Oblong Announces Financial Results for First Quarter 2025 and Provides Business Update
"As of March 31, 2025, we're in a very strong financial position with
First Quarter 2025 Financial Results
-
As of March 31, 2025, the Company had
$4.3 million -
Subsequent to the end of the first quarter of 2025, the Company raised net cash proceeds of
$0.5 million -
Total revenue was
$0.6 million -
Net loss was
$0.7 million $1.1 million -
Adjusted EBITDA (“AEBITDA”) loss was
$0.7 million $1.2 million
Non-GAAP Financial Information
Adjusted EBITDA (“AEBITDA”) loss, a non-GAAP financial measure, is defined as net loss before stock-based compensation, income tax expense, and interest income, net. AEBITDA loss is not intended to replace operating loss, net loss, cash flow, or other measures of financial performance reported in accordance with generally accepted accounting principles (GAAP). Rather, AEBITDA loss is an important measure used by management to assess the operating performance of the Company and to compare such performance between periods. AEBITDA loss as defined here may not be comparable to similarly titled measures reported by other companies due to differences in accounting policies. Therefore, AEBITDA loss should be considered in conjunction with net loss and other performance measures prepared in accordance with GAAP, such as operating loss or cash flow used in operating activities and should not be considered in isolation or as a substitute for GAAP measures, such as net loss, operating loss or any other GAAP measure of liquidity or financial performance. A GAAP to non-GAAP reconciliation of net loss to AEBITDA loss is shown under “GAAP to Non-GAAP Reconciliation” later in this release.
About Oblong, Inc.
Oblong (Nasdaq:OBLG) provides innovative and patented technologies that change how people work, create, and communicate. Oblong’s product, Mezzanine™, is a meeting technology platform that offers simultaneous content sharing to achieve situational awareness for both in-room and remote collaborators. Oblong supplies Mezzanine systems to Fortune 500 and enterprise customers. For more information, visit www.oblong.com and Oblong’s Twitter and Facebook pages.
Forward-looking and cautionary statements
This press release and any oral statements made regarding the subject of this release contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, that address activities that Oblong assumes, plans, expects, believes, intends, projects, estimates, or anticipates (and other similar expressions) will, should, or may occur in the future are forward-looking statements. Oblong’s actual results may differ materially from its expectations, estimates, and projections, and consequently, you should not rely on these forward-looking statements as predictions of future events. Without limiting the generality of the foregoing, forward-looking statements contained in this press release include statements relating to (i) the Company’s pursuit of mergers and acquisitions (M&A), including the Company’s goal to identify high-potential targets that align with our vision for innovation and value creation, and (ii) the Company’s liquidity projections. There can be no assurance that the Company’s M&A strategy will result in a merger, sale, or other business combination involving the Company. The forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events, and involve factors, risks, and uncertainties, including the volatility of market price for our securities, that may cause actual results in future periods to differ materially from such statements. A list and description of these and other risk factors can be found in the Company’s Annual Report on Form 10-K for the year ending December 31, 2024, and in other filings made by the Company with the SEC from time to time. Any of these factors could cause Oblong’s actual results and plans to differ materially from those in the forward-looking statements. Therefore, the Company can give no assurance that its future results will be as estimated. The Company does not intend to, and disclaims any obligation to, correct, update, or revise any information contained herein.
OBLONG, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ($ in thousands, except shares, par value, and stated value) |
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March 31, 2025 |
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December 31, 2024 |
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ASSETS |
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(unaudited) |
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Current assets: |
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|
|
|
|
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Cash and cash equivalents |
|
$ |
4,316 |
|
|
$ |
4,965 |
|
Accounts receivable, net |
|
|
113 |
|
|
|
186 |
|
Prepaid expenses and other current assets |
|
|
321 |
|
|
|
118 |
|
Total current assets |
|
|
4,750 |
|
|
|
5,269 |
|
Other assets |
|
|
5 |
|
|
|
6 |
|
Total assets |
|
$ |
4,755 |
|
|
$ |
5,275 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
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|
|
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Current liabilities: |
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|
|
|
|
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Accounts payable |
|
|
70 |
|
|
|
105 |
|
Accrued expenses and other current liabilities |
|
|
1,294 |
|
|
|
1,131 |
|
Deferred revenue |
|
|
41 |
|
|
|
36 |
|
Total current liabilities |
|
|
1,405 |
|
|
|
1,272 |
|
Total liabilities |
|
|
1,405 |
|
|
|
1,272 |
|
Commitments and contingencies (see Note 8) |
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|
|
|
|
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Stockholders’ equity: |
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|
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|
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Preferred stock Series F, convertible; |
|
|
— |
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|
|
— |
|
Common stock; |
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— |
|
|
|
— |
|
Treasury stock, 189 common shares |
|
|
(181 |
) |
|
|
(181 |
) |
Additional paid-in capital |
|
|
236,477 |
|
|
|
236,458 |
|
Accumulated deficit |
|
|
(232,946 |
) |
|
|
(232,274 |
) |
Total stockholders’ equity |
|
|
3,350 |
|
|
|
4,003 |
|
Total liabilities and stockholders’ equity |
|
|
4,755 |
|
|
|
5,275 |
|
OBLONG, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands) (Unaudited) |
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Three Months Ended |
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March 31, |
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2025 |
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2024 |
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Revenue |
|
$ |
622 |
|
|
$ |
626 |
|
Cost of revenue |
|
|
373 |
|
|
|
629 |
|
Gross profit |
|
|
249 |
|
|
|
(3 |
) |
Operating expenses: |
|
|
|
|
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Research and development |
|
|
3 |
|
|
|
50 |
|
Sales and marketing |
|
|
8 |
|
|
|
54 |
|
General and administrative |
|
|
929 |
|
|
|
1,077 |
|
Total operating expenses |
|
|
940 |
|
|
|
1,181 |
|
Operating loss |
|
|
(691 |
) |
|
|
(1,184 |
) |
Interest income, net |
|
|
(26 |
) |
|
|
(48 |
) |
Loss before income taxes |
|
|
(665 |
) |
|
|
(1,136 |
) |
Income tax expense |
|
|
7 |
|
|
|
— |
|
Net loss |
|
$ |
(672 |
) |
|
$ |
(1,136 |
) |
GAAP to Non-GAAP Reconciliation: |
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Three Months Ended |
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March 31, |
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|
|
|
2025 |
|
|
|
2024 |
|
Net loss |
|
$ |
(672 |
) |
|
$ |
(1,136 |
) |
Interest income, net |
|
|
(26 |
) |
|
|
(48 |
) |
Income tax expense |
|
|
7 |
|
|
|
— |
|
Stock-based compensation |
|
|
— |
|
|
|
31 |
|
Adjusted EBITDA loss |
|
$ |
(691 |
) |
|
$ |
(1,153 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250513133746/en/
Investor Relations Contact
David Clark
investors@oblong.com
(213) 683-8863 ext. 5
Source: Oblong, Inc.
