OBOOK Holdings Reports First-Half 2026 Results as Stablecoin Payments Business Expands

OBOOK Holdings Inc. reported first-half 2026 revenue of $3.87 million, up 0.8% from a year earlier, while its net loss widened to $18.82 million from $3.91 million. The Taiwan-based fintech company said the six-month results still largely reflect its established businesses rather than the recent acceleration in its OwlPay Harbor stablecoin payments platform.

The split between the financial statements and the newer payments activity is central to the update. Harbor entered commercial scaling only about six months ago, and OBOOK said much of its recent growth occurred after the June 30 period end. Based on the trailing 30 days through Aug. 20, the company calculated Harbor’s annualized payment volume at about $160 million, compared with about $96 million when the same measure was based on July activity.

OBOOK operates globally under the OwlTing Group brand and is trying to build regulated infrastructure for cross-border enterprise payments using both fiat currencies and stablecoins. The company said Harbor lets businesses send funds across borders through its payment and settlement network, with recipients receiving local currency in destination markets.

Flat revenue came with a much larger reported loss

In its Form 6-K filed with the U.S. Securities and Exchange Commission, OBOOK reported $3.870 million of revenue for the six months ended June 30, compared with $3.841 million in the same period of 2025. Payment-services revenue fell 2.8% to $2.11 million, while hospitality-services revenue rose about 11% to $1.54 million. E-commerce platform revenue declined about 22% to $0.22 million.

Gross profit fell to $0.25 million from $0.48 million, and gross margin dropped to 6.4% from 12.5%. OBOOK attributed much of that decline to about $0.34 million of non-cash share-based compensation recorded in cost of revenue. Excluding that item, the company reported adjusted gross profit of about $0.59 million and an adjusted gross margin of 15.3%, up from 12.5% a year earlier.

Operating expenses rose to $17.33 million from $6.79 million. General and administrative expenses increased to $10.95 million, research and development spending rose to $4.41 million, and marketing and sales expenses climbed to $1.98 million. OBOOK said roughly $10.1 million of operating expenses represented non-cash share-based compensation. Excluding that compensation, adjusted operating expenses were $7.24 million, 6.6% above the prior-year period.

The net loss of $18.82 million, or $0.23 per basic and diluted share attributable to owners of the parent, compared with a $3.91 million loss, or $0.05 per share, a year earlier. OBOOK said about $10.44 million of the year-over-year increase came from share-based compensation and about $2.50 million from higher finance costs tied to a senior secured convertible note. The comparison also reflected the absence of a roughly $2.49 million net foreign-exchange gain recorded in the first half of 2025.

Operating cash outflow was $6.07 million, up from $1.29 million a year earlier. Cash and restricted cash totaled $11.86 million at June 30, compared with $9.35 million at the end of 2025. The balance sheet listed $18.80 million of current assets against $33.91 million of current liabilities, while total equity was negative $12.25 million.

Harbor’s post-period payment volume accelerated

The more recent operating figures were the main growth element in the company’s first-half results release. OBOOK said cumulative processed payment volume across the full OwlPay platform, which includes both fiat and stablecoin flows, has passed $700 million, up from more than $600 million as of June 30. Management set a target of exceeding $1 billion in cumulative processed payment volume by Dec. 31, while stressing that the figure is an operating target rather than revenue guidance.

Harbor’s annualized payment volume reached about $160 million based on completed payment activity during the trailing 30 days through Aug. 20. The company had reported about $130 million using the trailing 30 days through Aug. 13 and about $96 million using July activity. Those periods overlap, so the three figures are not sequential reporting periods and should not be treated as a conventional growth series. OBOOK also said the annualized measure is derived from completed payment volume and does not represent historical annual payment volume, contracted volume, revenue or financial guidance.

July itself showed a clearer month-to-month comparison. Harbor payment volume rose 107.6% from June, while the number of completed payments increased 109.5%, extending the platform’s run of sequential monthly volume growth to six months. Contracted enterprise clients increased to 79 at July 31 from 67 at June 30, although those customers remained at different stages of integration, activation and live production.

The company also provided more detail on how Harbor is being used. For the seven months through July, more than 90% of payment value involved stablecoins being converted into fiat currency. Payments were settled into more than 40 countries and territories, about two-thirds of payout value went to corporate recipients, and more than 60% of cross-border payout value was settled through the Circle Payments Network. OBOOK identified Brazil and Nigeria among its largest sending markets during the period.

Expansion depends on regulation, integrations and client activation

OBOOK is pairing commercial rollout with licensing and network expansion. The company said its U.S. regulatory footprint now covers 42 states after it obtained an Ohio Money Transmitter License in June. It also operates under a virtual-asset registration in Poland and an electronic payment intermediary registration in Japan, while pursuing additional approvals in Europe, Japan and other markets.

Its Visa Direct integration is also moving toward commercialization. OBOOK said the core technical work was substantially completed during the first half, but operational, onboarding and compliance requirements still need to be finished before deployment. The company has also begun preliminary discussions with Taiwanese banks and other financial institutions about possible connections to its cross-border payment, liquidity and settlement infrastructure. No definitive agreements have been signed, and any Taiwan rollout would depend on applicable approvals.

Management’s second-half case rests on moving more contracted clients into recurring production and increasing usage among active customers. That matters because the first-half revenue line still shows little contribution from Harbor even though the newer platform’s payment activity accelerated after June. The company argues that much of the required technology, compliance and settlement infrastructure has already been built, which could allow payment volume to grow faster than the operating cost base. That remains a management expectation rather than a demonstrated profit outcome.

The next measurable checkpoint is the company’s year-end payment-volume target. OBOOK is aiming for more than $1 billion of cumulative processed volume across OwlPay by Dec. 31, 2026. Whether that target is reached, and how much of Harbor’s activity begins to appear in recognized revenue and cash generation, will provide a clearer test of the expansion than the current annualized volume run rate alone.