Company: OWLS
Filing Date: 2025-08-01
Form Type: DRS/A
Source: 0000950123-25-006894
Chunk: 131

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-08-01
Form: DRS/A
Chunk 131
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7% compared to the number of Active Accounts as of December 31, 2023, as we leveraged our customer base in e-commerce and enhanced the user experience through integration and features improvements. Substantially all of the Active Accounts as of December 31, 2023 and 2024 came from our payment gateway services enabled by our acquisition of PayNow in May 2023, as our payment platform services under OwlPaywere launched at the end of 2023 and are still in the process of gradually building a customer base. We aim to continue expanding its payment business and increasing the number of its payment platform users. 88

|                 |     | As of December 31, |       |     |      |       |     | YoY    
 Growth |     |   |
|                 |     | 2023(1)            |       |     | 2024 |       |     |        |     |   |
| Active Accounts |     |                    | 3,556 |     |      | 3,901 |     |        | 9.7 | % |

Notes:

| (1) | The payment services were launched in 2023 with the acquisition of PayNow in May 2023. |

Hospitality services Although our future focus is on the payment business, we also seek to expand “ OwlNest,” our PMS service offerings, and acquire more subscribers in the international markets and strengthen our revenue sources. Therefore, management also focuses on the performance and growth of OwlNest, which is a part of our hospitality services, as another area of our overall business development. Since OwlNestis delivered on a SaaS basis, management uses OwlNest’s Annual Recurring Revenue, or ARR, to gain insights into OwlNest’s growth trajectory, revenue potential and operational stability. Additionally, management considers OwlNest’s Dollar-Based Net Retention Rate as a key indicator of OwlNest’s overall revenue growth and customer retention. In tracking OwlNest’s ARR and Dollar-Based Net Retention Rate, management focuses only on the revenues that are contractually committed on a periodic subscription basis, since OwlNest’s transaction volume-based revenues from our alternative fee model on a commission basis or from our add-on room fee collection services are tied to the sales performance of OwlNest’s customers that we could not control. We use also the number of OwlNestSubscribers to assess our ability to acquire new customers. OwlNest’s Annual Recurring Revenue (ARR)