Oblong Reports 16% Sequential Revenue Growth for the Third Quarter of 2020

LOS ANGELES–(BUSINESS WIRE)–Oblong, Inc. (NYSE American: OBLG) (“Oblong” or the “Company”), the award-winning maker of multi-stream collaboration solutions, today announced financial results for the three and nine months ended September 30, 2020.

Financial Highlights

  • Revenue of $3.3 million for the third quarter of 2020, compared to $2.4 million for the third quarter of 2019 and compared sequentially to $2.8 million for the second quarter of 2020.
  • Gross profit margin of 51% for the third quarter of 2020, compared to 33% for the third quarter of 2019 and compared sequentially to 40% in the second quarter of 2020.
  • Net loss of $2.1 million for the third quarter of 2020, compared to a net loss of $0.6 million for the third quarter of 2019 and compared sequentially to a net loss of $3.4 million in the second quarter of 2020.
  • Adjusted EBITDA (“AEBITDA”) loss of $1.0 million for the third quarter of 2020, compared to an AEBITDA loss of $0.1 million for the third quarter of 2019 and compared sequentially to an AEBITDA loss of $2.0 million for the second quarter of 2020. 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” later in this release for a reconciliation of this non-GAAP financial measure to net loss.
  • Cash balance of $2.7 million as of September 30, 2020.
  • Subsequent to the end of the third quarter of 2020, in October 2020, the Company: (i) completed a private placement of common stock for gross proceeds of $3.0 million, and (ii) completed an agreement with Silicon Valley Bank (“SVB”) satisfying all outstanding obligations under the Loan Agreement with SVB, totaling $5.6 million, in exchange for a one-time cash payment of $2.5 million. […]

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