HACKSAW INTERIM REPORT JANUARY - JUNE 2025
“Q2: 53% revenue growth and 82% adjusted EBIT margin”
Second quarter: 1 April – 30 June
- Total revenue increased by 53% to EUR 45.4 million (29.7).
- Adjusted EBIT increased by 45% to EUR 37.1 million (25.6), with a margin of 82% (86). Adjustment mainly comprises IPO-related advisory costs.
- Profit for the period amounted to EUR 32.0 million (23.3), and fully diluted earnings per share amounted to EUR 0.111 (0.079).
- Cash flow from operating activities amounted to EUR 25.0 million (19.2).
Year to date: 1 January – 30 June
- Total revenue increased by 61% to EUR 90.4 million (56.1).
- Adjusted EBIT increased by 53% to EUR 74.4 million (48.5), with a margin of 82% (86). Adjustment mainly comprises IPO-related advisory costs.
- Profit for the period amounted to EUR 62.1 million (46.0), and fully diluted earnings per share amounted to EUR 0.212 (0.157).
- Cash flow from operating activities amounted to EUR 65.7 million (34.7).
Key events during the second quarter of 2025
- Listing of shares on Nasdaq Stockholm on 25 June. The Offering attracted very strong interest from institutional investors globally, and from the public in Sweden, Denmark, Finland and Norway. The Offering was oversubscribed several times.
- Launch of 11 (10) new in-house developed games and 11 (5) games developed by third party studios on the Hacksaw game development platform.
- 72% year on year increase in average daily number of rounds played on Hacksaw’s portfolio of games.
Key events after the second quarter
- Hacksaw entered the locally licensed iGaming market in Pennsylvania in July, following the approval of its Interactive Gaming Manufacturer License in December 2024. The launch was executed in partnership with operator FanDuel.
Summary of results and key figures
| (Amounts in EUR thousands unless otherwise stated) | Apr-Jun | Jan-Jun | LTM | Full-year | ||||||
| 2025 | 2024 | % | 2025 | 2024 | % | Jul-Jun | 2024 | % | ||
| Total revenue | 45,415 | 29,738 | 53% | 90,373 | 56,055 | 61% | 171,416 | 137,098 | 25% | |
| Adjusted EBIT* | 37,101 | 25,640 | 45% | 74,380 | 48,466 | 53% | 142,027 | 116,113 | 22% | |
| Adjusted EBIT margin* | 82% | 86% | 82% | 86% | 83% | 85% | ||||
| Items affecting comparability | 2,325 | 526 | 2,597 | 802 | 2,939 | 1,144 | ||||
| Profit for the period | 31,986 | 23,326 | 37% | 62,101 | 46,005 | 35% | 125,454 | 109,357 | 15% | |
| Diluted earnings per share, EUR | 0.111 | 0.079 | 41% | 0.212 | 0.157 | 35% | 0.431 | 0.376 | 14% | |
| Cash flow from operating activities | 24,964 | 19,217 | 30% | 65,725 | 34,729 | 89% | 131,650 | 100,653 | ||
* Adjusted primarily for advisory costs related to the initial public offering
Invitation to webcast
The interim report will be presented via a webcast on Wednesday 30 July at 9:30 (CEST).
Link: https://hacksaw.events.inderes.com/q2-report-2025/register
For further information, please contact:
Per Alnefelt, Group CFO
ir@hacksawgroup.com
About Hacksaw
Hacksaw AB (publ) is a B2B technology platform and game development company. The scalable and modular platform, built on a modern code base, enables rapid development and distribution of games. Games developed by Hacksaw comprise digital slots, scratch cards, and instant win games. We operate across the whole B2B iGaming value chain, from game development to distribution and our customers comprise some of the largest private and state-owned iGaming operators in the industry. Hacksaw’s shares are listed on Nasdaq Stockholm (HACK).