The company reported total revenue of €57.6 million in the first quarter of 2026. That marked a growth rate of 28% compared to the same period last year. In constant currency terms, the increase was even higher at 37%.
Profit Margins Remained Largely Stable
Stability in margins is another positive indicator. According to the report for the first quarter:
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Adjusted EBIT increased by 27%, totalling €47.4 million;
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Adjusted EBIT margin was 82%, down by just one percentage point from 83%;
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Adjusted EBITDA totalled €48.8 million, with the margin remaining steady at 85%;
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Net profit grew faster than revenue, rising by 51% to €45.5 million;
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Earnings per share became equal to €0.157;
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Cash flow from operating activities amounted to €45.7 million;
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At the end of Q1, Hacksaw had €176 million in its cash balance.
In the year ending in March 2026, the company generated €210.1 million in revenue, an increase of 35% YOY. For the same period, adjusted EBIT amounted to €171.6 million, with a 82% margin.
More Market Access, More Operator Deals
During Q1, Hacksaw signed 79 deals, with 59 of those with new clients. The agreements include bet365 in Pennsylvania, Delaware North in West Virginia, and William Hill in Italy.
The US US expansion also showed up in licensing. In that regard, Hacksaw received its Online Gaming Service Provider license from the Department of Consumer Protection of Connecticut. That made it possible for the company to provide content to licensed operators in the US state.
The corporation also increased its investment in studios. It had earlier invested in Kitsune Studios in Q4 2025. Through Hacksaw Ventures, it agreed to invest in another partner studio called Jinx Gaming.
Solid Game Output
Hacksaw had 27 games released in the quarter. Twelve titles were created in-house, while 15 came from third parties via the OpenRGS platform. In the same period a year ago, those numbers were nine and eight.
The catalog grew to 320 games at the end of March compared to 236 in the same period last year. It was also reported that nine third-party developers were working on their own titles on OpenRGS, with Foxhound Games releasing its first game in February.
Hacksaw’s top 10 games contributed 43% of gross gaming revenue (GGR), down from 50% a year ago. This trend shows that the company’s portfolio is shouldering the workload more and not being overly dependent on only a few games.
Conclusion
Hacksaw’s financial success goes beyond just the growth of the company. Its EBIT margin stayed above 80%, game output grew, and distribution widened. This is good news for the company, but what remains to be seen is how consistently it can perform this way while entering regulated markets.
