Hacksaw Gaming has reported a 12% year-on-year increase in revenue for the third quarter of 2026, reaching €58.1 million. The provider published its Q3 results on November 3, confirming figures were in line with preliminary estimates released in October. Although revenue growth slowed compared to the previous quarter, the company saw improvements in profitability and operational performance.
Financial and Operational Highlights
For Q3 2026, Hacksaw Gaming posted an adjusted EBIT margin of 83%, with adjusted EBIT at €48.3 million, up 15% year-on-year. Adjusted EBITDA stood at €49.9 million, also up 15%, with a margin of 86%. Net profit for the quarter was €45.7 million, representing an 18% increase from the previous year. Operating cash flow rose to €52.2 million, a 42% year-on-year increase, and the company ended the period with €148.2 million in cash, up from €99.4 million at the end of Q2.
Over the first nine months of 2026, revenue reached €175 million, a 23% increase year-on-year. Adjusted EBIT for the period was €144.2 million, with a stable margin of 82%. Net profit rose by 36% to €136.9 million, and operating cash flow increased by 35% to €140.9 million.
Hacksaw Gaming expanded its portfolio significantly, releasing 19 proprietary games in Q3, up from 12 a year earlier. The OpenRGS platform featured 26 third-party games from 12 studios, including new partner Zerplaay Games. The total game portfolio reached 399 titles by the end of the quarter. The provider also saw a 19% rise in average daily rounds played, and its top 10 games accounted for 52% of gross gaming revenue, compared to 45% the previous year. The company signed 74 deals, including 67 with new clients, and 34 new clients launched Hacksaw games, such as Italian operator Snai. Staff numbers grew to 338 from 231 a year earlier.
Strategic Developments and Market Expansion
The board appointed Ana Vrabic Verdir as permanent CEO during the quarter. Hacksaw Gaming also entered a new vertical with its first crash game, Moneyplane, and expanded into locally licensed markets in Alberta, Canada, and Buenos Aires, Argentina.
Following the quarter, the company launched its own B2B prediction markets platform, Hacksaw Markets, and announced a partnership with Czech operator Sazka Hry. Hacksaw games also became available with Ballys Intralot in the UK and FanDuel in Connecticut, USA. The board approved a share buyback program of up to €20 million over three months. The company reported no interest-bearing debt.
Implications for the Industry
Hacksaw Gaming's results underscore the ongoing importance of portfolio diversification and local market adaptation for suppliers. The company’s shift in game release strategy, aimed at broader market coverage, initially led to lower average revenue per game. However, a renewed focus on proven formats may help stabilize growth. The expansion into new regulated markets and the launch of a proprietary B2B platform highlight opportunities for operators and affiliates seeking fresh content and partnership options. The company’s robust cash position and absence of debt may also support further investment and innovation.
Key takeaways
- Hacksaw Gaming posted 12% revenue growth in Q3 2026, with improved profitability.
- The company expanded its game portfolio and entered new regulated markets.
- A share buyback of up to €20 million was approved, reflecting strong cash flow.
- Strategic focus is shifting back to proven game formats to stabilize growth.