [20][22] - Despite the challenges in Mexico, the company remains optimistic about growth opportunities in the market, citing a strong customer base and retention strategies [21] Company Strategy and Development Direction - The company has approved a one-year share buyback plan for up to $5 million, reflecting confidence in its cash position and future cash flow generation [12] - The focus remains on core markets like Spain and Mexico, with cautious exploration of new markets such as Brazil, Peru, and Chile, where significant investments are not yet justified [80][81] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by currency fluctuations and new taxes in Colombia, which could impact future investments [24][40] - The outlook for 2025 anticipates net gaming revenue between €220 million and €230 million, representing a 6% increase at the midpoint compared to 2024 [23][24] Other Important Information - The company successfully transitioned to a new auditor, MaloneBailey, after the unexpected resignation of its former auditor, which allowed it to meet compliance deadlines with NASDAQ [7][9] - The company ended Q4 2024 with €40 million in total cash, of which approximately €35 million was available [22] Q&A Session Summary Question: Can you share the Euro assumption embedded in the 2025 guidance? - The CFO indicated that specific FX forecasts for 2025 would be provided post-call [33] Question: Is the implied flow-through to EBITDA a function of conservatism around user acquisition investment? - The CFO noted that upcoming events like the Club World Cup could influence marketing strategies and investments [36] Question: Have competitors shifted focus to Brazil, impacting competitive intensity in Mexico? - Management suggested that some competitors may have temporarily reduced their focus on Mexico, providing an opportunity for the company [58] Question: What are the growth investment plans outside of Mexico? - The company is currently prioritizing investments in core markets where ROI is well understood, while exploring partnerships in Brazil [80][81] Question: Can you provide an update on Argentina? - Management expressed challenges in entering key provinces in Argentina, limiting growth potential in that market [83][84]