Hacksaw Reports Strong Q3 Growth Amid North American Expansion
Hacksaw Gaming closed the third quarter of 2025 with a 39% jump in revenue and strong profitability, fueled by its entry into the Pennsylvania iGaming market and continued growth across more than 35 regulated jurisdictions. The company also expanded its North American footprint after receiving approval to operate in Alberta, Canada.
Strong Revenue and Profit Growth
Between July and September 2025, Hacksaw’s total revenue climbed 39% year-on-year to EUR 52 million, up from EUR 37.3 million in the same period last year. Adjusted operating profit (EBIT) rose by 29%, reaching EUR 42.1 million, while maintaining an 81% margin. Adjustments primarily reflected costs linked to the company’s IPO.
Net profit for the quarter stood at EUR 38.7 million, compared with EUR 30.4 million in 2024, and diluted earnings per share grew to EUR 0.134. Operating cash flow nearly doubled to EUR 36.7 million.
For the first nine months of 2025, Hacksaw recorded EUR 142.4 million in total revenue, marking a 52% increase compared with EUR 93.4 million in the same period last year. Adjusted EBIT rose 44% to EUR 116.5 million, representing an 82% margin. Profit for the period reached EUR 100.8 million, up from EUR 76.4 million, while diluted earnings per share increased to EUR 0.348.
Cash flow from operations amounted to EUR 104.3 million, more than double last year’s EUR 50.5 million.
Hacksaw Enters Pennsylvania and Secures License in Alberta
The third quarter marked another step in Hacksaw’s international expansion. In July, the company entered the Pennsylvania iGaming market, extending its regulated presence to more than 35 jurisdictions worldwide.
Hacksaw also launched 12 new in-house games and 15 titles developed by partner studios using its proprietary development platform. The company reported a 50% year-on-year increase in the average daily number of game rounds played across its portfolio, underscoring rising player engagement.
After the close of the quarter, the number of Hacksaw shares increased to 289,195,987 following the exercise of employee warrants under the company’s incentive program.
In addition, Hacksaw received approval as a licensed gaming service provider in Alberta, Canada, further strengthening its foothold in North America.