Hacksaw Shares Fall 28.8% After Q3 Growth Warning

Hacksaw shares fell 28.8% on Nasdaq Stockholm on October 12 after the iGaming supplier published preliminary third-quarter results showing a sharp slowdown in revenue growth.

The stock closed at SEK58, down from SEK81.50 in the previous session.

Hacksaw expects Q3 2026 revenue of approximately €57.5 million to €58.5 million, representing year-on-year growth of 11% to 12% from €52 million.

That would also put quarterly revenue below the €59.3 million reported in Q2, when growth reached 31%.

Revenue Growth Slows From 31% to 11-12%

Hacksaw acknowledged that its third-quarter growth was below the company's historical pace.

The supplier attributed the slowdown to softer market conditions and game performance that was weaker than during its recently reported quarters.

Management also noted that performance can vary between periods because of the nature of the gaming content business.

The preliminary figures imply a sequential revenue decline of between approximately 1% and 3% from Q2, depending on where the final Q3 result falls within the announced range.

The full third-quarter report is scheduled for November 3.

EBIT Margin Expected at Around 83%

Profitability remained high despite slower revenue growth.

Hacksaw expects adjusted operating profit, or EBIT, of between €48 million and €49 million, compared with €42.1 million in Q3 2025.

That represents year-on-year growth of approximately 14% to 16%.

The adjusted EBIT margin is expected to reach around 83%, up from 81% a year earlier and slightly above the 82% reported in Q2.

The preliminary numbers therefore point to a significant slowdown in topline expansion without a corresponding deterioration in operating margins.

Long-Term Targets Remain Unchanged

Hacksaw has not changed its long-term financial targets following the weaker quarter.

The company continues to target annual revenue growth above 30% and an adjusted EBIT margin above 80%.

The Q3 revenue growth rate would fall well below the long-term target if viewed in isolation, but the target applies over the longer term rather than to every individual quarter.

Hacksaw said it continues to expand its customer base, enter additional markets with existing clients and broaden its game portfolio through both internal development and external OpenRGS studios.

Moneyplane Marks Move Into Crash Games

Product diversification is also becoming a larger part of the supplier's strategy.

In September, Hacksaw launched Moneyplane, its first crash game, expanding beyond the slots, scratch cards and instant-win products for which the company is primarily known.

The supplier said it is exploring additional verticals as it seeks to broaden the appeal of its portfolio.

The market reaction to the Q3 update nevertheless shows how strongly investors had been pricing in continued high growth.

With revenue expected to rise only 11% to 12% year on year, November's full report will provide more detail on whether the slowdown reflects temporary game performance, wider market conditions or a more persistent change in Hacksaw's growth trajectory.