Hacksaw Q3 Revenue Growth Slows to 11–12% From 31%

The Swedish-listed company released preliminary figures on October 12. Revenue for Q3 is expected at €57.5–58.5 million, compared with €52 million a year earlier. Adjusted operating profit (EBIT) should reach €48–49 million, up from €42.1 million, with the margin estimated at 83% against 81% in Q3 2025.

Growth Falls by 19–20 Percentage Points

Hacksaw’s second-quarter results, published in July, showed revenue of €59.3 million, up 31% year on year. Adjusted EBIT stood at €48.4 million, with an 82% margin.

The Q3 estimates show two changes:

1. Annual growth. Down from 31% to 11–12%, a slowdown of 19–20 percentage points.
2. Quarterly revenue. Expected at €57.5–58.5 million, down €0.8–1.8 million, or 1.3–3.0%, from Q2.

Adjusted EBIT is expected at €48–49 million, close to the previous quarter’s €48.4 million.

No Games or Markets Identified

Hacksaw cited weaker game performance and softer market conditions in its October 12 announcement. There was no breakdown by country or game title, leaving the source of the slowdown unclear.

CEO Ana Vrabic Verdir said Hacksaw was still bringing in new customers and entering additional markets through existing operator relationships. The preliminary release gave no figures for new customer signings during Q3.

The company also mentioned its work with OpenRGS studio partners and discussions with potential Hacksaw Ventures partners. A crash game was released during Q3 as part of its move into other game categories. Hacksaw did not report revenue separately for these activities.

Full Q3 Figures Due November 3

Hacksaw has not changed its long-term financial targets. The company is still aiming for annual revenue growth above 30% and an adjusted EBIT margin above 80%.

Its full third-quarter report is due on November 3. The October 12 update contains preliminary estimates. The November 3 report may also shed more light on the games and markets behind the slowdown.