Oblong Announces Financial Results for First Quarter 2025 and Provides Business Update
DENVER--(BUSINESS WIRE)--May 13, 2025--
Oblong, Inc. (Nasdaq: OBLG) ("Oblong" or the "Company"), today reported financial results for the three months ended March 31, 2025, and provided updates on the Company's business and strategy.
"As of March 31, 2025, we're in a very strong financial position with $4.3 million in cash, zero debt, and a fresh $518,000 boost from warrant exercises in April 2025. This war chest gives us the firepower to drive our strategy into late 2026. We're aggressively pursuing high-growth M&A opportunities, zeroing in on recurring revenue models, digital currency and AI-driven innovators that can supercharge profitability and operating efficiency. In a dynamic market, our disciplined approach ensures we're primed to pounce on the right deals--targets that could fuel innovation, unlock value, and deliver outsized returns for our shareholders," said Peter Holst, CEO of Oblong.
First Quarter 2025 Financial Results
-- As of March 31, 2025, the Company had $4.3 million in cash and cash
equivalents and no debt.
-- Subsequent to the end of the first quarter of 2025, the Company raised
net cash proceeds of $0.5 million from common stock warrant exercises.
-- Total revenue was $0.6 million for the first quarter of both 2025 and
2024.
-- Net loss was $0.7 million for the first quarter of 2025 compared to $1.1
million for the first quarter of 2024.
-- Adjusted EBITDA ("AEBITDA") loss was $0.7 million for the first quarter
of 2025 compared to $1.2 million for the first quarter of 2024. AEBITDA
loss is a non-GAAP financial measure. See "Non-GAAP Financial
Information" below for additional information regarding this non-GAAP
financial measure, and "GAAP to Non-GAAP Reconciliation" for a
reconciliation of this non-GAAP financial measure to net loss.
Non-GAAP Financial Information
Adjusted EBITDA ("AEBITDA") loss, a non-GAAP financial measure, is defined as net loss before stock-based compensation, income tax expense, and interest income, net. AEBITDA loss is not intended to replace operating loss, net loss, cash flow, or other measures of financial performance reported in accordance with generally accepted accounting principles (GAAP). Rather, AEBITDA loss is an important measure used by management to assess the operating performance of the Company and to compare such performance between periods. AEBITDA loss as defined here may not be comparable to similarly titled measures reported by other companies due to differences in accounting policies. Therefore, AEBITDA loss should be considered in conjunction with net loss and other performance measures prepared in accordance with GAAP, such as operating loss or cash flow used in operating activities and should not be considered in isolation or as a substitute for GAAP measures, such as net loss, operating loss or any other GAAP measure of liquidity or financial performance. A GAAP to non-GAAP reconciliation of net loss to AEBITDA loss is shown under "GAAP to Non-GAAP Reconciliation" later in this release.
About Oblong, Inc.
Oblong (Nasdaq:OBLG) provides innovative and patented technologies that change how people work, create, and communicate. Oblong's product, Mezzanine$(TM)$, 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)
March 31, 2025 December 31, 2024
---------------- ---------------------
ASSETS (unaudited)
Current assets:
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
Current liabilities:
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)
Stockholders' equity:
Preferred stock Series F,
convertible; $0.0001 par
value; $586,450 stated
value; 5,000,000 shares
authorized, 545 shares
issued and outstanding as
of March 31, 2025, and
December 31, 2024 -- --
Common stock; $0.0001 par
value; 150,000,000 shares
authorized, 1,154,926 and
1,154,737 shares issued
and outstanding as of
March 31, 2025,
respectively, and
1,144,926 and 1,144,737
shares issued and
outstanding as of December
31, 2024, respectively -- --
Treasury stock, 189 common
shares (181) (181)
Additional paid-in capital 236,477 236,458
Accumulated deficit (232,946) (232,274)
------------ --------------
Total stockholders'
equity 3,350 4,003
------------ --------------
Total liabilities and
stockholders' equity 4,755 5,275
============ ==============
OBLONG, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands) (Unaudited)
Three Months Ended
March 31,
------------------------
2025 2024
--- ----- -------
Revenue $ 622 $ 626
Cost of revenue 373 629
--- ----- -------
Gross profit 249 (3)
Operating expenses:
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:
----------------------------------------------------
Three Months Ended
March 31,
------------------------
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/
CONTACT: Investor Relations Contact
David Clark
investors@oblong.com
(213) 683-8863 ext. 5
(END) Dow Jones Newswires
May 13, 2025 08:30 ET (12:30 GMT)
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