We entered 2025 expecting a strong year from Hacksaw. After a 2024 defined by breakout releases, rising streamer exposure and accelerating distribution across both crypto and regulated operators, the narrative was clear: momentum was on its side.
The real question was not whether Hacksaw could grow. It was whether that growth could be scaled without sacrificing profitability or increasing risk concentration.
With the publication of its year-end report, the answer is now visible in hard numbers — and those numbers suggest something more profound than a good year. They point to structural strength.
The Financial Core: Growth with Margin Discipline
Full-year revenue increased 44% to EUR 197.5 million. On a constant currency basis, growth was even stronger at 48%.
More importantly, adjusted EBIT rose 39% to EUR 161.4 million, resulting in an 82% operating margin. In the iGaming supplier landscape, margins above 60% are considered strong. Maintaining a margin north of 80% at nearly EUR 200 million in revenue is exceptional.
Below is a condensed overview of the most important full-year figures:
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Revenue | EUR 197.5m | EUR 137.1m | +44% |
| Adjusted EBIT | EUR 161.4m | EUR 116.1m | +39% |
| Net Profit | EUR 142.8m | EUR 109.4m | +31% |
| Operating Cash Flow | EUR 152.1m | EUR 100.7m | +51% |
| Cash Position (Year-End) | EUR 133.2m | EUR 93.8m | — |
The alignment between revenue growth, profit expansion and cash generation is what elevates this performance beyond headline numbers.
Diversification: Quietly Reducing Risk
One of the most telling structural improvements in 2025 was diversification.
In the fourth quarter:
- The top 10 games represented 43% of GGR, down from 57% the year before
- The largest client accounted for 13% of revenue, compared to 20% previously
- No country represented more than 10% of bets placed during the year
These shifts matter more than they may appear at first glance. They indicate that Hacksaw’s revenue is becoming less dependent on individual hits, single operators or concentrated regulatory exposure. For a recently listed company, this kind of broadening risk profile signals maturity.
Production Engine and Platform Leverage
Hacksaw released 91 games in 2025 — 45 developed internally and 46 via its OpenRGS platform. The total portfolio expanded to 293 titles, up from 203 a year earlier.
OpenRGS now hosts eight third-party studios, reinforcing Hacksaw’s evolution from pure content studio into a scalable platform layer.
The strategic implications are clear:
- A larger portfolio strengthens back catalogue monetisation
- Platform distribution improves operating leverage
- Incremental content carries high margin contribution
This helps explain how the company sustains its profitability profile even while investing in expansion.
Engagement: The Underlying Demand Signal
Beyond financials, engagement data reinforces the narrative. Average daily rounds played increased 58% year-on-year.
That metric reflects real player activity. It suggests sustained demand across multiple markets and operators, not just favourable commercial contracts. When rounds played accelerate at that pace, it confirms that product-market fit remains strong.
Investment Without Structural Margin Pressure
Adjusted operating margin declined modestly from 85% to 82%. This is better understood as controlled reinvestment rather than margin erosion. Headcount expanded from 141 to 254 employees as development and distribution capabilities scaled.
Even after those investments, the company closed the year debt-free with EUR 133.2 million in cash. Operating cash flow of EUR 152.1 million provides strategic flexibility going into 2026.
Capital Allocation Reflects Confidence
Hacksaw has stated its intention to return at least 75% of net profit to shareholders. For 2025, the board proposes a dividend of EUR 0.40 per share and a buyback mandate of up to 10% of shares.
For a company still growing at nearly 50%, such capital return policies signal confidence in the sustainability of cash generation.
From Visibility to Validation
If 2024 was the year Hacksaw became one of the most talked-about names in iGaming, 2025 was the year it demonstrated structural resilience. Revenue expanded 44%. Profitability remained above 80% at the EBIT level. Engagement accelerated. Concentration risk declined. Cash reserves strengthened.
The company is no longer merely riding a content wave. It is operating a scalable, capital-efficient platform model with expanding distribution and improving diversification.
The key question for 2026 is not whether Hacksaw can grow — it is whether it can maintain its margin profile while further entrenching OpenRGS as a competitive moat.
Based on 2025, the trajectory suggests that momentum has evolved into something far more durable.
