Oblong Inc. reported full year 2024 revenue of $2.4 million, down 38% from $3.8 million in 2023, primarily due to lower demand for Mezzanine collaboration products and managed services. Gross margin declined to 14% from 24% in the prior year, impacted by inventory charges in the Collaboration Products segment.Operating expenses decreased 16% to $4.5 million, driven by reduced personnel costs, office expenses and stock compensation. The company's net loss narrowed to $4.0 million from $4.4 million in 2023. Cash and equivalents stood at $5.0 million as of December 31, 2024, which management believes will fund operations into mid-2026.The company continues to face challenges from declining revenue in both segments, with Managed Services revenue down 18% to $2.1 million and Collaboration Products revenue down 76% to $0.3 million. Management attributes the Mezzanine product decline to changing workplace dynamics post-COVID and is exploring strategic alternatives including potential business combinations while implementing cost reduction initiatives.

Oblong Inc. reported full year 2024 revenue of $2.4 million, down 38% from $3.8 million in 2023, primarily due to lower demand for Mezzanine collaboration products and managed services. Gross margin declined to 14% from 24% in the prior year, impacted by inventory charges in the Collaboration Products segment.Operating expenses decreased 16% to $4.5 million, driven by reduced personnel costs, office expenses and stock compensation. The company's net loss narrowed to $4.0 million from $4.4 million in 2023. Cash and equivalents stood at $5.0 million as of December 31, 2024, which management believes will fund operations into mid-2026.The company continues to face challenges from declining revenue in both segments, with Managed Services revenue down 18% to $2.1 million and Collaboration Products revenue down 76% to $0.3 million. Management attributes the Mezzanine product decline to changing workplace dynamics post-COVID and is exploring strategic alternatives including potential business combinations while implementing cost reduction initiatives.