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
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
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.
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.
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
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/.
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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.