Hacksaw Gaming Beats Q1 Estimates with Strong Revenue and EBIT Growth

Hacksaw Gaming (HACK) posted first-quarter financial results that surpassed analyst estimates, delivering €57.6 million in revenue - a 28% gain year-over-year.

Beyond just revenue, adjusted earnings before interest and taxes (EBIT) climbed to €47.4 million, beating consensus forecasts by 8%, with the adjusted EBIT margin holding strong at 82.4%, comfortably ahead of the 79.5% estimate. This shows profitability remains robust even as revenues scale.

The company's quarterly revenue edged up 5% from Q4 2025, a notable feat given the tough comparison from the previous year's 70% growth spurt. The average daily number of game rounds ticked up 27% annually, adding more fuel to the growth story.

Hacksaw pushed forward on the product side as well, launching 27 new games in the quarter. Interestingly, the lineup included 12 developed internally and 15 sourced from external studios. Their OpenRGS platform expanded too, welcoming a ninth third-party studio and bringing the total game catalog to 320 titles.

At quarter-end, Hacksaw had €176 million in net cash, a tidy war chest providing financial stability as the company navigates a competitive online gambling market.

While no official guidance for 2026 was given, previous long-term targets remain ambitious: annual revenue growth north of 30% alongside adjusted EBIT margins above 80%. The firm also plans to return at least 75% of net profit to shareholders through dividends or buybacks, signaling shareholder-friendly policies.

Analyst consensus estimates for this year call for 30% revenue growth and 27% growth in adjusted EBIT, with margins hovering near 79.8%. Hacksaw's current valuation trades around 7.7 times enterprise value to EBITDA, reflecting market expectations for continued performance.

The results highlight a company keeping pace in a fast-moving sector through new content releases and strong operational execution. Whether Hacksaw can sustain this momentum throughout 2026 will be worth watching as the online gaming scene evolves.