Oblong, Inc. (OBLG), a company involved in the development and provision of multi-stream collaboration technologies, rocketed 45% during Tuesday’s regular trading session and as a result, was trading at $0.84 when the market closed. In the premarket session, OBLG stock has slumped 12.25% and consequently was trading at $0.74 when last checked. Oblong announced on 22nd March that it would release the financial results for Q4 and FY 2021 after the closure of the market on Tuesday. Investors were optimistic regarding the results, causing the stock to go berserk during Tuesday’s regular session. But the weak results fomented investor’s antipathy toward OBLG, resulting in a sharp decline in stock price
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
Q4 2021 Financial Results
The quarterly results announced by OBLG stated that its total revenue grew to $2 million versus $3.9 million during Q4 2020. The net loss suffered during three month period was $2.7 million against a net income of $1.2 million for Q4 2020. The adjusted EBITDA for the quarter was estimated to be negative $2.1 million compared to a negative $0.4 million for the same quarter of the preceding year.
FY 2021 Financial Results
OBLG also announced the results for the full year 2021. The revenue for the full year 2021 remained at $7.7 million compared to $15.3 million for the preceding year. The net loss for the year was estimated to be $9.05 million versus $7.4 million for FY 2020. The adjusted EBITDA was calculated to be negative $7.6 million for the year compared to a negative $5.04 million for 2020.
Comments from OBLG CEO
Pete Holst, President, and CEO of OBLG stated that the results are the epitome of the fact that the last few years have proven to be challenging for the company. However, the company is of the view that there has stared emerging light at the end of the tunnel as it is adapting to new and revolutionary ways of working.
What’s Ahead for OBLG Stock?
Looking ahead, analysts believe that even though OBLG stock holds several positive signals, they are not enough for it to be considered a buy candidate. Hence, at the current level, investors should look to hold the stock while waiting for future developments.
