Hacksaw Gaming on Tuesday reported first-quarter results that surpassed analyst expectations, with revenues reaching €57.6 million and adjusted EBIT of €47.4 million.

The online gambling company’s revenues grew 28% year-over-year, or 37% in constant currency terms, coming in 5% above the consensus estimate of €55.1 million. 

Revenues increased 5% from the previous quarter despite facing a challenging comparison to first-quarter 2025, which saw 70% growth.

Adjusted EBIT rose 27% year-over-year and 6% quarter-over-quarter, beating the consensus forecast of €43.8 million by 8%. The company maintained an adjusted EBIT margin of 82.4%, above the consensus estimate of 79.5%.

Average daily game rounds increased 27% compared to the prior year. 

The company released 27 new games during the quarter, comprising 12 internally developed titles and 15 from third-party studios. Hacksaw’s OpenRGS platform now hosts nine third-party studios after adding one during the quarter, bringing the total game catalog to 320.

The company held €176 million in net cash at quarter-end. Hacksaw trades at 7.7 times EV/EBITDA for fiscal year 2026.

While Hacksaw did not provide formal guidance for fiscal 2026, the company has previously stated long-term targets of annual revenue growth exceeding 30% and maintaining adjusted EBIT margins above 80%.