Hacksaw AB has forecast third-quarter revenue of €57.5m to €58.5m ($64.3m to $65.4m), up approximately 11% to 12% year-on-year. The preliminary figures cover the three months to 30 September and compare with €52m in Q3 2025.
The growth rate marks a break from the Swedish iGaming supplier's first-half trajectory. Revenue rose 28% to €57.6m in Q1 and 31% to €59.3m in Q2. Even the top of the Q3 forecast range falls below Q2 revenue, although both figures exceed the prior-year quarter.
Hacksaw attributed the slower pace to softer market conditions and weaker performance from its games compared with recent reporting periods. It did not separate those effects or change its long-term financial targets. Its 2025 annual report sets those targets at annual revenue growth above 30% and an adjusted EBIT margin above 80%.
The projected Q3 growth rate is below the annual target pace, while the expected margin remains above the threshold.
The group estimates adjusted operating profit, or adjusted EBIT, of €48m to €49m, up 14% to 16% year-on-year. The corresponding margin is about 83%, compared with 81% in Q3 2025.
Adjusted EBIT measures profit after depreciation and amortisation, so it should not be treated as EBITDA.
The preliminary release contains no Q3 adjusted EBITDA or net income figure. In its latest complete quarterly report, for Q2, Hacksaw recorded €49.9m in adjusted EBITDA and €45.7m in net profit on €59.3m revenue.
The group expects to publish its Q3 interim report on 3 November, when the missing bottom-line measures should become available.
The slowdown comes despite a wider distribution and production base. In Q2, Hacksaw released 17 in-house games and 17 titles from partner studios on its OpenRGS platform, which then had 11 studios. Its games were available in more than 40 locally licensed markets.
The company's 2025 annual report showed in-house games generated over 90% of revenue, leaving game performance central to its quarterly results.
Since Q2, Hacksaw has appointed Ana Vrabic Verdir as permanent Group CEO and launched Moneyplane, its first crash game. Management says new customer signings and expansion with existing customers remain priorities, but the Q3 update supplied no figures for new deals or game releases.
Hacksaw's fourth Swiss operator deal in May expanded its reach in a market where online licences are tied to land-based casinos.
Hacksaw's HGMT subsidiary holds licences from the Malta Gaming Authority, Gambling Commission and Swedish Gambling Authority
