Hacksaw AB (publ), the Stockholm-headquartered iGaming technology and content powerhouse, has delivered a blockbuster second quarter. The company reported a 53% revenue increase to €45.4 million, an adjusted EBIT margin of 82%, and its long-awaited listing on Nasdaq Stockholm – a defining moment in the company’s evolution from indie studio to industry heavyweight.
From Startup to Stock Market Standout
In just a few years, Hacksaw Gaming has evolved from an agile developer of scratch cards and slots into one of the iGaming industry’s most profitable B2B platforms.
Its second-quarter performance underscores the scalability of its model: €32 million in profit, €25 million in operating cash flow, and a market capitalization of nearly SEK 22 billion following its June IPO.
“The listing marks a new chapter for us,” said CEO Christoffer Källberg, who took the helm earlier this year. “Our team’s ability to sustain high growth while transitioning into a listed company reflects both our culture and the scalability of our technology.”
The company’s IPO was oversubscribed multiple times, attracting significant institutional and retail interest across the Nordics – Sweden, Denmark, Finland, and Norway.
For investors, Hacksaw represents something rare in gaming: a digital entertainment firm with both growth and exceptional profitability.
A High-Margin, Asset-Light Powerhouse
Hacksaw’s operating model remains one of the leanest in the gaming sector. With a headcount of just 188 employees, the group achieved an adjusted EBIT of €37.1 million—a 45% year-on-year increase.
Even after accounting for €2.3 million in IPO-related costs, margins remained north of 80%, placing Hacksaw among the most profitable listed gaming companies globally.
Its balance sheet is equally robust: no financial debt, €53 million in cash reserves, and strong recurring revenues from its expanding portfolio of proprietary and third-party titles.
Games, Growth, and Global Reach
The growth engine remains clear: content and distribution.
During Q2, Hacksaw released 11 new in-house games and an equal number of third-party titles through its OpenRGS platform – its modular system that allows external studios to build and distribute content using Hacksaw’s infrastructure.
The total portfolio now includes 241 games, up from 168 a year earlier.
The average daily number of rounds played rose 72% year-on-year, illustrating both deep player engagement and the expanding footprint of the company’s content.
Meanwhile, third-party studios—now six in total – released 50 games to date, cementing OpenRGS as a revenue multiplier and ecosystem moat.
Among the top-performing titles were Ultimate Slot of America and Le King, the latest in the “Le” franchise that has become a defining series for the brand.
The U.S. Market: A Strategic Step
Post-quarter, Hacksaw made a significant regulatory breakthrough, entering the Pennsylvania iGaming market in July under its newly approved Interactive Gaming Manufacturer License.
The debut, executed in partnership with FanDuel, marks Hacksaw’s first operational footprint in a regulated U.S. market—an entry that could open the door to several more states over the coming years.
This aligns with Källberg’s stated focus on “favorable regulatory developments” and expanding in locally licensed markets. Hacksaw is already live in over 35 regulated jurisdictions, from Europe to North America.
IPO Afterglow: Structure and Incentives
The company’s IPO also triggered new long-term incentive programs (LTIPs) for employees and executives. More than 900,000 warrants were issued to key personnel, with additional options for the CEO valid until 2030, aligning leadership rewards with long-term shareholder value.
Following the share split and bonus issue, Hacksaw’s total share count rose to 288.9 million, traded under the ticker HACK on Nasdaq Stockholm’s Large Cap index.
Financial Interpretation: Momentum With Discipline
Beyond the headline numbers, the underlying performance reveals a company that combines start-up agility with public-market discipline.
Revenue growth of 61% in the first half of 2025 was matched by strong operational leverage – cash flow from operations nearly doubled to €65.7 million year-to-date.
Even with higher personnel and licensing costs as the company scales, Hacksaw’s asset-light structure, focused on IP creation and digital distribution, continues to deliver extraordinary returns.
At a time when much of the iGaming sector struggles with regulatory headwinds and rising costs, Hacksaw’s trajectory stands out. Its 82% EBIT margin is not only rare – it’s transformative for a company in a creative industry typically burdened by high development and acquisition expenses.
The Road Ahead
Looking forward, Hacksaw’s strategic focus remains on product innovation and monetization expansion. The group plans to increase its release cadence, deepen partnerships with operators, and grow its third-party development network.
With its Nasdaq listing complete, the company is also better positioned to leverage equity for acquisitions and new market entries.
The next quarterly report, due 4 November 2025, will be closely watched as the first full post-IPO earnings update – one that could set the tone for the company’s valuation trajectory.
Hacksaw Q2 2025 Highlights
| Metric | Q2 2025 | Q2 2024 | Change |
|---|---|---|---|
| Revenue | €45.4 million | €29.7 million | +53% |
| Adjusted EBIT | €37.1 million | €25.6 million | +45% |
| EBIT Margin | 82% | 86% | -4pp |
| Profit for the Period | €32.0 million | €23.3 million | +37% |
| Cash Flow (Ops) | €25.0 million | €19.2 million | +30% |
| Total Games Released | 241 | 168 | +43% |
| Employees | 188 | 111 | +69% |
Editorial Analysis:
Hacksaw’s first report as a public company cements its reputation as one of the most efficient growth stories in the European gaming sector. Few companies in any industry can claim such high profitability paired with organic expansion and strong governance.
As global gaming consolidates, Hacksaw’s model – scalable, tech-led, and creative-first, offers a template for the next generation of digital entertainment firms.
