Summary by Moomoo AI
Oblong Inc. reported Q3 2024 revenue of $0.58 million, down 34% from $0.87 million in Q3 2023, with gross profit declining to 14% from 26%. The company's Managed Services segment contributed 88% of total revenue, while Collaboration Products revenue dropped 75% to $68,000 due to reduced demand for in-office collaboration solutions post-pandemic.In September 2024, Oblong reduced its workforce by nine employees to lower operating expenses, incurring severance costs of $106,000. The company's net loss widened to $1.04 million from $0.895 million year-over-year, primarily due to restructuring costs and lower revenue. Operating expenses remained flat at $1.15 million despite the revenue decline.As of September 30, 2024, Oblong had $5.62 million in cash and working capital of $4.67 million, which management believes will fund operations into mid-2026. The company is actively exploring strategic alternatives including potential business combinations, reverse mergers, or sale of the company while seeking partnerships with early-stage technology companies showing market traction.
Comment(0)
Reason For Report