Hacksaw Gaming IPO: Studio Challenges Titans With Nasdaq Listing and 105% Growth

While the industry’s giants focus on navigating single-digit growth, one of its sharpest challengers has made a definitive power move. Hacksaw Gaming, the studio behind high-volatility hits like Wanted Dead or a Wild, officially stepped up to the main Nasdaq Stockholm exchange on 25 June 2025, trading under the ticker HACK.

The IPO: A Power Move, Not a Fundraiser

First thing to know: Hacksaw didn't do this to raise a mountain of cash. The company itself received no proceeds from the offering. This was an offering of existing shares, allowing its founders and early believers to trade their stake on a major public market.

So what was the point for players? It was a statement of intent. A main market listing is a badge of honour that signals to the big casino operators that Hacksaw is a rock-solid, permanent fixture in the industry. The move makes it even easier for them to get their games into more lobbies, faster.

A Tale of Two Studios

The event created a fascinating contrast with the market leader, Evolution. In its last quarterly report, Evolution posted a solid 3.1% year-on-year revenue growth—the performance of a massive, established titan.

Hacksaw’s financials, however, tell a different story. The studio’s revenue exploded by 105% between 2023 and 2024, jumping from €67 million to an incredible €137 million. Their profitability was just as wild. In 2024, they posted an 84% EBIT margin. In simple terms, for every €100 they made, €84 was pure profit.

Of course, scale is everything. Evolution’s revenue in a single quarter (€524.3 million) is nearly four times what Hacksaw made in an entire year. One is a mothership managing its orbit; the other is a rocket ship hitting escape velocity.

A Different Kind of Gamble

If you've ever chased a max win on a Hacksaw slot, you get their philosophy. It’s all about brutal volatility and the adrenaline rush of massive potential. It turns out, their business plan is just as bold as their game mechanics.

Their mission has always been to "challenge the industry giants" by going all-in on aggressive expansion. This IPO wasn't about playing it safe; it was about doubling down on the high-risk, high-reward formula that attracted a loyal base of over 9 million unique players a month.

What This Means for the Games

In the short term, nothing has changed. The same creative team is still building the games you love. But long-term, this is great news. A high-profile public company has the clout to hire the best game designers and the stability to fund bigger, more ambitious projects. It means more resources to experiment with new mechanics and push the boundaries of what a slot can do.

Final Thoughts

Hacksaw’s journey from a niche studio to a major public company proves that its strategy of building intense, high-potential games for a dedicated audience was the right call. This listing has cemented their spot at the top table of iGaming, signalling that they aren't just here to participate—they're here to compete for the crown.

For anyone following the story, the next chapter is right around the corner. Hacksaw is set to release its very first interim report as a main-market company on 30 July 2025. It will be the first official look at their performance since the big move—and a key indicator of whether that rocket-ship trajectory is holding steady.