Obook Holdings Inc. (NASDAQ: OWLS)

OBOOK Holdings Inc. operates as the OwlTing Group, a blockchain-powered technology company providing solutions across payments, hospitality, and e-commerce segments. The company enables businesses and individuals to conduct cross-border transactions through compliant settlement infrastructure that supports both fiat currency and stablecoin-based payments. Its core activities include delivering payment processing services, hotel property management systems, online travel agency platforms, and an e-commerce marketplace connecting Taiwanese farmers and small businesses with consumers.

OBOOK Holdings Inc. generates revenue primarily through transaction-based fees, foreign exchange spreads, and service charges across its three main business segments. In the payments segment, revenue is derived from OwlPay Payment, OwlPay Wallet Pro, OwlPay Cash, and OwlPay Harbor, including fees for payment gateway services, stablecoin on/off-ramp, cross-border payouts, and wallet maintenance. The hospitality segment generates revenue from subscription fees for OwlNest, payment processing fees for add-on room fee services, transaction-based commissions from OwlJourney and OwlTing Experiences, and accommodation services from OwlStay. The e-commerce segment generates revenue through the direct sale of products via the OwlTing Market platform, which sources goods from Taiwanese farmers and small- and medium-sized businesses for sale to end consumers.

The company operates through the following segments: Payments, Hospitality, and E-commerce.

• Payments: This segment provides a full-stack payment service suite supporting both fiat currency and stablecoin settlement routes, including payment gateway services, cross-border payouts, and wallet solutions. It generates revenue from transaction processing fees, foreign exchange spreads, and service fees charged to merchants, platform partners, and end users for the use of its payment, wallet, and settlement infrastructure. Key product offerings under this segment include OwlPay Payment, which enables merchants to accept stablecoin and fiat payments; OwlPay Wallet Pro, which provides hosted and unhosted wallet services with stablecoin on/off-ramp capabilities; OwlPay Cash, a mobile-first remittance application developed in collaboration with VISA; and OwlPay Harbor, a proprietary API package that offers payment gateway collection, on/off-ramp services, and cross-chain transaction capabilities to third-party financial institutions and platform operators.

• Hospitality: This segment offers software and platform services for the hospitality industry, including a cloud-based hotel property management system, online travel agency platforms, and a self-branded accommodation service. Revenue is generated primarily through subscription fees for OwlNest, payment processing fees for optional add-on room fee collection services, transaction-based commissions from OwlJourney and OwlTing Experiences, and accommodation services provided directly to travelers via OwlStay. OwlNest leverages blockchain technology to prevent double bookings and enable flexible inventory management and customized pricing across distribution channels. OwlJourney and OwlTing Experiences integrate real-time inventory data from OwlNest to provide properties, tours, and curated local activity options for travelers. OwlStay operates as a self-branded offline accommodation platform with a total of 90 rooms in Taiwan, serving travelers directly.

• E-commerce: This segment operates OwlTing Market, a platform dedicated to elevating Taiwanese farmers and small- and medium-sized businesses to reach end consumers through diverse and high-quality products. Revenue is generated primarily through the sale of products to customers who purchase goods directly via the platform. The company maintains long-standing supplier relationships in Taiwan to source agricultural and artisanal goods, which are then marketed and sold through the OwlTing Market e-commerce platform. This segment serves as the company’s first business line, launched in 2014, and continues to support local suppliers while providing consumers with access to authentic Taiwanese products.

OBOOK Holdings Inc. positions itself as a compliance-first settlement infrastructure provider in the global payments industry, differentiating itself through early adoption of blockchain and stablecoin technology, multi-rail settlement architecture, and extensive regulatory licensing across multiple jurisdictions. The company competes with traditional financial institutions, major payment service providers such as PayPal, Block, and Stripe, and other blockchain-based payment platforms, but emphasizes its competitive advantages in holding money transmitter licenses in 39 U. S. states, MSB registration with FinCEN, VASP registration in Poland, and EPISP registration in Japan. Its strategic partnerships with Circle, Coinbase Prime, MoneyGram, VISA, NIUM, Cross River Bank, and the Stellar Development Foundation further strengthen its ability to offer integrated fiat and stablecoin settlement solutions while maintaining robust AML and cybersecurity capabilities certified under ISO 27001 and PCI DSS standards.

The company serves a diverse customer base spanning businesses and individual users across its payments, hospitality, and e-commerce segments. In payments, customers include merchants, enterprises, financial institutions, platform operators, and individual users engaged in cross-border transactions who utilize OwlPay Payment for payment collection and settlement, OwlPay Wallet Pro for wallet and remittance services, and OwlPay Cash for mobile remittances. Through OwlPay Harbor, the company also serves enterprise and platform partners such as wallet providers, financial institutions, and platform operators seeking to integrate its settlement capabilities. In hospitality, customers consist of small- and medium-sized hospitality providers such as hotels and bed-and-breakfast operators using OwlNest for property management, travelers booking through OwlJourney and OwlTing Experiences, and guests staying directly at OwlStay accommodations. In e-commerce, the company serves Taiwanese farmers and small- and medium-sized businesses as suppliers on the OwlTing Market platform, as well as end consumers who purchase products ranging from agricultural goods to artisanal items directly through the marketplace.