Oblong Inc. reported Q2 2024 revenue of $0.61 million, down 36.1% from $0.96 million in Q2 2023, with a net loss of $0.98 million. Managed Services revenue declined to $0.51 million while Collaboration Products revenue fell to $0.10 million. Gross profit margin improved to 20% from 13% year-over-year, though operating expenses remained high at $1.14 million.The company's Managed Services segment continues to face customer attrition and pricing pressures, with one customer accounting for 97% of segment revenue. The Collaboration Products segment saw reduced demand for Mezzanine products, attributed to fundamental changes in office space utilization following COVID-19 and shifting customer priorities regarding in-person collaboration technologies.Management maintains sufficient liquidity with $5.86 million in cash as of June 30, 2024, expected to fund operations through 2025. The company is actively exploring strategic alternatives including potential business combinations, reverse mergers, or company sale, though notes there is no guarantee of a definitive transaction. Oblong must also address Nasdaq listing compliance by September 16, 2024, requiring a minimum $1.00 share price for at least 10 consecutive days.

Oblong Inc. reported Q2 2024 revenue of $0.61 million, down 36.1% from $0.96 million in Q2 2023, with a net loss of $0.98 million. Managed Services revenue declined to $0.51 million while Collaboration Products revenue fell to $0.10 million. Gross profit margin improved to 20% from 13% year-over-year, though operating expenses remained high at $1.14 million.The company's Managed Services segment continues to face customer attrition and pricing pressures, with one customer accounting for 97% of segment revenue. The Collaboration Products segment saw reduced demand for Mezzanine products, attributed to fundamental changes in office space utilization following COVID-19 and shifting customer priorities regarding in-person collaboration technologies.Management maintains sufficient liquidity with $5.86 million in cash as of June 30, 2024, expected to fund operations through 2025. The company is actively exploring strategic alternatives including potential business combinations, reverse mergers, or company sale, though notes there is no guarantee of a definitive transaction. Oblong must also address Nasdaq listing compliance by September 16, 2024, requiring a minimum $1.00 share price for at least 10 consecutive days.