The Hacksaw share price belongs to Hacksaw AB (publ), the Swedish-listed parent of the games supplier commonly called Hacksaw Gaming. Its shares trade on Nasdaq Stockholm under HACK, in Swedish kronor (SEK). The distinction matters: Hacksaw Gaming is the commercial name readers may recognise, but the quoted security is equity in the listed group, not a casino account or an unrelated security using the same ticker.
View Hacksaw Gaming Share Price & Chart. Our Markets page displays the Nasdaq Stockholm instrument in SEK through TradingView. Check the provider's market status, date axis and delay indicator before interpreting a quotation. The analysis below uses dated company disclosures; it does not describe a September closing price as today's market quote.
Hacksaw AB stock: exchange, ticker and share identity
| Security detail | Identification |
|---|---|
| Listed issuer | Hacksaw AB (publ) |
| Primary listing | Nasdaq Stockholm |
| Exchange ticker | HACK |
| ISIN | SE0025138357 |
| Trading currency | SEK |
| First trading day | 25 June 2025 |
| Financial reporting currency | EUR |
| Historical closing-price reference | SEK 81.40 on 30 September 2026; not a current quote |
Some market-data services write the symbol as HACK.ST or HACK:STO. Those are vendor conventions for the Stockholm-listed share. Neither creates a different listed company. A search for “Hacksaw Gaming stock” should lead to the same issuer and ISIN, rather than a cyber-security ETF or a product sharing the word “hack”.
Hacksaw supplies games and technology to gambling operators, as our Hacksaw Gaming corporate overview explains.
How to read the HACK share-price chart
A share-price chart is a history of trades or official closing prices, not a forecast of the next trade. Use the HACK chart controls to compare the available periods, read the SEK price scale and distinguish real-time data from delayed observations. The Max series cannot predate the June 2025 listing.
Before drawing a conclusion from any apparent rise or fall, check four things:
- Period: a one-month decline and a since-listing rise can both be true. A carefully chosen start date can change the apparent narrative.
- Price basis: an unadjusted chart and a total-return or dividend-adjusted series answer different questions. Cash distributions can affect the quoted price around ex-dividend dates without representing an equivalent deterioration in the underlying operation.
- Liquidity and market status: a price shown while Stockholm trading is closed is ordinarily the last available market observation, not a fresh executable offer. The date, exchange timezone and any feed delay matter.
- Corporate actions: dividends, repurchases, equity issues and potential dilution should be checked alongside price changes. Neither an announced repurchase nor a warrant automatically rewrites historical closing prices.
We do not identify an all-time high, a recent low or a precise post-results share-price reaction here because those statements require a verified daily market-data series and matching timestamps. A headline about falling shares is not an adequate replacement for that evidence.
Hacksaw Gaming market cap: what the price actually measures
Market capitalisation is the market price per share multiplied by the appropriate share count. It is not the same as revenue, cash held by the business, enterprise value or the amount raised when a company listed.
Illustrative historical calculation, not a live valuation:
| Input | Dated figure |
|---|---|
| HACK closing price | SEK 81.40, 30 September 2026 |
| Issued shares used for illustration | 289,195,987, at 30 September 2026 |
| Price × issued shares | Approximately SEK 23.54 billion |
Both inputs refer to 30 September 2026. Their multiplication is consistent with the issuer's approximately SEK 23.54 billion historical market capitalisation; it is not today's market value. A current figure requires a current share price and the latest appropriate denominator.
On 3 November, Hacksaw said it held no treasury shares at the time of its buyback announcement. Future purchases could change treasury holdings without immediately changing the total number of issued shares. A subsequent cancellation, if separately approved and executed, would be a different corporate action. “Issued”, “outstanding” and “held in treasury” must not be treated as interchangeable terms.
For enterprise-value comparisons, an analyst would also need an appropriately dated net-cash or net-debt position and a consistent currency conversion. The shares trade in SEK while Hacksaw reports in EUR. Multiplying a SEK share price by an earnings figure denominated in euros without a dated exchange rate does not produce a defensible valuation multiple.
Our management and shareholders analysis addresses who owns the equity.
Hacksaw dividends: a payment is not a promise
Hacksaw reported €115.678 million of dividends paid in the second quarter of 2026. That is a completed cash distribution in the company's reporting currency, not a proposed payout awaiting approval. It is relevant evidence of capital returned to shareholders, but it is not a contractual annual dividend or proof that subsequent distributions will have the same size.
The distinction between company-level and investor-level figures is essential:
| Question | What the disclosed payment tells us | What it does not tell us |
|---|---|---|
| Was cash distributed? | Yes; €115.678m was paid in Q2 2026 | Whether an identical payment will recur |
| What was the yield? | A distribution can be compared with an appropriately dated share price | A reliable current yield without a specified per-share basis and market date |
| What did a UK investor receive? | Eligible holders may have been entitled under the distribution rules | The precise sterling receipt after currency conversion, withholding and broker treatment |
A dividend reduces cash available inside the company. That is not necessarily bad: profitable businesses can sensibly distribute capital they cannot reinvest at attractive returns. But a distribution should be assessed alongside operating cash flow, investment needs and new regulatory obligations. Paying out substantial sums while relying on a narrow group of popular titles would deserve a different valuation from distributing genuinely surplus cash generated by diversified demand.
What the €20 million buyback means
On 3 November 2026, Hacksaw announced a share repurchase programme of up to €20 million, intended to run for up to three months. At announcement, the company reported 289,195,987 issued shares and no shares held in treasury. The applicable holding limit was 10% of all shares.
The phrase up to is doing important work. A programme is authority and an announced intention within specified limits. It is not evidence that €20 million has already been spent, nor does it commit management to purchase shares at any price. Actual execution requires separate transaction disclosures, including how many shares were acquired, at what prices and on which dates.
| Capital-return event | Verified position | Investor interpretation |
|---|---|---|
| Q2 2026 dividend | €115.678m paid | Executed cash return |
| 3 November 2026 repurchase programme | Up to €20m announced | Maximum announced envelope, not completed spending |
| Subsequent buyback transactions | Require separately dated execution notices | Cannot be inferred from programme size |
| Treasury holding or share cancellation | No treasury shares at announcement; subsequent position must be checked | A repurchase need not be an immediate cancellation |
Completed repurchases can support per-share earnings, but spending cash at an excessive valuation may destroy value. A buyback does not establish a reliable share-price floor.
My view of the programme remains neutral until actual purchases and their cost are reported.
Warrants, exercise prices and potential dilution
The group's incentive arrangements add another moving part. The 2026 interim disclosures describe 2 million warrants of series 2026/2029:2, with an exercise price of SEK 124.19 and a specified exercise window in September to October 2029. The exercise price is the amount relevant to that warrant mechanism; it is not an analyst's target for HACK and not an estimate of where the share should trade in 2029.
Warrants can give holders the right, subject to their terms, to subscribe for newly issued shares. That makes them different from buying existing shares on the exchange. If exercised, newly issued shares can increase the denominator used in per-share calculations. Whether exercise happens depends on the plan's conditions and the future share price, among other factors.
The full incentive-plan basis referred to in the company materials indicates maximum aggregate potential dilution of approximately 1.09%, subject to the relevant plan assumptions. That figure must not be presented as dilution already suffered, or calculated as though the two-million-warrant series were necessarily the whole scheme. Nor should it simply be offset against a €20 million buyback: the share count, exercise timing, repurchase prices and cash effects are different.
Track new issues, unexercised rights, treasury holdings and cancellations separately.
Business quality behind the share price
Hacksaw's operating numbers explain why the stock attracts attention. The group's January to September 2026 revenue was €175.010 million, up from €142.384 million a year earlier. Adjusted operating profit (EBIT) was €144.204 million and operating cash flow was €140.939 million over those nine months. These are distinct metrics: adjusted EBIT is a company-defined performance measure, while operating cash flow measures actual cash movement before investing and financing activities.
For Q3 2026, revenue was €58.105 million, up 12% year on year, and the reported adjusted EBIT margin was approximately 83%. Game rounds increased 19%. The mismatch between round growth and revenue growth deserves attention: more activity does not necessarily mean proportionately greater economic value per round. Product mix, commercial rates and differences in game performance may influence the relationship; the data do not establish which explanation dominates on their own.
There is also meaningful concentration. The ten leading games accounted for 52% of the reported content gross gaming revenue in the disclosed period. That is not 52% of the revenues earned by every casino carrying Hacksaw titles, nor 52% of the company's consolidated accounting revenue. Separately, the ten largest customers represented 44% of FY2025 net sales on the reported basis. Both measures matter, but they describe different populations and dates.
Hacksaw reported €148.192 million of cash at 30 September 2026. Do not subtract the full €20 million proposed buyback from this balance: the programme had not yet been announced on the balance-sheet date.
The attractive feature is scalability: one game can reach numerous operators. The vulnerability is that a few successful titles, customers or regulated distribution routes can carry disproportionate economic importance.
For the detailed reconciliation of earnings measures and quarterly periods, see our Hacksaw financial results. For the legal distinction between supplier access, operator permissions and actual commercial launches, see markets, operators and licences.
My Hacksaw stock outlook: bull, base and bear
Author's independent assessment, 8 November 2026. Horizon: 12 to 24 months. These are conditional business-and-valuation scenarios, not probability-weighted share-price targets. A strong operating outcome can still produce a disappointing stock return if the investor's purchase price already assumes even better results.
Bull case: distribution compounds without a severe quality trade-off
In the constructive case, newer games replenish the successful-title portfolio, regulated-market distribution continues to expand and OpenRGS or other technology partnerships add economically attractive content. Revenue grows without requiring a proportional increase in overhead, while cash generation stays close to the attractive pattern shown in recent results.
Such a business could justify a premium, but quantifying it requires a current quote, consistent EUR/SEK valuation basis and explicit growth assumptions. The case weakens if new partnerships fail to generate profitable activity.
Base case: impressive margins, less spectacular growth
My central working case is more restrained. Hacksaw remains a highly profitable B2B supplier, with new launches helping to offset the natural ageing of older hits, but revenue growth does not automatically match growth in game rounds. Some high-margin economics persist; some are competed away or absorbed by product and compliance investment. Returns to shareholders continue only to the extent that earnings, cash and board decisions support them.
The entry valuation matters: the share price could be volatile even while operations remain healthy if investors reassess the growth implied by its multiple.
Bear case: concentration and market access meet valuation risk
The cautious case combines several pressures. A small cluster of leading games loses momentum faster than replacements can compensate; one or more major operators negotiate less favourable terms; and licensing or market-access complications interrupt previously productive distribution. Revenue growth slows while a market valuation built around exceptional margins becomes harder to defend.
Even resilient revenue may not prevent a price decline if investors reassess how sustainable an 83% adjusted quarterly EBIT margin is.
What would change my mind?
I would become more constructive with stronger revenue conversion from rounds, a broader successful-title portfolio, durable cash conversion and profitable new-market expansion.
I would become more cautious if concentration increased, cash flow lagged profit, expanding distribution yielded little revenue or regulation restricted actual access.
Our separate Hacksaw risks and opportunities assessment examines these operating and legal exposures in greater depth. Here they matter specifically because they influence the future cash flows a market price is discounting.
Five signals to monitor after the next results
- Revenue growth relative to game rounds. Increasing activity is welcome, but examine whether additional rounds translate into sustainable supplier revenue rather than lower yield or a shift in mix.
- Breadth of game performance. Track whether the proportion of content GGR from the top ten titles falls because new games succeed, rather than because the leading games deteriorate.
- Customer and regulatory concentration. Watch the top-customer share on a comparable basis, and distinguish a new licence, an operator integration and a commercially productive launch.
- Cash and capital allocation. Compare operating cash flow with investments, dividends and the actual buyback execution notices. An announced limit is not a cash outflow.
- Per-share economics. Reconcile issued shares, treasury shares, exercised warrants and any cancellations before using earnings-per-share or market-capitalisation comparisons.
Final view: is Hacksaw a good business or a good share at this price?
Hacksaw's recent profitability and cash generation provide an unusually strong starting point for a B2B gaming supplier. The same evidence also shows why a careful investor must question title concentration, growth conversion, capital returns and the price already attached to those strengths.
My conclusion: the business merits serious analysis, but I would not call HACK an attractive purchase at an unspecified or stale quote. A responsible judgement needs the verified live market price, the latest share count, a consistent valuation method and evidence that future cash flows justify the entry valuation. The historical SEK 81.40 close, paid dividend, announced buyback and potential warrants each answer different questions. None alone settles the investment case.