Company: OWLS
Filing Date: 2025-01-24
Form Type: DRS/A
Source: 0000950123-25-000547
Chunk: 148

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-01-24
Form: DRS/A
Chunk 148
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 2022 to US$408,292 in 2023.

B. Hospitality-related platform services

External revenue from hospitality-related platform services increased from US$1.6 million in 2022 to US$1.9 million in 2023 driven by
the easing of the COVID-19 pandemic and the corresponding relaxation of border controls, which resulted in the recovery of the travel market.

E-commerceplatform

External revenue from e-commerce platform service decreased from US$1.1 million in 2022 to
US$0.9 million in 2023 due to the benefit of the pandemic economy in 2022, which significantly increased the demand for fresh food in online shopping, leading to substantial revenue growth in 2022. After the pandemic, demand and external
revenue in 2023 returned to normal levels.

Others

External revenue from other services decreased from US$185,233 in 2022 to US$21,844 in 2023 due to numerous controversies surrounding NFT
transactions and unclear regulations, and we have reduced NFT-related services in 2023 and discontinued this business in 2024.

Cost of Revenue

Our cost of revenue increased from US$3.5 million in 2022 to US$5.1 million in 2023, predominantly due to acquisition of the payment
gateway company, PayNow, in May 2023. Following the acquisition of PayNow, the revenue contribution from the payment business has increased.

Operating Expenses

Marketing and sales

Our
marketing and sales expenses decreased from US$2.9 million in 2022 to US$2.5 million in 2023, due to (i) a decrease in advertising expense from US$213,057 in 2022 to US$136,336 in 2023 due to a shift towards lower-cost advertising
channels; and (ii) a decrease in staff costs from US$1.9 million in 2022 to US$1.5 million in 2023 resulting from adjustments to the mix of sales personnel and internal transfers of certain senior sales personnel in 2023.

General and administrative

Our general and administrative expenses increased from US$3.0 million in 2022 to US$3.4 million in 2023, due to expenses from the
acquiree, PayNow.

Research and development

Our research and development expenses decreased from US$2.4 million in 2022 to US$2.2 million in 2023, due to