OSL Reports 58% YoY Revenue Growth Amid Rising Losses in 2025

TLDR

• OSL achieved a 58% year-on-year revenue increase, reaching HK$195.4 million in the first half of 2025.
• The company’s operating loss expanded to HK$20.3 million due to increased headcount and global expansion efforts.
• OSL’s workforce grew to 568 employees by June 2025, up from 167 the previous year.
• The company made strategic acquisitions, including purchasing CoinBest and acquiring a 90% stake in Evergreen Crest.
• OSL Pay, launched in April 2025, generated HK$55.9 million in revenue, contributing 29% to total earnings.

Hong Kong-based crypto exchange OSL has reported a strong 58% year-on-year revenue growth in the first half of 2025. However, the company also saw its operating losses double as it continued to expand globally. Despite the losses, OSL’s growth trajectory remains positive, driven by strategic acquisitions and organic growth.

Revenue Growth Driven by Strategic Acquisitions

OSL’s total revenue for the first half of 2025 reached HK$195.4 million ($25.1 million), marking a significant 58% increase compared to the previous year. This growth was primarily fueled by OSL’s organic expansion and a series of strategic acquisitions. These moves helped OSL strengthen its presence in key international markets, such as Japan and Indonesia.

Among OSL’s notable acquisitions was the purchase of Japanese crypto exchange CoinBest in February 2025. Additionally, the company agreed to a $15 million share purchase deal in June for a 90% stake in Indonesian crypto exchange Evergreen Crest. These acquisitions align with OSL’s global expansion plans, which are intended to increase the company’s global footprint and market share.

Operating Losses Surge Due to Global Expansion

OSL’s operating loss from continuing operations grew to HK$20.3 million ($2.6 million) in the first half of 2025. This is a significant increase from the HK$9.6 million ($1.2 million) loss recorded during the same period in 2024. The company attributed this rise in losses primarily to increased headcount as part of its global expansion efforts. By June 2025, OSL’s workforce had expanded to 568 employees, up from 167 the previous year.

The higher staffing levels reflect OSL’s efforts to scale its operations internationally and enhance its competitive edge in the crypto market. While the expanded team has led to higher operating expenses, the company remains focused on long-term growth and market dominance.

OSL Pay Contributes Significantly to Revenue

In April 2025, OSL launched OSL Pay, a platform that provides crypto on-and-off ramp services for global clients. OSL Pay generated HK$55.9 million ($7.2 million) in revenue during the first half of 2025, accounting for 29% of the company’s total revenue. This new service offering helped drive OSL’s revenue growth, reflecting the company’s diversification strategy.

Overall, OSL’s performance in the first half of 2025 highlights its commitment to scaling its business while navigating challenges associated with global expansion. Despite the increase in operating losses, the company’s revenue growth and market share in key areas underscore its potential for long-term success. OSL’s stock surged 6.6% in midday trading in Hong Kong, further reflecting investor confidence in the company’s future prospects.

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