Company: OWLS
Filing Date: 2025-09-19
Form Type: F-1/A
Source: 0001193125-25-208098
Chunk: 132

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-09-19
Form: F-1/A
Chunk 132
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4, respectively.

E-commerceplatform.
Our e-commerce platform, OwlTing Market, focuses on sales of agricultural products. Our business model involves sourcing from local producers in Taiwan and connecting these local producers with
international customers through our platform.

In 2024, we generated revenue of US$7.6 million, reflecting a 18% increase compared to
2023. Such growth was primarily driven by the enhanced performance of our payment services, attributed to the acquisition of the payment gateway company, PayNow, in May 2023. Our net operating loss in 2024 increased to US$8.9 million from US$6.8
million in 2023, primarily driven by increased operating expenses from higher professional service fees related to preparation for the prior attempt of initial public offering and ongoing payment-related license applications.

Key recent developments

In May 2023, we acquired PayNow, a payment gateway company in Taiwan, for a total cash consideration of US$2.1 million, in order to
further supplement our payment services offerings. Since the acquisition, we have been integrating the payment gateway capability within our payment services OwlPay, allowing for a one-stop
full-services payment solutions for our customers. Our wholly-owned subsidiary, OwlPay Holdings, entered into a share purchase agreement with certain shareholders of PayNow on December 1, 2022, to purchase a controlling interest of 52.94% of PayNow
for cash consideration of US$0.6 million, and such purchase was consummated on May 1, 2023. OwlPay Holdings further entered into subsequent share purchase agreements with certain shareholders of PayNow on July 17, 2023 and August 1, 2023,
respectively, to purchase an additional 46.44% of PayNow for cash consideration of US$1.5 million, and such purchases were consummated on September 15, 2023. These share purchase agreements contained customary conditions, representations and
warranties. Effective in January 2025, PayNow was transferred from OwlPay Holdings to be held directly by us under OBOOK Holdings Inc.

Key Factors Affecting Our Results of Operations

The following are the principal factors that have affected and will continue to affect our
business, financial condition, results of operations and prospects.

Ability to Grow Existing Revenue Streams

We have built and developed our operations in the hospitality-related services and e-commerce platform, constituting a steady foundation of our
current revenue streams. Our financial performance