Hacksaw Q3 growth slows to 11%… "Game performance was lower than recently"
Preliminary Q3 2026 results from Hacksaw AB, the parent company of Hacksaw Gaming. Revenue of 57.5-58.5 million euros was up 11-12%, but growth slowed sharply from 31% in Q2. The company cited a weaker market and lower game performance.
Key takeaways
- Q3 revenue is expected to be €57.5 million-€58.5 million. That is an 11-12% increase year over year.
- Down sharply from the 31% growth rate in Q2. The company itself said it was “lower than the past pace of growth.”
- The adjusted operating margin actually rose to about 83%. The full results come out on November 3.
In the early hours of October 12, Hacksaw AB announced its preliminary Q3 results. The formal quarterly report is scheduled for November 3, but the company released the numbers three weeks early. Listed companies often release results ahead of time like this when they differ significantly from market expectations.
The 11-12% figure
| Category | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Revenue | €57.5 million-€58.5 million | €52 million | +11-12% |
| Adjusted operating profit | €48 million-€49 million | €42.1 million | +14-16% |
| Adjusted operating margin | About 83% | 81% | +2%p |
Revenue grew. The problem is how much it grew. The previous quarter, Q2, saw 31% growth. Hacksaw earned a little over 6 million euros more than a year ago, but compared with the prior quarter, revenue actually fell from Q2’s 59.3 million euros.
The company did not hide the reason. It said, “Growth slowed because market conditions weakened and game performance was lower than in recently reported periods.” It then added one sentence: “Given the nature of the content business, performance can vary from period to period.” In effect, it admitted the nature of a game studio, where a single hit can swing quarterly results significantly.
Looking at the numbers a little closer shows the shape of the slowdown. Revenue went from 59.3 million euros in Q2 to around 58 million euros in Q3, a small drop from the prior quarter. It is up compared with a year ago, but looking only at the quarterly trend, it looks stalled. The company had been running at around 30% growth all through the first half, so the market’s disappointment was big.
Margin actually rose
What stands out is profitability. Adjusted operating profit grew 14-16%, faster than revenue, and the margin rose to about 83% from 81% a year earlier. That means costs are being well managed even as growth slows. The company also made clear that it is not changing its long-term financial targets.
The company’s prescription
Hacksaw laid out three directions: focus on the quality of its game production, increase players’ chances to come across Hacksaw games, and broaden the appeal of its portfolio. This includes adding more OpenRGS partners and finding new partners through Hacksaw Ventures.
There is also a new area. The crash game “Moneyplane”, released at the end of Q3, is where it started. It is the very same game covered in the Hacksaw September roundup. Three days later, on October 15, the company also launched a B2B prediction market platform, widening the scope of its Malta license. The direction is clear: it does not want to rely on slots alone.
The “game performance” the company mentioned refers to how well new releases did. Hacksaw releases five in-house games a month, and how many of them become big hits drives the quarterly results. If there was a big hit in Q2, it can be read as there being no game of that size in Q3. It is the kind of swing a content company can hardly avoid.
The CEO’s words
Ana Vrabic Verdir, who became permanent CEO in August, said, “Growth in Q3 was more moderate than in recent history,” adding, “Still, we continue to widen our customer base with new contracts, and we are focused on moving into more markets with our existing customers.” “Commercial momentum remains strong, and our development teams are ready to keep delivering content of the quality we are known for.”
For slot players
The slowdown in results does not directly affect the games. Hacksaw released Le Vampire and Wicked Grin in October as well. Still, since the company itself mentioned “game performance”, it is worth watching how the direction of new releases changes. A more detailed explanation is expected in the full report on November 3.
Source: Hacksaw AB disclosure · Gaming.net