Hacksaw AB (publ) (HACK) Earnings Call Transcript & Summary

Good morning, everyone. Thank you for dialing into our earnings call. I am joined by Mikael Rahm. On 1st of January, Mike took on the role as Group CFO. I want to thank our previous group CFO, Per, for his contribution to the company, and I want to extend a warm welcome to Mike. I will start with commenting on our performance during the year before handing over to Mike for a closer look at our financials. After that, I will conclude with key takeaways and a look into 2026 before we open the floor for questions. The highlight of the year was the IPO on Nasdaq Stockholm on the 25th of June. It was a celebration day and a milestone for the company. I want to once again welcome all of our new shareholders from the IPO and since the IPO. 2025 was a year of significant growth for Hacksaw with EUR 197 million reported revenue. We started with a very strong quarter in Q1 with EUR 45 million revenue and over 73% year-on-year growth, which was surprisingly positive given that we generally expect the first quarter to be the slowest quarter of the year, both due to the overall consumer sentiment and the slightly lower number of days versus other quarters. Q2 was off to a tougher start with pressured operational metrics following Liberation Day, but nevertheless, rebounded towards the end of the quarter and delivered EUR 45 million revenue, i.e., roughly in line with the strong Q1 and a 53% year-on-year growth. In Q3, we delivered strong sequential growth versus Q2 with revenue of EUR 52 million and year-on-year growth of 41%, cementing our view that the second half of the year was going to be stronger than the first. Finally, in Q4, revenue amounted to EUR 55 million, equivalent to growth of 26% year-on-year and 31% when adjusting for FX developments among our key currencies. Q4 continues to be a strong quarter for us despite the FX headwinds and cements our confidence stepping into 2026. For the year, total revenues amounted to EUR 197 million, equivalent to growth versus the previous year of 44% and 48% adjusted for developments in our largest currencies. All growth is organic. Adjusted EBIT for the year amounted to EUR 161 million, equivalent to an 82% margin. I want to remind you there's a mix effect versus previous years given the success of OpenRGS during 2025. Operating free cash flow amounted to EUR 152 million, up 51% versus the previous year, and free cash flow amounted to EUR 145 million, equivalent to an 89% cash flow conversion. Earnings per share amounted to EUR 0.496 and the Board proposes a dividend of EUR 0.40 per share. During the year, we have released a total of 45 in-house developed games, which have been played by millions of players across thousands of online casinos around the world. In addition, we've seen our third-party studios release 46 games on our platform. During Q4, we welcomed the studios Jinx and Pineapple as they released their first games on our platform, and we now have 8 external studios live. We look forward to more entertaining games from all of our studios as we're welcoming more third-party studios on our OpenRGS platform. Sweepstakes has been a hot topic during the year, and we've previously highlighted our approach to sweepstakes. Recently, we have discontinued supplying our games to sweepstakes operators in, among others, California and New York as a consequence of regulatory changes in those jurisdictions. Revenue generated by sweepstakes operators remains a small part of our total revenue. During 2025, we released 45 in-house developed games, of which 13 in Q4. We have a very talented team developing these games, and I remain impressed by both the creativity and by the lean execution this team is demonstrating during the year. We've seen strong performance across the board, both from brand-new games and from new games within existing IP franchises. Our OpenRGS studios released 46 games during the year, 12 of which during Q4. As we pointed out before, the cadence of third-party developed games will fluctuate slightly given that 8 studios are working in parallel. As a reminder, OpenRGS studios develop the front end while we develop the back end. We own the OpenRGS games, and we take full responsibility for the games in terms of compliance, and we distribute the games using our existing commercial agreements with our customers. During the year, we've gone from 4 to 8 studios live on our platform, and we continue to see a strong pipeline of studios wanting to work with us. For 2026, we expect our existing OpenRGS studios to increase their release cadence, and we expect to continue to onboard new studios. Our strong development during 2025 is not only a consequence of our games releases, but also of a job very well done by our commercial team. We've seen several, both existing and new clients take our games live in both existing and new markets during the year. We continue to strengthen our relationship with existing clients, and we continue to establish relationships with new clients. In total, i.e., including both in-house and third-party releases, this year's release meant that we had a portfolio of around 290 games live at the end of 2025 versus around 200 at the end of 2024. One of the key metrics we follow is the number of rounds played in our games. With rounds, we focus on the average daily number of rounds played given the varying number of days across months and quarters. The daily number of rounds in Q4 '25 was 36% higher than the previous year. The average bet size for these rounds will naturally vary both across markets and over time and the outcome of those bets, i.e., players winning versus losing, will, by definition, vary and short term, sometimes be above and sometimes below the mathematical mean. In addition, our take rate on the gross gaming revenue is subject to a mix effect between clients and jurisdiction. Therefore, the development of rounds versus revenue is not fully correlated from period to period. We consider ourselves very well diversified. For 2025, EMEA accounted for approximately 58%, the Americas for approximately 21% and Asia Pacific for approximately 22% of revenue. No single jurisdiction accounted for more than 10% of bets placed. So these numbers are similar to what we saw a year ago, this is evidence that we saw strong growth across all regions. As we enter 2026, we continue to see growth opportunities across all regions. While we believe that the U.S. could turn into a large and profitable market over time, it is important to acknowledge that the states that have regulated iGaming are home to approximately 11% of the U.S. population, equivalent to about 40 million people and they generate approximately 12% of U.S. GDP. In other words, the addressable market in the U.S. is still relatively small, but it can present a longer-term opportunity as additional states regulate. During 2025, 13% of revenue was generated from bets where we can verify that the players located in a jurisdiction with a local licensing framework and that the bet has been placed with an operator holding such local license at the time of the bet being placed. Note that under our definition, which we consider the most conservative imaginable, we do not consider regulated revenue via point of supply licenses, such as the Malta license to be locally licensed revenue. We estimate that approximately 25% of the world's GDP in the world's population can be attributed to jurisdictions with a local licensing framework and that the actual market size of those jurisdictions make up less than 25% of the total market given the restrictions implemented. 13% of our GGR comes from our largest customer versus 20% in 2024 and 64% of GGR comes from our top 10 customers versus 68% in 2024. 44% of our GGR comes from our top 10 games and our largest game generates 13%, again, more diversified than a year ago. We should also note that the current top 10 list, 2 of those games were released during 2025 and thus did not appear on the top 10 list for 2024. We ended 2025 with 251 employees, up from 139 a year before. As we look ahead to the significant opportunities in front of us, expanding our team is a strategic investment that will allow us to capture the growth opportunities that we see. Recruiting and retaining the very best talent is essential for our continued success and remains a key priority for me and others in the senior management team. And our ability to attract top talent speaks to the strength of our culture, environment and the opportunities Hacksaw offers. With a strong product and platform, building the right team ensures that we keep a strong momentum and deliver on our long-term ambitions. That concludes my initial remarks, and I would like to hand it over to Mike to go through our financial performance.

Thank you, Chris, and hi, everyone. I'm very excited to be here. I just wanted to start by recapping our revenue model and our key revenue drivers. So in short, our revenues are generated as follows: First, we have a number of rounds being played on our games. And the number of rounds played times an average bet value of each round gives us total bet value. There will be winning and losing bets where the total bet value times 1 minus RTP, where the RTP is the return to player gives us the gross gaming revenue, or GGR, which is the revenue to the casino. We then generate revenue of a take rate on the casino's revenue. If we look a bit closer at the individual components, bet value is a primary driver of Hacksaw's revenue, where the historical increase in bet revenue has mainly been driven by the number of rounds caused by a couple of factors, a low and increasing player base, a high and increasing cadence of game releases, a growing distribution network and expansion into new markets. One important aspect is that players often place bets in currencies other than the euro, which is then for revenue purposes, converted to euro on a daily basis. This means that our GGR and our revenues are impacted by changes in FX rates over time. During 2025, the euro has strengthened versus some of our most important currencies, which has negatively impacted our revenues, as we'll discuss on the next page. When it comes to the gross gaming revenue, or GGR, it is a function of that value and the return to player ratio. RTP is basically chance and is out of our control. And it normally fluctuates on a daily and monthly basis. But in the longer term, RTP normally settles around the overall mathematical mean. The final revenue driver is take rate, which is negotiated with each client and applies across the entire game portfolio for that client. The revenue model is consistent across both in-house and OpenRGS games, where Hacksaw recognizes the full revenues generated from OpenRGS games and where the rev share with partner studios is accounted for as a cost of services sold. So with that, let's look at the numbers for the year and for the fourth quarter amounted to [Technical Difficulty] it was up EUR 60 million or 44% versus last year. Growth is entirely organic and driven by additional game releases and growth in our customer base. As mentioned earlier, revenues for the year were negatively impacted by FX movements compared to last year by non-euro currencies [Technical Difficulty] 2025 is 48%. Our adjusted EBIT for the year amounted to EUR 161 million, which was up EUR 45 million or 39% versus last year. The adjusted EBIT margin for the year reached 82%. And looking at Q4, reported revenues amounted to EUR 55 million, which was up [Technical Difficulty] or 26% versus last year and up EUR 3 million or 6% compared to Q3. And again, on the same basis, Q4 revenue growth is Q1 versus last year. Now moving to the expense side. For [Technical Difficulty], our adjusted operating expenses amounted to EUR 10.1 million, which is up compared to last year and reflected the following drivers. First, our cost of services sold was up mainly due to the increase of OpenRGS revenues and to higher license fees. And explained earlier, the growth in OpenRGS increases our revenue and profit in euros but slightly reduces the average margin. Our personnel expenses increased as we continue to invest in new [Technical Difficulty] development and distribution in order to capitalize [Technical Difficulty] enable continued revenue growth. This was partly offset by development expenses and by lower annual bonuses compared to the Q4 last year. And finally, depreciation and amortization increased primarily related to the continued investment in capitalized game development expenses. For Q4, our adjusted EBIT then amounted to EUR 45 million, which was up 28% versus Q4 last year and up 7% versus Q3. And this growth was despite the FX headwinds discussed earlier. And looking at the adjusted EBIT margin, it reached 82%, which was 2 percentage points above last year and 1 percentage points above Q3. Now 2 important factors that impact our overall sort of average operating margin over time are the relevance of our OpenRGS games versus our in-house games as well as investments in talents to drive future growth. And if we start with OpenRGS, as I mentioned before, we pay the OpenRGS studios a license fee, which we account for as cost of services sold. And a strong acceleration in OpenRGS, therefore, leads to higher revenues, higher EBIT, but at a lower margin, cash flows and higher earnings per share. And OpenRGS remains below 10% of total revenues. We have previously stated that we expect to scale up OpenRGS faster than we scale up our in-house game development, and we maintain that view. [Technical Difficulty] that we continue to have a gross margin that is well above 90% for our in-house developed games. And then when it comes to personnel expenses, this is our primary expense category. Our setup does not require hiring a lot of new employees to support volume growth, which means that our underlying structural operating leverage is very high. Instead, the growth in our personnel expense is mainly driven by us investing in scaling up the team in order to enable future growth [Technical Difficulty] capitalize on the opportunities on the market. And further down the P&L, effective tax rate for the year was 6.3% compared to 5.3% last year. And our net income for the year amounted to EUR 143 million, which was up EUR 33 million or 31% versus last year. And our fully diluted earnings per share reached EUR 0.496. Adding up for Q4, our net income reached EUR 42 million, and our fully diluted earnings per share was up 53% versus last year. Now if we look a bit closer at the main revenue drivers, [Technical Difficulty] as mentioned earlier, our constant currency basis for our top -- on a constant currency basis, the underlying revenue growth for the year is 48% and for Q4 is 31%. The main revenue growth driver is the number of rounds, which is due to a number of factors, including an increasing player base, a high and increasing cadence of game releases and a growing distribution network. As we scale and launch games that are more diversified in terms of style, type and style of game, volatility, et cetera, we attract a broader audience, which leads to a more diversified player base. Therefore, it is natural that the strong growth we see from rounds is partially offset by other factors. It is worth noting that the RTP, the return to player is essentially a chance and normally fluctuates on a daily and monthly basis. But as we talked about before, it reverts to its mean in the long term. We do not see any structural changes to RTP. If we then move from the P&L to the cash flow side. For the year, we generated cash flows from operating activities of EUR 152 million, which was up EUR 51 million or 51% versus last year. Our free cash flow was up 50% versus last year to [ EUR 145 million ]. Free cash flow is defined as cash flow from operating activities less CapEx. And we maintained a very strong cash flow conversion rate of 89%. This metric shows our ability to convert profit into free cash flow and is calculated as free cash flow for the last 12 months divided by EBITD for the same period. And then moving to Q4. Our cash flow from operating activities before changes in working capital amounted to EUR 46 million. Last year, we received a onetime income tax refund of EUR 8 million. And adjusted for this, cash flow from operating activities before changes in working capital increased by 30% in the quarter. And then changes in working capital added EUR 2 million to cash flows in Q4, primarily due to an improved receivables collection process. And in Q4 last year, changes in working capital added EUR 7 million to cash flow, which was primarily due to a onetime VAT refund of EUR 11 million. So to sum it up, our total cash flow from operating activities in Q4, therefore, amounted to EUR 48 million and was up 51% year-on-year adjustable to onetime items I mentioned. And our free cash flow for the quarter reached EUR 46 million, which is 49% higher than last year when adjusting for the same one-off items. And then finally, Q4 -- in Q4, our CapEx was EUR 2 million, which increased given our continued investment [Technical Difficulty]. It mostly comprises capitalized expenses related to development of new games, but also functional improvements to our technical platform and investments in patents and trademarks. We made no major investments in intangible assets during the quarter. And then our strong cash generation results in [Technical Difficulty] that our financial position continues to be very strong, and we further improved our cash balance [Technical Difficulty]. Our total cash and cash equivalents amounted to EUR 133 million at the end of December compared to EUR 88 million at [Technical Difficulty] and EUR 94 million at the end of December. The cash has increased despite the fact that we paid out EUR 106 million of dividends in the first half of 2025 compared to EUR 46 million in the first half of 2024. So we more than doubled our dividends this year, but still increased our cash balance by 30%, and we still have no interest-bearing debt. That's it for my comments on our financial performance and position. So back to you, Chris.

Thank you, Mike. So as we enter 2026, we continue to execute on our previously communicated strategic priorities in order to capture the large and growing market opportunity we see. We've communicated that our aim is to grow above 30% in the long term. For the avoidance of doubt, this is our ambition and not an explicit guidance for a period. We've seen well-reputable third-party sources suggest that the global online slots market has grown more than 20% annually. The same sources estimate that it will continue to grow in the teens. We estimate our market share in this market to be less than 5%. Our strategy to capture this opportunity is split into 2 main components: product innovation and increasing monetization. Product innovation includes continuing to launch new, unique and entertaining games, both in-house and third party and continuing to develop our platform to stay at the forefront of the industry. For now, we will continue to release 4 in-house games per month, but we foresee an acceleration in the release of third-party content during the year. Increasing monetization includes upselling to existing clients [Technical Difficulty] attracting new clients and increasing the games portfolio. As stated earlier today, we continue to strengthen our [Technical Difficulty] with new clients. [Technical Difficulty] opportunities arise, and we will naturally strive to capture them too. Some of these are unpredictable and categorize as noncore in our strategy. We continue to evaluate new verticals, but given our strong organic growth and with slots making up 75% of the market, such initiatives remain noncore in the near term. While we opportunistically evaluate add-on acquisitions, we continue to view M&A as a noncore in the near term. We do see opportunities in investing into early-stage companies in our ecosystem. This includes potential and existing OpenRGS studios and potentially also other businesses. We categorize these opportunities as venture investments, and our focus is to identify companies and people that we believe have great potential and contribute capital and knowledge to back these entrepreneurs. For OpenRGS studios, the aim is to help these venture studios become the most successful studios on our platform. We refer to this as Hacksaw Ventures. While the short-term financial impact for us may be small, we view the longer-term potential as very attractive. We've communicated that we aim to keep margins above 80%, though actual levels will naturally depend on the mix between first and third-party games. If that mix were to change materially, we will, of course, update the market. With this, we remain confident in our long-term ambition based on the strength of our industry-leading platform and content, which combined with a relatively small market share in a big market should allow us to outgrow the market for the foreseeable future. Our capital allocation policy states that we intend to return no less than 75% of net profit to shareholders through dividends or share buybacks or a combination of the 2. The Board proposes to the AGM a dividend per share of EUR 0.40, equivalent to approximately 81% of earnings per share. The Board also proposes to the AGM to be granted a buyback mandate of up to 10% of outstanding shares. Since we recently were a privately held company, we've not had a buyback mandate thus far. Assuming that the mandate is granted at our first AGM since IPO, we will continuously consider buying back shares. We will, however, remain sensitive to the liquidity of the share and ensure that both price and liquidity are factored into the evaluation. We are convinced that this approach will maximize shareholder value in the longer term. So to summarize, I stepped in as Group CEO on 1st of January 2025, and it's been a very good year. We grew revenue by 44% to EUR 197 million and generated earnings per share of EUR 0.496, which enabled a dividend per share of EUR 0.40. We released 45 in-house developed games and 46 third-party games. We signed numerous new client deals and onboarded 4 new OpenRGS studios. We took the company public on Nasdaq Stockholm and welcomed a large number of new shareholders. And our team grew from 139 to 251 employees. And I would like to extend a big thank you to everyone in the team for your invaluable contributions during the year and during the start of 2026. In summary, our strong top line growth and cash flow generation, which allows us to propose an attractive capital return to shareholders, proves that we've created significant shareholder value during 2025, and we look forward to yet another successful year in 2026. And with that, I hand it back to you, operator, for any questions.

[Operator Instructions] The next question comes from Martin Arnell from DNB Carnegie.

So my first question is on the revenue growth in the quarter. Was there anything aside from FX that hampered the growth rates here? Anything in your markets where you're trying to operate or anything else to add here would be helpful.

Should we can start? We can start with that. Yes. No, I mean FX was obviously a big driver, as Mike highlighted before. I think other than that, we've seen a good uptake of the releases from the quarter. We've seen a good continued performance from the releases released before the quarter. And I think -- I mean, if you look at the press releases, both in Q3 and Q4, you've seen that the commercial activities have been very strong as well. So I think it's a quarter which is very much in line with what we would have expected.

Okay. So there were no changes in markets or regulatory changes or lower channelization, which have been mentioned by some of your peers that impacted.

Nothing material for us. I mean you're right in the sense that there have been changes in the markets. I mean we highlighted a few things before as well and obviously, our peers have as well. But remember that we are less dependent on individual markets than most companies in our ecosystem. And as a result, the impact of any such jurisdiction-specific changes is lower for us than you would see for other companies probably in your coverage.

Okay. And how should we think about the outlook for Q1 and H1? I think you mentioned that Q1 is generally the slowest quarter of the year. But do you think that you will be able to sort of continue to deliver on your growth target here in the near term?

Yes. So I mean, our growth target, as we've stated, is our ambition for the longer term and not an explicit guidance for any individual period, right? But I think you're right in the sense that we generally expect Q1 to be a slightly tougher quarter in the industry overall and that we would be -- we would have the same exposure to that as others in the industry. But as I've also mentioned, the performance in Q4 does not in any way change our view for Q1, and it doesn't change our view for 2026. So we're pretty firm on our confidence similar to what we were -- and then, of course, as you know, we had -- I mean, Q1 last year was, as I mentioned, a stronger quarter than we had anticipated, and Q2 was a slightly slower than anticipated. So clearly, the comp in Q1 may be a little bit tougher than the comp in Q2.

And what about the release cadence? I think you have good visibility on the near-term projects. What do you expect in terms of release cadence? It was down a little bit sequentially in this quarter, but you expect it to be up in the first half at least?

So the in-house release cadence is consistent, right? And that was also consistent for Q4. We had 1 extra game, so it was 13 as opposed to the 12 that you would anticipate, and that's what we expect. We expect [Technical Difficulty] also for Q1. Then when it comes to the OpenRGS, as I mentioned, it's a little bit more volatile and it can be up and down. But remember that the -- if we have 1 or 2 OpenRGS releases more or less in a quarter, that has a relatively small impact on revenues as compared to the 12 that we released in-house. So if I summarize, we see the same release cadence in Q1 as we've seen in Q4.

Okay. And my final question, if we look a bit further out, I mean, how concerned are you about the deceleration of growth? Because your long-term target is 30% or at least 30%. And I mean, how can that be achievable with your bigger base here when you are at around 30% now, what is it that we should not extrapolate in the current trend?

I think we can start off with the market, right? And when we have -- the slots market has been growing at north of 20% over time, and we expect it to continue to grow. That's a good base point. I think we have everything in place to outgrow that market. We have less than 5% market share, as I mentioned. We have an excellent platform. We have brilliant content. And we've, as Mike alluded to before, stepped up the team when it comes to commercial activities. So I mean, it comes down to execution. We should be able to capture that, that amazing opportunity that we have in front of us. So therefore, we are confident.

The next question comes from Jack Cummings from Berenberg.

A couple of questions on my side. Firstly, you mentioned FX was obviously a bit of a headwind to revenue in Q4. Based on the current FX rates, can you give us any kind of color as to what you're expecting the FX headwind to be in either Q1 or across full year '26?

Well, I mean, obviously, it depends on where currencies are moving. But I mean, January showed pretty much the same level, I would say, or the same impact.

Okay. That's very helpful.

If it stays the same, there will be an impact.

Okay. Secondly, I just wanted to ask on the take rate. So I think in the bridge that you showed in the presentation, there was a slight negative impact on take rates. Was there anything to call out in terms of downward pressure across the industry? Or is that more mix driven?

No, it's more -- it's definitely mix driven. So on an individual basis, there's no changes.

Okay. Then I just wanted to ask on personnel expenses. I think you mentioned in your remarks that there was a difference in terms of annual bonuses in Q4. But in terms of the growth rate of personnel expenses in Q4, I think it was a lot slower than what we saw in Q2 and Q3. So just can I clarify kind of what happened there in Q4 and anything to read into for our forecast on '26 personnel expenses?

No. So last year, we had a really strong year. So I think that that's -- it's natural that in a really strong year that annual bonuses are high. And then so in -- going forward, we will actually accrue for bonuses also during the year. So we will not have those sort of Q4 spikes.

The next question comes from Hjalmar Ahlberg from Redeye.

Maybe a question on the third-party studios. I think you mentioned like one studio per quarter. Is that still something that we should expect during 2026?

Yes, that's a fair base case.

Right. And also on the capital allocation, I don't know if you can have this maybe up to the Board, but in terms of the mix there with the dividend versus share buybacks, is this kind of indication what you would see going forward? Or will that be up to the board at every year?

So I mean coming back to the capital allocation policy, just to be clear, so we stated a general policy at the IPO, which we've maintained since then. And this, of course, is the first time where we go out with an explicit dividend. And as you can see from the numbers, we -- only the dividend policy that we set now is actually -- or the dividends payout for this year that we propose is above the 75%, right? So that's what we've taken care of it. And then as I mentioned, we're asking for a mandate to buy back shares. But the extent to which we will utilize that mandate will, as I talked about before, of course, be a consequence of a lot of things, including the liquidity in the share. So I think this is a good starting point for this year and onwards.

And then you mentioned the currency headwind there a bit in Q4. Also curious to question if you see any impact from casinos that are this kind of called crypto casinos. Do you see that they have slower growth when, for example, Bitcoin declined in Q4, is that something you can see in your numbers as well?

No. Remember that when we talk about currencies, we see what currencies the players are playing in. And I think what you're alluding to is the currency in which players would deposit which is something that sits with the operators. So we don't see that. So the answer is, no. We don't have the data to have a nuanced view of that.

Okay. Understood. And also maybe a final question. If you look at the 2026 growth levers, so to say, I mean, you -- do you expect a stable release cadence of the games? How about I mean, monetization from existing customers -- new customer growth? Do you see any -- what mix do you see there similar to '25 or anything you can add there?

You mean the mix between new versus old customers?

Yes. I mean just what do you think can add most growth?

Okay. Yes. I mean I think obviously, new content will continue to contribute for growth, right? So that would be similar to what we currently see, would be the best guess for the coming period as well. And coming back to what I answered to a previous question, we have a lot of very strong client relationships, but we have a relatively small share of wallet. So I think there's definitely some upside from growing with existing customers. And then as you know, in our industry, if we look a little bit long term, we do tend to see new players coming to market. So I would assume that if we don't focus on perhaps the next quarter, but if we look down 2026 and 2027, it's fair to assume that there will be new successful online casinos that are small today, that will be big in a year from today. And naturally, we will try to be as close to them as we possibly can and make sure that when they grow, they grow with our...

[Operator Instructions] The next question comes from Martin Arnell from DNB Carnegie.

Yes. I just had a follow-up on the communication that your largest client accounts for 13% and a year ago, it was 20%. So it looks like you have lower revenue than a year ago from the largest client. Can you give any color on that? Is it competition or price pressure? Or how should we look upon that?

Yes. I think 2 points to bear in mind when it comes to looking at largest clients over a longer period of time. Remember, you would always have players who shift casinos, right? So we could have the same player playing the same amount on the same game, but via different casinos in different periods. As a result of that, leads me to the second point that we can see fluctuation on our top 10 client list over time as well. If we go back and we look at the full year of 2025, if you pick different periods during the year, we do not have the same client being the largest one. It varies over time. So we're not so concerned about that number being lower, quite the opposite. It demonstrates that we have very strong diversification. And despite to your point, our biggest client being a smaller percent of revenue, we still grow a lot during the year. So I think that's just a strength.

Okay. So nothing that concerns you about that number?

No.

There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions or closing comments.

Thank you, operator. Yes. So we've received a number of questions. I'll try to summarize them a little bit because quite a few of them are touching upon the same subject. We do have a few questions asking about the recent developments of AI and what impact that may have. We follow the developments closely and set aside the appropriate resources to ensure that we capture the opportunities that the development of AI presents. And I think while we've seen some competitors shifting focus to more generic pure AI content, we continue to strive for the uniqueness of the individual games. Having said that, we always -- I mean, we will strive to utilize whatever production efficiency tools are available to us and various components, including AI, have long been a part of the game development process, and we will continue on that route. So I think nobody knows exactly where the AI developments will take us over the next 6, 12, 18 months, clearly. But our view is that, if anything, a rapid development of AI highlights the importance of controlling the full B2B value chain, including content development, platform, compliance and distribution. The next one, we got a few different -- sort of a few different questions asking about read across from Evolution's development phrased in different ways. I mean, first of all, I think Evolution is a great company and a fellow NASDAQ Stockholm-listed B2B supplier, but we're 2 very different companies. So I think the read across is quite limited. Evolution's biggest operation is in the live casino space, a vertical they practically invented, similar revenue model, customer base, but a different cost and financial profile. So I think they're the clear category leader in the live casino space, and they've demonstrated a fantastic financial profile. But if there's any read across, it would be from their R&D segments to ours, which is more similar in terms of cost structure, both in terms of number of employees and overall scalability. Let's see what else. I think we've covered most of these. Yes, there's some questions again on the U.S. market growth. I mean as I mentioned before, the U.S. as a country is big, but the regulated section of the U.S. is relatively small. So while we see the regulated states growing relatively fast, also the ones like New Jersey have been regulated for quite some time. It's coming off a relatively small base. So I want to again stress that this is a long-term opportunity as opposed to a short-term opportunity. And naturally, if more states in the U.S. were to regulate, especially the ones with bigger population and bigger GDP, now clearly, that would be opening up new markets. But we do not see any clear indications of any of the bigger states regulate in the near future. So I wouldn't sort of base anything off of that for the time being. And then I think that sums it up very much. Thank you for very good questions, both in the written space and from the -- from our analysts. So if nothing else on the phone line, operator, I think I'll hand it back to you to sum up. Thank you. Goodbye.