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Home Business Wire Oblong Announces Financial Results for Second Quarter 2022

Oblong Announces Financial Results for Second Quarter 2022

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 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

)

 

Contacts

Investor Relations Contact
David Clark

investors@oblong.com
(213) 683-8863 ext 2205

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