Company: OWLS
Filing Date: 2025-09-19
Form Type: F-1/A
Source: 0001193125-25-208098
Chunk: 147

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-09-19
Form: F-1/A
Chunk 147
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2024, due to our discontinuation of our NFT-related services in 2024 as a result of the numerous controversies surrounding NFT transactions and unclear regulations.

Cost of Revenue

Our cost of revenue increased from US$5.1 million for the year ended December 31, 2023 to US$6.6 million for the year ended December 31, 2024,
primarily due to the full-year recognition of costs of revenue from PayNow, the payment gateway company we acquired in May 2023.

Operating Expenses

Marketing and sales

Our
marketing and sales expenses decreased from US$2.46 million for the year ended December 31, 2023 to US$2.12 million for the year ended December 31, 2024, due to temporary workforce restructuring and role consolidation during the year 2024, partly
driven by our office relocation, which prompted operational adjustments. These changes led to lower average monthly salary expenses, even though the number of employees returned to previous levels by year-end.

General and administrative

Our general and administrative expenses increased from US$3.36 million for the year ended December 31, 2023 to US$5.23 million for the
year ended December 31, 2024, due to (i) an increase in legal and professional service fees from US$687,299 for the year ended December 31, 2023 to US$1,887,362 for the same period in 2024; and (ii) an increase in depreciation expense from
US$254,973 for the year ended December 31, 2023 to US$376,346 for the same period in 2024, related to the new lease contract for the Company’s new headquarters in Taiwan, which has a term of five years.

Research and development

Our research and development expenses increased from US$2.23 million for the year ended December 31, 2023 to US$2.57 million for the year
ended December 31, 2024, due to the investment in enhancing the system performance of cloud service and the price increase by the cloud service providers.

99

Interest Income

Our interest income decreased from US$96,575 for the year ended December 31, 2023 to US$75,103 for the year ended December 31, 2024,
due to a higher level of capital raised through private placement in 2023 compared to 2024, which led to a higher cash