Oblong Inc. (OBLG) stock is currently on the surge and has no news. OBLG stock is trading at $0.72 with a 7% rise in the pre-market. OBLG stock closed at $0.67 at the end of the last trading session with a trading volume of 111.48K shares.
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OBLG saw a significant surge in the recently announced Financial Results
Oblong announced its fiscal and fourth-quarter results last week, and the results were quite favorable for the investors. Its revenue saw a surge of 10%, reaching $2 million in the fourth quarter of 2021, while in the third quarter; its revenue was $1.8 million. The company’s flagship product recorded revenue of $1 million in Q4 2021. Fiscal 2021 revenue is $7.7 million, way less than $15.3 million in fiscal 2020.
Net loss in the fourth quarter has also significantly increased to $2.7 million compared to the net income of $1.1 million in Q4 2020. Net loss in fiscal 2021 is $9 million, comparatively higher than $7.4 million in fiscal 2020.
The Company had $9.0 million of cash and no debt as of December 31, 2021.
Cloud Meeting Surge since Covid-19
Oblong’s primary product, Mezzanine, is a remote meeting technology platform that allows in-room and remote contributors to share information simultaneously. Oblong is a Cisco Solutions Plus partner that provides Mezzanine systems to Fortune 500 companies.
As the coronavirus outbreak happened in 2020, the world went into a lock-down situation. Oblong, a cloud-based OpenVideo Platform, has benefited from the situation as the business needed to run operations and interact with its employees. The world was looking forward to a platform that would help them integrate all their operations and employees into a single platform. Oblong’s Mezzanine was among the few available options with all functions from meeting to file sharing and interaction, which made them grab their market share.
Cloud Meeting Industry Outlook
According to the statistics, the overall cloud meeting industry made around $14.78 billion in fiscal 2021. Industry experts forecast that the industry is expected to grow at a steady growth rate of 7.2% annually by 2027.
Seeing the current growth rate of the cloud meeting industry, Oblong is expected to grab its fair market share in the growing industry. OBLG is currently focusing on increasing its market share, and its current revenue growth speaks for itself.