Oblong, Inc. (Nasdaq: OBLG) (“Oblong” or the “Company”), the award-winning maker of multi-stream collaboration solutions, today reported financial results for the first quarter ending March 31, 2022.
“Our results in the first quarter are emblematic of larger themes cascading throughout the conventional workplace. IT leaders and facility planners are gradually re-opening traditional offices throughout the world while carefully measuring how and when employees choose to use those spaces. As the notion of ‘hybrid work’ becomes standardized, we believe interest in our products will gain more traction as companies (re)design purpose driven workspaces that draw current and prospective employees rather than relying on the status quo of pre-Covid laborious commutes and cubicles. While the market opportunity for Mezzanine™ percolates, we’ve also undertaken a detailed strategic review process to create optionality and opportunities for Oblong moving forward. This process has been underway throughout the first quarter and we plan to identify and communicate an optimal direction that builds shareholder value in both the near and long term,” commented Pete Holst, President and CEO of Oblong.
As of March 31, 2022, the Company had $6.6 million of cash and no debt.
Total revenue was $1.5 million for the first quarter of 2022 versus $1.9 million for the first quarter of 2021.