OBOOK (NASDAQ:OWLS) executives used the company’s full-year 2025 results call to emphasize that the year was primarily focused on building infrastructure for stablecoin-enabled cross-border settlement, while early 2026 has begun to show signs of enterprise customer traction and potential transaction volume scaling.
Lock-up extension and 2025 positioned as a “foundational year”
Founder, Chairman and CEO Darren Wang opened the call by noting that shareholders representing “more than 99%” of shares that were originally subject to lock-up restrictions voluntarily agreed to extend those lock-ups for an additional year, including SBI Holdings. Wang said the move reflected conviction in the company’s long-term direction and helped reduce concerns about near-term selling pressure.
OwlPay platform outlined across four product layers
Wang detailed what he called the four layers of OwlTing’s settlement stack, centered on OwlPay Harbor, which he described as an enterprise-grade stablecoin on-ramp and global settlement infrastructure that connects stablecoin, fiat, payment rails, and compliance workflows “through one platform.”
At the settlement layer, Wang said the company has integrated infrastructure including Circle Payments Network and Visa Direct, along with local and cross-border payment rails. He said the platform’s fiat payout and settlement capabilities cover major markets across the U.S., Europe, the U.K., Latin America, Asia, the Middle East, and Africa, and that with U.S. dollar wire capabilities the company’s reach can extend to “more than 180 countries,” subject to regulatory and compliance requirements.
Wang said the second layer is the payment gateway, where PayNow remains the company’s “most mature” product and its “most direct contributor to revenue.” He said the strategy is not to replicate PayNow country-by-country, but to use Harbor to connect to existing gateways and processors globally and expand them into stablecoin on-ramp and global payout functionality.
The third layer is OwlPay Wallet Pro, which Wang said supports conversion, storage, and transfers between fiat and stablecoin. He said the company currently supports USDC settlement across multiple blockchains, including Stellar, Ethereum, Solana, Polygon, Avalanche, Optimism, and Arbitrum, and uses Circle’s CCTP for cross-chain USDC transfers.
The fourth layer is OutPay Cash, a mobile-first remittance application built on Visa Direct. Wang said this component is intended to bring the platform capabilities “directly to the user,” and he highlighted the Visa relationship as a way to link stablecoin to more mainstream payment experiences.
Enterprise traction and early volume indicators entering 2026
Management argued that the platform is shifting from buildout to commercialization. Wang said that six months earlier discussions were “primarily about pipelines,” while more recently the company has been discussing “signed customers,” customers in onboarding, and a pipeline moving toward transaction flow.
Wang categorized target customers and use cases as including:
- Web3 and digital asset platforms
- Cross-border remittance, fintech, and payment platforms
- Enterprise treasury and B2B settlement use cases
- Nonprofit and specialized use cases
He said demand spans multiple regions, including North America, Latin America, Africa, the Middle East, and Asia, and cited examples the company could publicly reference: Gravel through Oval Technologies, DexPay, and Hope for Haiti.
Wang also provided a snapshot of expected payment volume based on customers and pipeline status. “As of March 31st, 2026,” he said, based on signed customers, customers in onboarding, and the active pipeline at that date, the company “conservatively” estimated corresponding annualized transaction volume of “around $5 billion,” while stressing that this was “not revenue guidance.”
He added that, as of April 2026, OwlPay Harbor had “29 contracted enterprise client” and “an additional seven in onboarding,” with aggregate annual payment volume across these clients’ existing businesses growing from “over $5 billion to over $6 billion.” Wang also provided an industry mix for those clients: blockchain and Web3 platforms at approximately 36%, cross-border payment clients at approximately 30%, financial institutions at approximately 16%, and digital wallets at approximately 9%.
Monetization framework and AI-related commentary
Wang reiterated an internal strategic framework discussed on a prior call: a “path toward approximately $500 million in annual revenue” by 2030 from the stablecoin infrastructure business, stressing it was “not financial guidance or a forecast.” He also described monetization as not relying on a single take-rate model. For core enterprise settlement flows, he cited a “conservative framework” of approximately 25 to 35 basis points, while Visa Direct-enabled payout and card-linked use cases were described as having “meaningful higher fee economies and margin” depending on corridor and transaction type.
Wang also discussed an “emerging structure trend” in which transactions shift from user-initiated to “AI-initiated,” including agents that could execute transactions directly. He said the company believes these flows will require “fast, programmable, and borderless settlement infrastructure,” and that OwlPay is positioned to support AI-driven transactions through “stablecoin-backed checkout and multi-rail settlement capabilities.”
Internally, Wang said the company has integrated AI into operations and product development, and does “not currently expect significant workforce expansion,” describing AI as a driver of operating leverage across onboarding, compliance support, and operations.
Full-year 2025 financial results and the impact of SBC and listing costs
CFO Winnie Lin said 2025 was an “investment year” focused on system completion over “short-term revenue acceleration.” She listed operational milestones including the OutPay Cash launch with Visa, Circle Payments Network integration, and expansion of U.S. regulatory coverage to 40 states by year-end, with Nevada added after year-end to reach 41 states.
Lin reported full-year 2025 revenue of $7.9 million, up about 4% year over year. She said payment service revenue rose nearly 10% and represented more than half of total revenue, driven by the company’s traditional fiat payment gateway business, while newer products such as OwlPay, Wallet Pro and OutPay Cash were “effectively pre-revenue in 2025.” She also said subscribers rose 9.5% to “over 2,800,” and annual recurring revenue increased more than 11% to “about $1 million.”
Lin highlighted that year-over-year comparisons were significantly affected by share-based compensation (SBC), which she said was not present in 2024. She said the company’s reported net loss was $31.9 million, including approximately $16.8 million of non-cash SBC from RSUs and RSAs and another $6.9 million of non-recurring legal, professional, advisory, and marketing expenses related to the Nasdaq listing. Excluding those items, Lin said the underlying loss was approximately $8.2 million, improving from $10.3 million in 2024.
On margins, Lin said cost of revenue rose about 17%, but that most of the increase was SBC; excluding SBC, she said costs were up less than 3%. She said reported gross margin declined from 13% to “under 3%” primarily due to SBC, while on an adjusted basis gross margin “improved slightly” due to a more favorable revenue mix.
Total operating expenses were $32.4 million, up from $9.9 million, which Lin again attributed largely to SBC and listing-related costs. She said marketing and sales expenses were lower than 2024 when excluding SBC, which she attributed to AI-assisted tools that reduced reliance on third-party providers. General and administrative expense was $21.7 million versus $5.2 million in 2024, which she said was driven mainly by $10 million of SBC and the $6.9 million in listing-related fees; excluding both, she said recurring G&A was around $4.8 million, slightly lower than 2024.
Lin said operating cash outflows were $11.5 million, up from $9.1 million, driven by listing-related payments. She reported year-end cash and restricted cash of $9.4 million, up from $8.7 million. She also said that after year-end the company secured a $10 million senior secured convertible note from Lind Global Asset Management, with access to up to $15 million in total funding subject to mutual consent.
Investor Relations Director Henry Fan closed the call by reiterating the company’s mission of using blockchain technology to enable more efficient global payment flows and said progress in 2025 established a foundation as the company transitions from infrastructure buildout to broader market activation.
About OBOOK (NASDAQ:OWLS)
Our mission is to use blockchain technology to provide businesses with more reliable and transparent data management, to reinvent global flow of funds for businesses and consumers and to lead the digital transformation of business operations. We believe in the power of blockchain technology and have focused on leveraging it to optimize and in some cases transform the way enterprises operate. Established in 2010 in Taiwan, we operate as the OwlTing Group and have delivered solutions to various industries and are expanding actively into multiple markets including the United States, Japan, Singapore, Hong Kong, Malaysia and Thailand, as well as jurisdictions in South America and the EU.
