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Hacksaw Gaming just posted another big quarter, riding a wave of momentum thanks to its push into North America.
In Q3 2025, revenue jumped 39% to €52 million—last year, it was €37.3 million. Adjusted operating profit (EBIT) hit €42.1 million, which means they’re keeping an 81% margin. Most of the adjustments came from IPO costs. Net profit climbed to €38.7 million, up from €30.4 million in Q3 2024. Diluted earnings per share landed at €0.134. And operating cash flow? That nearly doubled, reaching €36.7 million.
Zooming out, the first nine months of 2025 looked even better. Total revenue hit €142.4 million, up 52% from the same stretch last year. Adjusted EBIT reached €116.5 million, holding on to an 82% margin. Profit surged to €100.8 million—way up from €76.4 million. Diluted earnings per share grew to €0.348, and operating cash flow for the nine months more than doubled to €104.3 million.
A big reason for all this growth: Hacksaw broke into the Pennsylvania iGaming market in July. That means they’re now regulated in more than 35 jurisdictions. They also picked up a new gaming service provider license in Alberta, so their North American footprint keeps getting bigger.
On the product side, Hacksaw put out 12 new in-house titles and 15 partner games, all built on their own development platform. Players are clearly responding—average daily game rounds across their portfolio rose 50% compared to last year.
After the quarter ended, the company’s total shares climbed to 289,195,987, thanks to employees exercising warrants as part of their incentive program.
Between these strong numbers, solid cash flow, and new markets opening up, Hacksaw Gaming keeps proving it’s one of the fastest-growing names in regulated iGaming.
Source: iGaming Express
