Hotel101 Global Holdings (HBNB) H1 2025 earnings summary

Executive summary

• Completed a major business combination and SPAC merger, resulting in Nasdaq listing and significant equity restructuring as of June 30, 2025.

• Focused on property development, with no operating hotels as of June 30, 2025.

• Expanded global footprint, including new associate in Cambodia post-period.

Financial highlights

• Total assets increased to $115.8M from $86.7M at December 31, 2024.

• Revenue for six months ended June 30, 2025 was $16.9M, up from $658 in the prior year period.

• Net loss for the period was $12.5M, compared to $1.8M loss in the prior year.

• Gross margin on real estate sales was 40.5%.

• Cash and cash equivalents declined to $8.7M from $15.0M at year-end 2024.

Outlook and guidance

• Significant doubt about going concern due to accumulated losses, but ultimate holding company has pledged ongoing financial support.

• Earnout shares may be issued if 2025 revenue exceeds $113.25M, but this is not currently probable.