Press Release: Oblong Announces Financial Results for Fourth Quarter 2023 and Provides Business Update

      December 31, 2022, 
      respectively                              --                   -- 
      Common stock, $.0001 par 
      value; 150,000,000 
      shares authorized; 
      16,692,000 shares issued 
      and 16,685,000 shares 
      outstanding at December 
      31, 2023 and 2,071,000 
      shares issued and 
      2,063,000 outstanding at 
      December 31, 2022                          2                   -- 
      Treasury stock, 8,000 
       common shares at 
       December 31, 2023 and 
       2022                                   (181)                (181) 
      Additional paid-in 
       capital                             233,911              227,645 
      Accumulated deficit                 (228,231)            (223,847) 
                                    --------------       -------------- 
      Total stockholders' 
       equity                                5,501                3,617 
                                    --------------       -------------- 
      Total liabilities and 
       stockholders' equity                  6,925                5,661 
                                    ==============       ============== 
 
 
                       OBLONG, INC. 
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
               ($ in thousands) (Unaudited) 
 
                 Three Months Ended       Year Ended 
                    December 31,         December 31, 
                 ------------------  --------------------- 
                   2023      2022      2023       2022 
                 --------  --------  --------  ----------- 
Revenue          $   944   $ 1,426   $ 3,810   $  5,476 
Cost of revenue 
 (exclusive of 
 depreciation 
 and 
 amortization 
 and casualty 
 loss)               655     1,130     2,899      3,930 
                  ------    ------    ------    ------- 
Gross profit         289       296       911      1,546 
Operating 
expenses 
(gains): 
Research and 
 development           4        65        20      1,699 
Sales and 
 marketing            68       270       309      1,431 
General and 
 administrative    1,147     1,174     4,870      5,278 
Impairment 
 charges             260        25       262     12,740 
Casualty (gain) 
 loss, net            --       (50)     (400)       483 
Depreciation 
 and 
 amortization         86        85       345      1,903 
                  ------    ------    ------    ------- 
Total operating 
 expenses          1,565     1,569     5,406     23,534 
                  ------    ------    ------    ------- 
Loss from 
 operations       (1,276)   (1,273)   (4,495)   (21,988) 
                  ------    ------    ------    ------- 
Interest and 
 other income, 
 net                 (44)      (41)     (138)       (40) 
                  ------    ------    ------    ------- 
Loss before 
 income taxes     (1,232)   (1,232)   (4,357)   (21,948) 
Income tax 
 expense 
 (benefit)           (11)      (15)       27         (7) 
                  ------    ------    ------    ------- 
Net loss         $(1,221)  $(1,217)  $(4,384)  $(21,941) 
                  ------    ------    ------    ------- 
 
 
GAAP to Non-GAAP 
 Reconciliation: 
---------------- 
                  Three Months Ended       Year Ended 
                     December 31,         December 31, 
                  ------------------  --------------------- 
                    2023      2022      2023      2022 
                   ------    ------    ------    ------- 
Net loss          $(1,221)  $(1,217)  $(4,384)  $(21,941) 
Depreciation and 
 amortization          86        85       345      1,903 
Interest and 
 other income, 
 net                  (44)      (41)     (138)       (40) 
Income tax 
 (benefit) 
 expense              (11)      (15)       27         (7) 
Impairment 
 charges              260        25       262     12,740 
Casualty loss 
 (gain)                --       (50)     (400)       483 
Severance              --        --        --        294 
Stock-based 
 compensation 
 and expense           31        31       504         61 
                   ------    ------    ------    ------- 
Adjusted EBITDA 
 Loss             $  (899)  $(1,182)  $(3,784)  $ (6,507) 
                   ======    ======    ======    ======= 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240319264133/en/

 
    CONTACT:    Investor Relations Contact 

David Clark

investors@oblong.com

(213) 683-8863 ext. 5

(END) Dow Jones Newswires

March 19, 2024 16:16 ET (20:16 GMT)