Overview
Hacksaw Gaming posted first-quarter results that exceeded market expectations, with revenues of €57.6 million and adjusted EBIT of €47.4 million. The company's top-line expanded 28% year-over-year and 37% on a constant-currency basis, coming in 5% ahead of the consensus revenue estimate of €55.1 million.
Quarterly and annual performance
Revenue rose 5% from the prior quarter, a notable sequential gain following a period that included a particularly strong comparison to first-quarter 2025 which registered 70% growth. Adjusted EBIT increased 27% compared with the same period a year earlier and climbed 6% quarter-to-quarter, surpassing the consensus adjusted EBIT forecast of €43.8 million by 8%.
Margins and operating metrics
The company sustained an adjusted EBIT margin of 82.4%, higher than the consensus margin estimate of 79.5%. Average daily game rounds were up 27% year-over-year, indicating higher player engagement across Hacksaw's titles.
Content and platform expansion
During the quarter Hacksaw released 27 new games: 12 developed internally and 15 supplied by third-party studios. The firm's OpenRGS platform added one new third-party studio during the period and now hosts nine such studios in total. Hacksaw's aggregate game catalogue reached 320 titles at quarter-end.
Balance sheet and valuation
The company held €176 million in net cash at the end of the quarter. On a valuation basis, Hacksaw trades at 7.7 times EV/EBITDA for fiscal year 2026.
Targets and analyst expectations
Hacksaw has not issued formal guidance for fiscal 2026. The company continues to target long-term objectives that include annual revenue growth above 30% and adjusted EBIT margins in excess of 80%. Management also aims to return at least 75% of net profit to shareholders through dividends or share buybacks.
Analyst consensus for fiscal 2026 projects roughly 30% revenue growth and 27% adjusted EBIT growth, implying an adjusted EBIT margin of about 79.8%.
Implications
The quarter's results underline continued demand for Hacksaw's content and the company's ability to convert that engagement into high-margin earnings. Key performance indicators including game rounds and catalogue expansion support the company's margin profile while the strong net cash position provides balance-sheet flexibility.