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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.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved strong sequential and year-on-year growth in Q3 2025, with revenue up 39% to EUR 52 million, driven by organic expansion, new game launches, and customer base growth.
Closed 48 new deals, released 27 new games, and expanded the portfolio to 268 titles, with 12 in-house and 15 third-party games launched in Q3.
Expanded into new markets, including Pennsylvania and Alberta, now operating in over 35 locally licensed markets.
Team scaled up to 228 employees, mainly in Bucharest, Malta, and Stockholm.
Maintained focus on compliance, closing operations in states prohibiting sweepstakes and ensuring licensing.
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 81% margin.
Net income for Q3 was EUR 39 million, up 27% year-on-year; diluted EPS was EUR 0.134.
Free cash flow rose 139% year-on-year to EUR 35 million, with an 89% conversion rate; operating cash flow was EUR 36.7 million.
Cash and equivalents at quarter-end were EUR 88 million, up from EUR 53 million last quarter; no financial debt apart from IFRS leases.
Total equity at period end was EUR 112 million, up 36% year-on-year.
Outlook and guidance
No full-year guidance, but long-term target of over 30% revenue growth reaffirmed; management highlights a strong pipeline and continued product innovation.
Game release cadence expected to remain at four in-house games per month for the next few quarters.
No significant change in trends or geographical performance expected in Q4.
OpenRGS margin impact going forward?
Target GGR contribution from top 10 games?
Key strategies to accelerate market share?
Open RGS growth and margin strategy
Future sweepstakes revenue impact
Personnel cost growth vs. operating leverage
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Next Hacksaw Gaming earnings date
Q4 202517 Feb, 2026
Next Hacksaw Gaming earnings date
Q4 202517 Feb, 2026
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