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What’s causing the Oblong Inc. (OBLG) stock to rise high in aftermarket?

Oblong Inc. (OBLG) saw an increase of 5.50% in the aftermarket. However, the last trading session closed at $1.09 with a decrease of 6.03%.

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Third Quarter 2021 Results – How’s the quarter?

OBLG announced third quarter 2021 results on 10th November 2021. The Company reported an entire cash balance of $10.8 million and a $2.4 million PPP Loan which was laid off in full by the SBA. Moreover, the total revenue came out to be $1.8 million in the third quarter of 2021. Also, the net loss was $0.7 million, compared to $2.2 million in the second quarter and $2.1 million in the third quarter of 2020.

Not only this but OBLG also reported the achievement of many milestones in the development of the next-generation hybrid collaborative cloud product. Furthermore, engineers, Product Design, Sales, and Marketing recruits have been made to strengthen the leadership team. Lastly, LMatt Blumberg and Debby Meredith were the main additions to the Company’s board of directors in August 2021.

Now what?

With the market situation for the use of advertising office environments remaining uncertain in the near term, the company focused its efforts in the third quarter on recruiting and growing the team in product development, engineering, and distribution. Not only this but the company is making significant progress on the development of the next-generation multi-share hybrid collaboration cloud offering.

Moreover, the company has been continuing to work with the many designs and IT partners to help shape the vision of how technology should be used to optimize employee time both in and out of the office as CIOs and Corporate Real Estate leaders evaluate how to best revamp their spaces to maximize collaboration and engagement of a growing hybrid workforce. While income from existing products is still directly linked to office re-openings, the objective to provide services is available from both physical and virtual venues.

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