The company exhibits extreme operational inefficiency, evidenced by a deeply negative operating margin of -133.4% in 2025Q3 despite a modest 40.6% gross margin.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'95 | Dec'94 |
|---|
| Sales/Revenue | 2.38M | 2.38M | 3.81M | 5.48M | 7.74M | 15.33M | 12.83M | 12.56M | 14.8M | 19.22M | 25.54M | 32.16M | 33.45M | 29.07M | 27.81M | 27.55M | 26.54M | 24.54M | 22.79M | 19.51M | 17.73M | 16M | 10.31M | 82.75M | 88.92M | 56.03M | 35.5M | 58M | 49.9M | 7M | 4.1M |
| Revenue Growth % | -13.81% | -37.59% | -30.42% | -29.24% | -49.53% | 19.54% | 2.15% | -15.15% | -22.99% | -24.76% | -20.57% | -3.88% | 15.08% | 4.55% | 0.93% | 3.81% | 8.16% | 7.66% | 16.82% | 10.01% | 10.88% | 55.13% | -87.54% | -6.94% | 58.68% | 57.84% | -38.79% | 16.23% | 612.86% | 70.73% | - |
| Cost of Goods Sold | 1.52M | 2.05M | 2.9M | 3.93M | 5.02M | 7.28M | 7.43M | 7.6M | 8.61M | 11.68M | 14.84M | 18.29M | 19.5M | 9.51M | 16.74M | 19.61M | 19.31M | 14.34M | 15.21M | 13.58M | 14.98M | 12.84M | 10.06M | 61.62M | 62.08M | 36.35M | 24.7M | 24.5M | 22.6M | 4.2M | 2.6M |
| COGS % of Revenue | - | 86.08% | 76.09% | 71.77% | 64.88% | 47.48% | 57.9% | 60.51% | 58.15% | 60.79% | 58.12% | 56.89% | 58.3% | 32.72% | 60.2% | 71.2% | 72.77% | 58.43% | 66.74% | 69.62% | 84.49% | 80.29% | 97.59% | 74.47% | 69.82% | 64.87% | 69.58% | 42.24% | 45.29% | 60% | 63.41% |
| Gross Profit | 856K | 331K | 911K | 1.55M | 2.72M | 8.05M | 5.4M | 4.96M | 6.19M | 7.54M | 10.7M | 13.86M | 13.95M | 19.56M | 11.07M | 7.93M | 7.23M | 10.2M | 7.58M | 5.93M | 2.75M | 3.15M | 248.86K | 21.13M | 26.83M | 19.69M | 10.8M | 33.5M | 27.3M | 2.8M | 1.5M |
| Gross Margin % | 36% | 13.92% | 23.91% | 28.23% | 35.12% | 52.52% | 42.1% | 39.49% | 41.85% | 39.21% | 41.88% | 43.11% | 41.7% | 67.28% | 39.8% | 28.8% | 27.23% | 41.57% | 33.26% | 30.38% | 15.51% | 19.71% | 2.41% | 25.53% | 30.18% | 35.13% | 30.42% | 57.76% | 54.71% | 40% | 36.59% |
| Gross Profit Growth % | - | -63.67% | -41.07% | -43.12% | -66.25% | 49.13% | 8.89% | -19.93% | -17.82% | -29.55% | -22.83% | -0.63% | -28.67% | 76.7% | 39.48% | 9.81% | -29.16% | 34.56% | 27.87% | 115.49% | -12.74% | 1166.84% | -98.82% | -21.27% | 36.31% | 82.27% | -67.76% | 22.71% | 875% | 86.67% | - |
| Operating Expenses | 3.96M | 4.53M | 5.41M | 23.53M | 14.51M | 18.12M | 12.97M | 6.61M | 6.85M | 8.95M | 11.05M | 12.7M | 15.39M | 20.15M | 10.6M | 10.55M | 6.21M | 13.41M | 12.2M | 14.44M | 19.39M | 17.95M | 14.51M | 75.23M | 40.2M | 21.94M | 17.7M | 31.5M | 26.8M | 2M | 1.5M |
| OpEx % of Revenue | - | 190.62% | 141.89% | 429.77% | 187.52% | 118.16% | 101.15% | 52.61% | 46.27% | 46.55% | 43.26% | 39.51% | 46.01% | 69.33% | 38.11% | 38.29% | 23.41% | 54.64% | 53.53% | 73.98% | 109.33% | 112.24% | 140.7% | 90.91% | 45.21% | 39.16% | 49.86% | 54.31% | 53.71% | 28.57% | 36.59% |
| Selling, General & Admin | 3.95M | 4.38M | 5.18M | 6.71M | 8.56M | 10.12M | 7.31M | 4.93M | 4.08M | 5.87M | 7.46M | 8.95M | 11.87M | 18.07M | 9.16M | 9.47M | 7.66M | 12.34M | 11.39M | 13.62M | 18.15M | 16.52M | 11.87M | 33.86M | 37.52M | 18.67M | 17.1M | 28.5M | 25.6M | 1.9M | 1.4M |
| SG&A % of Revenue | - | 184.1% | 135.93% | 122.52% | 110.58% | 65.98% | 57.01% | 39.26% | 27.56% | 30.54% | 29.22% | 27.83% | 35.48% | 62.15% | 32.95% | 34.38% | 28.85% | 50.31% | 49.98% | 69.8% | 102.33% | 103.28% | 115.09% | 40.92% | 42.2% | 33.32% | 48.17% | 49.14% | 51.3% | 27.14% | 34.15% |
| Research & Development | 11K | 155K | 20K | 1.7M | 2.91M | 3.71M | 2.02M | 921K | 1.15M | 1.12M | 1.35M | 1.02M | 662K | 0 | 0 | 0 | 0 | 1.06M | 810K | 816K | 1.24M | 1.43M | 1.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 6.52% | 0.52% | 31.03% | 37.64% | 24.2% | 15.77% | 7.33% | 7.76% | 5.81% | 5.29% | 3.17% | 1.98% | - | - | - | - | 4.33% | 3.55% | 4.18% | 7% | 8.96% | 12.23% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 207K | 15.13M | 3.04M | 4.29M | 3.64M | 755K | 1.62M | 1.96M | -10K | -18K | 2.86M | 2.08M | 1.44M | 1.08M | -1.44M | 0 | 0 | 0 | 0 | 0 | 1.38M | 41.37M | 2.68M | 3.27M | 600K | 3M | 1.2M | 100K | 100K |
| Operating Income | -3.1M | -4.2M | -4.5M | -21.99M | -11.79M | -10.06M | -7.57M | -1.65M | -2.37M | -2.08M | -489K | -1.18M | -1.44M | -596K | 470K | -2.62M | 1.01M | -3.21M | -4.62M | -8.51M | -16.64M | -14.8M | -14.26M | -55.06M | -13.37M | -2.26M | -6.9M | 2M | 500K | 800K | 0 |
| Operating Margin % | -130.53% | -176.7% | -117.98% | -401.53% | -152.4% | -65.64% | -59.05% | -13.12% | -15.99% | -10.85% | -1.91% | -3.68% | -4.31% | -2.05% | 1.69% | -9.49% | 3.81% | -13.07% | -20.27% | -43.6% | -93.82% | -92.53% | -138.29% | -66.54% | -15.04% | -4.03% | -19.44% | 3.45% | 1% | 11.43% | - |
| Operating Income Growth % | - | 6.52% | 79.56% | -86.43% | -17.19% | -32.88% | -359.87% | 30.42% | -13.53% | -326.38% | 58.7% | 17.89% | -141.95% | -226.81% | 117.97% | -358.4% | 131.56% | 30.6% | 45.68% | 48.87% | -12.42% | -3.8% | 74.1% | -311.84% | -492.18% | 67.28% | -445% | 300% | -37.5% | - | - |
| EBITDA | -4.55M | -3.86M | -4.15M | -20.09M | -9.06M | -5.92M | -6.25M | -892K | -746K | -126K | 1.75M | 1.55M | 1.42M | 1.49M | 1.91M | -1.54M | 2.07M | -1.95M | -2.62M | -6.17M | -14.35M | -6.08M | -7.01M | -49.91M | -6.27M | 1.01M | -6.3M | 5M | 1.7M | 900K | 100K |
| EBITDA Margin % | -191.21% | -162.2% | -108.92% | -366.78% | -117.04% | -38.63% | -48.75% | -7.1% | -5.04% | -0.66% | 6.84% | 4.82% | 4.24% | 5.12% | 6.85% | -5.58% | 7.79% | -7.93% | -11.51% | -31.63% | -80.89% | -37.99% | -67.94% | -60.32% | -7.05% | 1.81% | -17.75% | 8.62% | 3.41% | 12.86% | 2.44% |
| EBITDA Growth % | -8.13% | 7.06% | 79.34% | -121.74% | -52.93% | 5.28% | -601.01% | -19.57% | -492.06% | -107.22% | 12.57% | 9.38% | -4.77% | -21.88% | 224.01% | -174.32% | 206.27% | 25.81% | 57.49% | 56.98% | -136.04% | 13.25% | 85.96% | -696.17% | -718.83% | 116.08% | -226% | 194.12% | 88.89% | 800% | - |
| D&A (Non-Cash Add-back) | 0 | 345K | 345K | 1.9M | 2.74M | 4.14M | 1.32M | 755K | 1.62M | 1.96M | 2.23M | 2.73M | 2.86M | 2.08M | 1.44M | 1.08M | 1.06M | 1.26M | 2M | 2.34M | 2.29M | 8.72M | 7.25M | 5.15M | 7.1M | 3.27M | 600K | 3M | 1.2M | 100K | 100K |
| EBIT | -4.55M | -4.03M | -4.33M | -21.93M | -9.12M | -6.97M | -7.57M | -6.26M | 6.68M | -2.08M | -489K | -1.29M | -2.31M | -713K | 436K | -2.62M | -547K | -3.21M | -4.62M | -8.51M | -16.64M | -17.09M | -14.26M | -54.1M | -12.77M | -2.43M | -431.83K | -774K | -1.5M | 800K | 0 |
| Net Interest Income | 147K | 169K | 138K | 40K | 205K | -352K | -187K | -580K | -1.12M | -1.53M | -1.48M | -1.41M | -2.9M | -574K | -129K | -126K | -218K | -1.5M | -5.98M | -3.89M | 97K | -20.35K | -1.02M | -360.15K | -521.22K | 236.93K | 0 | -500K | 0 | 0 | 0 |
| Interest Income | 147K | 169K | 166K | 59K | 227K | 0 | 0 | 0 | 0 | 0 | 0 | 5K | 1K | 5K | -62K | 0 | 1.56M | 18K | 59K | 83K | 100K | 41.52K | 7K | 71.64K | 76.93K | 314.99K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 28K | 19K | 22K | 352K | 187K | 580K | 1.12M | 1.53M | 1.39M | 1.33M | 1.93M | 426K | 67K | 102K | 99K | 4.54M | 6.04M | 3.97M | 3K | 61.87K | 1.03M | 431.79K | 598.15K | 78.06K | 4.6M | 500K | 300K | 0 | 0 |
| Other Income/Expense | -1.34M | 169K | 138K | 40K | 2.65M | 2.75M | -187K | -415K | 7.92M | -1.53M | -1.48M | -1.43M | -2.8M | -574K | -62K | -160K | -1.62M | -4.11M | -850K | -2.28M | 205K | 508.1K | -3.38M | -522.19K | -621.13K | -106.86K | 6.27M | 0 | -300K | 0 | 0 |
| Pretax Income | -4.44M | -4.03M | -4.36M | -21.95M | -9.14M | -7.32M | -7.76M | -7.16M | 5.55M | -3.61M | -1.97M | -2.62M | -4.24M | -1.17M | 408K | -2.67M | 1.01M | -2.8M | -5.47M | -10.79M | -16.43M | -14.29M | -17.64M | -55.58M | -13.99M | -2.02M | -7.5M | 2M | 500K | 800K | 0 |
| Pretax Margin % | -186.84% | -169.6% | -114.36% | -400.8% | -118.12% | -47.73% | -60.51% | -56.98% | 37.54% | -18.79% | -7.72% | -8.14% | -12.68% | -4.02% | 1.47% | -9.7% | 3.81% | -11.4% | -24% | -55.3% | -92.66% | -89.36% | -171.11% | -67.17% | -15.73% | -3.61% | -21.13% | 3.45% | 1% | 11.43% | - |
| Income Tax | 8K | 10K | 27K | -7K | -90K | 103K | 0 | 13K | -230K | -79K | 170K | 139K | -30K | -2.22M | 96K | 4K | 2.92M | -836K | 0 | 0 | 0 | 212K | 0 | 0 | -200K | 511.24K | 400K | 8.5M | 700K | 300K | 0 |
| Effective Tax Rate % | -0.18% | -0.25% | -0.62% | 0.03% | 0.98% | -1.41% | 0% | -0.18% | -4.14% | 2.19% | -8.62% | -5.31% | 0.71% | 189.83% | 23.53% | -0.15% | 288.54% | 29.88% | 0% | 0% | 0% | -1.48% | 0% | 0% | 1.43% | -25.3% | -5.33% | 425% | 140% | 37.5% | - |
| Net Income | -4.45M | -4.04M | -4.38M | -21.94M | -9.05M | -7.42M | -7.76M | -7.17M | 5.79M | -3.53M | -2.14M | -2.75M | -4.21M | 1.05M | 369K | -2.66M | -547K | -7.32M | -5.47M | -10.79M | -16.43M | -17.41M | -22.44M | -58.57M | -14.53M | -2.53M | -11.9M | -2.8M | 100K | 500K | 0 |
| Net Margin % | -187.17% | -170.02% | -115.07% | -400.68% | -116.95% | -48.4% | -60.51% | -57.08% | 39.09% | -18.38% | -8.39% | -8.57% | -12.59% | 3.62% | 1.33% | -9.67% | -2.06% | -29.81% | -24% | -55.3% | -92.66% | -108.86% | -217.63% | -70.78% | -16.34% | -4.52% | -33.52% | -4.83% | 0.2% | 7.14% | - |
| Net Income Growth % | -1.62% | 7.78% | 80.02% | -142.42% | -21.96% | 4.38% | -8.27% | -223.91% | 263.74% | -64.86% | 22.21% | 34.58% | -500.67% | 184.82% | 113.86% | -386.84% | 92.52% | -33.7% | 49.3% | 34.34% | 5.62% | 22.4% | 61.69% | -303.05% | -473.89% | 78.72% | -325% | -2900% | -80% | - | - |
| Net Income (Continuing) | -4.45M | -4.04M | -4.38M | -21.94M | -9.05M | -7.42M | -7.76M | -7.17M | 5.79M | -3.53M | -2.14M | -2.75M | -4.21M | 1.05M | 369K | -2.77M | -926K | -7.32M | -5.47M | -10.79M | -16.43M | -15.91M | -17.64M | -55.58M | -13.79M | -3.05M | -527.66K | -777K | -1.9M | 500K | 0 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.44 | -15.71 | -31.34 | -425.02 | -204.41 | -802.70 | -933.59 | -896.93 | 827.46 | -595.27 | -362.79 | -473.84 | -827.71 | 240.00 | 120.00 | -835.36 | -247.99 | -3777.35 | -2809.54 | -5600.10 | -8893.66 | -11484.28 | -18282.80 | -48817.54 | -16733.82 | -4747.66 | -57122.28 | -13686.91 | 960.00 | 1234.57 | 0.00 |
| EPS Growth % | 86.58% | 49.87% | 92.63% | -107.93% | 74.53% | 14.02% | -4.09% | -208.4% | 239.01% | -64.08% | 23.44% | 42.75% | -444.88% | 100% | 114.37% | -236.85% | 93.43% | -34.45% | 49.83% | 37.03% | 22.56% | 37.19% | 62.55% | -191.73% | -252.46% | 91.69% | -317.35% | -1525.72% | -22.24% | - | - |
| EPS (Basic) | - | -15.71 | -31.34 | -425.02 | -204.41 | -802.70 | -933.59 | -896.93 | 911.88 | -595.27 | -362.79 | -473.84 | -827.71 | 240.00 | 120.00 | -835.36 | -247.99 | -3777.35 | -2809.54 | -5600.10 | -8893.66 | -11484.28 | -18282.80 | -48817.54 | -16733.82 | -4747.66 | -116352.97 | -13686.91 | 960.00 | 1234.57 | 0.00 |
| Diluted Shares Outstanding | 3.1M | 834K | 139.88K | 51.62K | 44.28K | 9.24K | 8.51K | 7.99K | 6.91K | 5.93K | 5.91K | 5.81K | 5.09K | 4.44K | 3.89K | 3.19K | 2.21K | 1.94K | 1.95K | 1.93K | 1.85K | 1.52K | 1.23K | 1.2K | 868 | 533 | 208 | 205 | 104 | 319 | 521 |
| Basic Shares Outstanding | 3.1M | 834K | 139.88K | 51.62K | 44.28K | 9.24K | 8.51K | 7.99K | 6.27K | 5.93K | 5.91K | 5.81K | 5.09K | 4.21K | 3.71K | 3.19K | 2.21K | 1.94K | 1.95K | 1.93K | 1.85K | 1.52K | 1.23K | 1.2K | 868 | 533 | 102 | 205 | 104 | 405 | 521 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 0.21% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and insolvency risk
According to the provided quarterly financial data, Oblong has experienced a sustained period of top-line erosion, with revenue declining from $956.0K in 2023Q2 to $601.0K in 2025Q3, reflecting a fundamental inability to stabilize the enterprise sales pipeline or retain legacy service contract value.
The consistent year-over-year revenue decline suggests that the company's core Mezzanine platform is failing to gain traction as a replacement for legacy managed services. Investors should monitor whether the recent stabilization in 2025 represents a genuine inflection point or merely a temporary plateau in a long-term secular decline.
As reported in recent income statements, gross margins have exhibited extreme volatility, ranging from a low of -0.5% in 2024Q1 to a recent recovery of 40.6% in 2025Q3, indicating significant inconsistency in the underlying cost of revenue and product mix.
The historical fluctuation in gross margins implies that the company's cost structure is heavily influenced by lumpy, project-based hardware installations rather than predictable software licensing. This lack of margin predictability makes it difficult to forecast future profitability and suggests that the company lacks meaningful pricing power in its competitive niche.
Based on the reported figures, Oblong continues to operate with a massive disconnect between revenue and operating expenses, as evidenced by an operating margin of -133.4% in 2025Q3, which highlights the company's inability to achieve any meaningful scale in its current operating model.
The persistent operating losses, despite significant reductions in R&D spending, suggest that SG&A costs remain disproportionately high relative to the company's current revenue base. This indicates that the business model is currently incapable of covering its fixed overhead, necessitating a radical restructuring of the cost base to achieve viability.
Financial statements indicate that SG&A expenses have remained stubbornly elevated near $1.0M per quarter, even as revenue has contracted significantly, suggesting that management has struggled to align the company's fixed cost structure with its diminishing top-line performance.
The reliance on high SG&A relative to revenue suggests that the company is maintaining a level of overhead that is unsustainable for its current scale. Without a significant reduction in these fixed costs, the company appears likely to continue consuming its remaining cash reserves at an alarming rate.
Quick answers to the most common questions about buying OBLG stock.
For fiscal year 2024, Oblong, Inc. (OBLG) reported total revenue of $2.4M. This represents a 42.0% decline compared to $4.1M in 1994.
Oblong, Inc. (OBLG) reported a net loss of $4.0M for the fiscal year ending 2024.
Oblong, Inc. (OBLG) reported an operating income of $-4.2M, resulting in an operating profit margin of -176.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Oblong, Inc. (OBLG) generated $0.3M in gross profit for the year, representing a gross profit margin of 13.9%. This demonstrates the company's core pricing power and production efficiency.