Oblong(OBLG) - 2024 Q4 - Annual Results

Business Update and Strategy Oblong maintains strong liquidity and Nasdaq compliance, while pursuing strategic growth and operational efficiencies - The company holds $5.0 million in cash with zero debt and expects its current liquidity to last into mid-2026[2] - Operational streamlining is projected to result in $1.2 million in annual savings[2] - Oblong is actively evaluating strategic alternatives such as business combinations, reverse mergers, or the sale of assets to foster growth[2] - In September 2024, the company regained full compliance with Nasdaq's listing standards[2] Financial Highlights Oblong reported declining revenue for Q4 and FY2024, with improved net loss but mixed Adjusted EBITDA performance Fourth Quarter 2024 Performance Q4 2024 saw revenue decline to $0.6 million, while net loss improved to $0.9 million, and Adjusted EBITDA loss remained flat Q4 Financial Performance Comparison (2024 vs. 2023) | Metric | Q4 2024 ($ millions) | Q4 2023 ($ millions) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $0.6 | $0.9 | -33.3% | | Net Loss | ($0.9) | ($1.2) | Improvement | | Adjusted EBITDA Loss | ($0.9) | ($0.9) | Flat | Fiscal Year 2024 Performance FY2024 revenue declined to $2.4 million, net loss improved to $4.0 million, but Adjusted EBITDA loss widened to $4.0 million Full Year Financial Performance Comparison (2024 vs. 2023) | Metric | FY 2024 ($ millions) | FY 2023 ($ millions) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $2.4 | $3.8 | -37.6% | | Net Loss | ($4.0) | ($4.4) | Improvement | | Adjusted EBITDA Loss | ($4.0) | ($3.8) | Widened | Detailed Financial Statements Unaudited consolidated financial statements are presented, covering Balance Sheets, Statements of Operations, and GAAP to non-GAAP reconciliation Condensed Consolidated Balance Sheets Total assets decreased to $5.3 million by Dec 31, 2024, driven by lower cash, while liabilities and equity also declined Balance Sheet Summary (in thousands) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $4,965 | $5,990 | | Total current assets | $5,269 | $6,896 | | Total assets | $5,275 | $6,925 | | Total current liabilities | $1,272 | $1,398 | | Total liabilities | $1,272 | $1,424 | | Total stockholders' equity | $4,003 | $5,501 | Condensed Consolidated Statements of Operations FY2024 revenue and gross profit declined, but reduced operating expenses led to a slightly improved net loss of $4.0 million Statement of Operations Summary - Year Ended (in thousands) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | $2,378 | $3,810 | | Gross profit | $331 | $911 | | Total operating expenses | $4,533 | $5,406 | | Operating loss | ($4,202) | ($4,495) | | Net loss | ($4,043) | ($4,384) | GAAP to Non-GAAP Reconciliation Reconciliation from GAAP net loss to non-GAAP Adjusted EBITDA loss is provided, detailing adjustments for both Q4 and full year 2024 GAAP Net Loss to Non-GAAP AEBITDA Loss Reconciliation (in thousands) | Period | Net Loss (GAAP) | Adjusted EBITDA Loss (Non-GAAP) | | :--- | :--- | :--- | | Three Months Ended Dec 31, 2024 | ($884) | ($929) | | Three Months Ended Dec 31, 2023 | ($1,221) | ($899) | | Year Ended Dec 31, 2024 | ($4,043) | ($4,035) | | Year Ended Dec 31, 2023 | ($4,384) | ($3,784) | About the Company and Disclosures This section outlines Oblong's business, its Mezzanine™ product, non-GAAP financial measures, and forward-looking statements About Oblong, Inc. Oblong, Inc. provides patented collaboration technologies, with Mezzanine™ as its flagship remote meeting platform for enterprise clients - Oblong's flagship product is Mezzanine™, a remote meeting technology platform that enables simultaneous content sharing[5] - The company supplies its Mezzanine systems to Fortune 500 and other enterprise customers[5] Non-GAAP Financial Measures Adjusted EBITDA (AEBITDA) loss is a non-GAAP measure used to evaluate operating performance, calculated by adjusting net loss for specific items - AEBITDA loss is a non-GAAP measure defined as net loss adjusted for items such as amortization, stock-based compensation, impairment charges, and interest income[4] Forward-Looking Statements This report contains forward-looking statements regarding strategic plans and financial projections, subject to risks and uncertainties that may cause actual results to differ - The report includes forward-looking statements regarding strategic plans and financial projections, which are subject to risks and uncertainties and are not guarantees of future performance[7]