Hacksaw Gaming shares fall after expected Q3 slowdown

Hacksaw Gaming registered a drop of more than 25% in its share price after publishing a Q3 trading update that pointed to a slowdown in growth. The company, listed on the Stockholm Stock Exchange, was trading at SEK58.6 (£4.42) at the time of writing, a 28% decline versus prior closes. The firm forecast revenue for the quarter ended 30 September of between €57.5m (£48.6m) and €58.5m, and an expected operating profit of between €48m and €49m.

Detail of the figures: revenue and profits in Q3

The revenue range cited for the third quarter implies year-on-year growth of 11% to 12%. The rise in expected operating profit — 14% to 16% year‑on‑year — contrasts with the stock market reaction.

The company reiterated that the third quarter was “below the group’s historic growth rate.” Hacksaw compared this quarter with the first half of 2026, when results were noticeably stronger: in H1 2026 revenue rose 29% YoY to €116.9m, and operating profit also grew 29% to €95.9m. In Q2 alone, revenue increased 31% YoY to €59.3m and operating profit grew 31% to €48.4m.

Why the company attributes the slowdown

Management explained the slowdown was due to “weaker market conditions and lower game performance.” The company note emphasised the volatile nature of the content business: outcomes fluctuate between periods depending on title reception and market momentum.

“Being in the content business means Hacksaw’s performance will vary across periods. However, the group’s long-term financial targets remain unchanged,” the company said.

Hacksaw also reported that it launched 17 proprietary games during the second quarter, versus 11 in Q2 2025, but did not attribute the slowdown specifically to release cadence.

Stock market impact and IPO context

Hacksaw Gaming completed its initial public offering (IPO) in Stockholm in summer 2025. Since then, the share reached a 52-week high of SEK94 in October of the previous year. The market reaction to the Q3 guidance was sharp: the share lost 28% and was trading at SEK58.6 at the close of the announcement.

Analysts and market operators typically read that expectations already embedded in the price force moves that amplify deviations, although the company insists it retains longer-term targets.

Operational strategy: verticals and product expansion

Hacksaw confirmed it will continue to expand its presence in the crash games segment and will keep focus on its Hacksaw Venture (VC) unit and on expanding Remote Game Server (RGS) partnerships. The company said it will prioritise production quality of its games and explore new verticals alongside its push in crash games.

The supplier lists recognised operators among its clients: bet365, Caliente (Mexico) and William Hill. Hacksaw indicated it continues to sign new clients and seek to increase penetration in additional markets with existing operators.

Management and executive changes

In August, Ana Vrabic Verdir was confirmed as permanent chief executive officer after serving as interim since April. Vrabic Verdir was appointed interim when the board relieved Christoffer Källberg of his duties; Källberg was CEO at the time of the IPO in 2025. Vrabic Verdir had been a member of the board of directors since 2024.

On Q3 performance, Vrabic Verdir said:

“Growth in the third quarter of 2026 was more moderate than during our recent history. At the same time, we continue to broaden our customer base through new signings and are focused on extending our reach to additional markets with our existing customers. Our commercial momentum remains strong and our development team is well placed to continue delivering the quality content we are known for.”

Upcoming milestones and practical consequences

Hacksaw plans to publish the full Q3 accounts on 3 November. The results day will be the time to see the breakdown of operating items — such as product contribution, content costs and margin — which the preliminary update does not disclose.

For investors and platform providers, the combination of a slowdown in growth rate and confirmation of the strategy in crash games and RGS raises two operational questions: the ability to translate new commercial signings into recurring revenue and the management of the volatility inherent to the game release cycle. In the short term, the market reaction has adjusted capitalisation; in the medium term attention will be on whether commercial execution recovers the pace shown in H1 2026.

Reading for the industry

Hacksaw’s moves are relevant for content suppliers competing for share in emerging verticals and for deals with global operators. The company maintains long-term financial targets and doubles down on product quality and technical partnerships, but the Q3 slowdown is a reminder that catalogue performance and market conditions immediately affect valuation and liquidity.

For continued coverage of results and strategic moves in the industry, see our coverage in [news](/news) and provider analysis in [b2b](/b2b).