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Oblong Inc. (OBLG) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in total revenue to $2.38 million from $3.81 million in the previous year, attributed to lower demand for both its Managed Services and Collaboration Products segments.
Managed Services revenue declined by 18% to $2.06 million, primarily due to customer attrition and competitive pricing pressures.
Collaboration Products revenue fell by 76% to $316,000, largely impacted by reduced demand for in-person collaboration technologies post-COVID-19.
Cost of revenue decreased to $2.05 million from $2.90 million, with a gross profit margin of 14%, down from 24% the previous year.
Operating expenses were $4.53 million, down from $5.41 million, due to reduced general and administrative costs and no impairment charges in 2024.
The company reported a net loss of $4.04 million, compared to a net loss of $4.38 million in the previous year.
Cash and cash equivalents at year-end were $4.97 million, with net cash used in operating activities totaling $3.41 million.
Oblong raised $2.38 million from the exercise of warrants during the year, compared to $5.90 million raised in the previous year from a private placement and warrant exercises.
The company anticipates requiring additional capital in the long term to fund operations and growth initiatives, including potential strategic alternatives.
Oblong continues to explore strategic alternatives, including mergers, acquisitions, or sales, to enhance shareholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Oblong Inc. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.