Hacksaw Shares Drop 30% After Q3 Revenue Misses 30% Growth Target

Shares in Hacksaw AB, a listed Swedish slot provider, fell nearly 30% on Tuesday, 12 October, after the company issued a preliminary financial update indicating that revenue growth for the third quarter would fall significantly short of its annual targets.

The share price closed at 57.80 Swedish kronor, equivalent to approximately €5.16. The decline followed a warning that revenue for the three months ending 30 September 2026 would rise by only 11% to 12% compared to the same period in 2025. This growth rate is far below the company’s stated annual revenue growth target of 30%.

Revenue Guidance and Profit Outlook

Hacksaw provided a preliminary range for Q3 revenue of €57.5 million to €58.5 million. Despite the slower top-line growth, the company projected that its adjusted operating profit would rise 14% to 16% year-on-year, landing in the range of €48 million to €49 million. This projection maintains an operating margin of 83%.

Management attributed the slowdown in revenue growth to softer market conditions and game performance that was lower than in previous reporting periods. The company noted that the nature of the content business means performance will vary over different periods, but it stated that its long-term financial targets remain unchanged.

Commercial Strategy and Expansion

Ana Vrabic Verdir, CEO of Hacksaw, addressed the quarterly performance in a statement to investors. “Growth in the third quarter of 2026 was more moderate than during our recent history,” Verdir said. “At the same time, we continue to expand our customer base through new signings and focus on extending our reach into additional markets with our existing customers.”

The company highlighted ongoing commercial momentum, noting that its development team is well-positioned to continue delivering content. Hacksaw is currently expanding its portfolio through new and existing OpenRGS partnerships. Additionally, the supplier is exploring new verticals, including a crash game that was launched towards the end of the third quarter.

Hacksaw Ventures and Future Outlook

Hacksaw also provided updates on its venture capital arm, Hacksaw Ventures. The company said it is in dialogue with potential partners for this division, which aims to support businesses that could further diversify the company’s offering.

Verdir added that the company looks forward to discussing the quarter in more detail in connection with its interim report, which is expected to be published on 3 November 2026. The full report will provide a comprehensive breakdown of the revenue figures and operating costs for the period ending 30 September.

The market reaction to the preliminary figures underscores investor sensitivity to growth rates in the iGaming sector, particularly for high-growth slot providers listed on the Nasdaq Stockholm exchange.