There has already been talk about this company in a few different threads on the forum, so let’s set up a dedicated thread for the stock as well.
The company in question is Hacksaw, a Stockholm-listed online gambling company that focuses particularly on B2B slot development. The company’s largest revenue stream currently comes from its in-house developed games, but according to the company, one potential pillar for the future is games developed by partner companies via their RNG platform (OpenRGS), from which Hacksaw takes a cut of the revenue.
Hacksaw’s current target is to release 5 + 5 games per month, meaning 5 from their own studio and 5 partner games released through the RNG platform.
The company went public about 1.5 years ago, in the summer of 2025. Back then, growth looked very promising, and the company’s long-term target is still to “grow >30% annually.” However, today’s profit warning was considerably weaker: Q3/26 earnings grew “only” 11–12% year-on-year. It will indeed be interesting to see whether they can get back to the 30% target or if growth will stall. Another target stated by the company is an EBIT margin >80%, which has been achieved and was reported at 83% in the Q3 profit warning.
The entire iGaming sector is forecast to grow fairly briskly in the future, which should also make things easier for Hacksaw.
Finally, it’s worth mentioning that the company differs from Evolution—well-known on this forum—by being significantly smaller (Hacksaw’s market cap is around 1.5 billion euros after today’s share price drop, compared to Evolution’s roughly 13–14 billion euros) and by Hacksaw focusing solely on slots, whereas Evolution puts more emphasis on live games.