Hacksaw has reported third-quarter revenue of €52.0m ($59.8m), marking a 39% year-on-year increase for the period ending 30 September 2025. Adjusted operating profit (EBIT) climbed 29% to €42.1m, maintaining a high margin of 81%, while profit for the quarter totalled €38.7m, up 27%.
Cash flow from operating activities reached €36.7m, more than doubling from €15.7m in Q3 2024. For the first nine months of 2025, revenue stood at €142.4m, up 52%, while adjusted EBIT rose 44% to €116.5m, reflecting continued organic expansion and cost discipline.
Growth was driven by an expanding game catalogue and higher player engagement. Hacksaw released 12 in-house titles and 15 partner-studio games via its OpenRGS platform during the quarter.
The number of rounds played across its portfolio increased 50%, with the top 10 titles now contributing 45% of gross gaming revenue compared to 60% last year, signalling a more balanced mix.
In July, Hacksaw entered the Pennsylvania market, bringing its total presence to more than 35 regulated jurisdictions and was later approved as a gaming service provider in Alberta, Canada.
Operating expenses rose due to IPO-related advisory costs, higher licensing fees tied to third-party content and increased personnel expenses to support growth. Cash and cash equivalents totalled €87.8m at quarter-end, with no outstanding bank debt.
The supplier now plans to maintain its pace of four new in-house games per month and continue scaling its OpenRGS platform, which remains a smaller but rapidly growing revenue contributor.
In recent sector context, larger peers such as Super Group also reported double-digit growth, with a 26% revenue rise in Q3 2025.
The company secured 48 new commercial agreements in Q3, including partnerships with Betnacional (Flutter Group) and the Ontario Lottery and Gaming Corporation
