Hacksaw Gaming
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Hacksaw Gaming (HACK) investor relations material

Hacksaw Gaming Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary4 Nov, 2025

Executive summary

  • Achieved strong sequential and year-over-year growth in Q3 2025, with revenue up 39% to EUR 52 million, driven by organic expansion, new game launches, and customer base growth.

  • First full quarter as a public company, exceeding expectations in new deals and launching in Pennsylvania.

  • Expanded presence to over 35 locally licensed markets, including new entries into Pennsylvania and Alberta.

  • Closed 48 new deals and released 27 new games in Q3, expanding the portfolio to 268 games.

  • Maintained high operating margins and strong cash flow conversion.

Financial highlights

  • Q3 revenue reached EUR 52 million, up 39% year-on-year and 15% sequentially.

  • Adjusted EBIT was EUR 42 million, up 29% year-on-year, with an adjusted EBIT margin of 81%.

  • Net income for Q3 was EUR 39 million, up 27% year-on-year; fully diluted EPS up 26%.

  • Free cash flow rose 139% year-on-year to EUR 35 million, with a conversion rate of 89%.

  • Cash and cash equivalents at quarter-end were EUR 88 million, up from EUR 53 million in Q2 and EUR 44 million a year ago.

Outlook and guidance

  • No formal full-year guidance, but long-term target of over 30% revenue growth reaffirmed.

  • Management highlights a strong pipeline, continued product innovation, and significant market opportunities for further expansion.

  • Q4 trends and game pipeline remain strong, with consistent release cadence expected into 2026.

OpenRGS margin impact going forward?
Target GGR contribution from top 10 games?
Key strategies to accelerate market share?
OpenRGS scaling: What is the target revenue mix?
Sweepstakes exits: What is the revenue impact?
Personnel costs: What is the expected growth trend?
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Next Hacksaw Gaming earnings date

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Q4 202517 Feb, 2026
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