Oblong (OBLG) Misses Q1 EPS by 9c, Revenues Miss

May 13, 2021 4:25 PM EDT
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Oblong (NASDAQ: OBLG) reported Q1 EPS of ($0.23), $0.09 worse than the analyst estimate of ($0.14). Revenue for the quarter came in at $1.92 million versus the consensus estimate of $3.67 million.

“As each month passes, enterprises are getting closer to a broad return to office environments. We are confident that the ‘return to the office’ will be a substantial catalyst for the acceleration of our business,” commented Pete Holst, Chairman and CEO of Oblong. “There are thousands of conference rooms where Mezzanine’s unique collaboration technology can be deployed when office reopenings occur. Further, as a natural and critically important extension of the Mezzanine conference room hubs, are the tens of thousands of team members that will, upon commercial launch, be able to enjoy the benefits of Mezzanine through our cloud offering designed for team members working remotely. Our growing, vertically-diverse pipeline of opportunities that address both in-room and hybrid next generation collaboration for the hybrid worker supports this optimism. Transforming team collaboration remains a priority for companies in our target market and, while ‘return to office’ announcements are encouraging, the actual re-openings are progressing at a measured and cautious pace. While near-term visibility into market re-openings remains uncertain, we are confident that our long-term vision that Mezzanine and the Mezzanine Cloud solution being developed will be an essential part of how team members engage with data to inform critical business decisions.

“Building on years of data from our Fortune 500 customer base, including specific feedback from our largest opportunities, it’s clear our development initiatives to create cloud-centric offerings are critical and, moreover, need to accelerate,” continued Holst. “Oblong’s DNA is rooted in creating unique and highly engaging user experiences that maximize audience interaction and participation. Over the coming months we will be aggressively testing and iterating our next gen cloud services in lock step with customer feedback. The path to innovation and growth for many companies begins with changing the status quo and equipping teams with technology that accelerates all forms of decision making.”

For earnings history and earnings-related data on Oblong (OBLG) click here.

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