Hacksaw AB
STO:HACK
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Hacksaw AB
STO:HACK
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Boise Cascade Co
NYSE:BCC
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Hacksaw AB
Hacksaw AB makes digital casino games for online gambling sites. Its portfolio includes slots, scratch cards, and other fast-paced games that are built to run on mobile and desktop devices. The company sells these games to online casinos and betting brands that add them to their own player offering. Hacksaw does not usually run a casino itself. Instead, it works behind the scenes as a game supplier and earns money mainly through licensing and revenue-share agreements with gambling operators and platform partners. In practice, its customers are the operators that need fresh game content to keep players engaged, while the end users are the gamblers who play the games on those sites. What makes the business model distinctive is that Hacksaw sits in the content layer of iGaming. It focuses on designing games, building the software, and distributing that content through online gambling channels, rather than taking bets or managing the casino floor. That gives it a role similar to a studio and publisher for casino-style games, with sales tied to the reach of its operator partners.
Hacksaw AB makes digital casino games for online gambling sites. Its portfolio includes slots, scratch cards, and other fast-paced games that are built to run on mobile and desktop devices. The company sells these games to online casinos and betting brands that add them to their own player offering.
Hacksaw does not usually run a casino itself. Instead, it works behind the scenes as a game supplier and earns money mainly through licensing and revenue-share agreements with gambling operators and platform partners. In practice, its customers are the operators that need fresh game content to keep players engaged, while the end users are the gamblers who play the games on those sites.
What makes the business model distinctive is that Hacksaw sits in the content layer of iGaming. It focuses on designing games, building the software, and distributing that content through online gambling channels, rather than taking bets or managing the casino floor. That gives it a role similar to a studio and publisher for casino-style games, with sales tied to the reach of its operator partners.
Strong start: Hacksaw said Q1 was a strong quarter operationally and financially, with revenue of EUR 58 million, up 37% on a constant-currency basis and entirely organic.
Margin power: EBIT margin held at 82%, while free cash flow reached EUR 43 million and cash conversion stayed very high at 93%.
Content engine: The company released 12 in-house games and 15 OpenRGS games in the quarter, and ended Q1 with 320 games live, up from 236 a year earlier.
Deal momentum: Management said it signed 79 new deals across regions, and also secured a Connecticut license as it keeps following customers into prioritized markets.
Outlook tone: Management said it enters Q2 with solid momentum and no worries on the horizon, while still aiming over time to grow above 30% and faster than the market.
OpenRGS growth: OpenRGS remains below 10% of revenue but is growing; management also said the current 15-game quarterly release pace is a baseline for now.
US focus: In the U.S., the priority is deepening relationships and winning more share of wallet with existing operators, rather than expecting the market to expand dramatically in the near term.
