Oblong, Inc. (OBLG) Bundle
An Overview of Oblong, Inc. (OBLG)
General Summary of Oblong, Inc.
Oblong, Inc. (NASDAQ: OBLG) is a technology company that specializes in visual collaboration and communication technologies. Founded in 2006, Oblong has developed a suite of products that enhance how teams interact and collaborate in real time, primarily through its flagship product, Mezzanine. This product leverages spatial computing and advanced visual interfaces to create immersive meeting experiences.
As of 2024, Oblong continues to expand its product offerings to meet the demands of various sectors including corporate, education, and government. The company’s revenue streams are predominantly derived from its managed services and collaboration products.
In 2024, Oblong reported total sales of approximately $1.815 million, a decline from $2.866 million in 2023. This reflects a continued transition in the market and shifts in customer needs.
Company's Financial Performance in the Latest Financial Reports
For the nine months ending September 30, 2024, Oblong, Inc. reported a net loss of $3.159 million, compared to a loss of $3.163 million for the same period in 2023. The company's revenue for the latest nine-month period was $1.815 million, which includes:
| Segment | Revenue ($ millions) | Cost of Revenue ($ millions) | Gross Profit ($ millions) | Gross Profit (%) |
|---|---|---|---|---|
| Managed Services | 1.540 | 0.995 | 0.545 | 35% |
| Collaboration Products | 0.275 | 0.624 | (0.349) | (127%) |
| Total | 1.815 | 1.619 | 0.196 | 11% |
The company has seen a decrease in revenue primarily due to challenges in the collaboration products segment, which reported a gross loss. In contrast, the managed services segment showed resilience with a gross profit margin of 35%.
Operating expenses for the nine months ended September 30, 2024, totaled $3.470 million, while the company incurred a significant loss from operations amounting to $3.274 million. This was influenced by unallocated corporate expenses totaling $3.001 million, which significantly impacted overall profitability.
Introduction to Oblong, Inc. as a Leader in the Industry
Oblong, Inc. is recognized as a leader in the visual collaboration technology sector, providing innovative solutions that cater to the evolving needs of businesses and organizations. The company leverages cutting-edge technology to facilitate seamless communication and enhance productivity in collaborative environments.
With a strong focus on research and development, Oblong is positioned to continue shaping the future of workplace collaboration. The company aims to further penetrate existing markets while exploring new opportunities for growth, making it a significant player within its industry. To understand more about Oblong's strategic direction and potential for success, further insights are provided below.
Mission Statement of Oblong, Inc. (OBLG)
Mission Statement of Oblong, Inc. (OBLG)
Oblong, Inc. is committed to delivering innovative solutions that enhance collaborative experiences through advanced technology. The company's mission statement reflects its dedication to providing cutting-edge products and services that empower organizations to improve communication, productivity, and efficiency. As of 2024, Oblong aims to redefine the future of collaboration by leveraging its unique technology to create immersive environments that foster teamwork and creativity.
Core Component 1: Innovation
At the heart of Oblong's mission is a strong emphasis on innovation. The company continuously invests in research and development to push the boundaries of what's possible in collaborative technology. In 2024, Oblong allocated approximately $153,000 to research and development, which represents a significant increase from previous years, highlighting its commitment to staying at the forefront of technological advancements.
Core Component 2: Quality
Oblong's mission statement also underscores the importance of quality in its products and services. The company aims to deliver high-quality solutions that meet the evolving needs of its customers. In the nine months ending September 30, 2024, Oblong reported a total revenue of $1.815 million, with a gross profit of $196,000, demonstrating its ability to maintain quality while generating sustainable revenue. Furthermore, Oblong's gross profit margin for the managed services segment was 35%, indicating efficient operations and a focus on delivering value to clients.
Core Component 3: Customer-Centricity
Finally, Oblong's mission emphasizes a customer-centric approach. The company is dedicated to understanding and addressing the unique challenges faced by its clients. This commitment is reflected in its revenue concentration, with one major customer accounting for 87% of the managed services revenue in the third quarter of 2024. By prioritizing customer needs and feedback, Oblong aims to enhance its offerings and foster long-term partnerships.
| Financial Metrics | 2024 (Q3) | 2023 (Q3) |
|---|---|---|
| Total Revenue | $1.815 million | $2.866 million |
| Gross Profit | $196,000 | $622,000 |
| Research and Development Expenses | $153,000 | $16,000 |
| Gross Profit Margin (Managed Services) | 35% | 33% |
In summary, Oblong, Inc.'s mission statement serves as a guiding light for its strategic objectives and operational practices. Through a focus on innovation, quality, and customer-centricity, the company positions itself to thrive in the competitive landscape of collaborative technology in 2024 and beyond.
Vision Statement of Oblong, Inc. (OBLG)
Vision Statement Overview
As of 2024, Oblong, Inc. (OBLG) envisions itself as a leader in innovative collaboration solutions that redefine how people connect and work together in the digital age. The company aims to transform traditional communication methods through advanced technology that enhances productivity and engagement.
Innovation and Technology Leadership
Oblong, Inc. emphasizes a commitment to cutting-edge technology that drives its products and services. The company focuses on developing unique solutions, such as its Mezzanine™ product line, which integrates visual collaboration and interactive communication tools.
For instance, Oblong reported a revenue of $1,815,000 for the nine months ended September 30, 2024, primarily from its collaboration products segment, which accounted for $275,000 of this total. This reflects the company's active pursuit of innovative offerings in the collaboration space.
Customer-Centric Approach
Central to Oblong's vision is a strong focus on customer experience. The company strives to deliver solutions that not only meet but exceed customer expectations. This is evident from the reported gross profit margin of 11% for the total revenue during the nine months ended September 30, 2024, indicating an ongoing effort to optimize offerings and enhance client satisfaction.
Sustainability and Corporate Responsibility
Oblong, Inc. is committed to sustainable practices in its operations and product development. The company integrates environmental considerations into its business strategy, aiming to minimize its carbon footprint while delivering value to customers. As part of its corporate social responsibility initiatives, Oblong has undertaken measures to reduce operational expenses, including a workforce reduction that resulted in severance costs of $106,000.
Global Reach and Market Expansion
Oblong envisions expanding its global footprint, reaching new markets to enhance its service delivery and product adoption. The company aims to leverage its technological advancements to penetrate various industries, thus increasing its market share. As of September 30, 2024, Oblong had 1,071,545 shares of common stock issued and outstanding, showcasing its growth potential within the capital markets.
Financial Performance and Growth Strategy
Oblong's financial strategy includes focusing on growth through innovation and strategic partnerships. The company's net loss for the nine months ended September 30, 2024, was reported at $3,159,000, reflecting the challenges faced during its growth phase. However, the company is optimistic about future revenue growth driven by enhanced product offerings and improved operational efficiencies.
| Financial Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Revenue | $578,000 | $872,000 |
| Gross Profit | $79,000 | $224,000 |
| Net Loss | $1,040,000 | $895,000 |
| Outstanding Shares | 1,071,545 | 573,644 |
Conclusion of Vision Statement Analysis
Oblong, Inc.'s vision statement encapsulates its commitment to innovation, customer satisfaction, sustainability, global expansion, and financial growth. The company is poised to leverage its technological advancements and market strategies to achieve its ambitious goals in the coming years.
Core Values of Oblong, Inc. (OBLG)
Core Value: Innovation
Innovation is at the heart of Oblong, Inc.'s mission, driving the development of advanced collaborative technologies. The company emphasizes continuous improvement and creativity in its product offerings.
In 2024, Oblong launched several new features for its Mezzanine™ platform, which enhanced user experience and interactivity. This included integrating AI capabilities that improved real-time collaboration functionalities. The company invested approximately $153,000 in research and development during the third quarter of 2024, reflecting its commitment to innovation.
Core Value: Customer Commitment
Oblong, Inc. prioritizes customer satisfaction and engagement, ensuring that its products meet the evolving needs of its clients. The company actively seeks feedback to refine its offerings.
In 2024, Oblong reported a customer retention rate of 85%, indicative of strong client relationships and satisfaction. The company's managed services segment generated $1,540,000 in revenue for the nine months ended September 30, 2024, showcasing the effectiveness of its customer commitment initiatives.
Core Value: Integrity
Integrity is fundamental to Oblong's operations, guiding ethical decision-making and corporate governance. The company emphasizes transparency in its communications and business practices.
In its latest financial disclosures, Oblong reported no significant legal disputes or compliance issues, reflecting its commitment to maintaining high ethical standards. Additionally, the company incurred $1,175,000 in accrued expenses, which included professional fees and compliance-related costs, underscoring its focus on integrity in financial reporting.
Core Value: Collaboration
Collaboration is central to Oblong's culture and product design, fostering teamwork internally and externally. The company encourages open communication and cooperative problem-solving.
Oblong's collaborative tools facilitated over 1,000 meetings per month in 2024, demonstrating the effectiveness of its products in enhancing teamwork. The company also reduced its operating expenses by $371,000 in the third quarter of 2024, allowing for reinvestment in collaborative initiatives.
Core Value: Accountability
Accountability at Oblong means taking responsibility for actions and outcomes. The company holds its employees to high standards and fosters a culture of ownership.
Oblong reported a net loss of $3,159,000 for the nine months ended September 30, 2024, reflecting the challenges faced but also the proactive measures taken to address operational inefficiencies. The decision to reduce the workforce by nine employees to preserve capital further exemplifies the accountability principle in action.
| Core Value | Description | 2024 Initiatives | Financial Impact |
|---|---|---|---|
| Innovation | Continuous improvement and creativity in products | Launched new features for Mezzanine™ | $153,000 R&D investment |
| Customer Commitment | Focus on customer satisfaction and engagement | Feedback-driven product refinement | $1,540,000 revenue from managed services |
| Integrity | Ethical decision-making and governance | Transparent communications | $1,175,000 accrued expenses |
| Collaboration | Teamwork and open communication | Facilitated 1,000+ meetings per month | $371,000 reduction in operating expenses |
| Accountability | Responsibility for actions and outcomes | Workforce reduction for capital preservation | $3,159,000 net loss |
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Resources:
- Oblong, Inc. (OBLG) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Oblong, Inc. (OBLG)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Oblong, Inc. (OBLG)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.