Hacksaw’s second quarter was big on numbers and big on momentum. The newly listed game supplier wrapped its first quarter as a public company with strong growth. Hacksaw Q2 2025 results also show player engagement climbing sharply thanks to a busy release schedule.

• Revenue hit €45.4m for Q2, up 53% from €29.7m last year. The lift came from more game launches, a bigger customer base, and stronger player activity.

• Adjusted EBIT came in at €37.1m, up 45% year-on-year, with an 82% margin. IPO advisory fees of €2.3m were stripped out of the adjusted figure.

• Net profit reached €32.0m compared to €23.3m a year ago. Diluted earnings per share landed at €0.111 versus €0.079 in Q2 2024.

• Operating cash flow came in at €25.0m, rising from €19.2m last year. Hacksaw closed June with €53m in cash and zero debt.

• Eleven in-house games launched during the quarter, plus 11 from partner studios on the OpenRGS platform. The total catalogue grew to 241 games from 168 last year.

• Average daily rounds on games were up 72% year-on-year. The top 10 titles now account for 46% of GGR, showing a more balanced portfolio than last year’s 57%.

• The Nasdaq Stockholm debut on 25 June 2025drew strong demand from Nordic retail investors and international institutions, with the IPO several times oversubscribed.

• Hacksaw launched in Pennsylvania in July 2025, entering the US market with FanDuel. This followed the award of a local Interactive Gaming Manufacturer License in late 2024hacksaw-interim-report-….

• Staff numbers climbed to 188 from (in Q2 2025) 111 a year earlier, as the company added 76 people to support development and expansion.

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