Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Oblong Announces Financial Results for Second Quarter 2022 By: Oblong, Inc. via Business Wire August 09, 2022 at 16:10 PM EDT Oblong, Inc. (Nasdaq: OBLG) (“Oblong” or the “Company”), the award-winning maker of multi-stream collaboration solutions, today reported financial results for the second quarter ending June 30, 2022. “Our second quarter results were consistent with prior guidance related to ongoing shifts in hybrid work models and macro trends in facility and IT spending. We believe those trends will gradually move toward Oblong’s vision of creating greater situational awareness, collaboration and data interaction through Mezzanine™. We also remain focused on exploring strategic alternatives, including a potential sale or merger, to maximize value for our shareholders,” commented Pete Holst, President and CEO of Oblong. As of June 30, 2022, the Company had $5.1 million of cash and no debt. Total revenue was $1.3 million for the second quarter of 2022 versus $2.0 million for the second quarter of 2021. Net loss of $9.0 million for the second quarter of 2022, compared to a net loss of $2.2 million for the second quarter of 2021. During the second quarter of 2022, the Company recorded non-cash impairment charges on goodwill and other assets of $6.4 million. Adjusted EBITDA (“AEBITDA”) loss of $1.5 million for the second quarter of 2022, compared to an AEBITDA loss of $1.6 million for the second quarter of 2021. 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 depreciation and amortization, stock-based compensation and expense, impairment charges, casualty loss, 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 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 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 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 exploring strategic alternatives to maximize value for our shareholders and the timing and results thereof, (ii) the Company’s potential future growth and financial performance, and (iii) the success of its products and services. There can be no assurance that the strategic review being undertaken 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, 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) June 30, 2022 December 31, 2021 (Unaudited) ASSETS Current assets: Cash $ 5,107 $ 8,939 Restricted cash — 61 Accounts receivable, net 491 849 Inventory 1,078 1,821 Prepaid expenses and other current assets 1,150 1,081 Total current assets 7,826 12,751 Property and equipment, net 75 159 Goodwill — 7,367 Intangibles, net 6,402 7,562 Right-of-use assets, net 245 659 Other assets 22 109 Total assets $ 14,570 $ 28,607 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable 325 259 Accrued expenses and other current liabilities 976 959 Current portion of deferred revenue 686 783 Current portion of operating lease liabilities 378 492 Total current liabilities 2,365 2,493 Long-term liabilities: Operating lease liabilities, net of current portion 68 236 Deferred revenue, net of current portion 213 381 Total long-term liabilities 281 617 Total liabilities 2,646 3,110 Commitments and contingencies Stockholders’ equity: Common stock, $.0001 par value; 150,000,000 shares authorized; 30,929,331 shares issued and 30,816,048 outstanding at June 30, 2022 and December 31, 2021 3 3 Treasury stock, 113,283 shares of common stock at June 30, 2022 and December 31, 2021 (181 ) (181 ) Additional paid-in capital 227,580 227,581 Accumulated deficit (215,478 ) (201,906 ) Total stockholder's equity 11,924 25,497 Total liabilities and stockholders’ equity $ 14,570 $ 28,607 OBLONG, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenue $ 1,333 $ 2,049 2,865 3,967 Cost of revenue (exclusive of depreciation and amortization and casualty loss) 926 1,249 1,959 2,539 Gross profit 407 800 906 1,428 Operating expenses: Research and development 398 599 1,402 1,291 Sales and marketing 317 572 879 1,099 General and administrative 1,185 1,383 2,875 3,450 Impairment charges 6,408 17 7,546 48 Casualty loss 533 — 533 — Depreciation and amortization 599 707 1,226 1,429 Total operating expenses 9,440 3,278 14,461 7,317 Loss from operations (9,033 ) (2,478 ) (13,555 ) (5,889 ) Interest and other expense (income), net — (232 ) 6 (210 ) Loss before income taxes (9,033 ) (2,246 ) (13,561 ) (5,679 ) Income tax expense — — 11 — Net loss $ (9,033 ) $ (2,246 ) (13,572 ) (5,679 ) GAAP to Non-GAAP Reconciliation: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net loss $ (9,033 ) $ (2,246 ) $ (13,572 ) $ (5,679 ) Depreciation and amortization 599 707 1,226 1,429 Interest and other expense (income), net — (232 ) 6 (210 ) Income tax expense — — 11 — Impairment charges 6,408 17 7,546 48 Severance — 55 294 55 Casualty loss 533 — 533 — Stock-based expense 31 116 (1 ) 423 Adjusted EBITDA Loss $ (1,462 ) $ (1,583 ) $ (3,957 ) $ (3,934 ) View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005995/en/Contacts Investor Relations Contact David Clark investors@oblong.com (213) 683-8863 ext 2205 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Oblong Announces Financial Results for Second Quarter 2022 By: Oblong, Inc. via Business Wire August 09, 2022 at 16:10 PM EDT Oblong, Inc. (Nasdaq: OBLG) (“Oblong” or the “Company”), the award-winning maker of multi-stream collaboration solutions, today reported financial results for the second quarter ending June 30, 2022. “Our second quarter results were consistent with prior guidance related to ongoing shifts in hybrid work models and macro trends in facility and IT spending. We believe those trends will gradually move toward Oblong’s vision of creating greater situational awareness, collaboration and data interaction through Mezzanine™. We also remain focused on exploring strategic alternatives, including a potential sale or merger, to maximize value for our shareholders,” commented Pete Holst, President and CEO of Oblong. As of June 30, 2022, the Company had $5.1 million of cash and no debt. Total revenue was $1.3 million for the second quarter of 2022 versus $2.0 million for the second quarter of 2021. Net loss of $9.0 million for the second quarter of 2022, compared to a net loss of $2.2 million for the second quarter of 2021. During the second quarter of 2022, the Company recorded non-cash impairment charges on goodwill and other assets of $6.4 million. Adjusted EBITDA (“AEBITDA”) loss of $1.5 million for the second quarter of 2022, compared to an AEBITDA loss of $1.6 million for the second quarter of 2021. 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 depreciation and amortization, stock-based compensation and expense, impairment charges, casualty loss, 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 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 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 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 exploring strategic alternatives to maximize value for our shareholders and the timing and results thereof, (ii) the Company’s potential future growth and financial performance, and (iii) the success of its products and services. There can be no assurance that the strategic review being undertaken 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, 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) June 30, 2022 December 31, 2021 (Unaudited) ASSETS Current assets: Cash $ 5,107 $ 8,939 Restricted cash — 61 Accounts receivable, net 491 849 Inventory 1,078 1,821 Prepaid expenses and other current assets 1,150 1,081 Total current assets 7,826 12,751 Property and equipment, net 75 159 Goodwill — 7,367 Intangibles, net 6,402 7,562 Right-of-use assets, net 245 659 Other assets 22 109 Total assets $ 14,570 $ 28,607 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable 325 259 Accrued expenses and other current liabilities 976 959 Current portion of deferred revenue 686 783 Current portion of operating lease liabilities 378 492 Total current liabilities 2,365 2,493 Long-term liabilities: Operating lease liabilities, net of current portion 68 236 Deferred revenue, net of current portion 213 381 Total long-term liabilities 281 617 Total liabilities 2,646 3,110 Commitments and contingencies Stockholders’ equity: Common stock, $.0001 par value; 150,000,000 shares authorized; 30,929,331 shares issued and 30,816,048 outstanding at June 30, 2022 and December 31, 2021 3 3 Treasury stock, 113,283 shares of common stock at June 30, 2022 and December 31, 2021 (181 ) (181 ) Additional paid-in capital 227,580 227,581 Accumulated deficit (215,478 ) (201,906 ) Total stockholder's equity 11,924 25,497 Total liabilities and stockholders’ equity $ 14,570 $ 28,607 OBLONG, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenue $ 1,333 $ 2,049 2,865 3,967 Cost of revenue (exclusive of depreciation and amortization and casualty loss) 926 1,249 1,959 2,539 Gross profit 407 800 906 1,428 Operating expenses: Research and development 398 599 1,402 1,291 Sales and marketing 317 572 879 1,099 General and administrative 1,185 1,383 2,875 3,450 Impairment charges 6,408 17 7,546 48 Casualty loss 533 — 533 — Depreciation and amortization 599 707 1,226 1,429 Total operating expenses 9,440 3,278 14,461 7,317 Loss from operations (9,033 ) (2,478 ) (13,555 ) (5,889 ) Interest and other expense (income), net — (232 ) 6 (210 ) Loss before income taxes (9,033 ) (2,246 ) (13,561 ) (5,679 ) Income tax expense — — 11 — Net loss $ (9,033 ) $ (2,246 ) (13,572 ) (5,679 ) GAAP to Non-GAAP Reconciliation: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net loss $ (9,033 ) $ (2,246 ) $ (13,572 ) $ (5,679 ) Depreciation and amortization 599 707 1,226 1,429 Interest and other expense (income), net — (232 ) 6 (210 ) Income tax expense — — 11 — Impairment charges 6,408 17 7,546 48 Severance — 55 294 55 Casualty loss 533 — 533 — Stock-based expense 31 116 (1 ) 423 Adjusted EBITDA Loss $ (1,462 ) $ (1,583 ) $ (3,957 ) $ (3,934 ) View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005995/en/Contacts Investor Relations Contact David Clark investors@oblong.com (213) 683-8863 ext 2205
Oblong, Inc. (Nasdaq: OBLG) (“Oblong” or the “Company”), the award-winning maker of multi-stream collaboration solutions, today reported financial results for the second quarter ending June 30, 2022. “Our second quarter results were consistent with prior guidance related to ongoing shifts in hybrid work models and macro trends in facility and IT spending. We believe those trends will gradually move toward Oblong’s vision of creating greater situational awareness, collaboration and data interaction through Mezzanine™. We also remain focused on exploring strategic alternatives, including a potential sale or merger, to maximize value for our shareholders,” commented Pete Holst, President and CEO of Oblong. As of June 30, 2022, the Company had $5.1 million of cash and no debt. Total revenue was $1.3 million for the second quarter of 2022 versus $2.0 million for the second quarter of 2021. Net loss of $9.0 million for the second quarter of 2022, compared to a net loss of $2.2 million for the second quarter of 2021. During the second quarter of 2022, the Company recorded non-cash impairment charges on goodwill and other assets of $6.4 million. Adjusted EBITDA (“AEBITDA”) loss of $1.5 million for the second quarter of 2022, compared to an AEBITDA loss of $1.6 million for the second quarter of 2021. 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 depreciation and amortization, stock-based compensation and expense, impairment charges, casualty loss, 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 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 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 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 exploring strategic alternatives to maximize value for our shareholders and the timing and results thereof, (ii) the Company’s potential future growth and financial performance, and (iii) the success of its products and services. There can be no assurance that the strategic review being undertaken 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, 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) June 30, 2022 December 31, 2021 (Unaudited) ASSETS Current assets: Cash $ 5,107 $ 8,939 Restricted cash — 61 Accounts receivable, net 491 849 Inventory 1,078 1,821 Prepaid expenses and other current assets 1,150 1,081 Total current assets 7,826 12,751 Property and equipment, net 75 159 Goodwill — 7,367 Intangibles, net 6,402 7,562 Right-of-use assets, net 245 659 Other assets 22 109 Total assets $ 14,570 $ 28,607 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable 325 259 Accrued expenses and other current liabilities 976 959 Current portion of deferred revenue 686 783 Current portion of operating lease liabilities 378 492 Total current liabilities 2,365 2,493 Long-term liabilities: Operating lease liabilities, net of current portion 68 236 Deferred revenue, net of current portion 213 381 Total long-term liabilities 281 617 Total liabilities 2,646 3,110 Commitments and contingencies Stockholders’ equity: Common stock, $.0001 par value; 150,000,000 shares authorized; 30,929,331 shares issued and 30,816,048 outstanding at June 30, 2022 and December 31, 2021 3 3 Treasury stock, 113,283 shares of common stock at June 30, 2022 and December 31, 2021 (181 ) (181 ) Additional paid-in capital 227,580 227,581 Accumulated deficit (215,478 ) (201,906 ) Total stockholder's equity 11,924 25,497 Total liabilities and stockholders’ equity $ 14,570 $ 28,607 OBLONG, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenue $ 1,333 $ 2,049 2,865 3,967 Cost of revenue (exclusive of depreciation and amortization and casualty loss) 926 1,249 1,959 2,539 Gross profit 407 800 906 1,428 Operating expenses: Research and development 398 599 1,402 1,291 Sales and marketing 317 572 879 1,099 General and administrative 1,185 1,383 2,875 3,450 Impairment charges 6,408 17 7,546 48 Casualty loss 533 — 533 — Depreciation and amortization 599 707 1,226 1,429 Total operating expenses 9,440 3,278 14,461 7,317 Loss from operations (9,033 ) (2,478 ) (13,555 ) (5,889 ) Interest and other expense (income), net — (232 ) 6 (210 ) Loss before income taxes (9,033 ) (2,246 ) (13,561 ) (5,679 ) Income tax expense — — 11 — Net loss $ (9,033 ) $ (2,246 ) (13,572 ) (5,679 ) GAAP to Non-GAAP Reconciliation: Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net loss $ (9,033 ) $ (2,246 ) $ (13,572 ) $ (5,679 ) Depreciation and amortization 599 707 1,226 1,429 Interest and other expense (income), net — (232 ) 6 (210 ) Income tax expense — — 11 — Impairment charges 6,408 17 7,546 48 Severance — 55 294 55 Casualty loss 533 — 533 — Stock-based expense 31 116 (1 ) 423 Adjusted EBITDA Loss $ (1,462 ) $ (1,583 ) $ (3,957 ) $ (3,934 ) View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005995/en/
