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Oblong Announces First Quarter 2020 Financial ResultsOblong (News - Alert), Inc. (NYSE American: OBLG) ("Oblong" or the "Company"), the award-winning maker of multi-stream collaboration solutions, today announced financial results for the first quarter ended March 31, 2020. Financial Highlights
"Following the merger in late 2019, we've taken significant steps to better align resources and product strategy with ever-increasing demand for distributed interactions and collaboration," said Peter Holst, Chairman & CEO of Oblong. "During the second half of 2020, our focus will be on designing and deploying new services that exponentially expand our addressable market while also investing deeply in key distribution partners who share a common vision of the distributed workforce. Our sales pipeline continues to expand, both in terms of quality and quantity, and we believe there is a significant backlog of interest in our Mezzanine solution that we will have the opportunity to pursue as the stay-at-home mandates expire," added Holst. "In fact, our aggregate qualified pipeline has increased approximately 50% since April 15th, giving us increasing optimism for the future." Non-GAAP Financial Information Adjusted EBITDA ("AEBITDA") loss, a non-GAAP financial measure, is defined as net loss before depreciation and amortization, stock-based compensation, impairment charges, severance, merger expenses and interest and other expense, net. AEBITDA loss is not intended to replace operating loss, net loss, cash flow or other measures of financial performance reported in accordance with generally accepted accounting principles (GAAP). Rather, AEBITDA loss is an important measure used by management to assess the operating performance of the Company and to compare such performance between periods. AEBITDA loss as defined here may not be comparable to similarly titled measures reported by other companies due to differences in accounting policies. Therefore, AEBITDA loss should be considered in conjunction with net loss and other performance measures prepared in accordance with GAAP, such as operating loss or cash flow provided by (used in) operating activities, and should not be considered in isolation or as a substitute for GAAP measures, such as net loss, operating loss or any other GAAP measure of liquidity or financial performance. A GAAP to non-GAAP reconciliation of net loss to AEBITDA loss is shown under "GAAP to Non-GAAP Reconciliation" later in this release. About Oblong, Inc. Oblong's innovative and patented technologies change the way people work, create, and communicate. Oblong's flagship product Mezzanine™ is a remote meeting technology platform that offers simultaneous content sharing to achieve situational awareness for both in-room and remote collaborators. Oblong supplies Mezzanine systems to Fortune 500 enterprise customers and is a Cisco (News - Alert) Solutions Plus integration partner. Learn more at www.oblong.com. Forward-looking and cautionary statements This press release and any oral statements made regarding the subject of this release contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, that address activities that Oblong assumes, plans, expects, believes, intends, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. Oblong's actual results may differ materially from its expectations, estimates and projections, and consequently you should not rely on these forward-looking statements as predictions of future events. Without limiting the generality of the foregoing, forward-looking statements contained in this press release include statements relating to (i) the availability of sufficient capital resources to fund the Company's operations for the next 12 months following the date of this release, including through cost reduction initiatives or additional financing sources, (ii) the Company's potential future growth and financial performance, and (iii) the success of its products and services. The forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events, and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. A list and description of these and other risk factors can be found in the Company's Annual Report on Form 10-K for the year ending December 31, 2019 and in other filings made by the Company with the SEC (News - Alert) from time to time, including the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2020. Any of these factors could cause Oblong's actual results and plans to differ materially from those in the forward-looking statements. Therefore, the Company can give no assurance that its future results will be as estimated. The Company does not intend to, and disclaims any obligation to, correct, update or revise any information contained herein.
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