Hacksaw Gaming (HACK) Q3 2025 earnings summary

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.