Hacksaw Gaming reports strong Q1 2026 results with 28% revenue growth
Swedish gaming developer and supplier Hacksaw AB has reported strong financial results for the first quarter of 2026, demonstrating resilience and successful execution of its growth strategy despite global macroeconomic uncertainty. Total revenue increased by 28 per cent to €57.6 million, up from €45 million in the same period last year. This represents a 37 per cent increase on a constant currency basis. The company described the growth as entirely organic, driven by its product development strategy and improved monetisation.
“We started the year from a position of strength, posting revenue of €58 million for the first quarter and €210 million for the last twelve months, representing 35 per cent growth in reported terms. This growth is entirely organic,” said CEO Christoffer Källberg (pictured).
Profit growth and record margins
Adjusted operating profit (EBIT) grew 27 per cent to €47.4 million, with an operating margin of 82 per cent. Net profit for the quarter increased 51 per cent to €45.5 million, with earnings per share of €0.157 compared with €0.106 a year earlier.
Revenue by quarter, EUR millions
Source: Hacksaw.
Operating cash flow came in at €45.7 million, up from €40.8 million in Q1 2025. At the end of March 2026, cash and cash equivalents stood at €176 million with no net debt. Total assets more than tripled to €226.9 million, and equity reached €199.1 million.
Game portfolio and market expansion
Q1 was one of Hacksaw’s most active quarters for releases, with 27 new titles launched: 12 developed in-house and 15 produced by partner studios on the OpenRGS platform. The total portfolio now stands at 320 titles, and the active partner studio base has grown to nine, including Foxhound Games, which released its first title in February.
Games released by quarter
Source: Hacksaw.
The company also received an online gambling licence in Connecticut, opening up new opportunities in the North American market. Hacksaw secured 79 new commercial agreements during the quarter, including 59 contracts with new clients such as bet365 in Pennsylvania, William Hill in Italy, and Delaware North in West Virginia.
“The company continues to maintain a high level of commercial activity and is expanding its presence across global markets, following its partners into priority jurisdictions,” Källberg said.
Investment and strategic development
Thanks to its strong financial performance, Hacksaw has expanded its investment programme through Hacksaw Ventures, an initiative that supports independent studios in the iGaming sector. During the first quarter of the year, the company acquired a stake in Jinx Gaming, building on its previous investment in Kitsune Studios. Källberg said the company sees attractive investment opportunities within the ecosystem where, beyond capital, it can offer strategic support to founders.
Headcount and operational growth
Hacksaw added 110 employees during the quarter, bringing the total headcount at the end of Q1 to 278. The increase reflects the company’s ongoing scaling efforts across development, marketing and distribution teams. The average number of game rounds played increased by 43 per cent over the past 12 months. The company’s titles are now available across more than 35 regulated markets worldwide. Key growth drivers cited include the sustained popularity of core titles, a high pace of content releases and a strengthening partner network.
Hacksaw’s outlook
Hacksaw’s next results release is scheduled for 21 July 2026, followed by third-quarter figures on 3 November 2026. Despite ongoing volatility in financial markets, Hacksaw maintains stability and a strong position within the industry. Management expressed confidence that its combined strategy of innovation and monetisation will continue to deliver results in Q2 2026.
“Q1 demonstrates the outstanding work of our team and opens up significant growth opportunities for us,” Källberg concluded. “We enter Q2 with confidence and strong momentum.”
This article was first published in Russian on 29 April 2026.
Asia’s undisputed regional heavyweight lands in Manila, 31 May to 03 June 2026. Backed by PAGCOR and powered by 16,000 delegates, SiGMA Asia delivers two levels of game-shaping influence. If you’re serious about the region, this is the room for you.
