Company: OWLS
Filing Date: 2025-08-01
Form Type: DRS/A
Source: 0000950123-25-006894
Chunk: 126

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-08-01
Form: DRS/A
Chunk 126
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, 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 will depend on our continued efforts to expand the market presence of our products and services in the hospitality and e-commerce sectors, in particular
OwlNest, our blockchain technology-enabled property management services, including their further expansion into international markets. To drive growth of our hospitality and e-commerce products and
services, we have sought to leverage technological advancements, optimize pricing strategies, enhance customer experiences and expand our market reach through strategic collaborations.

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Ability to Develop and Grow Future Revenue Streams

Our future growth and financial performance may largely depend on our payment services, which is the main business line that we are currently
investing in for development and expansion. Our revenue from the payment services largely depends on the total transaction volume processed via our services. We have invested heavily in enhancing our payment service offerings and engaging sales and
marketing efforts to roll out our products, so as to build and enlarge the customer base using our payment services. We acquired PayNow in May 2023, which supplemented our payment service offerings with payment gateway capacity and introduced a
substantial existing customer base for cross-sale opportunities. The key to continue growing our payment services is to further strengthen our payment products and service offerings, in particular to deliver an easy-to-use, one-stop and low-cost payment product so as to further attract customers and boost customer usage and engagement
with our payment services. We also introduced OwlPay Harbor services in 2025, our APIs for payment gateway integration, payout services, and conversion—including on/off-ramp and cross-chain transactions—to third-party wallet
providers, financial institutions, and platform operators requiring cross-border payment solutions, which we hope to further grow demand for our services in addition to and along with our end user customer base under OwlPay Wallet Pro.
We intend to draw on and continue investing in our experienced research and development teams, market-leading technologies, accumulated customer insights and effective sales