Oblong Announces Financial Results for Fourth Quarter and Full Year 2021
03/29/2022 - 04:10 PM
Revenue related to our Mezzanine ™ products increased 24% sequentially from Q3 to Q4 2021 driven by a significant order from a global Aerospace and Defense Company
LOS ANGELES --(BUSINESS WIRE)--
Oblong, Inc. (Nasdaq: OBLG) (“Oblong” or the “Company”), the award-winning maker of multi-stream collaboration solutions, today reported financial results for the fourth quarter and full year ending December 31, 2021 .
The Company’s total revenue increased 10% sequentially to $2.0 million $1.8 million
Revenue related to our Mezzanine™ collaboration suite of products increased 24% sequentially to $1.0 million $0.8 million
As of December 31, 2021 , the Company had $9.0 million
“While the global pandemic has had a material effect on demand for our products over the last two years, it appears many of our longtime customers are now gradually re-opening their office environments and, in parallel, re-engaging in commercial discussions to upgrade their collaboration spaces. While Q4 revenue was driven largely by a full suite sale to one of our global clients, we believe their scale of deployment, and use case in combination with AR/VR systems, will become increasingly relevant in the future. Although the ongoing global effects of COVID-19 remain uncertain, workplaces are opening and being re-designed with next generation collaboration technologies and hybrid work at the forefront. It’s been a challenging few years but, we believe there is now a light at the end of this long tunnel as we all adapt to a new way of working,” commented Pete Holst , President and CEO of Oblong.
Net loss of $2.7 million $1.2 million $3.1 million
Adjusted EBITDA (“AEBITDA”) loss of $2.1 million $0.4 million
The Company’s total revenue was $2.0 million $3.9 million
Non-GAAP Financial Information
Adjusted EBITDA (“AEBITDA”) loss, a non-GAAP financial measure, is defined as net income (loss) before depreciation and amortization, stock-based compensation and expense, impairment charges, gain on extinguishment of debt, severance, income tax expense, and interest and other (income) expense, net. AEBITDA loss is not intended to replace operating loss, net income (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 income (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 income (loss), operating loss or any other GAAP measure of liquidity or financial performance. A GAAP to non-GAAP reconciliation of net income (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 the way people work, create, and communicate. Oblong’s flagship product Mezzanine™ is a remote 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 enterprise customers and is a Cisco Solutions Plus integration partner. For more information, visit Oblong’s website, 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 potential future growth and financial performance, (ii) the success of its products and services, (iii) relationships with distribution partners and customers, and (iv) the redesign of office environments. 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, 2021 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)
December 31 ,
2021
December 31 ,
2020
ASSETS
Current assets:
Cash
$
8,939
$
5,058
Current portion of restricted cash
61
158
Accounts receivable, net
849
3,166
Inventory
1,821
920
Prepaid expenses and other current assets
1,081
691
Total current assets
12,751
9,993
Property and equipment, net
159
573
Goodwill
7,367
7,367
Intangibles, net
7,562
10,140
Operating lease - right of use asset, net
659
903
Other assets
109
167
Total assets
$
28,607
$
29,143
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt, net of discount
$
—
$
2,014
Accounts payable
259
313
Current portion deferred revenue
783
1,217
Accrued expenses and other liabilities
959
1,201
Current portion of operating lease liabilities
492
830
Total current liabilities
2,493
5,575
Long-term liabilities:
Long-term debt, net of current portion and net of discount
—
403
Operating lease liabilities, net of current portion
236
602
Deferred revenue, net of current portion
381
506
Total long-term liabilities
617
1,511
Total liabilities
3,110
7,086
Total stockholders’ equity
25,497
22,057
Total liabilities and stockholders’ equity
$
28,607
$
29,143
OBLONG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands)
Three Months Ended
Year Ended
December 31 ,
December 31 ,
2021
2020
2021
2020
Revenue
$
1,973
$
3,923
$
7,739
$
15,333
Cost of revenue (exclusive of depreciation and amortization)
1,254
1,611
5,021
7,280
Gross profit
719
2,312
2,718
8,053
Operating expenses:
Research and development
929
649
2,913
3,711
Sales and marketing
658
670
2,195
3,392
General and administrative
1,285
1,549
6,363
6,724
Impairment charges
3
492
305
1,150
Depreciation and amortization
638
749
2,736
3,140
Total operating expenses
3,513
4,109
14,512
18,117
Loss from operations
(2,794
)
(1,797
)
(11,794
)
(10,064
)
Interest and other expense (income), net
6
39
(205
)
371
Gain on extinguishment of debt
—
(3,117
)
(2,448
)
(3,117
)
Net income (loss) before taxes
(2,800
)
1,281
(9,141
)
(7,318
)
Income tax (benefit) expense
(90
)
103
(90
)
103
Net income (loss)
(2,710
)
1,178
(9,051
)
(7,421
)
GAAP to Non-GAAP Reconciliation:
Net income (loss)
$
(2,710
)
$
1,178
$
(9,051
)
$
(7,421
)
Depreciation and amortization
638
749
2,736
3,140
Interest and other expense (income), net
6
39
(205
)
371
Income tax (benefit) expense
(90
)
103
(90
)
103
Impairment charges
3
492
305
1,150
Gain on extinguishment of debt
—
(3,117
)
(2,448
)
(3,117
)
Severance
—
—
67
536
Stock-based compensation and expense
62
109
987
198
Adjusted EBITDA Loss
$
(2,091
)
$
(447
)
$
(7,699
)
$
(5,040
)
View source version on businesswire.com : https://www.businesswire.com/news/home/20220329005866/en/
Investor Relations Contact
David Clark
investors@oblong.com
Source: Oblong, Inc.
OBLG Rankings
N/A Ranked by Stock Gains
OBLG Stock Data
Industry
Software Publishers
Sector
Information
Tags
Communications, Specialty Telecommunications, Electronic Technology, Computer Communications, Information, Software Publishers
Country
US
City
Denver
About OBLG
mezzanine™ is our flagship product for innovative workplaces. mezzanine is next-generation visual collaboration technology for the enterprise which amplifies sales presentations, boosts multi-location team work and makes meetings more productive. this new means of sharing information and collaborating is so extraordinary we coined a new term for it: infopresence. it goes beyond telepresence and it is only available with mezzanine. among those using our technologies are ibm, accenture, boeing, cbre, beats music, and harvard school of design. our work was the inspiration for the computers depicted in the film “minority report” and has its roots in more than two decades of research at mit. we believe the era of one human, one mouse, one screen, one machine is giving way to what’s next: a fully shared and unified experience among multiple users, devices, screens, and locations, via a groundbreaking spatial interface. this is what oblong builds. it's why we're here. oblong industries is hea
