I tried to find a source for that Brazil share, but I couldn’t find one. So it seems I might be misremembering it. However, I found from the 2025 annual report that South America accounted for 78.8% of the total Americas revenue (€31.9M vs. €40.5M). I don’t have time right now to dig into all the South American countries Hacksaw operates in, but based on those figures, you can make some educated guesses about Brazil’s share of the revenue.
The share of grey markets is also a question mark and a good point to bring up, so it’s possible that my Q4 estimate is quite pessimistic.
In my opinion, the analysts asked good questions and not everything was just fishing for guidance. But I do understand that jargon is just as prevalent in public company CEO interviews as it is in post-game interviews with athletes. Regardless, I think the answers could have been a bit more convincing, or at least firmer.