Monitor enterprise client activation on OwlPay and cash burn rate. The $10M convertible provides near-term liquidity, but the company remains pre-profitability. The next catalyst is Q1 2026 results to gauge commercial traction.
Price Chart
Executive Summary
OBOOK Holdings (OWLS) reported FY2025 revenue of $7.9M (+3.9% YoY) but a GAAP net loss of $31.9M, widened from $10.3M due to $16.8M in share-based compensation and $6.9M in non-recurring listing costs. Excluding those, adjusted operating loss improved to $8.2M from $10.3M. The company highlighted completion of OwlPay infrastructure, 36 enterprise clients, and a $10M convertible investment, positioning for commercial expansion in 2026.
Key Facts
- Revenue $7.9M in 2025 vs $7.6M in 2024 (+3.9%)
- GAAP net loss $31.9M vs $10.3M in 2024, driven by $16.8M share-based comp and $6.9M listing costs
- Adjusted operating loss improved to $8.2M from $10.3M in 2024
- OwlPay Harbor has 36 enterprise clients with aggregate annual payment volume over $6B (not OwlPay revenue)
- Secured $10M convertible investment from Lind Global, with potential up to $50M
- Cash and restricted cash $9.4M at Dec 31, 2025; operating cash outflow $11.5M in 2025
Financial Impact
Revenue grew modestly by $0.3M YoY; GAAP net loss tripled but included $23.7M in non-cash/non-recurring items. Adjusted operating loss narrowed by $2.1M.
Risk Factors
- Continued operating losses and negative cash flow
- Dependence on enterprise adoption of OwlPay for revenue inflection
- Dilution risk from convertible note or future equity raises
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-191907 |
| Document: fy25_earnings_release_26.htm | 0001193125-26-191907 |
| Document: 0001193125-26-191907-index-headers.html | 0001193125-26-191907 |
| Document: 0001193125-26-191907-index.html | 0001193125-26-191907 |
| Document: 0001193125-26-191907.txt | 0001193125-26-191907 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | 6-K | $4.47 $4.29 | ▼ −4.03% | ▼ −4.36% | $2.45 (−45.17%) |
Oct 14, 2026 13d ago | 6-K | $5.10 $4.70 | ▼ −7.84% | ▼ −8.13% | $2.45 (−51.95%) |
Oct 5, 2026 22d ago | SC 13G | $5.44 $5.44 | · 0.00% | ▼ −0.55% | $2.45 (−54.95%) |
Sep 1, 2026 8w ago | 6-K | $5.01 $5.03 | ▲ +0.40% | ▼ −0.04% | $2.45 (−51.08%) |
Aug 21, 2026 9w ago | Press Release | $5.57 $5.56 | ▲ +0.18% | ▲ +0.50% | $2.45 (+56.00%) |
Aug 14, 2026 10w ago | 6-K | $5.43 $5.45 | ▲ +0.37% | ▲ +1.04% | $2.45 (−54.87%) |
Aug 3, 2026 12w ago | 6-K | $5.41 $5.44 | ▲ +0.55% | ▼ −1.25% | $2.45 (−54.70%) |
Jun 29, 2026 17w ago | 6-K | $5.65 $5.65 | · 0.00% | ▼ −0.78% | $2.45 (−56.62%) |
Jun 15, 2026 19w ago | 6-K | $5.75 $5.78 | ▲ +0.52% | ▲ +1.12% | $2.45 (−57.38%) |
Jun 15, 2026 19w ago | Press Release | $5.75 $5.78 | ▲ +0.52% | ▲ +1.12% | $2.45 (−57.38%) |
US Market Status
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