Hacksaw Gaming (HACK) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong operational and financial results, with 28% year-over-year revenue growth to EUR 58 million and an 82% EBIT margin, driven by organic expansion, new deals, and game launches.

• 79 new deals were closed globally, and two new studios were onboarded, expanding the content portfolio to 320 titles at quarter-end.

• 12 in-house and 15 third-party games were released, with Foxhound Games launching its first title on OpenRGS.

• Continued expansion in regulated markets, including securing a Connecticut license and notable partnerships in the US and Europe.

• Hacksaw Ventures was launched, investing in promising partner studios such as Jinx Gaming to accelerate growth.

Financial highlights

• Q1 revenue reached EUR 58 million, up 28% year-over-year, or 37% on a constant currency basis; all growth was organic.

• Adjusted EBIT was EUR 47.4 million, up 27% year-over-year, with an 82% margin.

• Net income for Q1 was EUR 45.5 million, up 51% year-over-year; adjusted for a one-time item last year, net income rose 30%.

• Free cash flow for Q1 was EUR 43 million, with a 93% cash conversion rate over the last 12 months.

• Cash and cash equivalents stood at EUR 176 million at quarter-end, with no interest-bearing debt.

Outlook and guidance

• Management remains confident in capturing attractive market opportunities and expects to continue outpacing market growth.

• No formal full-year 2026 guidance provided, but the aim is to sustain revenue growth above 30% and maintain high EBIT margins.

• Pipeline for Q2 and Q3 is strong, with no concerns about near-term momentum.

• Strong cash generation will support investments in early-stage companies within the ecosystem.

• Dividend of EUR 116 million planned for May 2026, following EUR 106 million in March 2025.