OBOOK (NASDAQ:OWLS), which operates under the OwlTing Group brand, said its first-half 2026 results reflected a transition from building stablecoin-enabled payments infrastructure to commercializing its OwlPay cross-border settlement platform.
Management said the company’s reported financial results for the first six months of the year were still largely driven by its historical Taiwan payment gateway, hospitality software and e-commerce businesses. Meanwhile, its stablecoin-enabled payment and settlement operations were in the early stages of moving enterprise customers from onboarding and integrations into live transaction processing.
Enterprise payment activity and network expansion
Wang said OwlPay’s Harbor platform is evolving from a cross-border payments platform into a global enterprise settlement network. He pointed to growth in activity on the Circle Payments Network, or CPN, a settlement rail within Harbor’s broader multi-rail architecture.
According to Wang, CPN activity was in an early pilot phase at the beginning of 2026 but has increased as customers and payment flows moved into production. He also said transaction execution quality improved as the platform scaled, citing progress in compliance, validation, liquidity management and settlement operations.
OwlTing has approximately 80 signed enterprise relationships, Wang said, with a broader commercial pipeline that includes payment providers, fintech firms, digital financial infrastructure companies, financial institutions and companies with cross-border treasury and settlement requirements. Many of those opportunities remain in sales, integration or onboarding stages and have not yet generated production volume.
The company said it is emphasizing production conversion and wallet share rather than simply adding signed customers. Management is also focused on expanding the number of markets, corridors and use cases served by its infrastructure, as well as deepening banking, liquidity, routing and local-settlement capabilities in priority markets.
Within completed CPN-settled volume, Wang said about 43% was connected to cross-border supply-chain and international-trade payments. Another 37% came from fintech institutions and digital-payment providers, including treasury liquidity management, regional settlement-account funding and cross-platform fund movements. Together, those categories accounted for nearly 80% of current CPN settled activity.
Wang said the composition of activity indicates that the platform’s transaction flows are increasingly associated with enterprise trade, treasury and liquidity management rather than consumer cryptocurrency trading or short-term speculation.
Infrastructure strategy and regional opportunities
OwlTing said its Harbor platform is designed as a multi-provider, multi-rail system that combines stablecoin networks, direct banking rails, regional banking partners and other global payment networks. Wang described the strategy as owning infrastructure that creates differentiation while integrating partners that expand market reach.
The company said its direct U.S. banking rails have historically processed more than $1.4 billion in cumulative transaction volume. Wang said that experience demonstrates OwlTing’s ability to operate direct financial infrastructure, beyond connecting third-party payment application programming interfaces.
Management also discussed opportunities in Japan and Taiwan. In Japan, OwlTing said it has an established relationship with SBI and sees a potential long-term opportunity to connect Japanese fiat liquidity with global stablecoin rails, subject to commercial, technical and regulatory requirements.
In Taiwan, Wang said the company sees potential to connect regulated digital money, local banking infrastructure, enterprise payment flows and global settlement networks as the market’s digital-asset and stablecoin regulatory framework develops. He stressed that OwlTing was not announcing the issuance or launch of a Taiwan stablecoin.
OwlTing expects to begin seeing transaction activity through Visa Direct in the fourth quarter of 2026. The Visa Direct integration is intended to provide eligible users with an additional card-funding channel alongside bank-based payment options.
First-half financial results
Chief Financial Officer Winnie Lin reported first-half revenue of $3.87 million, compared with $3.84 million in the first half of 2025. Payment-services revenue was $2.11 million, down from $2.17 million a year earlier, while hospitality software revenue rose about 24% to $800,000 from $640,000.
- Reported gross margin was 6.4%, compared with 12.5% a year earlier, primarily due to share-based compensation recorded in cost of revenue.
- Adjusted gross profit, excluding share-based compensation, rose to about $590,000 from $480,000.
- Adjusted gross margin increased to 15.3% from 12.5%.
- Net loss was $18.82 million, compared with a $3.91 million loss in the prior-year period.
Lin attributed the wider reported loss in part to approximately $10.4 million of non-cash share-based compensation and about $2.5 million in finance costs tied to a convertible note. She also noted that the prior-year period included roughly $2.5 million in net foreign-exchange gains that did not recur this year.
Adjusted operating expenses, excluding share-based compensation, were $7.24 million, up 6.6% from $6.79 million a year earlier. Lin said the company’s normalized cash operating expense run rate is about $1 million per month, excluding share-based compensation, financing-related items and settlement liquidity requirements.
Volume and long-term financial targets
OwlTing is targeting more than $1 billion in cumulative processed payment volume across its OwlPay operations during 2026. Management said this target is separate from the more than $1.4 billion historically processed through its U.S. direct banking rails.
Lin said transaction volume and revenue may not rise at the same rate because economics can differ by payment rail, settlement model, customer profile and service mix. Still, the company expects stablecoin-based cross-border settlement to represent a higher-margin revenue mix over time as utilization rises and direct settlement capabilities deepen in selected markets.
The company reiterated its long-term objectives of approximately $500 million in annual revenue from OwlPay and stablecoin-enabled payment services by 2030, along with a stablecoin-payment gross-margin target of roughly 65% to 70% at scale. Management said both figures are strategic long-term targets rather than near-term guidance.
OwlTing reported operating cash outflow of $5.92 million in the first half and ended June with $10.19 million in cash and cash equivalents, plus $1.67 million in restricted cash.
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.
