Hacksaw Gaming Warns of Slower Revenue Growth in Q3 2026
Sweden.- 13 October 2026 | www.zonadeazar.com Hacksaw Gaming has released a preliminary financial update for the third quarter of 2026, warning that revenue growth slowed compared with the company’s historical performance.
The iGaming content supplier expects revenue of between €57.5 million and €58.5 million for the three months ended 30 September, representing year-on-year growth of approximately 11% to 12%.
Although Hacksaw continues to maintain strong operating margins and its long-term financial targets, the announcement triggered a decline of more than 27% in its share price during Monday morning trading on the Stockholm Stock Exchange.
Revenue Expected to Reach €58.5 Million
Hacksaw expects third-quarter revenue to range between €57.5 million and €58.5 million.
During the corresponding period in 2025, the company recorded revenue of €52 million.
The forecasts represent annual growth of approximately 11% to 12%, although this is below the expansion rates achieved in previous quarters.
The company emphasised that the figures remain preliminary and will be confirmed through its complete financial report.
Revenue Growth Slows
One of the main developments highlighted in the announcement is the slowdown in revenue growth.
During the second quarter of 2026, Hacksaw generated approximately €59.3 million in revenue, representing year-on-year growth of around 30%.
By comparison, the projected third-quarter figures indicate a significant moderation in the company’s growth trajectory.
Hacksaw attributed this development to softer market conditions and weaker performance from certain games compared with recent reporting periods.
Operating Profit Expected to Reach €49 Million
Despite slower revenue growth, Hacksaw expects to maintain strong operational profitability.
The company forecasts adjusted operating profit (EBIT) of between €48 million and €49 million for the third quarter.
During the corresponding period in 2025, adjusted EBIT reached €42.1 million.
This represents expected year-on-year growth of approximately 14% to 16%.
Adjusted Operating Margin Reaches 83%
Hacksaw expects its adjusted EBIT margin to reach approximately 83%, compared with 81% during the third quarter of 2025.
The figure demonstrates the company’s ability to maintain a highly profitable operating structure despite more moderate revenue growth.
The improvement also indicates that the slowdown has not resulted in an equivalent decline in operating profitability, according to the preliminary estimates.
Shares Fall More Than 27%
Financial markets reacted immediately to the announcement.
Shares in Hacksaw AB (STO: HACK) declined by more than 27% during the morning of Monday, 12 October, on the Stockholm Stock Exchange.
Following the update, the shares were trading at approximately SEK 59.40, representing a decrease of 27.24%.
The decline reflected investor concerns about the slowdown in revenue growth, despite the company’s continued strong operating margins.
Statements From Ana Vrabic Verdir
Ana Vrabic Verdir, Group CEO of Hacksaw, acknowledged that growth during the third quarter had been more moderate than in the company’s recent history.
However, she emphasised that Hacksaw continues expanding its customer base through new commercial agreements.
Verdir also highlighted the company’s efforts to extend its presence into additional markets alongside existing operator partners.
She maintained that commercial momentum remains strong and that the development team is well positioned to continue delivering high-quality gaming content.
Long-Term Financial Targets Remain Unchanged
Despite the more moderate third-quarter outlook, Hacksaw confirmed that its long-term financial targets remain unchanged.
The company continues pursuing its expansion strategy through international growth, new operator partnerships and proprietary content development.
Its financial objectives include annual revenue growth exceeding 30% and an adjusted EBIT margin above 80%.
The update nevertheless recognises that revenue growth may fluctuate considerably between reporting periods.
Gaming Content Performance
Hacksaw explained that its position as a gaming content developer means its commercial performance is directly influenced by the popularity of individual titles.
Player engagement and the commercial success of particular games can vary between quarters, affecting revenue generated across the portfolio.
During the third quarter, certain games performed below the levels achieved in previous reporting periods.
The company considers this volatility a natural characteristic of the online casino content development and distribution business.
Expansion Through OpenRGS
A central element of Hacksaw’s strategy is the continued development of its OpenRGS ecosystem.
The technology infrastructure enables partnerships with external studios and supports the distribution of additional gaming content through the group’s platform.
Hacksaw continues working with existing partners while seeking new developers to diversify its portfolio.
The objective is to broaden its content offering and reduce reliance on the performance of individual games.
New Hacksaw Venture Partnerships
The company is also holding discussions with potential partners through its Hacksaw Venture initiative.
The programme aims to establish collaborations with developers capable of creating additional commercial opportunities and strengthening the diversity of the group’s portfolio.
These partnerships form part of Hacksaw’s broader strategy to expand its game development and distribution capabilities.
Expansion Into Crash Games
Hacksaw confirmed that it is exploring new gaming verticals as part of its diversification strategy.
Towards the end of the third quarter, the company launched a new product within the crash games segment.
This category allows Hacksaw to extend its portfolio beyond traditional digital slots and instant-win games.
The move into additional formats is intended to diversify revenue opportunities and respond to evolving preferences among operators and players.
Czech Republic Expansion
During October, Hacksaw announced a new partnership with Sazka Hry, a brand operated by Allwyn Česko.
The agreement expands the distribution of Hacksaw’s gaming content within the Czech Republic’s regulated market.
The partnership forms part of the company’s wider European expansion strategy, focused on strengthening its position in regulated jurisdictions.
Statements From Marcus Cordes
Marcus Cordes, Operational CEO of Hacksaw, highlighted the importance of the Sazka Hry agreement for the company’s regional growth.
Cordes described Sazka as one of the most established brands in the Czech gaming industry.
He also expressed the company’s intention to build upon the partnership to strengthen Hacksaw’s presence across Central Europe.
Statements From Sazka Hry
Lukáš Bouzek, Head of Casino Product at Sazka Hry, highlighted the combination of the brand’s established reputation and Allwyn’s international expertise.
He explained that the company’s strategy focuses on exclusive gaming content, premium player experiences and long-term innovation.
Bouzek also emphasised the importance of local market expertise and responsible gambling commitments within Sazka Hry’s online casino offering.
Full Financial Report Scheduled for 3 November
Hacksaw confirmed that its complete third-quarter financial report will be published on 3 November 2026.
The company will provide further information regarding its financial and operational performance during the period.
The report will allow investors and industry stakeholders to assess the final results and better understand the factors contributing to slower revenue growth.
Next Steps and Impact
Hacksaw Gaming’s preliminary financial update highlights a business that continues increasing revenue and operating profit, although at a slower pace than in recent quarters.
The negative stock market reaction demonstrates the importance investors place on growth expectations for iGaming technology and content suppliers.
Nevertheless, the company’s projected 83% operating margin and continued adjusted EBIT growth indicate that profitability remains strong.
Over the coming months, the business outlook will depend on the performance of new gaming titles, the expansion of OpenRGS and Hacksaw Venture, and the addition of operator partners across international markets.
The publication of the full results on 3 November 2026 will be an important opportunity to assess whether the slowdown represents a temporary fluctuation or the beginning of a more moderate growth phase for the Swedish supplier.
Editó: @fonta
