Oblong, Inc.
For the period ended Jun 30, 2025. Filed Aug 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 14, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-13.
0001437749-25-016275
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001437749-25-026680
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 46 previous paragraphs and 63 current paragraphs.
21 unchanged; 20 reworded; 10 added; 4 removed; 1 previous and 12 current paragraphs rearranged.
Tables are not compared: 9 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Oblong is building a robust cryptocurrency treasury focused on decentralized artificial intelligence ("AI") and the acquisition of $TAO, the native cryptocurrency of Bittensor, a decentralized blockchain network for machine learning and AI. The Company also provides innovative video collaboration and network solutions, centered around our patented Mezzanine™ product line and managed services.
Current report
In conjunction with Company's June 2025 private placement, the Company has started to migrate its product focus from Mezzanine™ and related services to the AI and digital assets market.
Current report
Oblong envisions a dynamic integration into the Bittensor ecosystem, embracing its decentralized AI network to build a thriving and sustainable future. By staking $TAO tokens within Bittensor’s framework, the Company seeks to create a robust foundation that could fuel long-term growth and engagement, focusing on internal initiatives and collaborative partnerships to amplify its impact in the decentralized AI landscape. The Company is also exploring partnerships within the Bittensor ecosystem to potentially develop technology offerings, further aligning its operational and treasury strategies.
Current report
The Company aims to act as a central catalyst, uniting community engagement, user empowerment, and technical expertise within subnets. It seeks to foster collaboration through vibrant spaces for knowledge-sharing, equip users with intuitive tools to seamlessly explore the ecosystem, and contribute operational insights to enhance decentralized AI. By harmonizing these efforts, Oblong hopes to spark innovation, deepen connections across Bittensor’s network, and become a tangible contributor in shaping the future of decentralized intelligence, creating an inclusive environment where creativity and participation thrive.
Current report
Oblong’s Results of Operations
Current report
Six Months Ended June 30, 2025,compared to the Six Months Ended June 30, 2024
Current report
Segment Reporting
Current report
Managed Services
Current report
Collaboration Products
Current report
*Other Income, Net.*Other income, net for the six months ended June 30, 2025, and the six months ended June 30, 2024, is primarily comprised of interest income related to our cash accounts and unrealized gains on our digital assets.
Removed paragraphs (4)
Previous report
Our exploration of strategic alternatives is diverse, encompassing the consideration of a range of transformative actions. These include the possibility of a business combination, where we might merge with or be acquired by another company; a reverse merger, where a private company merges with us to become public without going through the traditional initial public offering process; or outright sale of the company. Each option is being carefully evaluated to ensure it aligns with our overarching goal of sustainable growth and value creation.
Previous report
Our strategy for growth is twofold: (i) we aim to grow organically by expanding our market presence and increasing adoption of our products and services, and (ii) we are actively seeking inorganic growth opportunities through strategic partnerships or acquisitions. Specifically, we are interested in early-stage technology companies that are not just innovating but have also developed minimum viable products (MVPs) that have gained some measure of market acceptance. These companies may complement our existing offerings, but could also open new avenues for expansion by tapping into significant market opportunities.
Previous report
In our quest to find the right partners or acquisition targets, we are particularly focused on ventures that have demonstrated their ability to innovate and capture early-stage interest of their target markets, indicating a clear path to scalability and a substantial market presence.
Previous report
However, it’s important to note that while we are committed to this strategic review process, there is no guaranteed outcome. The process of identifying and executing on the right strategic alternative, whether it be a merger, sale, or business combination, is complex and uncertain. We want our shareholders to understand that, despite our best efforts, there is no assurance that this strategic review will culminate in a definitive transaction involving the Company. Our priority remains clear: to explore every avenue that could potentially enhance the value we deliver to our shareholders and ensure the long-term success of our Company.
Reworded paragraphs (20)
Previous wording
Historically, customers have used Mezzanine™ products in traditional office and operating center environments such as conference rooms or other presentation spaces. Sales of our Mezzanine product have been adversely affected during the last several years by the commercial response to the COVID-19 pandemic and its aftermath. Like many technology companies in recent months, we will continue to monitor and manage our costs relative to demand with the goal of growing the Company’s revenue in the future. To the extent we believe new investments in product development, marketing, or sales are warranted as a result of changes in market demand, we believe additional capital will be required to fund those efforts and our ongoing operations.
Current wording
Historically, customers have used Mezzanine™ products in traditional office and operating center environments such as conference rooms or other presentation spaces. Sales of our Mezzanine™ product have been adversely affected during the last several years by the commercial response to the COVID-19 pandemic and its aftermath. Like many technology companies in recent months, we will continue to monitor and manage our costs relative to demand with the goal of growing the Company’s revenue in the future. We are not currently investing in research and development or sales and marketing for our Mezzanine™ product. To the extent we believe new investments in these areas are warranted as a result of changes in market demand, we believe additional capital will be required to fund those efforts and our ongoing operations.
Previous wording
During the last several years, our Company has experienced declining revenues for both our Mezzanine™ product offerings and our Managed Services. These setbacks have prompted us to undertake a comprehensive review of our strategic direction with the aim of enhancing shareholder value through various means.
Current wording
During the last several years, the Company has faced declining revenues for both our Mezzanine product offering and our Managed Services. These setbacks prompted us to undertake a comprehensive review of our strategic direction with the aim of enhancing shareholder value through various means.
Previous wording
Three Months Ended March 31, 2025 (the*** “2025 First Quarter”) compared to the Three Months Ended March 31, 2024*** (the**“2024 First Quarter”)
Current wording
Three Months Ended June 30, 2025 (the*** “2025 Second Quarter”), compared to the Three Months Ended June 30, 2024*** (the**“2024 Second Quarter”)
Previous wording
The Company currently operates in two segments for purposes of segment reporting: (1) “Collaboration Products,” which represents the Oblong Industries business surrounding our Mezzanine™ product offerings, and (2) “Managed Services,” which represents the Oblong (formerly Glowpoint) business surrounding managed services for network solutions and video collaboration.
Current wording
The Company currently operates in two segments for purposes of segment reporting: (1) “Collaboration Products,” which represents the Oblong Industries business surrounding our Mezzanine™ product offerings, and (2) “Managed Services,” which represents the Oblong business surrounding managed services for network solutions and video collaboration. The Company has included its digital asset operations in its non-segmented corporate activities.
Previous wording
In 2024, we adopted Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. As part of our adoption of ASU 2023-07 and the Chief Operating Decision Maker’s evaluation of segment performance for the 2025 First Quarter and the 2024 First Quarter, we updated certain segment information for 2025 and recast certain prior period segment information from 2024 to conform with our current period segment presentation.
Current wording
In 2024, we adopted Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. As part of our adoption of ASU 2023-07 and the Chief Operating Decision Maker’s evaluation of segment performance for the 2025 Second Quarter and the 2024 Second Quarter, we updated certain segment information for 2025 and recast certain prior period segment information from 2024 to conform with our current period segment presentation.
Previous wording
The following table summarizes the key income statement components that we use to evaluate our financial performance on a consolidated and reportable segment basis for the 2025 First Quarter and the 2024 First Quarter (in thousands):
Current wording
The following table summarizes the key income statement components that we use to evaluate our financial performance on a consolidated and reportable segment basis for the 2025 Second Quarter and the 2024 Second Quarter (in thousands):
Previous wording
*Revenue.*Total revenue decreased 1% in the 2025 First Quarter compared to the 2024 First Quarter. The following table summarizes the changes in components of our revenue (in thousands), and the significant changes in revenue are discussed in more detail below.
Current wording
*Revenue.*Total revenue decreased 3% in the 2025 Second Quarter compared to the 2024 Second Quarter. The following table summarizes the changes in components of our revenue (in thousands), and the significant changes in revenue are discussed in more detail below.
Previous wording
The decrease in our consolidated cost of revenue is mainly attributable to lower costs related to our Collaboration Products segment. Our consolidated gross profit as a percentage of revenue was 40% in the 2025 First Quarter compared to a negative consolidated gross profit as a percentage of revenue of 0.5% in the 2024 First Quarter.
Current wording
The decrease in our consolidated cost of revenue is mainly attributable to lower costs related to our Collaboration Products segment. Our consolidated gross profit as a percentage of revenue was 38% in the 2025 Second Quarter, compared to a consolidated gross profit as a percentage of revenue of 20% in the 2024 Second Quarter.
Previous wording
Our Managed Services segment recorded a 27% gross profit as a percentage of sales for the 2025 First Quarter compared to 29% in the 2024 First Quarter. This decrease was primarily due to the reallocation of personnel expenses following our reduction in headcount in September 2024.
Current wording
Our Managed Services segment recorded a 28% gross profit as a percentage of sales for the 2025 Second Quarter, compared to 35% in the 2024 Second Quarter. This decrease was primarily due to the reallocation of personnel expenses following our reduction in headcount in September 2024.
Previous wording
Our Collaboration Products segment recorded a gross profit as a percentage of sales of 98% for the 2025 First Quarter compared to a negative gross profit as a percentage of sales of 150% in the 2024 First Quarter. This increase was mainly attributable to a decrease in personnel costs in the 2025 First Quarter related to headcount reductions in September 2024 and a reduction in the expense related to our inventory obsolescence reserve of $98,000 in the 2025 First Quarter compared to the 2024 First Quarter.
Current wording
Our Collaboration Products segment recorded a gross profit as a percentage of sales of 96% for the 2025 Second Quarter, compared to a negative gross profit as a percentage of sales of 55% in the 2024 Second Quarter. This increase was mainly attributable to a decrease in personnel costs in the 2025 Second Quarter related to headcount reductions in September 2024 and a reduction in the expense related to our inventory obsolescence reserve of $19,000 in the 2025 Second Quarter compared to the 2024 Second Quarter.
Previous wording
Research and Development. Research and development expenses include internal and external costs related to developing features and enhancements to our existing product offerings. The decrease in research and development expenses for the 2025 First Quarter compared to the 2024 First Quarter is primarily attributable to a decrease in consulting and outsourced labor costs between these periods.
Current wording
Research and Development. Research and development expenses include internal and external costs related to developing features and enhancements to our existing product offerings. The decrease in research and development expenses for the 2025 Second Quarter compared to the 2024 Second Quarter is primarily attributable to a decrease in consulting and outsourced labor costs between these periods.
Previous wording
Sales and Marketing Expenses. The decrease in sales and marketing expenses for the 2025 First Quarter compared to the 2024 First Quarter is primarily attributable to reduced personnel expenses during the 2025 First Quarter related to headcount reductions in September 2024.
Current wording
Sales and Marketing Expenses. The decrease in sales and marketing expenses for the 2025 Second Quarter compared to the 2024 Second Quarter is primarily attributable to reduced personnel expenses during the 2025 Second Quarter related to headcount reductions in September 2024.
Previous wording
General and Administrative Expenses. General and administrative expenses include direct corporate expenses and personnel costs in the various corporate support categories, including executive, finance and accounting, legal, human resources, and information technology. The decrease in general and administrative expenses for the 2025 First Quarter compared to the 2024 First Quarter is primarily attributable to reduced personnel expenses related to headcount reductions in September 2024, and reduced stock compensation expense as a result of stock options being fully expensed.
Current wording
General and Administrative Expenses. General and administrative expenses include direct corporate expenses and personnel costs in the various corporate support categories, including executive, finance and accounting, legal, human resources, and information technology. The decrease in general and administrative expenses for the 2025 Second Quarter compared to the 2024 Second Quarter is primarily attributable to reduced personnel expenses related to headcount reductions in September 2024, and reduced stock compensation expense as a result of stock options being fully expensed.
Previous wording
*Interest Income, Net.*Interest income, net for the 2025 First Quarter and the 2024 First Quarter, is primarily comprised of interest income related to our cash accounts.
Current wording
*Other Income, Net.*Other income, net for the 2025 Second Quarter and the 2024 Second Quarter, is primarily comprised of interest income related to our cash accounts and the unrealized gains on our digital assets.
Previous wording
*Loss from Operations.*The decrease in the Company’s loss from operations for the 2025 First Quarter compared to the 2024 First Quarter is mainly attributable to an increase in gross profit and a decrease in operating expenses.
Current wording
*Loss from Operations.*The decrease in the Company’s loss from operations for the 2025 Second Quarter compared to the 2024 Second Quarter is mainly attributable to an increase in gross profit and a decrease in operating expenses.
Previous wording
There have been no changes to our critical accounting policies during the 2025 First Quarter. Critical accounting policies and the significant estimates made in accordance with such policies are regularly discussed with our Audit Committee. Those policies are discussed under “Critical Accounting Policies” in “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” as well as in our Condensed Consolidated Financial Statements and the footnotes thereto, each included in our 2024 Annual Report.
Current wording
During the six months ended June 30, 2025, we adopted critical accounting policies related to our digital assets. Please refer toNote 1 - Business Description and Significant Accounting Policies -Digital Assets for further information. Critical accounting policies and the significant estimates made in accordance with such policies are regularly discussed with our Audit Committee. Those policies are discussed under “Critical Accounting Policies” in “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” as well as in our Condensed Consolidated Financial Statements and the footnotes thereto, each included in our 2024 Annual Report.
Previous wording
As of March 31, 2025, we had $4,316,000 in cash and cash equivalents and working capital of $3,345,000. For the 2025 First Quarter, we incurred a net loss of $672,000, and we used $680,000 of net cash in operating activities.
Current wording
As of June 30, 2025, we had $10,795,000 in cash and cash equivalents and working capital of $11,247,000. For the six months ended June 30, 2025, we incurred a net loss of $1,277,000, and we used $717,000 of net cash in operating activities.
Previous wording
Financing activities provided $31,000 of net cash for the 2025 First Quarter, consisting of net proceeds from warrant exercises.
Current wording
Financing activities provided $8,197,000 of net cash for the six months ended June 30, 2025, consisting of net proceeds from the 2025 Private Placement and warrant exercises.
Previous wording
In April 2025, 165,000 Common Warrants were exercised, at a price of $3.41 per share, for 165,000 shares of Common Stock. The Company received gross and net proceeds of $598,000 and $520,000, respectively.
Current wording
In July 2025, 116,861 Common Warrants were exercised, at a price of $3.41 per share, for 116,861 shares of Common Stock. The Company received gross and net proceeds of $399,000 and $367,000, respectively. In July 2025, 575 Preferred Warrants were exercised at a price of $975 per share, for 575 shares of Series F Preferred Stock. The Company received gross and net proceeds of $561,000 and $516,000, respectively.
Previous wording
We believe our existing cash and cash equivalents will be sufficient to fund our operations and meet our working capital requirements into the fourth quarter of 2026. In the long term, we believe additional capital will be required to fund operations and provide growth capital, including our pursuit of potential strategic alternatives and investments in technology, product development, and sales and marketing. To access capital to fund operations or provide growth capital, we will need to raise capital from the exercise of outstanding common and/or preferred warrants, and/or in one or more debt and/or equity offerings. There can be no assurance that we will be successful in raising the necessary capital or that any such offering will be on terms acceptable to the Company. If we are unable to raise additional capital that may be needed on terms acceptable to us, it could have a material adverse effect on the Company.
Current wording
We believe our existing cash and cash equivalents will be sufficient to fund our operations and meet our working capital requirements for at least the next twelve months from the filing of this Report. This assessment is based on current market conditions, regulatory environment, and the Company's operational plans, all of which are subject to change. In the long term, we believe additional capital will be required to fund operations and provide growth capital, including increasing the size of our cryptocurrency treasury. To access capital to fund operations or provide growth capital, we will need to raise capital from the exercise of outstanding common and/or preferred warrants, and/or in one or more debt and/or equity offerings. There can be no assurance that we will be successful in raising the necessary capital or that any such offering will be on terms acceptable to the Company. If we are unable to raise additional capital that may be needed on terms acceptable to us, it could have a material adverse effect on the Company.
Rearranged current paragraphs (12)
Current report — wording carried from elsewhere
In 2024, we adopted Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. As part of our adoption of ASU 2023-07 and the Chief Operating Decision Maker’s evaluation of segment performance for the six months ended June 30, 2025, and 2024, we updated certain segment information for 2025 and recast certain prior period segment information from 2024 to conform with our current period segment presentation.
Current report — wording carried from elsewhere
The following table summarizes the key income statement components that we use to evaluate our financial performance on a consolidated and reportable segment basis for the six months ended June 30, 2025, and 2024 (in thousands):
Current report — wording carried from elsewhere
*Revenue.*Total revenue decreased 2% in the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The following table summarizes the changes in components of our revenue (in thousands), and the significant changes in revenue are discussed in more detail below.
Current report — wording carried from elsewhere
*Cost of Revenue.*Cost of revenue includes all internal and external costs related to the delivery of revenue. Cost of revenue also includes taxes, which have been billed to customers. Cost of revenue by segment is presented in the following table (in thousands):
Current report — wording carried from elsewhere
The decrease in our consolidated cost of revenue is mainly attributable to lower costs related to our Collaboration Products segment. Our consolidated gross profit as a percentage of revenue was 39% in the six months ended June 30, 2025, compared to a consolidated gross profit as a percentage of revenue of 9% in the six months ended June 30, 2024.
Current report — wording carried from elsewhere
Our Managed Services segment recorded a 27% gross profit as a percentage of sales for the six months ended June 30, 2025, compared to 32% in the six months ended June 30, 2024. This decrease was primarily due to the reallocation of personnel expenses following our reduction in headcount in September 2024.
Current report — wording carried from elsewhere
Our Collaboration Products segment recorded a gross profit as a percentage of sales of 97% for the six months ended June 30, 2025, compared to a negative gross profit as a percentage of sales of 103% in the six months ended June 30, 2024. This increase was mainly attributable to a decrease in personnel costs in the six months ended June 30, 2025, related to headcount reductions in September 2024 and a reduction in the expense related to our inventory obsolescence reserve of $117,000 in the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Current report — wording carried from elsewhere
Operating expenses are presented in the following table (in thousands):
Current report — wording carried from elsewhere
Research and Development. Research and development expenses include internal and external costs related to developing features and enhancements to our existing product offerings. The decrease in research and development expenses for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, is primarily attributable to a decrease in consulting and outsourced labor costs between these periods.
Current report — wording carried from elsewhere
Sales and Marketing Expenses. The decrease in sales and marketing expenses for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, is primarily attributable to reduced personnel expenses related to headcount reductions in September 2024.
Current report — wording carried from elsewhere
General and Administrative Expenses. General and administrative expenses include direct corporate expenses and personnel costs in the various corporate support categories, including executive, finance and accounting, legal, human resources, and information technology. The decrease in general and administrative expenses for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, is primarily attributable to reduced personnel expenses related to headcount reductions in September 2024, and reduced stock compensation expense as a result of stock options being fully expensed.
Current report — wording carried from elsewhere
*Loss from Operations.*The decrease in the Company’s loss from operations for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, is mainly attributable to an increase in gross profit and a decrease in operating expenses.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
We are a provider of patented multi-stream collaboration products and managed services for video collaboration and network solutions. The Company currently operates in two segments: (1) “Collaboration Products,” which represents the business surrounding our Mezzanine™ product offerings, and (2) “Managed Services,” which represents the business surrounding managed services for video collaboration and network solutions.