Hacksaw Gaming posted Q1 2026 revenue of EUR 57.6 million, up 28% year-on-year from EUR 45.0 million, with adjusted EBIT growing in line to EUR 47.4 million at an 82% margin.
On a constant currency basis, the growth figure was 37%, with FX movements reducing the reported rate by nine percentage points relative to the prior-year period.
Margins and Profitability
Adjusted EBIT of EUR 47.4 million compares to EUR 37.3 million in Q1 2025, a 27% increase. The adjusted EBIT margin was 82%, down one percentage point from 83%. Adjusted EBITDA reached EUR 48.8 million at an 85% margin.
Adjusted operating expenses rose from EUR 7.7 million to EUR 10.2 million, driven by higher personnel costs from recruitment in game development and distribution, and increased costs from scaling the OpenRGS platform. Higher depreciation and amortisation also contributed, reflecting continued investment in capitalised game development expenses.
Profit for the period was EUR 45.5 million, up 51% from EUR 30.1 million in Q1 2025. Diluted earnings per share rose to EUR 0.157 from EUR 0.106. The effective tax rate was 4.9%, down from 6.3% a year earlier.
Cash flow from operating activities was EUR 45.7 million (EUR 40.8 million). Cash and cash equivalents ended the quarter at EUR 176.0 million, compared to EUR 26.4 million at 31 March 2025, reflecting net proceeds from the company’s June 2025 IPO on Nasdaq Stockholm. Total assets stood at EUR 226.9 million and equity at EUR 199.1 million. The group carries no interest-bearing debt.
The result contrasts with the picture at B2B peer as European regulatory pressure weighed on live casino volumes.
Portfolio and Platform Growth
Hacksaw released 27 games in Q1: 12 developed in-house and 15 by third-party studios on the OpenRGS platform. The total portfolio reached 320 titles at 31 March 2026, up from 236 a year earlier, available across more than 35 locally licensed markets. Nine studios are now active on OpenRGS, with Foxhound Games having launched its first title in February.
The broadening of the active catalogue was reflected in GGR concentration: the top 10 games accounted for 43% of total GGR, down from 50% in the prior-year period. Average daily rounds played increased 27% in Q1 year-on-year and 43% on a last-twelve-months basis.
The OpenRGS model enables third-party studios to develop and distribute through Hacksaw’s platform infrastructure. , supporting Stake’s content expansion to reach USD 4.7bn GGR.
Commercial and Regulatory Milestones
Hacksaw signed 79 deals in Q1, of which 59 were new client agreements. Notable additions included bet365 in Pennsylvania, William Hill in Italy, and Delaware North in West Virginia. The company also obtained an Online Gaming Service Provider licence from the Connecticut Department of Consumer Protection, extending its regulated market coverage in the US.
On the investment side, Hacksaw made an equity investment in Jinx Gaming through its Hacksaw Ventures initiative, which targets early-stage companies in the B2B iGaming ecosystem. A similar investment in Kitsune Studios was made in Q4 2025. Management characterised Hacksaw Ventures as a long-term capital allocation opportunity, with near-term financial impact from individual investments expected to be limited relative to the group.
The headcount reached 278 employees at 31 March 2026, up from 170 a year earlier.
With a strong start of the year, we delivered revenues of EUR 58 million for Q1 2026 and EUR 210 million over the last twelve months, representing 35 percent growth on a reported basis compared to the twelve-month period ended in Q1 last year and 43 percent growth on a constant currency basis. This entirely organic growth reflects the successful execution of our strategy of product development and increasing monetisation.
Christoffer Källberg, Group CEO, Hacksaw AB
Q1 marks another strong quarterly result based on both the exceptional execution of our team and the significant market opportunity ahead of us. We enter the second quarter with solid momentum and great confidence.
Christoffer Källberg, Group CEO, Hacksaw AB
The Q2 2026 interim report is scheduled for 21 July 2026.
Source: Hacksaw AB
