OSL Group stock has been drifting lower in recent weeks, yet the real story is the size of the hit that just landed on the income statement. The market has shaved only a few percent off the share price, while H1 2026 delivered a basic loss per share of HK$0.98 and a net loss of HK$860.6 million. That disconnect raises a simple question for you as an investor: Is the current valuation already braced for heavy losses, or is sentiment still too relaxed about how long this profit squeeze could last?
Is OSL Group now a rare bargain with a compressed P/S multiple, or is the share price quietly signalling deeper concern about those HK$860.6 million in half year losses? See how the stock screens on our valuation analysis for OSL Group
H1 2026 Earnings Summary
- Revenue (H1 2026 vs H1 2025): HK$55,812.64m vs. HK$195.43m (very large increase in reported revenue)
- Net Loss (H1 2026 vs H1 2025): HK$860.55m loss vs. HK$20.21m loss (loss widened sharply)
- Basic EPS (H1 2026 vs H1 2025): HK$0.98 loss per share vs. HK$0.03 loss per share (loss per share increased significantly)
- Trailing 12 Month Net Loss (to H1 2026 vs to H1 2025): HK$1,227.12m loss vs. HK$45.42m profit (moved from profit to a substantial loss over the last 12 months)
Prefer clear visual charts over long tables and dense earnings notes? See OSL Group's full financial picture, with a focus on its recent profitability pressure, presented in an easy-to-read dashboard format in our company report for OSL Group.
OSL bullish story meets mixed operational evidence
Bulls argue that OSL Group is building a high volume, regulated stablecoin and payments hub where USDGO growth, HKDAP distribution and AgentPay usage eventually convert into strong fee revenue and operating leverage. The reported H1 2026 revenue of HK$55,812.64m against a heavy net loss of HK$860.55m shows that volume and turnover are present but the economics are not yet supporting profitability. USDGO surpassing US$500m in circulation within four months and listings on Kraken and Ceffu custody do point to real traction on stablecoin depth and institutional reach. Early distributor status for HKDAP and the launch of AgentPay for AI agent payments also support the idea that OSL Group is plugged into regulated stablecoin rails and new payment flows. The missing milestone is a clear path from this activity to positive earnings.
Bearish concerns on losses and execution gain support
Bears focus on two ideas. High growth products might not monetise fast enough and aggressive expansion could entrench ongoing losses. H1 2026 results lean toward that caution. The company moved from a trailing 12 month profit of HK$45.42m to a trailing 12 month net loss of HK$1.23b and H1 2026 loss per share widened to HK$0.98. That is occurring while capital hungry initiatives ramp up, including AgentPay, new XRP retail trading in Hong Kong and preparation for MiCA regulation in Europe. The share price has slipped about 5% over 7 days and about 3% over 30 days, which suggests investors are starting to price in execution and cost risk. USDGO scale, HKDAP distribution and broader regulatory coverage are positives, yet for now they sit alongside sizeable losses rather than offsetting them.
Compare OSL Group's rapid stablecoin traction with the size of its recent losses, and see whether institutional targets are aligning with the bullish story or leaning toward the bear case by reviewing the consensus price target analysis for OSL Group.Stay Ahead With Simply Wall St
If the sharp swing from a trailing 12 month profit to a HK$1.23b loss has put OSL Group firmly on your radar, register for free with Simply Wall St and add it to your Watchlist to track share price moves against fair value estimates and identify a potential entry that fits your risk tolerance. After you decide to take a position, maintain a clear view of your holdings with the Portfolio Command Center, which filters out noise and highlights only the most important developments. For a broader picture of how others are thinking about OSL Group and similar stocks, tap into collective views through the Community. This approach can help you surface potential catalysts and risks early and stay a step ahead of the market.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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