Oblong (OBLG) Reports Q4 Revenues of $3.92M
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Oblong (NASDAQ: OBLG) reported Q4 EPS of $. Revenue for the quarter came in at $3.92 million.
Q4 2020 Financial Highlights
The Company reported the following financial results for the fourth quarter 2020:
- Fourth quarter 2020 product sales from our flagship Mezzanine™ collaboration suite increased more than 50% sequentially to over $1.6 million, versus $1.1 million for the third quarter of 2020.
- Fourth quarter 2020 total revenue increased more than 20% sequentially to over $3.9 million, versus $3.3 million for the third quarter of 2020.
- Gross profit margin increased to 59% for the fourth quarter of 2020, compared sequentially to 51% for the third quarter of 2020 and to 40% for the second quarter of 2020.
- Cash balance at December 31, 2020 was $5.3 million. As of December 31, 2020, the Company has no debt outstanding other than the Company’s $2.4 million PPP Loan, of which approximately $2.2 million is expected to be forgiven.
- Net income of $1.2 million for the fourth quarter of 2020, compared sequentially to a net loss of $2.1 million for the third quarter of 2020 and to a net loss of $3.4 million for the second quarter of 2020. During the fourth quarter of 2020, the Company recorded a non-cash gain on debt extinguishment of $3.1 million.
- Adjusted EBITDA (“AEBITDA”) loss of $0.4 million for the fourth quarter of 2020, compared sequentially to an AEBITDA loss of $1.0 million for the third quarter of 2020 and 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” for a reconciliation of this non-GAAP financial measure to net income (loss).
Additionally, on February 12, 2021, Oblong began trading on the Nasdaq Capital Market and all Series D and Series E Preferred Stock converted to common stock. As of February 12, 2021, the Company has no remaining preferred stock outstanding.
“We enter 2021 with a strong balance sheet, a pipeline for our innovative Mezzanine™ collaboration suite that is growing in terms of quality and quantity, and the best internal and partner sales organization in our company’s history,” commented Pete Holst, Chairman and CEO of Oblong. “Increasingly, enterprises are evaluating technology to boost productivity in anticipation of employees returning to work, and our solution is being actively considered as part of this growing trend. This, coupled with the strong sequential growth we delivered in the second half of 2020, give us significant and expanding optimism for the future.”
For earnings history and earnings-related data on Oblong (OBLG) click here.
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