Company: OWLS
Filing Date: 2025-08-01
Form Type: DRS/A
Source: 0000950123-25-006894
Chunk: 125

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-08-01
Form: DRS/A
Chunk 125
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 Dollar-Based Net Retention Rate (as defined
below) of 108% as of December 31, 2024. Additionally, for clients using the OwlNest platform as their booking engine, we also provide the optional add-on room fee collection services to help process room fees payments to our clients. We also
generate revenues from our OTA platforms for hoteliers (OwlJourney) and local tour guides (OwlTing Experiences) and our room accommodation to travelers (OwlStay). The average room occupancy rate for OwlStay was 83%
and 81% for the years ended December 31, 2023 and 2024, 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