Hacksaw Group Revenue Jumps 39% in Q3 Driven by Product Expansion
Hacksaw Group achieved strong financial results in the third quarter (Q3) of 2025, reporting significant sequential growth. Total revenue climbed 39% year-over-year to €52.0 million, up from €37.3 million in Q3 2024. This increase was entirely organic, stemming from the company’s core strategy of developing new games and expanding its customer base. The strong top-line performance fueled a 29% rise in Adjusted Operating Profit (EBIT) to €42.1 million.
The Adjusted EBIT margin for the quarter was 81%, a decrease from 87% in Q3 2024. This margin shift was expected and is mainly due to a change in the business mix. The company is seeing a growing share of revenue from third-party content delivered through its OpenRGS platform. Profit for the period rose by 27% to €38.7 million. Operating efficiency also improved, as cash flow from operating activities more than doubled, increasing by 133% to €36.7 million.
Accelerating Product and Platform Growth
Hacksaw maintained an accelerated product development pace, releasing 12 new proprietary games in Q3, averaging four per month. The OpenRGS platform also saw major expansion, adding 15 new games from third-party studios. By the end of the quarter, the total game portfolio available on the platform had reached 268 titles, a 46% increase from the prior year.
Group CEO Christoffer Källberg highlighted that launching new games strengthens the portfolio through growth and diversification. The revenue stream is becoming less concentrated: the top ten games accounted for 45% of Gross Gaming Revenue (GGR) in Q3, down from 60% in Q3 2024.
This shows the success of the dual strategy focused on product innovation and increasing monetization. Player activity saw strong growth, with a 50% year-over-year increase in the average daily number of rounds played across the Hacksaw portfolio.
Commercial Expansion in North America and Beyond
The company successfully closed 48 new commercial deals in Q3, expanding its global footprint. Key partnerships signed include agreements with Betnacional (Flutter Group) and the Ontario Lottery and Gaming Corporation in Canada.
Hacksaw continued its push into regulated territories. In July 2025, the company launched its games in the locally licensed iGaming market in Pennsylvania, bringing its total to over 35 regulated markets. After the close of the quarter, Hacksaw secured approval as an authorized games provider in Alberta, Canada.
Although the company does not provide separate financial figures for North America, these market entries are expected to drive future growth. Hacksaw also continued to scale its organization, increasing its full-time employee count to 228 by the quarter’s end.
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