Hacksaw Gaming (HACK) Q2 2025 earnings summary

Executive summary

• Shares were listed on Nasdaq Stockholm in June 2025 after an oversubscribed IPO, attracting strong global and institutional interest and over 8,000 new shareholders.

• Achieved 53% revenue growth in Q2 2025, reaching EUR 45.4 million, and 61% growth year-to-date to EUR 90.4 million.

• Adjusted EBIT rose 45% in Q2 to EUR 37.1 million, with an 82% margin; net income for Q2 was EUR 32 million, with diluted EPS of EUR 0.111.

• The games portfolio expanded to 241 titles, up 40% year-on-year, with 22 new games released in Q2.

• Presence expanded to over 35 licensed markets, with Pennsylvania as the latest U.S. entry in July.

Financial highlights

• Q2 revenue reached EUR 45.4 million, up 53% year-on-year and above the previously indicated 45%-50% growth range.

• Adjusted EBIT margin in Q2 was 82% (down from 86% year-on-year); adjusted EBIT was EUR 37.1 million.

• Net income for Q2 was EUR 32 million, up 37% year-on-year; fully diluted EPS increased 41%.

• Cash flow from operations in Q2 was EUR 25 million, up 30% year-on-year; free cash flow was EUR 23.3 million, up 29%.

• Cash and cash equivalents at quarter-end were EUR 53 million, despite EUR 106 million in dividends paid in H1.

Outlook and guidance

• Long-term targets are to grow revenue by more than 30% annually and maintain adjusted EBIT margins above 80%.

• At least 75% of net income will be returned to shareholders via dividends or buybacks.

• Confident in continued growth, profitability, and cash flow, supported by a strong game release pipeline and market expansion.

• Strategy focuses on product innovation, global monetization, and leveraging regulatory opportunities.

• Ongoing investment in talent and technology to support scalable growth.