Key Moments:
- Hacksaw Gaming’s Q3 2025 revenue increased by 39% to €52 million compared to Q3 2024
- Net profit rose to €38.7 million, with an 81% adjusted EBIT margin in the latest quarter
- The company expanded into Pennsylvania and Alberta while daily game rounds jumped 50%
Financial Highlights for Q3 2025
Hacksaw Gaming reported a robust financial performance in Q3 2025, underscored by a 39% growth in revenue, which reached €52 million, up from €37.3 million during the same period last year. The company’s adjusted operating profit (EBIT) stood at €42.1 million, translating to an 81% margin, with most adjustments coming from IPO-related expenses. Net profit climbed to €38.7 million, compared to €30.4 million in Q3 2024, and diluted earnings per share were recorded at €0.134. Operating cash flow saw significant improvement, nearly doubling to €36.7 million.
Year-to-Date Growth Trends
Looking across the first nine months of 2025, Hacksaw Gaming achieved revenue of €142.4 million, representing a 52% increase over the prior year’s corresponding period. Adjusted EBIT reached €116.5 million, maintaining an impressive 82% margin. Profit surged to €100.8 million, up from €76.4 million, while diluted earnings per share moved higher to €0.348. Operating cash flow for the nine-month period more than doubled to €104.3 million.
Strategic Expansion Across North America
Hacksaw Gaming further widened its footprint in North America, entering the Pennsylvania iGaming market in July. This move brought its total number of regulated jurisdictions to over 35. The acquisition of a new gaming service provider license in Alberta further extended its reach in the region.
Product Development and User Engagement
The company launched 12 proprietary titles and collaborated on 15 partner games, all deployed via its internal development platform. Player interest remained high, as evidenced by a 50% increase in average daily game rounds across the portfolio compared to last year.
Share Count Update
Following the close of the quarter, total outstanding shares rose to 289,195,987, driven by employee warrant exercises under an incentive program.
Selected Financial Metrics
| Metric | Q3 2025 | Q3 2024 | First 9 Months 2025 | First 9 Months 2024 |
|---|---|---|---|---|
| Revenue (€ million) | 52 | 37.3 | 142.4 | – |
| Adjusted EBIT (€ million) | 42.1 | – | 116.5 | – |
| Net Profit (€ million) | 38.7 | 30.4 | 100.8 | 76.4 |
| Diluted EPS (€) | 0.134 | – | 0.348 | – |
| Operating Cash Flow (€ million) | 36.7 | – | 104.3 | – |
Outlook
With robust earnings, strong cash generation, and sustained expansion into new jurisdictions, Hacksaw Gaming has reaffirmed its position as a rapidly rising entity in the regulated iGaming space.
- Author
Daniel Williams
