Hacksaw Gaming Revenue Soars 53% to €45.4M in Strong Post-IPO Quarter
Hacksaw Gaming has posted impressive financial results in its first quarterly report as a publicly traded company. The online casino game provider saw its revenue surge 53% year-over-year to €45.4 million in the second quarter of 2025, driven by a growing game library and increased player engagement.
Beating Expectations in Public Debut
The strong top-line growth beat the company’s own IPO guidance, which had projected a 45-50% increase. CEO Christoffer Källberg attributed the outperformance to a stronger-than-expected June and a 72% year-over-year increase in the daily average number of rounds played across its game portfolio.
The company’s profitability also remained robust. Adjusted operating profit (EBIT) climbed 45% to €37.1 million, resulting in a remarkable 82% adjusted EBIT margin.
Net profit for the period grew 37% to €32.0 million. This demonstrates the power of Hacksaw’s high-margin, asset-light business model.
The impressive Q2 results followed a successful listing on the Nasdaq Stockholm on June 25. The initial public offering was heavily oversubscribed, with strong interest from institutional investors worldwide. The company is now well-capitalized to fund its future growth, ending the quarter with €53.0 million in cash and no outstanding bank debt.
“This is our first quarterly report as a listed company, and I would like to start by thanking the entire team who made the listing possible, and all of our new shareholders for their support,” Källberg said in his comments to investors.
US Expansion and Product Innovation
Following the end of the quarter, Hacksaw made its long-awaited entry into the US market. In July, the company launched its games in Pennsylvania in partnership with FanDuel.
This is a key strategic move for Hacksaw as it looks to expand its global footprint, which now covers over 35 locally licensed markets.
The company is also accelerating its product development. In Q2, it increased its in-house game release schedule from three to four titles per month, launching 11 new games.
The expansion of its OpenRGS platform for third-party studios is also gaining momentum, with six studios now actively developing games on the platform.
A Diversified and Growing Portfolio
The growing game library is leading to a more diversified revenue stream. At the end of the quarter, Hacksaw’s portfolio included 241 games, up from 168 a year ago.
The company’s top ten games accounted for 46% of gross gaming revenue in Q2, down from 57% in the prior year, showing a healthier and less concentrated business.
“Our strategy is clear and focuses on the twin pillars of product innovation and increasing monetisation,” Källberg said. “We will continue to launch and develop new games, and we will continue to increase monetisation by growing with our customer base globally, as well as securing new customers.” With a strong balance sheet and a clear growth plan, Hacksaw is well-positioned to build on its post-IPO momentum.
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