Hacksaw reported Q1 revenue of €57.6m ($67.3m), up 28% year-on-year, as the supplier continued to expand its game portfolio, distribution network and regulated market access. On a constant currency basis, revenue growth was 37%.
Adjusted operating profit (EBIT) rose 27% to €47.4m, with an adjusted EBIT margin of 82%. Profit for the period reached €45.5m, up 51% from €30.1m in Q1 2025. The report disclosed adjusted EBIT rather than adjusted EBITDA as its core profitability metric.
The supplier also generated €45.7m in operating cash flow during the quarter, compared with €40.8m in the prior-year period. Last 12-month revenue reached €210.1m, while profit for the same period stood at €158.2m.
Hacksaw released 27 games in Q1, including 12 developed in-house and 15 created by third-party studios through its OpenRGS platform. By the end of March, nine studios were developing games on the platform and its total portfolio had reached 320 titles.
Commercial activity also remained active, with 79 deals signed during the quarter, including 59 new client agreements. These included bet365 in Pennsylvania, William Hill in Italy and Delaware North in West Virginia.
In the US, Hacksaw secured an Online Gaming Service Provider licence from the Connecticut Department of Consumer Protection. The licence adds to its North American expansion and follows other suppliers entering Connecticut’s iGaming market, including Playtech in March.
Hacksaw also expanded its investment activity through Hacksaw Ventures, taking a minority stake in OpenRGS partner studio Jinx Gaming. The agreement includes an option to increase its stake over time.
Earlier this month, Hacksaw Gaming partnered with Retabet in Spain and Peru, adding its slots to the operator’s online casino offering across both markets.
Hacksaw’s 2025 AGM approved a dividend of €0.40 per share, with payment expected on 12 May 2026
