Hacksaw expects Q3 revenue growth of 11–12% as shares fall

Hacksaw AB expects revenue growth of about 11–12% for the third quarter of 2026, the Stockholm-listed slot studio said in preliminary figures published at 00:50 CEST on 12 October, and the shares fell 27% in early trading the same day, according to Nyhetsbyrån Direkt as reported by iGaming Times. Hacksaw expects revenue for the three months to 30 September of about EUR 57.5–58.5 million, against EUR 52.0 million a year earlier. Hacksaw called that growth "below the Group's historical growth pace."

The fall came on Nasdaq Stockholm on 12 October. iGaming House reported a fall of 28% and Next.io a fall of nearly 30%, at the time they published.

The numbers

• Revenue: about EUR 57.5–58.5 million (Q3 2025: EUR 52.0 million), up about 11–12%.
• Adjusted operating profit (EBIT): about EUR 48–49 million (Q3 2025: EUR 42.1 million), up about 14–16%.
• Adjusted operating margin (EBIT margin): about 83% (Q3 2025: 81%).

Profit therefore grew faster than revenue, and the margin widened. Hacksaw said it was obliged to make the information public under the EU Market Abuse Regulation (MAR); the full interim report is expected on 3 November 2026.

What Hacksaw said

The company gave two reasons for the slower growth: "softer market conditions and game performance that was lower than during Hacksaw's recently reported periods." As a content business, its performance will vary from period to period. The long-term financial targets remain unchanged.

Hacksaw says it will keep its focus on the quality of its game production and broaden the portfolio through new and existing OpenRGS partnerships, and that it is in dialogue with potential Hacksaw Venture partners. The company is also exploring new verticals, including a crash game launched towards the end of the quarter.

Group CEO Ana Vrabic Verdir said: "Growth in the third quarter of 2026 was more moderate than during our recent history. At the same time, we continue to expand our customer base through new signings and focus on extending our reach into additional markets with our existing customers. Our commercial momentum remains strong, and our development team is well positioned to continue delivering the quality content we are known for. We look forward to discussing the quarter in more detail in connection with our interim report that is expected to be published on 3 November 2026."

What it means for players

Among the Hacksaw titles we cover are Wanted Dead or a Wild and Le Bandit. This is a story about the studio's business, not its games. The only product detail is the step into crash games: Hacksaw says it launched a crash game towards the end of the quarter. We have written separately about Hacksaw's first crash title, Moneyplane.

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