Strong Revenue and Profit Growth
Hacksaw Gaming delivered another robust performance in the third quarter of 2025, driven by continued expansion and strong player engagement. Between July and September 2025, total revenue surged 39% year-on-year to EUR 52 million, up from EUR 37.3 million in the same period last year.
At the same time, adjusted operating profit (EBIT) rose 29% to EUR 42.1 million, maintaining an impressive 81% margin. These adjustments primarily reflected expenses related to the company’s initial public offering (IPO).
Net profit for the quarter reached EUR 38.7 million, compared with EUR 30.4 million a year earlier, while diluted earnings per share grew to EUR 0.134. Furthermore, operating cash flow nearly doubled, climbing to EUR 36.7 million.
Looking at the first nine months of 2025, Hacksaw achieved EUR 142.4 million in total revenue — a 52% increase compared to EUR 93.4 million for the same period in 2024. Adjusted EBIT grew 44% to EUR 116.5 million, representing an 82% margin, while profit for the period advanced to EUR 100.8 million, up from EUR 76.4 million. Likewise, diluted earnings per share rose to EUR 0.348, supported by a sharp rise in operating cash flow to EUR 104.3 million, more than double last year’s EUR 50.5 million.
Expansion into New North American Markets
The third quarter also marked significant progress in Hacksaw’s global growth strategy, particularly across North America. In July, the company successfully entered the Pennsylvania iGaming market, extending its regulated footprint to over 35 jurisdictions worldwide.
During the same period, Hacksaw launched 12 new in-house games alongside 15 partner-developed titles created through its proprietary development platform. These releases contributed to a 50% year-on-year increase in the average daily number of game rounds played, demonstrating sustained player engagement across its portfolio.
Following the close of the quarter, the total number of Hacksaw shares rose to 289,195,987, reflecting the exercise of employee warrants under the company’s long-term incentive program.
In addition, Hacksaw further strengthened its North American presence by receiving licensing approval in Alberta, Canada, positioning the company for continued growth in regulated markets across the region.
