OWLS · OBOOK HOLDINGS INC.

OBOOK Holdings Inc. characterized 2025 as a foundational transition year, prioritizing the buildout of its OwlPay global settlement infrastructure over near-term revenue acceleration. Total revenue increased 3.9% to US$7.9 million, driven by a 10% increase in payment services revenue to US$4.4 million and modest growth in hospitality services. However, GAAP profitability metrics deteriorated significantly, with the net loss widening to US$31.9 million from US$10.3 million in the prior year. Management emphasized that this deterioration was primarily driven by non-cash share-based compensation expenses of US$16.8 million and approximately US$6.9 million in non-recurring listing-related expenses associated with the October 2025 Nasdaq direct listing. Excluding these items, the adjusted operating loss improved to US$8.2 million from US$10.3 million in 2024, reflecting a disciplined recurring cost base.

Strategically, the Company achieved critical milestones, including the completion of OwlPay's core infrastructure, integration with Circle Payments Network and Visa Direct, and expansion of U.S. regulatory coverage to 39 state Money Transmitter Licenses. As of April 2026, OwlPay Harbor reported 36 enterprise clients with executed commercial agreements, representing aggregate annual payment volume exceeding US$6 billion. Management indicated that the infrastructure buildout is complete and the focus has shifted to enterprise adoption and commercial expansion in 2026. Liquidity was bolstered post year-end by a US$10 million convertible investment from Lind Global Asset Management, with potential access to an additional US$40 million. The Board also authorized a US$10 million share repurchase program, signaling confidence in the Company's long-term strategy despite the current loss-making position.