Hacksaw Q3 Revenue Rises 12% as Game Mix Lowers Revenue Per Game

Hacksaw AB reported a 12% increase in third-quarter revenue to EUR 58.1 million in its January–September 2026 interim report on November 3, 2026, as stronger playing activity was offset by lower revenue per game. Adjusted operating profit rose 15% to EUR 48.3 million, lifting the adjusted margin to 83% from 81%.

Quarterly profit increased 18% to EUR 45.7 million. Operating cash flow reached EUR 52.2 million, compared with EUR 36.7 million a year earlier, when the change in working capital included EUR 6.8 million of one-off items related to a dividend payment. Including items affecting comparability, operating profit was EUR 47.8 million; the EUR 0.6 million quarterly adjustment mainly covered bonuses connected to a new long-term incentive programme.

The final figures fall within the ranges in Hacksaw’s October 12, 2026 preliminary update, which estimated revenue of EUR 57.5–58.5 million and adjusted operating profit of EUR 48–49 million. The full interim report adds detailed financial statements, portfolio metrics and management’s explanation of the game mix.

Playing Activity Outpaces Revenue

Average daily game rounds rose 19% year over year, while the top 10 games generated 52% of total gross gaming revenue, up from 45%. CEO Ana Vrabic Verdir said changes in game and operator mix lowered revenue per game from the prior-year period, explaining why stronger engagement did not translate into proportional revenue growth.

Hacksaw changed its development roadmap and game ratio at the beginning of 2026 as it broadened its focus across specific markets. The roadmap has since been rebalanced toward game styles and strengths that historically drove its success, while retaining development for a broader range of markets. Verdir described the resulting mix as a temporary headwind and expects it to normalize over the coming months, while cautioning that the current mix may affect short-term performance.

Content And Customer Reach Expand

Hacksaw released 19 in-house games during the quarter, compared with 12 a year earlier, while third-party studios released 26 games on OpenRGS, up from 15; Zerplaay Games also joined as a partner studio. Twelve third-party studios had released games on the platform by quarter-end, taking the total portfolio to 399 games from 268. Hacksaw said Moneyplane, launched in September 2026, was its first crash game, extending the portfolio beyond slots, scratch cards and instant-win games.

Hacksaw signed 74 deals during the quarter, including 67 with new clients, and 34 new clients went live, among them Sazka in the Czech Republic and Snai in Italy. It entered Alberta, Canada, and Buenos Aires City, Argentina, taking its presence to more than 40 locally licensed markets. After quarter-end, Bally’s Intralot went live in the UK and FanDuel in Connecticut.

Brazil moved in the opposite direction: the government withdrew authorization from all licensed operators at the end of September 2026, and the regulated market closed in early October 2026. Verdir described the closure as a deviation from the broader trend toward locally licensed markets.

Nine-Month Growth Supports Investment

For January–September 2026, revenue increased 23% to EUR 175.0 million, or 27% on a constant-currency basis. Adjusted operating profit rose 24% to EUR 144.2 million with the margin unchanged at 82%, while operating cash flow increased 35% to EUR 140.9 million. The year-to-date figures place the quarter’s more moderate growth within a stronger nine-month performance.

Third-quarter adjusted operating expenses were EUR 9.8 million, compared with EUR 9.9 million a year earlier. Higher personnel and business-development expenses were partly offset by lower costs of services sold, primarily fees paid to third-party studios. Investment in intangible assets doubled to EUR 3.2 million from EUR 1.6 million, covering capitalized game development and certification, the prediction-markets platform, patents and trademarks. Hacksaw ended September 2026 with EUR 148.2 million in cash and cash equivalents and no interest-bearing debt.

Hacksaw kept its long-term financial targets unchanged, citing growth of the online market, confidence in its ability to gain market share and new verticals, including its B2B prediction-markets platform.

The report’s central tension is strong playing activity alongside lower revenue per game. The open question is whether the rebalanced roadmap can improve that monetisation while Hacksaw maintains the broader content, market and vertical expansion behind its unchanged long-term targets.