The gaming provider Hacksaw has announced a remarkable 28% increase in revenue, reaching €57.6 million for Q1 2026. The report, released on April 28, highlights significant growth in both euros and constant currencies while maintaining high margins.
Key financial figures for Q1 2026 include:
- Revenue: €57.6 million (28% YoY, 37% in constant currency)
- Adjusted EBITDA: €48.8 million (28% YoY), with a margin of 85%
- Adjusted EBIT: €47.4 million (27% YoY), with a margin of 82%
- Net Profit: €45.5 million (51% YoY)
- EPS: €0.157 (49% YoY)
- Operating Cash Flow: €45.7 million (12% YoY)
- Cash at Period End: €176 million
For the Last Twelve Months (LTM) from April 2025 to March 2026, Hacksaw reported:
- Revenue: €210.1 million (35% YoY, 43% in constant currency)
- Adjusted EBIT: €171.6 million (margin 82%)
- Net Profit: €158.2 million
- Operating Cash Flow: €157.0 million
Operational highlights include:
- 12 new proprietary games launched in Q1, up from 9 last year
- 15 games from third-party studios on the OpenRGS platform, compared to 8 last year
- 320 games in the portfolio at the end of the quarter, up from 236 last year
- 9 third-party studios developing games on OpenRGS, with Foxhound Games releasing their first game in February
- 27% YoY increase in average daily rounds played in Q1
- 43% YoY increase in average daily rounds played for LTM
- 43% share of top 10 games in GGR, down from 50% last year
- 35 licensed markets
- 79 deals in the quarter (59 with new clients), including bet365 in Pennsylvania and Delaware North in West Virginia (USA), as well as William Hill in Italy
- 278 employees, up from 170 last year
Key events of the quarter include:
- Hacksaw received an Online Gaming Service Provider license in Connecticut, USA
- Hacksaw entered into an investment agreement with partner studio OpenRGS Jinx Gaming as part of the Hacksaw Ventures initiative, having previously invested in Kitsune Studios in Q4 2025
- Mikael Ram assumed the role of Group CFO as of January 1, 2026
CEO Kristoffer Kelberg commented on the strong start to the year, despite high macroeconomic uncertainty, linking the results to the implementation of product development and monetization strategies. He stated that Hacksaw continues to see attractive investment opportunities in early-stage companies within its ecosystem through the Hacksaw Ventures initiative.
With a 28% revenue growth, the adjusted EBIT margin remains high at 82% (compared to 83% YoY), indicating sustained operational efficiency during scaling.