Hacksaw beats Q1 estimates with €57.6m revenue
Table of contents
- Hacksaw Gaming reported first-quarter 2026 revenue of €57.6m, up 28% year-on-year and ahead of analyst consensus expectations.
- Adjusted EBIT reached €47.4m at an 82% margin, beating analyst forecasts by 8%.
- The company secured a Connecticut gaming licence and entered an agreement to invest in early-stage studio Jinx Gaming during the quarter.
Hacksaw Gaming has reported first-quarter 2026 results ahead of market expectations, with revenue growing 28% year-on-year to €57.6m and adjusted EBIT of €47.4m, as the Stockholm-listed game supplier continued to expand its US presence and grow its third-party studio platform.
Strong margins hold
Revenues came in above analyst consensus expectations, representing a 5% increase from the prior quarter despite a demanding comparison base. First-quarter 2025 revenue of €45.0m had itself represented around 70% year-on-year growth.
Adjusted EBIT rose 27% year-on-year and 6% quarter-on-quarter, beating the consensus forecast of €43.8m by 8%. The company maintained an adjusted EBIT margin of 82%, above the consensus estimate of 79.5%. Net cash at the end of the quarter stood at €176m.
Profit after tax reached €45.5m, up 51.2% year-on-year, with fully diluted earnings per share of €0.157 compared to €0.106 in the same period a year ago. Cash flow from operations totalled €45.7m.
Christoffer Källberg, Group CEO of Hacksaw AB, said in the company’s Q1 2026 interim report:
“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.”
US expansion and new studios
The company signed 79 deals during the quarter, including new agreements with bet365 in Pennsylvania, William Hill in Italy, and Delaware North in West Virginia. Hacksaw also obtained an Online Gaming Service Provider licence from the Connecticut Department of Consumer Protection, extending its regulated US footprint.
The company released 27 new games in Q1 2026, comprising 12 in-house titles and 15 from partner studios on its OpenRGS platform. The total catalogue reached 320 games, with nine third-party studios now active on the platform after Foxhound Games launched its first title in February. Average daily game rounds increased 27% year-on-year.
Källberg said:
“This reflects both our internal capacity to continuously deliver high-quality content and the interest in our platform. At the end of the quarter, we had nine studios developing games on our platform, with Foxhound Games launching its first title in February. By the end of March, our portfolio consisted of 320 games.”
On the Hacksaw Ventures initiative, he added:
“We continue to see interesting opportunities in utilizing our strong cash generation to invest in early-stage companies within our ecosystem, where we can capture significant potential by providing both capital and strategic support to founders. We call this initiative Hacksaw Ventures.
“We view it as an attractive long-term capital allocation opportunity, even if the short-term financial impact from individual investments will be limited in relation to our group as a whole. As part of Hacksaw Ventures, we made an investment in Kitsune Studios during the fourth quarter of last year and entered into an agreement to invest in Jinx Gaming during the quarter.”
Outlook for investors
Hacksaw has not issued formal guidance for fiscal 2026. The company’s long-term targets include annual revenue growth above 30% and adjusted EBIT margins above 80%, with a capital policy targeting a return of at least 75% of net profit to shareholders via dividends or buybacks.
Analyst consensus projections point to 30% revenue growth and 27% adjusted EBIT growth for the full year, with a margin forecast of 79.8%.
For operators and investors, Hacksaw’s expanding US licensing position and growing OpenRGS network signal continued content availability across newly regulated states. The Connecticut licence marks a further step in a market where regulatory timelines have historically constrained supplier entry, with Q2 2026 results set to test whether the company can sustain its trajectory against an increasingly demanding prior-year comparison.
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