OBOOK Holdings, the operator of OwlTing Group, reported a first-half 2026 net loss of $18.82 million, a sharp increase from $3.91 million a year earlier, as the company continued to invest in its global payment infrastructure.
Total revenue for the six months ended June 30 stood at $3.87 million, essentially flat compared with $3.84 million in the same period of 2025. Payment service revenue declined 2.8% to $2.11 million, while hospitality software revenue rose 25% to $800,000. Adjusted gross profit increased 22.9% to $590,000, with adjusted gross margin improving to 15.3% from 12.5%.
The wider loss reflected $10.4 million in share-based compensation, $2.5 million in finance costs tied to a convertible note, and the absence of $2.5 million in foreign-exchange gains recorded in the prior-year period. Gross margin contracted to 6.4% from 12.5%, while adjusted operating expenses rose 6.6% to $7.24 million.
Cash and cash equivalents totaled $10.19 million at the end of June, with an operating cash outflow of $5.92 million during the half. Direct U.S. banking rails have processed more than $1.4 billion in transaction volume historically, and the company now counts about 80 signed enterprise relationships.
Transaction activity on the Circle Payments Network (CPN) within OwlPay’s Harbor multi-rail settlement platform remains concentrated in cross-border supply chains and international trade payments (43%) and fintech institutions and digital payment providers (37%), together accounting for nearly 80% of settled volume. The company expects Visa Direct integration to begin in the fourth quarter of 2026.
OwlTing reiterated a target to exceed $1 billion in cumulative processed payment volume by year-end 2026. Longer term, management estimates stablecoin-enabled payments could generate about $500 million in annual revenue by 2030, with gross margins of 65% to 70% at scale. Normalized cash operating expenses are running at roughly $1 million per month, excluding share-based compensation, financing items, and settlement liquidity needs.
Shares closed at $5.63, up 0.18%, after trading near the 52-week low of $5.10. The 52-week high is $90, and the InvestingPro health score remains rated as "WEAK" with a current ratio of 0.74.
