OSL Group released its interim report for the six months ended 30 June 2026, highlighting rapid scale-up of its global stablecoin infrastructure but also a significant increase in losses.
Key Operating Metrics • Payment business remained the company’s growth engine, accounting for roughly 88% of reported revenue. • B2B stablecoin payment volume reached HK$61.00 billion, up 65.3% year-on-year. • Total transaction volume across all businesses expanded 241.30% to HK$172.00 billion. • USDGO, launched in February 2026, grew from US$50 million to more than US$1.20 billion in circulation by August, making it the sixth-largest compliant U.S. dollar stablecoin globally.
Financial Performance • Reported revenue rose 65.8% to HK$55.81 billion (1H 2025: HK$33.67 billion). • Payment revenue advanced 69.3% to HK$49.08 billion, while trading revenue climbed 46.4% to HK$6.71 billion. Platform revenue decreased to HK$21.70 million. • Adjusted non-IFRS income, which excludes net losses on digital assets and fair-value changes, increased 75.5% to HK$330.90 million. • Group loss from continuing operations widened to HK$860.90 million from HK$20.30 million a year earlier, pressured by HK$200.00 million in net digital-asset fair-value losses and higher operating expenses tied to global expansion. • Basic loss per share deepened to HK$0.98 (1H 2025: HK$0.03).
Balance Sheet and Liquidity • Total assets: HK$5.27 billion (31 Dec 2025: HK$4.65 billion). • Total equity: HK$3.99 billion; gross gearing at 24.2%. • Cash and cash equivalents: HK$1.40 billion; proprietary digital-asset holdings: HK$1.30 billion. • Net proceeds of HK$3.89 billion from 2025–2026 share subscriptions are earmarked mainly for strategic acquisitions, global business development, technology infrastructure and general corporate purposes; HK$1.58 billion remained unspent at period-end.
Strategic Developments • Completed acquisition of Banxa in January 2026, adding licences across 11 jurisdictions and extending reach into Europe, North America and Australia. • Launched OSL AgentPay, providing stablecoin settlement rails for AI-driven machine-to-machine commerce. • Expanded regulatory footprint to 50+ licences and registrations, connecting 70+ banks and payment networks.
Outlook Management will prioritise broadening stablecoin products, accelerating USDGO adoption, enhancing settlement infrastructure, and pursuing disciplined M&A in high-growth markets, while seeking operational efficiencies through automation and AI-enabled processes.