Hacksaw Reports Q1 2026 Results as Margins Hold at 82% Under CEO Christoffer Källberg

Hacksaw has opened 2026 with a solid first quarter, reporting revenue of €57.6 million, up 28 percent year-on-year. On a constant currency basis, growth was higher at 37 percent, helped by a broader game portfolio and continued expansion across its customer base.

Adjusted operating profit (EBIT) came in at €47.4 million, up 27 percent, with margins at 82 percent compared to 83 percent last year. Profit for the period reached €45.5 million, while earnings per share stood at €0.157. Cash flow from operations was €45.7 million, continuing a pattern of strong cash generation.

CEO Christoffer Källberg said the growth was fully organic and linked to ongoing product output and better monetisation. He also pointed out that, despite a more uncertain macro backdrop, the business has kept moving forward on both content and distribution, entering Q2 with confidence.

From Content Supplier to Platform Operator: OpenRGS Drives Scalable Growth

Hacksaw released 27 new games during the quarter. Of these, 12 were developed internally, while 15 came from third-party studios using its OpenRGS platform. By the end of March, the total portfolio stood at 320 games, available in more than 35 regulated markets.

The OpenRGS side of the business continues to build out, with nine studios now active on the platform. It’s a model that lets Hacksaw add content without relying only on internal teams, reflecting broader trends in casino game innovation and technology where developers are scaling production through new mechanics and platform-driven distribution.  

Engagement trends also moved in the right direction. The average number of daily rounds played increased 27 percent year-on-year, and 43 percent over the last twelve months, suggesting steady demand across the portfolio.

Commercial Momentum Builds with 79 Deals and US Market Entry

On the commercial side, Hacksaw signed 79 deals in the quarter, including 59 new client agreements. Notable launches included bet365 in Pennsylvania, William Hill in Italy, and Delaware North in West Virginia, pointing to continued expansion in regulated markets.

The company also secured a licence in Connecticut, giving it a clearer route into the US market and allowing it to support operators already active there.

Strong Cash Flow and Balance Sheet Support Continued Investment

Cash generation remains a key strength. Hacksaw ended the quarter with €176.0 million in cash and no interest-bearing debt, alongside total assets of €226.9 million. The effective tax rate was 4.9 percent.

Part of that cash is being reinvested through Hacksaw Ventures, including a recent investment in Jinx Gaming, one of the studios on its OpenRGS platform.

Operating expenses rose to €10.2 million, mainly due to hiring across development and distribution. Headcount increased to 278 employees, reflecting continued scaling of the business.

What This Means for Operators: Platform Power and Margin Control

There’s a broader shift happening here. Hacksaw isn’t just growing output — it’s building a structure where content and distribution sit together.

For operators, that can mean faster access to new content, but also working with suppliers that control more of the pipeline. Margins at this level suggest that efficiency gains are staying on the supplier side, not necessarily flowing through the chain.

As more studios plug into platforms like OpenRGS, content volume will likely increase, but so will dependence on a smaller number of scalable suppliers.

82% Margin Model Reinforces Long-Term Competitive Positioning

Holding margins at 82 percent while still growing revenue is not typical at this scale. It points to a model that’s already efficient and not relying on short-term gains, building on earlier performance where Hacksaw maintained EBIT margins above 80 percent while scaling its business. 

With continued investment in content, platform development, and partnerships, Hacksaw heads into the next quarter with steady momentum and a clear direction on where it wants to scale next.

Source : Hacksaw Gaming