Obook (OWLS) Q4 2025 earnings summary

Executive summary

• 2025 marked a foundational year with core infrastructure buildout for stablecoin-enabled cross-border settlement, completion of Nasdaq delisting, and launch of key products like OwlPay Harbor and OwlPay Cash with Visa integration.

• Over 99% of shares subject to lock-up were voluntarily extended, signaling strong shareholder confidence and alignment with long-term strategy.

• Regulatory footprint expanded to 41 U.S. states and key international markets, supporting future global operations.

• Secured $10 million convertible investment in April 2026, with access to up to $50 million for global expansion and strategic initiatives.

• OwlPay Harbor enterprise client base grew to 36 clients, with annual payment volume rising from $5 billion to $6 billion.

Financial highlights

• Total revenue reached $7.9 million, up 4% year-over-year, with payment services now over half of total revenue and up nearly 10%.

• Net loss reported at $31.9 million, mainly due to $16.8 million in share-based compensation and $6.9 million in non-recurring listing expenses; underlying loss was $8.2 million, improved from $10.3 million in 2024.

• Gross margin appeared to decline due to share-based compensation, but adjusted margin improved slightly on better revenue mix.

• Ended the year with $9.4 million in cash, up from $8.7 million, and secured a $10 million convertible note post year-end.

• Hospitality services revenue rose to $2.9 million, driven by 26.6% growth in OwlNest subscription revenue and 9.5% growth in subscribers.

Outlook and guidance

• As of April 2026, 29 contracted enterprise clients and 7 onboarding, with annual payment volume growing from $5 billion to over $6 billion.

• Management expects 2026 to mark a shift from infrastructure buildout to enterprise adoption and commercial expansion, with OwlPay Harbor positioned to generate international, transaction-based revenue.

• Management sees a path to $500 million in annual revenue from stablecoin infrastructure by 2030, though this is directional, not formal guidance.

• Anticipates structurally favorable margins as incremental transaction revenue scales with client activation.