OBOOK Holdings Inc. Announces Unaudited Financial Results for the First Half of 2025 Ended June 30, 2025; Core Infrastructure Transition Near Completion; Enterprise Activation and Monetization

Rhea-AI Summary

OBOOK Holdings (NASDAQ: OWLS) reported unaudited H1 2025 results and said its core global payment infrastructure is near completion, enabling enterprise-scale stablecoin activation in 2026.

Key metrics: Revenue $3.84M, Payment services $2.17M (+16%), Gross payment volume >$110M, Active accounts >4,100, OwlNest subscribers >2,700, Gross profit $480k (12.5% margin), Net loss $3.91M (narrowed 27%), operating cash outflow $1.29M, and ~$20M raised pre-listing.

Corporate actions: Nasdaq direct listing (Oct 16, 2025), share repurchase authorization up to $10M, integration with Circle Payments Network (Dec 4, 2025), expanded U.S. licensing to 40 states, and a collaboration with Visa to launch OwlPay Cash (announced Dec 9, 2025).

Positive

• Payment services revenue +16.0% to $2.17M in H1 2025
• Gross payment volume >$110M supports scale potential
• Net loss narrowed 27.0% to $3.91M in H1 2025
• Raised approximately $20M in pre-listing financing in 2025
• Nasdaq direct listing on Oct 16, 2025 under ticker OWLS
• Integration into Circle Payments Network (Dec 4, 2025)

Negative

• Gross margin declined to 12.5% in H1 2025 from 15.0% prior year
• Operating expenses rose to $6.79M in H1 2025 vs $4.71M prior year
• General and administrative expenses increased to $4.53M in H1 2025
• E‑commerce revenue declined to $288k in H1 2025 from $382k

Key Figures

Total revenue US$3.84 million First half 2025 vs US$3.61 million in first half 2024

Payment services revenue US$2.17 million First half 2025, up 16.0% from US$1.87 million

Net loss US$3.91 million First half 2025, narrowed 27.0% from US$5.35 million

Operating expenses US$6.79 million First half 2025 vs US$4.71 million, driven by listing-related costs

Operating cash outflows US$1.29 million First half 2025 vs US$4.45 million in first half 2024

Pre-listing capital raised Approximately US$20 million Equity financings and SAFE instruments in 2025

Share repurchase authorization Up to US$10 million Class A common stock program announced November 26, 2025

Gross Payment Volume Exceeding US$110 million Payment services GPV in first half 2025

Market Reality Check

$6.68 Last Close

Volume Volume 120,642 is about 1.77x the 20-day average of 67,995, indicating elevated trading interest ahead of this earnings release. high

Technical Shares at $6.58 are trading below the 200-day MA of $10.44 and sit far under the $90 52-week high while hovering not far above the $6.03 52-week low.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 24	Earnings timing	Neutral	-2.6%	Company set date and call details for H1 2025 results release.
Dec 22	Strategy update	Positive	+3.6%	Year-end CEO letter highlighting integrations and regulatory progress.
Dec 22	Strategy update	Positive	+3.6%	Long-term, compliance-first plan for real-time value transfer detailed.
Dec 19	Product performance	Positive	-11.8%	OwlNest SaaS reported 20% YoY revenue growth and >2,700 operators.
Dec 09	Partnership launch	Positive	+11.4%	Launch of OwlPay Cash remittance app in collaboration with Visa.

Pattern Detected

Recent news with positive operational or partnership updates produced mixed reactions, including both double-digit gains and losses, suggesting inconsistent trading responses to constructive headlines.

Recent Company History

Over the past month, OBOOK issued several strategy and product updates ahead of these H1 2025 unaudited results. A Visa-backed OwlPay Cash launch on Dec 9 saw a 11.37% gain, while a positive OwlNest growth update on Dec 19 coincided with a 11.84% decline. Two year-end CEO letters around Dec 22–23 aligned with a 3.65% rise. The Dec 24 earnings-date announcement led to a modest -2.61% move, underscoring uneven price responses to broadly growth-focused communications.

Market Pulse Summary

The stock moved +6.0% in the session following this news. A strong positive reaction aligns with ongoing themes in prior OWLS news, where constructive partnerships and infrastructure milestones sometimes coincided with double-digit gains. The latest results show revenue growth, sharply lower operating cash outflows, and a narrowed net loss, alongside a US$10 million buyback authorization. However, the stock traded more than 90% below its 52-week high before this release, and past moves have also included sharp selloffs on good news, underscoring volatility risk.

Key Terms

stablecoin financial

"support enterprise-scale stablecoin payments."

A stablecoin is a type of digital currency designed to keep its value steady, often by being backed by traditional assets like money or commodities. For investors, stablecoins offer a reliable way to move money quickly across digital platforms without the value fluctuations common with other cryptocurrencies, making them useful for saving, trading, or transferring funds with less risk of sudden losses.

money transmitter licenses regulatory

"approval of money transmitter licenses or the equivalent in Washington, Kansas..."

Money transmitter licenses are official permissions granted by government authorities that allow a business to legally transfer money between people or entities. They ensure that companies handling financial transactions follow rules designed to protect consumers and prevent fraud. For investors, these licenses are important because they demonstrate that a business operates within legal boundaries and adheres to financial safety standards.

KYC/AML regulatory

"comprehensive compliance framework, including rigorous KYC/AML controls and end-to-end..."

KYC/AML combines Know Your Customer identity checks and Anti‑Money Laundering monitoring that require firms to verify who their customers are and watch for unusual or illegal transaction patterns. Investors care because weak KYC/AML can lead to regulatory fines, fraud and reputational damage that hurt revenue and share price, while strong controls reduce legal risk and make the business more stable—like a locked door and an alarm system for financial activity.

SAFE instruments financial

"raised approximately US$20 million... through a combination of equity financings and SAFE instruments"

Safe instruments are financial assets designed to preserve capital and deliver steady, predictable returns, such as government bonds, high-quality short-term debt or insured savings products. They matter to investors because they act like a financial seatbelt—reducing the risk of major losses, providing predictable income, and helping balance riskier investments in a portfolio so overall value is less likely to swing widely.

Rule 10b5-1 trading plan regulatory

"including pursuant to a Rule 10b5-1 trading plan, in accordance with applicable securities laws..."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

Rule 10b-18 regulatory

"in accordance with applicable securities laws and Rule 10b-18 under the U.S. Securities Exchange Act..."

Rule 10b-18 is a regulation that sets strict rules for how a company's executives and employees can buy back their own company's stock from the market. It helps ensure that these buybacks happen in a fair and transparent way, reducing the chance of market manipulation. This is important for investors because it offers protection against unfair practices and promotes confidence in the integrity of the stock market.

AI-generated analysis. Not financial advice.

ARLINGTON, Va., Dec. 30, 2025 (GLOBE NEWSWIRE) -- OBOOK Holdings Inc. (NASDAQ: OWLS) (the “Company” or “OwlTing”), a blockchain technology company operating as the OwlTing Group, today announced its unaudited financial results for the first half of 2025 ended June 30, 2025. The Company also highlighted the near completion of its core global payment infrastructure and progress toward enterprise-scale stablecoin payment activation beginning in 2026.

First Half 2025 Operational and Financial Highlights

• 2025 marked a pivotal transition year for OwlTing, representing the near completion of the core global payment infrastructure, including regulatory, settlement, processing capacity, and compliance capabilities required to support enterprise-scale stablecoin payments.
   
• With the infrastructure now largely in place and early enterprise customers already onboarded, OwlTing is supporting multi-billion-dollar monthly transaction capacity across qualified counterparties that have completed API integration and compliance onboarding. This represents transaction capacity rather than contracted revenue, and monetization is expected to scale as corridors and regulatory coverage expand.
   
• OwlTing’s established and legacy businesses remained a solid foundation of the Company during this transition, continuing to perform well while supporting overall stability as the infrastructure build-out was completed.
   
• Payment services revenue increased by 16%, driven by the Company’s traditional payment gateway business, with Gross Payment Volume¹ exceeding US$110 million and Active Accounts² of more than 4,100 customers, demonstrating continued scale and customer engagement.
   
• OwlNest revenue grew approximately 20%, supported by a subscriber base of over 2,700 OwlNest Subscribers³, reflecting sustained demand for our hospitality and merchant service offerings.
  
  
• OwlTing is positioned to enter an activation phase beginning in 2026, with scalability and operating leverage expected to become increasingly evident as transaction volumes grow and payment mix shifts toward infrastructure-led settlement.

Management Commentary

“We view the first half of 2025 as a transition period where we prioritized system completion over near-term revenue optimization,” commented Darren Wang, Founder & CEO at OwlTing Group. “We are seeing enterprise customers move from pilots toward production integration, and we are expanding the regulatory and corridor access required to scale stablecoin and tokenized-asset settlement in a compliant manner. In infrastructure businesses, capacity precedes monetization, and we believe the foundation we have put in place positions us well for an activation phase beginning in 2026.”

“Our first-half results reflect disciplined cost control while completing a major infrastructure transition. Excluding non-recurring listing-related expenses, our core expense base remained stable as we continued investing in scalability and compliance,” stated Winnie Lin, CFO at OwlTing Group. “As utilization increases, we expect the economics to improve meaningfully given a largely fixed cost base and declining marginal costs on our settlement stack. Our liquidity and capital resources provide flexibility to support global expansion and ongoing product development, while positioning the Company to capture significant operating leverage as infrastructure utilization scales.”

First Half 2025 Financial Results

Revenue
Total revenue was US$3.84 million in the first half of 2025, compared to US$3.61 million in the same period of 2024. Revenue performance during the period should be viewed in the context of a transition year, during which the Company intentionally prioritized the completion of its core payment infrastructure over short-term revenue acceleration.

Management focused on advancing regulatory readiness, settlement capabilities, processing capacity, and compliance systems required to support enterprise-scale operations. As a result, reported revenue reflects a deliberate investment phase and does not yet capture the full earning potential of the infrastructure that has now largely been completed.

Within this context, the Company’s core revenue streams continued to demonstrate resilience, providing a stable foundation during the transition while positioning the business for improved scalability and operating leverage.

• Revenue from payment services increased 16.0% to US$2.17 million in the first half of 2025, compared to US$1.87 million in the same period last year, driven by higher gross payment volumes and an expanding customer base across core markets. Payment services contributed 56.4% of total revenue in the first half of 2025 compared to 51.8% in the prior-year period, reflecting the continued strength of the Company’s payment operations during the transition year.
   
• Revenue from hospitality services increased to US$1.39 million in the first half of 2025 from US$1.35 million in the same period last year. Performance was supported by continued growth in hospitality-related software services, primarily driven by OwlNest property management system subscription fees, reflecting ongoing adoption and contract renewals. This growth was partially offset by lower activity in hospitality platform services, which experienced modest softness due to shifts in regional travel patterns.
   
• Revenue from the e-commerce platform declined to US$288 thousand in the first half of 2025 from US$382 thousand in the same period last year. The decrease reflects the Company’s strategic reallocation of internal resources toward higher-growth business lines, particularly its payment infrastructure platform, which resulted in reduced operating focus and lower revenue from the e-commerce segment.
  

Cost of Revenue
Cost of revenue in the first half of 2025 was US$3.36 million compared to US$3.07 million in the same period last year, primarily reflecting a higher contribution from traditional payment gateway services, which carry a lower gross margin profile due to third-party processing costs. Management views this cost structure as transitional as the revenue mix continues to evolve.

Gross Profit
Gross profit in the first half of 2025 was US$480 thousand compared to US$540 thousand in the same period last year. Gross margin declined to 12.5%, from 15.0% in the first half of 2024, primarily reflecting the cost structure associated with traditional third-party payment channels. As the Company completes its transition toward proprietary, stablecoin-native settlement infrastructure, management expects marginal transaction costs to decline meaningfully.

The infrastructure model is characterized by a largely fixed cost base, with incremental transaction volume expected to convert to margin at a significantly higher rate over time. Accordingly, management views current margin levels as transitional rather than structural and expects margin expansion as infrastructure activation increases.

Operating Expenses
Operating expenses totaled US$6.79 million in the first half of 2025, compared with US$4.71 million in the same period last year. The year-over-year increase was primarily driven by one-time public listing-related expenses and professional services fees associated with the Company’s Nasdaq listing and related regulatory requirements. Excluding these non-recurring items, core operating expenses remained broadly consistent with prior periods, reflecting continued cost discipline across sales, product development, and administrative functions.

• Marketing and sales expenses decreased by 21.2% to US$0.95 million in the first half of 2025 from US$1.21 million in the same period last year, mainly driven by lower labor-related costs. As a percentage of total revenue, marketing and sales expenses decreased to 24.7% in the first half of 2025 from 33.4% in the same period last year, reflecting enhanced operational efficiency and improved return on customer acquisition spend.
   
• General and administrative expenses increased to US$4.53 million in the first half of 2025 from US$2.30 million in the same period last year. The increase was primarily driven by non-recurring legal, audit, and professional services fees incurred in connection with the Company’s U.S. public listing. In addition, the Company incurred higher office rental expenses, reflecting broader infrastructure scaling to support international operations.
   
• Research and development expenses increased to US$1.31 million or 34.1% of total revenue in the first half of 2025 from US$1.20 million or 33.2% of total revenue in the same period last year. The increase reflects the Company’s continued investment in enhancing platform scalability, fortifying information security architecture, and expanding its proprietary cloud-based infrastructure. These initiatives are aligned with the Company’s long-term strategy to drive product innovation and ensure a secure, high-performance environment for enterprise clients.
  

Net Loss
Net loss narrowed by 27.0% to US$3.91 million in the first half of 2025 from US$5.35 million in the same period last year. The year-over-year improvement was primarily attributable to increased revenue and reduced marketing and sales spend, which helped offset elevated one-time listing-related expenses. Foreign exchange movements had a modest positive impact on the Company’s Taiwan-based cost structure; however, these gains were partially offset at the consolidated level due to currency fluctuations in other markets.

Liquidity and Capital Resources
Operating cash outflows totaled US$1.29 million in the first half of 2025, a significant improvement from US$4.45 million in the same period of 2024. The reduction in cash usage was primarily driven by stronger revenue performance and enhanced cost efficiencies, which together reduced the Company’s operating cash requirements during the period.

During our pre-listing financing rounds in 2025, we raised approximately US$20 million in total capital through a combination of equity financings and SAFE instruments, of which approximately US$14 million was completed in the second half of the year.

As of June 30, 2025, the Company maintained a solid liquidity and capital position, underpinned by prudent working capital management and disciplined capital expenditure. Management believes that existing cash reserves, together with anticipated operating cash flows, are sufficient to support ongoing operational needs and planned strategic investments. The Company also remains open to strategic capital opportunities that could accelerate expansion in 2026, subject to market conditions.

Business Outlook

For the remainder of 2025, OwlTing remains focused on fully operationalizing the infrastructure investments made across regulatory coverage, settlement capabilities, processing capacity, and compliance frameworks. Management expects continued progress in enterprise onboarding and corridor readiness, with monetization expected to scale as utilization increases over time.

Looking ahead, the Company believes that the infrastructure completed during this transition year positions OwlTing for more efficient scaling as payment-related offerings gain broader enterprise adoption. As utilization of the platform increases, management expects operating leverage to become more visible, supported by a largely fixed infrastructure cost base and an improving revenue mix.

Share Repurchase Program

On November 26, 2025, the Company announced that its Board of Directors authorized a share repurchase program of up to US$10 million of the Company’s Class A common stock. The repurchase program, effective for nine months, reflects the Board’s view that the repurchase authorization provides flexibility in capital allocation as the Company executes its long-term infrastructure strategy and evaluates near-term catalysts across its payment technology pipeline. Under the authorization, OwlTing may repurchase shares from time to time in the open market or through other methods permitted under applicable law, including pursuant to a Rule 10b5-1 trading plan, in accordance with applicable securities laws and Rule 10b-18 under the U.S. Securities Exchange Act of 1934. The Company is not obligated to repurchase any specific number of shares, and the program may be modified, suspended, or terminated at any time based on market conditions, corporate needs, or other factors deemed relevant by the Company.

Recent Developments

• Nasdaq Listing
  On October 16, 2025, the Company announced the successful direct listing of its Class A common shares on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “OWLS”. As Asia’s first fintech company to achieve a direct listing on Nasdaq with its Class A common shares, OBOOK believes that this direct listing marks a significant step forward for the region’s technology and financial innovation landscape. Sullivan & Cromwell LLP acted as U.S. counsel to the Company. D. Boral Capital LLC acted as financial advisor to the Company in connection with this direct listing, and Sichenzia Ross Ference Carmel LLP acted as U.S. counsel to D. Boral Capital LLC. KPMG acted as the Company’s independent auditor.
  
  
• Expands U.S. Regulatory Footprint
  Following its successful Nasdaq direct listing, the Company achieved an additional regulatory milestone with the approval of money transmitter licenses or the equivalent in Washington, Kansas, North Carolina, and New Mexico, expanding its fund operations coverage to 40 U.S. states. The Washington State license was obtained following a multi-year regulatory review process, further strengthening OwlTing’s U.S. regulatory footprint and supporting its strategy to develop a fully regulated stablecoin infrastructure for global commerce through its OwlPay platform.
  
  In parallel, the Company continues to advance licensing and regulatory authorization efforts in the European Union, Japan, Hong Kong, Singapore, and the Latin American region. Supported by a comprehensive compliance framework, including rigorous KYC/AML controls and end-to-end transaction transparency, OwlTing seeks to support financial institutions, fintech companies, and global merchants in the adoption of stablecoin-based payment solutions in a compliant and scalable manner.
  
  
• Integration into the Circle Payment Network (CPN)
  On December 4, 2025, the Company announced the successful integration of its OwlPay platform into the Circle Payments Network (CPN), a global stablecoin settlement rail developed by Circle Technology Services, LLC. As one of the first Asia-based financial institutions to join CPN, OwlTing now enables near-instant, compliant stablecoin transactions across a growing set of high-value corridors, including Latin America, Africa, and the European Union, via its OwlPay Wallet Pro platform. This development enhances the Company’s ability to deliver low-cost, real-time cross-border payment services and supports its broader strategy to expand reach in the US$194 trillion global payments market. With operational coverage across 40 U.S. states supported by applicable regulatory licenses, OwlTing continues to strengthen its position as a trusted global stablecoin infrastructure provider.
  
  
• Collaboration with Visa to Launch OwlPay Cash App for Remittances
  On December 9, 2025, OwlTing announced the upcoming launch of OwlPay Cash, a mobile-first remittance application developed in collaboration with Visa. Powered by Visa Direct and supported by Cross River Bank for U.S. settlement, OwlPay Cash allows users in the United States to send funds directly to bank accounts in 26 countries, including key remittance corridors across Latin America, Asia, and Europe. The app combines global reach, cost efficiency, and a user-friendly experience to address longstanding challenges in cross-border money transfers. OwlPay Cash enables real-time payouts in local currencies with no monthly fees and up to 70% lower transaction costs than traditional SWIFT-based methods. The product expands OwlTing’s reach in fiat-based payments while reinforcing the Company’s strategy to build trusted, compliance-led global payment infrastructure.
  
  

Conference Call Information

The Company’s management team will host a conference call at 5:00 P.M. Eastern Time on Monday, December 29, 2025, to discuss the financial results and recent business developments. Details of the webcast are as follows:

Date and time: 5:00 P.M. Eastern Time on December 29, 2025

Webcast link: https://events.zoom.us/ev/AhnregDWeb3i67zc747Ez5p6RrrIdiYhh66vkYA6JsXo7-L_XTeX~AhUjxiXFm5ghdisNg_RrzcUOBG--cAfm9zX1tIFH0v0RcgemGEAESHb2_Q

A live and archived webcast of the conference call will be available on the Company's Investor Relations website at https://investors.owlting.com/.

_______________________

¹ Gross Payment Volume, or GPV, is defined as the total value of transactions processed through the Company’s payment services, including via its payment gateway services, fiat currency cross-border remittances, foreign exchange for fiat currency (as standalone transactions not involving fund transfers) and stablecoins solutions (including on/off-ramp services and cross-chain transactions), and further net of transaction reversals.
² An Active Account is defined as an account registered on the Company’s payment platforms that has completed at least one transaction on its payment platforms within the past 12 months. A unique individual or business user may register on the Company’s platforms to access different services and may register more than one account to access a service.
³ An OwlNest Subscriber is defined as a customer with an active, paid OwlNest subscription as of the end of the applicable reporting period. The Company treats each customer account that has a corresponding contract as a unique OwlNest Subscriber, and a single organization with multiple branches may be counted as multiple OwlNest Subscribers.

About OBOOK Holdings Inc. (OwlTing Group; NASDAQ: OWLS)
OBOOK Holdings Inc. (NASDAQ: OWLS) is a blockchain technology company operating as the OwlTing Group. The Company was founded and is headquartered in Taiwan, with subsidiaries in the United States, Japan, Poland, Singapore, Hong Kong, Thailand, and Malaysia. The Company operates a diversified ecosystem across payments, hospitality, and e-commerce. In 2025, according to CB Insights statistics, OwlTing was ranked among the top 2 global players in the “Enterprise & B2B” category of the digital currency market map. The Company’s mission is to use blockchain technology to provide businesses with more reliable and transparent data management, to reinvent global flow of funds for businesses and consumers and to lead the digital transformation of business operations. To this end, the Company introduced OwlPay, a Web2 and Web3 hybrid payment solution, to empower global businesses to operate confidently in the expanding digital currency economy. For more information, visit https://www.owlting.com/portal/?lang=en.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These statements are based on the current expectations, estimates, and projections of management about the Company’s operations, industry trends, regulatory developments, and other factors, and are not guarantees of future performance. Words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “may,” “will,” “should,” and similar expressions are intended to identify forward-looking statements.

Forward-looking statements include, but are not limited to, statements regarding the Company’s future financial and operating performance, revenue outlook, product development initiatives, regulatory licensing, partnerships, market expansion, capital resources, and strategic priorities. These statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including those described under the sections titled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and other disclosures contained in the Company’s prospectus and other filings with the U.S. Securities and Exchange Commission (SEC).

The forward-looking statements in this press release speak only as of the date hereof. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. You should not place undue reliance on these statements. Additional information regarding the Company and its filings with the SEC may be found at www.sec.gov.

For investor and media enquiries, please contact:
OBOOK Holdings Inc. Investor Relations Henry Fan, Investor Relations Director ir@owlting.com	OBOOK Holdings Inc. Media Relations Michael Hsu, Public Relations Director pr_office@owlting.com
The Blueshirt Group, Investor Relations Jack Wang, Managing Director OwlTing@BlueshirtGroup.co

OBOOK HOLDINGS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Financial Position
June 30, 2025 and December 31, 2024
(Expressed in U.S. Dollars)
	June 30, 2025			December 31, 2024
Assets
Current assets:
Cash	$	5,914,077		4,511,377
Restricted cash		2,240,942		4,210,381
Accounts receivable		451,920		299,359
Other receivables		266,917		51,834
Current tax assets		4,475		21,174
Prepayment		325,271		2,135,731
Other financial assets - current		6,046,865		5,397,240
Other current assets		140,868		160,844
Total current assets		15,391,335		16,787,940
Non-current assets:
Property, plant and equipment		1,011,967		366,350
Right-of use assets		4,450,467		4,556,692
Other intangible assets		388,809		391,737
Goodwill		287,285		287,285
Other financial assets - non-current		734,259		721,346
Other non-current assets		12,025		209,316
Total non-current assets		6,884,812		6,532,726
Total assets	$	22,276,147		23,320,666
Liabilities and Equity
Current liabilities:
Contract liabilities - current		1,979,705		1,735,806
Accounts payable		1,804,910		1,687,449
Other payables		2,021,488		2,053,402
Other payables to related parties		1,826,593		1,723,390
Current tax liabilities		7,144		3,909
Current provisions		76,868		68,944
Lease liabilities - current		1,384,814		1,177,303
Long-term borrowings, current potion		375,360		332,974
Current preference share liabilities		406,366		406,366
Other current liabilities - receipts under custody		12,009,203		11,854,693
Other current liabilities		162,677		111,754
Total current liabilities		22,055,128		21,155,990

OBOOK HOLDINGS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Financial Position
June 30, 2025 and December 31, 2024
(Expressed in U.S. Dollars)
	June 30, 2025				December 31, 2024
Non-current liabilities:
Non-current financial liabilities at fair value through profit or loss		2,558,815				-
Long-term borrowings		713,915				800,913
Lease liabilities - non-current		3,596,779				3,789,208
Non-current preference share liabilities		1,370,171				1,569,999
Other non - current liabilities		309,409				299,136
Total non-current liabilities		8,549,089				6,459,256
Total liabilities		30,604,217				27,615,246
Equity attributable to owners of parent:
Share capital		80,866				80,866
Advance receipts for share capital		4,959,000				2,000,000
Capital surplus		51,678,353				51,678,353
Accumulated deficit		(64,521,215	)			(60,612,910	)
Other equity		(528,161	)			2,555,649
Equity attributable to owners of the parent		(8,331,157	)			(4,298,042	)
Non-controlling interest		3,087				3,462
Total Equity		(8,328,070	)			(4,294,580	)
Total liabilities and equity	$	22,276,147			$	23,320,666

OBOOK HOLDINGS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income (Loss)
For the six months ended June 30, 2025 and 2024
(Expressed in U.S. Dollars)
	For the six months ended June 30
		2025			2024
Revenue	$	3,840,984			3,606,514
Costs of revenue		(3,360,935	)		(3,066,758	)
Gross profit		480,049			539,756
Operating expenses:
Marketing and sales		(954,260	)		(1,209,732	)
General and administrative		(4,524,458	)		(2,300,142	)
Research and development		(1,312,137	)		(1,199,116	)
Total operating expenses		(6,790,855	)		(4,708,990	)
Net operating loss		(6,310,806	)		(4,169,234	)
Non-operating income and expense:
Interest income		25,113			34,389
Foreign currency exchange gains		2,473,289			515
Foreign currency exchange losses		(1,144	)		(937,037	)
Loss on financial liabilities at fair value through profit or loss		(8,815	)		(259,418	)
Other losses		(3,288	)		(9,087	)
Other income		48,509			33,805
Finance costs		(125,513	)		(55,380	)
Total non-operating income and expenses		2,408,151			(1,192,213	)
Loss before tax		(3,902,655	)		(5,361,447	)
Income tax (expense) benefit		(6,098	)		8,254
Net loss		(3,908,753	)		(5,353,193	)
Other comprehensive income (loss):
Components of other comprehensive income (loss) that will be reclassified to profit or loss
Exchange differences on translation of foreign financial statements		(3,083,737	)		1,163,596
Income tax related to components of other comprehensive income (loss) that will be reclassified to profit or loss		-			-
Components of other comprehensive income (loss) that will be reclassified to loss		(3,083,737	)		1,163,596
Other comprehensive income (loss)		(3,083,737	)		1,163,596
Total comprehensive loss	$	(6,992,490	)		(4,189,597	)
Loss attributable to:
Owners of the parent	$	(3,908,305	)		(5,352,018	)
Non-controlling interests		(448	)		(1,175	)
	$	(3,908,753	)		(5,353,193	)
Total comprehensive loss attributable to:
Owners of the parent	$	(6,992,115	)		(4,188,266	)
Non-controlling interests		(375	)		(1,331	)
	$	(6,992,490	)		(4,189,597	)
Loss per share
Basic and diluted loss per share	$	(0.05	)		(0.07	)

OBOOK HOLDINGS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Changes in Equity
For the six months ended June 30, 2025 and 2024
(Expressed in U.S. Dollars)
	Equity attributable to owners of parent
	Share capital													Other equity
	Ordinary  shares				Capital collected in advance			Capital surplus			Accumulated deficit			Exchange differences on translation of foreign financial statements			Total				Non-controlling interest				Total equity
Balance at January 1, 2024	$	78,079			10,920,349			31,971,625			(50,590,502	)		1,233,711			(6,386,738	)			5,988				(6,380,750		)
Net Loss for the period		-			-			-			(5,352,018	)		-			(5,352,018	)			(1,175	)			(5,353,193		)
Other comprehensive income (loss) for the period		-			-			-			-			1,163,752			1,163,752				(156	)			1,163,596
Total comprehensive income (loss) for the period		-			-			-			(5,352,018	)		1,163,752			(4,188,266	)			(1,331	)			(4,189,597		)
Advance receipts for share capital		-			7,170,000			-			-			-			7,170,000				-				7,170,000
Capital increase in cash		1,651			(10,784,290	)		10,782,639			-			-			-				-				-
Cancellation of share capital		(275	)		-			(247,225	)		247,500			-			-				-				-
Conversion of simple agreement for future equity		-			1,866,666			-			-			-			1,866,666				-				1,866,666
Balance at June 30, 2024		79,455			9,172,725			42,507,039			(55,695,020	)		2,397,463			(1,538,338	)			4,657				(1,533,681		)
Balance at January 1, 2025		80,866			2,000,000			51,678,353			(60,612,910	)		2,555,649			(4,298,042	)			3,462				(4,294,580		)
Net Loss for the period		-			-			-			(3,908,305	)		-			(3,908,305	)			(448	)			(3,908,753		)
Other comprehensive income (loss) for the period		-			-			-			-			(3,083,810	)		(3,083,810	)			73				(3,083,737		)
Total comprehensive income (loss) for the period		-			-			-			(3,908,305	)		(3,083,810	)		(6,992,115	)			(375	)			(6,992,490		)
Advance receipts for share capital		-			2,959,000			-			-			-			2,959,000				-				2,959,000
Balance at June 30, 2025	$	80,866			4,959,000			51,678,353			(64,521,215	)		(528,161	)		(8,331,157	)			3,087				(8,328,070		)

OBOOK HOLDINGS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
For the six months ended June 30, 2025 and 2024
(Expressed in U.S. Dollars)
	For the six months ended June 30
		2025			2024
Cash flows used in operating activities:
Loss for the year	$	(3,908,753	)		(5,353,193	)
Adjustments for:
Depreciation expense		689,281			453,439
Amortization expense		47,247			43,834
Loss on financial liabilities at fair value through profit or loss		8,815			259,418
Impairment loss (reversal) on intangible assets		1,325			(120	)
Impairment loss on property, plant and equipment		860			5,670
Finance costs		125,513			55,380
Interest income		(25,113	)		(34,389	)
Government subsidy income		(76	)		(76	)
Profit from lease modification		-			(537	)
Income tax expense (benefit)		6,098			(8,254	)
		(3,054,803	)		(4,578,828	)
Change in operating assets and liabilities:
Decrease in notes receivable		-			4,025
Decrease (increase) in accounts receivable		(152,560	)		10,971
Decrease (increase) in other receivables		(215,083	)		7,988
Decrease (increase) in prepayment		1,810,460			(833,295	)
Decrease in other current assets		19,976			71,382
Decrease in other non-current assets		-			490
Increase in contract liabilities		243,899			422,023
Increase (decrease) in accounts payable		117,461			(169,514	)
Increase (decrease) in other payables		(38,814	)		660,555
Decrease in other payables from related parties		(9,833	)		(17,034	)
Increase (decrease) in provisions		7,924			(2,907	)
Increase (decrease) in other current liabilities		50,923			(18,668	)
Cash used in operations		(1,220,450	)		(4,442,812	)
Interest received		25,113			34,389
Interest paid		(111,419	)		(34,683	)
Income taxes refunded (paid)		14,819			(2,748	)
Net cash flows used in operating activities		(1,291,937	)		(4,445,854	)
Cash flows used in investing activities:
Acquisition of property, plant and equipment		(403,479	)		(90,177	)
Acquisition of intangible assets		(19,716	)		(41,137	)
Increase in guarantee deposits paid		(7,555	)		(213,466	)
Decrease in guarantee deposits paid		84,560			32,745
Prepaid equipment costs		(7,424	)		(10,072	)
Net cash flows used in investing activities		(353,614	)		(322,107	)

OBOOK HOLDINGS INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
For the six months ended June 30, 2025 and 2024
(Expressed in U.S. Dollars)
	For the six months ended June 30
		2025			2024
Cash flows from financing activities:
Repayment of long-term borrowings		(172,235	)		(208,099	)
Repayment of preference share liabilities		(203,184	)		-
Repayments of installment payables		(7,880	)		-
Increase (decrease) in other payables from related parties		113,035			(122,711	)
Increase (decrease) in other current liabilities – receipts under custody		(495,115	)		636,672
Increase in guarantee deposits received		4,121			16,669
Decrease in guarantee deposits received		(3,434	)		(4,290	)
Advance receipts for share capital		2,959,000			7,170,000
Payment of lease liabilities		(571,605	)		(410,511	)
Proceeds from non-current financial liabilities at fair value through profit or loss		2,550,000			-
Payment of non-current financial liabilities at fair value through profit or loss		-			(100,000	)
Net cash flows from financing activities		4,172,703			6,977,730
Effect of exchange rate changes on cash and restricted cash		(3,093,891	)		1,151,221
Net increase (decrease) in cash and restricted cash		(566,739	)		3,360,990
Cash and restricted cash at beginning of year		8,721,758			7,997,008
Cash and restricted cash at end of year	$	8,155,019			11,357,998

FAQ

What were OBOOK (OWLS) H1 2025 revenues and net loss?

OBOOK reported total revenue $3.84M and a net loss of $3.91M for H1 2025.

How much gross payment volume did OWLS report in H1 2025?

OWLS reported gross payment volume exceeding $110M in H1 2025.

When did OBOOK list on Nasdaq and what is the ticker?

OBOOK completed a direct Nasdaq listing on Oct 16, 2025 under ticker OWLS.

What is the OWLS share repurchase authorization announced in 2025?

The board authorized a up to $10M repurchase program, effective for nine months from Nov 26, 2025.

What regulatory and network integrations did OWLS complete in late 2025?

OWLS expanded U.S. licensing to 40 states and integrated OwlPay into the Circle Payments Network on Dec 4, 2025.

What is OwlPay Cash and when was it announced with Visa?

OwlPay Cash is a Visa-collaborated remittance app announced on Dec 9, 2025 for real-time cross-border payouts to 26 countries.