Hacksaw grows to €197m with 82% profit margin in 2025

• Full-year 2025 revenue reached €197.5 million, up 44% year-on-year, with constant-currency growth of 48%.
• Adjusted EBIT rose 39% to €161.4 million, maintaining an 82% margin for the full year.
• The board has proposed a dividend of €0.40 per share and a share buyback mandate of up to 10% of outstanding capital.

Hacksaw AB (STO: HACK) closed its first full year as a publicly listed company with revenue of €197.5 million, up 44% from €137.1 million in 2024, according to its year-end report. On a constant-currency basis across its five largest currencies, full-year growth reached 48%.

The Swedish-headquartered B2B game development and platform company described 2025 as “a year of strong growth and maintained high margin.” The results mark a continuation of the company’s rapid trajectory: revenue more than doubled in 2024, reaching €137.1 million, itself a 104% increase on 2023.

Full-year and Q4 financials

For the full year ended 31 December 2025, adjusted operating profit (EBIT) increased 39% to €161.4 million, from €116.1 million in 2024. The adjusted EBIT margin held at 82%, compared with 85% in the prior year — a slight compression attributed primarily to advisory costs related to the company’s Nasdaq Stockholm IPO in June 2025.

Profit for the full year reached €142.8 million, up from €109.4 million. Fully diluted earnings per share rose to €0.496, from €0.376. Cash flow from operating activities for the year amounted to €152.1 million, up from €100.7 million.

In the fourth quarter alone — 1 October to 31 December 2025 — total revenue increased 26% to €55.1 million, from €43.7 million in Q4 2024. On a constant-currency basis, Q4 growth reached 31%. Adjusted Q4 EBIT rose 28% to €45.0 million, with an 82% margin. Profit for the quarter was €42.0 million, and diluted earnings per share came in at €0.172. Operating cash flow for the quarter was €47.7 million.

Highlights and North American expansion

During the fourth quarter, Hacksaw launched 13 in-house developed games and 12 titles built by third-party studios on its proprietary OpenRGS platform. OpenRGS is Hacksaw’s remote gaming server infrastructure, which allows independent studios to build and distribute games through Hacksaw’s operator network in exchange for a revenue-sharing arrangement.

For the full year, Hacksaw released 44 in-house titles — including sequels such as Le King, Rad Maxx, and Chaos Crew 3 — along with a total of 25 titles developed by partner studios.

The company also received approval as a gaming service provider in Alberta, Canada, during Q4. That regulatory clearance builds on Hacksaw’s expanding North American footprint, which included its entry into Pennsylvania in July 2025 via a launch with operator FanDuel.

Hacksaw is now active in more than 35 regulated jurisdictions globally and distributes games to more than 3,000 operator brands. Its US presence covers New Jersey, Michigan, West Virginia, and Pennsylvania, with Alberta set to expand its Canadian footprint alongside Ontario.

Leadership change and capital returns

Mikael Rahm took over as Group CFO from 1 January 2026, succeeding Per Alnefelt. The transition was flagged during the Q4 reporting period and formed part of Hacksaw’s governance evolution following its listing.

On shareholder returns, Hacksaw’s board has proposed a dividend of €0.40 per share to the Annual General Meeting, in line with its stated policy of returning at least 75% of net income annually through dividends or share buybacks.

The board has also proposed a buyback mandate of up to 10% of outstanding share capital. The company carries no financial debt and ended Q3 2025 with approximately €88 million in cash — growth has been entirely self-funded since its founding in 2017.

Hacksaw’s long-term targets remain a revenue growth rate exceeding 30% annually and an adjusted EBIT margin above 80%. Both were met in 2025, even as the full margin absorbed IPO-related costs. The company has reiterated its intent to release approximately four new games per month going forward.

The 2025 results place Hacksaw among the fastest-growing B2B content suppliers in the iGaming sector. As regulated markets continue to open across North America — and with state-level online casino legalisation advancing in additional US states — the company’s platform-based model positions it to benefit from each new jurisdiction without the incremental cost burden that weighs on operators.