Hi Abi, I was checking on Hacksaw and today looked a bit more, a little update,
- Q2 increased 53% YOY and Q3 increased +39% YOY. You were mentioning about Q2 slowdown but it went well it seems.
- I see a slight margin compression, but the company said, "primarily relates to the success of third-party studios and increased commercial activities.". OpenRGS is growing.
- Hacksaw’s total game portfolio is now 268 titles, a 46% increase from the previous year. During Q3 2025, the company launched 12 new in-house developed games and 15 titles from third-party studios.
- They are trying to grow more on regulated markets. After Q2 they have a Growing US Footprint and also Latin America.
- They invested in Kitsune Studios, but with an option to increase its stake over time. Instead of making a massive, speculative acquisition (like Evolution's deals), Hacksaw goes with a caution.
Another fantastic work Ali. Is there a way to pay you? Although you might not need it and I can't afford to pay too much, I feel it's important for us to show gratitude for keep getting these top level research for free.
Hey Ali, thanks for the write-up. If "Hacksaw builds its average game with a team of just 2 developers in 22 weeks" is true, this will be made possible with just 1 developer in 11 weeks in the next year or two. My view on capital intensity has changed dramatically with the recent AI development - capital intensity often works as a barrier to entry. It looks tough unless they figure out how to grow as a platform that aggregates all commoditized RNGs.
Thank you
Interesting work. Well done.
Do you see more long term opportunities in this one than in Evolution?
Hi Abi, I was checking on Hacksaw and today looked a bit more, a little update,
- Q2 increased 53% YOY and Q3 increased +39% YOY. You were mentioning about Q2 slowdown but it went well it seems.
- I see a slight margin compression, but the company said, "primarily relates to the success of third-party studios and increased commercial activities.". OpenRGS is growing.
- Hacksaw’s total game portfolio is now 268 titles, a 46% increase from the previous year. During Q3 2025, the company launched 12 new in-house developed games and 15 titles from third-party studios.
- They are trying to grow more on regulated markets. After Q2 they have a Growing US Footprint and also Latin America.
- They invested in Kitsune Studios, but with an option to increase its stake over time. Instead of making a massive, speculative acquisition (like Evolution's deals), Hacksaw goes with a caution.
Good overview. I am impressed you know IFRS specifics and tax developments. Which industry are you coming from?
I'm just reading filings and asking questions.
I'm an ex-tanner turned private investor, so not much of a finance background. 😄
Another fantastic work Ali. Is there a way to pay you? Although you might not need it and I can't afford to pay too much, I feel it's important for us to show gratitude for keep getting these top level research for free.
Hey Ali, thanks for the write-up. If "Hacksaw builds its average game with a team of just 2 developers in 22 weeks" is true, this will be made possible with just 1 developer in 11 weeks in the next year or two. My view on capital intensity has changed dramatically with the recent AI development - capital intensity often works as a barrier to entry. It looks tough unless they figure out how to grow as a platform that aggregates all commoditized RNGs.
Agree! 👍