Hacksaw Gaming Reports Record Revenue and Player Activity Growth
Provider Hacksaw Gaming released its interim report for Q3 and 9M 2025, achieving record results thanks to new game launches and growth in its player base.
Financial Results for Q3 2025
| Metric | Q3 2025 | Change YoY / QoQ |
|---|---|---|
| Revenue | €52 million | +39% YoY, +15% QoQ |
| Adjusted EBIT | €42.1 million | +29% YoY |
| EBIT Margin | 81% | 87% YoY |
| Net Profit | €38.7 million | +27% YoY |
| Operating Cash Flow | €36.7 million | +133% YoY |
| Cash at End of Period | €87.8 million | – |
| Games in Portfolio | 268 | 185 in Q3 2024 |
| In-house / Partner Games | 12 / 15 | – |
| Player Activity Growth | +50% | YoY |
| Top 10 Games Share in GGR | 45% | 60% YoY |
| New Partnerships | 48 | – |
| Licensed Markets | 35+ | – |
| Number of Employees | 231 | 126 last year |
Results for the First Nine Months of 2025
- Revenue: €142.4 million (+52% YoY)
- Adjusted EBIT: €116.5 million (+44% YoY), margin 82%
- Net Profit: €100.8 million (+32% YoY)
- Operating Cash Flow: €104.3 million (+107% YoY)
Game Portfolio Expansion and New Releases
The company accelerated its in-house game releases from three to four per month, increasing its portfolio to 268 games, including 15 from partner studios via the OpenRGS platform. This led to a slight decrease in EBIT margin but exceeded the long-term revenue growth target of 30% per year.
Market and Partnership Expansion
- New licenses obtained in Pennsylvania (USA) and Alberta (Canada)
- Games are now available in over 35 licensed markets
- 48 new partnerships established, including a collaboration with Betnacional (Flutter)
Player Activity Growth
Player activity increased by 50% year-over-year, driven by new game launches and wider market availability.
Team Structure and Management
The workforce grew to 231 employees, up from 126 in Q3 2024. CEO Kristoffer Kelberg highlighted that the company is maintaining a high release pace while actively expanding its game portfolio.