Oblong, Inc. (OBLG): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that has defintely made a sharp turn, moving from its collaboration platform roots straight into the decentralized AI space, specifically the Bittensor network. As of late 2025, the core of the business isn't just selling meeting rooms anymore; it's about managing a treasury holding about $8.0 million in staked $TAO tokens and $3.7 million in cash as of Q3 2025, all while servicing existing enterprise clients. Honestly, this pivot changes everything about how they generate revenue and what risks they face. I've broken down the new Business Model Canvas for you below, mapping out exactly how this shift impacts their key partners, resources, and revenue streams-you need to see this new structure.

Oblong, Inc. (OBLG) - Canvas Business Model: Key Partnerships

You're looking at the structure of Oblong, Inc.'s alliances as they execute their pivot toward decentralized AI, so let's break down the key players supporting this strategy as of late 2025.

Institutional Investors from the $7.5 Million Private Placement

The capital infusion from the private placement is a foundational partnership enabling the new treasury strategy. Oblong, Inc. secured approximately $7.5 million in gross proceeds through this offering, which closed around June 11, 2025. The shares were sold at $3.77 per share. Dawson James Securities acted as the placement agent for this transaction. This capital is explicitly earmarked to launch the Bittensor-centric AI and digital asset strategy.

Here's a look at the specifics of that financing event:

The investors leading this round were described as institutional investors focused on emerging technology. This signals a key partnership in validating the company's new direction.

Bittensor Decentralized AI Network (Protocol Participation)

The core of the new operational partnership is with the Bittensor decentralized AI network. Oblong, Inc. has committed significant capital to acquire and stake the native token, $TAO. As of August 7, 2025, the company announced an investment of $8 million in $TAO, with the entire position being fully staked through a validator on the network. This staking supports the protocol's operations and generates rewards. The company is building a cryptocurrency treasury focused on this decentralized AI asset.

The treasury activity shows a clear, ongoing commitment to protocol participation:

• Total $TAO tokens held as of November 12, 2025: 21,943 TAO tokens.
• Market value of $TAO holdings as of November 12, 2025: Approximately $8.0 million.
• $TAO acquired during Q3 2025: 16,517 tokens for $6.3 million.
• Average price paid for Q3 $TAO acquisition: $384 per token.
• Annualized yield from staking rewards during Q3 2025: Approximately 6%.

This investment is a direct partnership with the network infrastructure itself, aiming to capitalize on decentralized AI development.

Subnet Teams within the Bittensor Ecosystem for Potential Collaboration

Beyond just holding the token, Oblong, Inc. explicitly plans to engage operationally within the ecosystem. The company stated it will explore partnerships within the Bittensor ecosystem for potential technology development. This is a forward-looking partnership strategy to align treasury and operational goals. Specifically, management indicated an intention on making significant investments in building software tools that drive usage and solve infrastructure challenges within the network. The plan includes participating in Subnet 0, which is the foundational layer of the Bittensor network.

The network itself is scaling, which supports this collaboration strategy:

• Number of high-quality subnets supported by the network as of November 4, 2025: 128.
• Network upgrade (Subtensor v2.3.0) enabling Cross-Subnet Messaging with sub-100ms query times.

AV Partners and Integrators (e.g., AVI-SPL, Kinly) for Mezzanine

The legacy part of Oblong, Inc.'s business, centered on its patented Mezzanine product line, relies on established AV Partners and Integrators. AVI-SPL and Kinly are confirmed partners that help bring Oblong technologies to key markets for collaborative environments. These partnerships are vital for delivering value-added services and support for conference rooms, workspaces, and command centers.

While specific 2025 revenue figures for Oblong's Mezzanine services through these channels aren't detailed here, the quality of the integrator network is clear from partner data:

These integrator relationships ensure that Oblong's spatial computing and collaboration tools reach large enterprise and government clients.

Oblong, Inc. (OBLG) - Canvas Business Model: Key Activities

You're looking at the core functions Oblong, Inc. is executing right now to manage its pivot into a digital asset treasury focused on decentralized AI. Here's the quick math on what those key activities look like in concrete numbers as of late 2025.

Acquiring and staking $TAO tokens on the Bittensor network

Oblong, Inc. is actively deploying capital into the Bittensor ecosystem. As of November 12, 2025, the total holdings reached 21,943 TAO tokens, which carried a market value of approximately $8.0 million. This represents a significant increase from the 21,613 TAO tokens held as of June 30, 2025. During the third quarter of 2025, the company invested $6.3 million to acquire 16,517 TAO tokens, achieving an average acquisition price of $384 per token. Every token held is fully staked on the Bittensor network.

• Staking rewards earned in Q3 2025: 274 TAO.
• Revenue generated from staking rewards in Q3 2025: $97,000.
• Annualized yield on average holdings during Q3: approximately 6%.
• The Bittensor network supports 128 high-quality subnets as of early November 2025.

Managing the $10.3 million total liquid assets treasury

The balance sheet remains debt-free, supporting the treasury strategy. As of September 30, 2025, the total liquid assets stood at $10.3 million. This figure is highly sensitive to the volatile nature of the digital asset component; for instance, Q3 2025 reflected a $1.5 million unrealized loss on TAO token revaluation at quarter-end, contributing to a reported net loss of $2.3 million for the period.

Here's the breakdown of that $10.3 million total liquid assets position at the end of Q3 2025:

The Adjusted EBITDA loss narrowed by 26% year-over-year to $0.7 million for Q3 2025, when excluding the digital asset mark-to-market impact.

Developing software tools to support the decentralized AI network

Oblong, Inc. plans to allocate proceeds from financing toward developing software tools for the Bittensor network. The company has a history in collaboration software, with its flagship Mezzanine platform historically showing high usage intensity.

• In prior usage data, more than 60% of sharing instances involved two or more content streams simultaneously.
• 25% of sharing instances involved four or more content streams simultaneously.

The trailing twelve-month revenue as of September 30, 2025, was $2.38 million, with Q3 2025 revenue reported at $0.6 million.

Maintaining and servicing the legacy Mezzanine collaboration platform

The legacy business continues to generate revenue, though the focus has clearly shifted to the digital asset treasury. The Mezzanine platform has been deployed across verticals including construction (Hines), consulting (Accenture), security (IBM Security), and government (FAA). The company has channel partnerships, including with Cisco, for distribution.

Pursuing high-growth M&A opportunities in AI/digital currency

The strategic pursuit of M&A is a stated priority, specifically targeting innovators in recurring revenue models, digital currency, and AI. This pursuit is financed by capital raises; for example, the company secured $6.9 million from a private placement in Q2 2025, followed by an additional $7.5 million private placement announced on June 6, 2025.

Finance: review the Q4 2025 operating expense run rate against the Q3 2025 Adjusted EBITDA loss of $0.72 million by next Tuesday.

Oblong, Inc. (OBLG) - Canvas Business Model: Key Resources

You're looking at the core assets Oblong, Inc. (OBLG) is relying on right now to execute its digital asset treasury and AI strategy. These aren't just line items; they are the tangible and intangible things that make the current business model work.

The most prominent resource is the digital asset treasury, which is the engine behind the current strategy. As of November 12, 2025, Oblong, Inc. held 21,943 TAO tokens, which carried a market value of approximately $8.0 million. This holding is critical, as all TAO tokens remain fully staked on the Bittensor network, supporting decentralized AI infrastructure while generating ongoing rewards.

Financially, the balance sheet shows a position of strength for maneuverability. As of the third quarter ended September 30, 2025, Oblong, Inc. reported $3.7 million in cash and cash equivalents. This liquidity is supported by a debt-free balance sheet, which provides significant financial flexibility for strategic moves.

The company's intellectual property forms the foundation of its legacy and potential future pivots. This includes patented spatial computing and multi-stream collaboration technology, which Oblong, Inc. has announced patents for in the past to enhance its collaboration offerings.

The operational structure supporting this asset base is lean. The team managing this strategic pivot is small and focused. For instance, as of late 2025, the company employed 7 full-time employees.

Here's a quick look at the key financial and treasury metrics supporting these resources as of late 2025:

The staking operation itself is a resource-generating activity. The annualized yield from staking the TAO holdings was approximately 6% on average holdings during Q3 2025, which generated $97,000 in revenue from 274 TAO in staking rewards for that quarter.

You should also note the concentration risk inherent in this resource base. The company's value is heavily tied to the performance of a single digital asset. The Q3 2025 net loss of $2.3 million included a $1.5 million unrealized loss on TAO token revaluation at September 30, 2025.

The intangible assets supporting the business model include:

• Patented technology covering spatial computing.
• Proprietary knowledge in multi-stream collaboration.
• The strategic relationship with the Bittensor ecosystem, evidenced by all TAO tokens remaining fully staked.
• A debt-free structure offering operational agility.

Finance: draft 13-week cash view by Friday.

Oblong, Inc. (OBLG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers and stakeholders engage with Oblong, Inc. as of late 2025. It's a dual focus: leveraging a digital asset treasury strategy and maintaining the established collaboration technology.

Direct, managed exposure to the high-growth decentralized AI sector

Oblong, Inc. provides direct exposure to the decentralized AI sector through its treasury strategy centered on the Bittensor network's native asset, $TAO. The company views this as pioneering a strategy that leverages $TAO to drive financial returns and decentralized AI innovation. The global AI market is estimated at 750 billion dollars in 2025, with growth projections around 19 to 30% yearly through the next decade. Oblong, Inc. has committed significant capital to this area.

Here's a snapshot of the digital asset treasury:

Generating yield through staking rewards (annualized ~6% in Q3 2025)

The value proposition here is generating passive yield by putting the digital assets to work. All $TAO tokens held by Oblong, Inc. remain fully staked in the Bittensor network to support decentralized AI infrastructure while generating rewards. This active management is a key part of the treasury function.

For the third quarter ended September 30, 2025, the staking operations yielded concrete results:

• Staking rewards earned: 274 TAO.
• Revenue generated from staking rewards: $97,000.
• Annualized yield on average holdings for Q3 2025: Approximately 6%.

Immersive, multi-stream visual collaboration via the Mezzanine platform

The Mezzanine platform transforms routine meetings into agile, engaging experiences by making data visible and accessible in a collaborative setting. It supports simultaneous multi-user, multi-screen, and multi-device interaction. While the company has paused investments in this segment until market demand warrants a renewed focus, the product's core value proposition remains strong, as evidenced by historical usage patterns.

Historical usage metrics from when meeting participants share content streams on Mezzanine show a high demand for concurrent data visualization:

• Percentage of time two or more content streams are shared simultaneously: more than 60%.
• Percentage of time four or more content streams are shared simultaneously: 25%.

The platform has demonstrated significant time savings for enterprise users; for example, one customer, Hines (Construction), reduced a five-week effort to a five-hour effort by enabling collaboration and simultaneous data display across multiple screens. IBM Security integrates the technology into its Ex-Force Command Center for optimized situational awareness.

Financial stability with a zero debt balance sheet

A core element of the value proposition to investors is the company's conservative financial structure. You can see this clearly in the balance sheet reporting for the end of Q3 2025. This structure is designed to provide a clear runway and operational flexibility.

Financial stability metrics as of September 30, 2025, include:

• Debt balance sheet status: Zero debt.
• Cash and cash equivalents: $3.7 million.
• Working capital: $9.82 million.

The company secured $9.04 million in net cash from financing activities year-to-date through September 30, 2025, primarily from private placements and warrant exercises.

Liquidity and security through a professionally managed digital asset treasury

Liquidity is maintained through a combination of fiat cash and the professionally managed digital asset treasury. Security is addressed by ensuring all $TAO tokens are fully staked, which supports the underlying decentralized AI network. The total liquid assets provide a buffer against market volatility and operational needs.

The total liquid assets position as of September 30, 2025, was $10.3 million. This figure is composed of the cash position and the reported value of the $TAO holdings. The company reported revenue of $0.6 million for Q3 2025, an increase of 4% from the prior-year period. The Adjusted EBITDA loss for Q3 2025 narrowed 26% year-over-year to $0.7 million.

Oblong, Inc. (OBLG) - Canvas Business Model: Customer Relationships

You're managing customer relationships for Oblong, Inc. (OBLG) right now, and honestly, the focus has dramatically shifted. The relationship with your legacy enterprise customers using Mezzanine is now secondary to the relationship with the capital markets, driven by the new digital asset treasury strategy.

Investor Relations focus for institutional and retail shareholders

Investor communication, as of late 2025, centers on the pivot to decentralized AI via the Bittensor ($TAO) treasury. The September 10, 2025, shareholder letter emphasized that this strategy offers unmatched opportunities for retail and institutional investors. The stock price as of December 1, 2025, was $2.00 / share, a drop from $3.49 / share on December 2, 2024.

Institutional engagement is tracked via SEC filings, showing a base of ownership that is actively being courted with the new narrative. As of September 30, 2025, 28 institutional owners had filed 13D/G or 13F forms, holding a total of 318,917 shares. The relationship management here means transparent reporting on the TAO holdings and staking performance, which is now the core value driver.

Here's a look at the top institutional holders as of the end of Q3 2025:

Automated staking and reward generation on the Bittensor network

This is the primary operational focus now, directly impacting customer relationships with shareholders. Oblong, Inc. maintains all of its TAO tokens fully staked in the Bittensor network to support decentralized AI infrastructure and generate rewards. As of November 12, 2025, the total holding stood at 21,943 TAO tokens, valued at approximately $8.0 million. This treasury strategy is designed to offer exposure to AI-based blockchain protocols for investors.

The automated nature of the staking provides a consistent, if variable, return stream. For the third quarter ended September 30, 2025, the company earned 274 TAO in staking rewards, which translated to $97,000 of revenue. This represented an annualized yield of approximately 6% on average holdings for that quarter. The total liquid assets at the end of Q3 2025 were $10.3 million, composed of $3.7 million in cash and cash equivalents plus the $TAO holdings valued at $6.6 million. The relationship here is one of active stewardship over a decentralized asset, with updates provided transparently to keep investors informed ahead of key network events, like the expected mid-December 2025 block-reward halving.

Dedicated sales and support for existing enterprise Mezzanine customers

The legacy customer base for the Mezzanine platform, which enables visual collaboration across multiple users and devices, is still serviced, but the growth focus has moved. Oblong supplies Mezzanine systems to Fortune 500 and enterprise customers. The company operates in two segments: Collaboration Products (Mezzanine) and Managed Services. Revenue from this segment, combined with others, was $0.6 million in Q3 2025, marking a 4% increase year-over-year. Revenue for Q2 2025 was also reported at $0.6 million. While dedicated sales and support exist, the company's strategic communications emphasize the transition away from this core business toward digital assets.

Key metrics related to the legacy business as of late 2025 include:

• Q3 2025 Revenue: $0.6 million.
• Year-over-Year Q3 Revenue Growth: 4%.
• Total Employees (as of a prior report): 47 full-time employees.

High-touch M&A outreach for strategic targets

The relationship with potential acquisition targets is a key part of the forward-looking strategy, though specific late-2025 outreach details aren't public. In May 2025, the CEO confirmed the company was 'aggressively pursuing high-growth M&A opportunities,' specifically targeting models with recurring revenue, digital currency, and AI-driven innovators. The financial capacity to execute this outreach was supported by a strong balance sheet as of March 31, 2025, showing $4.3 million in cash and zero debt. This cash position was bolstered by a subsequent $7.5 million private placement announced in June 2025, which funded the initial TAO purchases.

The high-touch nature of this outreach is implied by the strategic focus on specific, transformative assets. The company is actively exploring partnerships within the Bittensor ecosystem, which serves as a form of strategic relationship building within the new core market.

Finance: draft 13-week cash view by Friday.

Oblong, Inc. (OBLG) - Canvas Business Model: Channels

You're looking at how Oblong, Inc. (OBLG) gets its message and products out to the world as of late 2025. The channels clearly reflect the company's strategic pivot, balancing its legacy collaboration technology with its new focus on decentralized AI assets.

NASDAQ Stock Exchange (OBLG Ticker) for Investor Access

Access for investors is primarily through the NASDAQ exchange, where the stock trades under the ticker OBLG. This is the main conduit for public capital formation and liquidity for shareholders. As of the end of day on December 5, 2025, the share price was $2.09. The market capitalization, based on a recent report, stood at US$7.28m. Short interest data, reported for the period ending November 14, 2025, showed 20,224 shares sold short, which was an increase of 37.0% from the prior report. This short interest represented 0.67% of the public float. The short interest ratio (days to cover) was calculated at 0.2 days based on the average trading volume of 76,057 shares. The 52-week trading range for OBLG as of early December 2025 was between a low of $1.69 and a high of $5.50.

Here's a quick look at the recent trading snapshot:

Direct Sales and Partner Network for Mezzanine System Deployment

For the legacy business line, the Mezzanine system, which is a meeting technology platform for simultaneous content sharing, Oblong, Inc. utilizes a mix of direct engagement and established relationships. The company supplies these patented systems to Fortune 500 and other enterprise customers. The channel strategy here involves direct sales conversations to create immersive and interactive environments, such as executive briefing centers and command centers. The company's corporate site explicitly lists sections for partners and customers related to the Mezzanine Series, indicating a structured approach to deployment and support through these established relationships. The value proposition is clearly communicated through case studies, such as one noting a five-hour effort instead of five weeks.

The primary methods for engaging potential enterprise clients include:

• Direct outreach for a demo of the Mezzanine Series.
• Engagement through the listed partner network.
• Targeting Fortune 500 and enterprise accounts directly.
• Showcasing multi-share collaboration for real results.

Bittensor Network for Digital Asset Staking and Participation

The most significant channel for the new digital asset treasury strategy is active participation in the Bittensor network. Oblong, Inc. holds and actively stakes its TAO tokens to support the network's operations and earn rewards. As of the September 10, 2025 shareholder letter, the company held more than 21,700 TAO tokens, all actively staked. This followed an earlier deployment where $8 million was fully staked with a main validator. The Q2 2025 data showed a total holding of 21,613 tokens, acquired for a total investment of approximately $8.0 million. The Bittensor network itself is described as operating nearly 130 subnets, which are specialized AI development environments. Staking is positioned as a way to support the ecosystem and compound returns. The company also seeks partnerships with subnet development teams to further align its operational and treasury strategies.

Corporate Website and Press Releases for Strategic Communication

Oblong, Inc. uses its corporate website and official press releases as the primary channels for strategic communication to investors and the market. The company maintains a clear Investor Relations section detailing recent filings and news. Key communication milestones in late 2025 included:

• Reporting Q3 2025 Results on November 13, 2025.
• Issuing a Shareholder Letter on September 10, 2025.
• Reporting Q2 2025 Results and TAO Treasury Expansion on August 14, 2025.

Regulatory filings are also a critical channel; for instance, an 8-K and a 10-Q report were both filed on November 13, 2025. The website serves as the repository for these official documents, ensuring transparency for stakeholders tracking the company's pivot toward a digital asset treasury focus. Also, the company's communication strategy involves tapping experts, such as appointing Siam Kidd to the Strategic Advisory Committee, announced via press release on August 5, 2025.

Finance: draft 13-week cash view by Friday.

Oblong, Inc. (OBLG) - Canvas Business Model: Customer Segments

You're looking at a company that has executed a sharp strategic pivot, so the customer segments reflect a dual focus: the legacy business and the new digital asset treasury strategy.

Institutional and retail investors seeking exposure to decentralized AI assets

• Investors interested in the digital asset treasury strategy.
• Investors seeking exposure to the Bittensor (TAO) ecosystem.

Fortune 500 and large enterprise customers needing advanced collaboration

This segment relates to the legacy business, which Oblong, Inc. still services through its Collaboration Products and Managed Services segments. The company supplies its Mezzanine systems to these large entities.

• Customers utilizing the patented Mezzanine product line.
• Clients requiring managed videoconferencing and network services.

Decentralized AI protocol participants (Bittensor network)

This segment is crucial to the new strategy, as Oblong, Inc. actively participates by staking its holdings to support the network's infrastructure.

• Holders and stakers of the TAO token.
• Entities interacting with the nearly 130 specialized AI development environments (subnets) on the Bittensor network.

Companies with recurring revenue models targeted for M&A

The company is actively seeking acquisitions in this space to 'supercharge profitability and operating efficiency.'

• High-growth innovators in digital currency and AI.
• Firms possessing strong recurring revenue streams.

Here's a quick look at the numbers that define these segments as of late 2025:

The legacy business, represented by the Managed Services segment, accounted for 82% of the $0.62 million total revenue reported in Q1 2025. Still, the new digital asset strategy is the growth lever, evidenced by the $97,000 staking reward revenue in Q3 2025. Finance: draft 13-week cash view by Friday.

Oblong, Inc. (OBLG) - Canvas Business Model: Cost Structure

You're looking at the cost side of Oblong, Inc. (OBLG) as they navigate a significant strategic pivot. The cost structure reflects a dual reality: maintaining the legacy Mezzanine business while aggressively funding the new digital asset treasury strategy. Honestly, the numbers show where the cash is going right now.

General and administrative expenses (G&A) for the legacy operations were a significant fixed cost component in Q2 2025. Specifically, G&A reached \$0.902 million for that quarter, which kept the GAAP profitability out of reach even as the net loss narrowed year-over-year.

Here's a look at some of the key reported costs and financial metrics around the end of 2025:

The operating expenses tied to the legacy Mezzanine business are embedded within the overall operating structure, which saw an operating loss of \$0.683 million in Q2 2025. Personnel costs for the small, specialized management team are a major driver within the overhead structure.

• Personnel costs are primarily captured within the G&A line item.
• The Q1 2025 breakdown showed R&D at \$0.003 million and S&M (Sales & Marketing) at \$0.008 million, with G&A at \$0.929 million.
• The company is focused on tighter OpEx to support the pivot.

For the legacy Mezzanine systems, the cost of revenue is derived directly from the reported gross margin. In Q2 2025, revenue was \$0.592 million, and the gross margin was 38.5%. Here's the quick math to see the associated cost of revenue:

Gross Profit in Q2 2025 was \$0.592 million multiplied by 0.385, which equals approximately \$0.228 million. This means the direct costs associated with generating that revenue-the Cost of Revenue for Mezzanine systems-was roughly \$0.364 million (\$0.592 million revenue minus \$0.228 million gross profit). This margin expansion, more than doubling from 19.6% in Q2 2024, shows some success in reducing the direct costs of the legacy service delivery.

Oblong, Inc. (OBLG) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Oblong, Inc. as of late 2025, and honestly, the story is clearly split between legacy business and the new digital asset treasury focus. It's a shift, for sure.

Staking rewards from TAO tokens represent a defined, recurring income component now. In the third quarter of 2025, Oblong, Inc. reported earning 274 TAO in staking rewards, which translated to $97,000 of revenue for that period. This was generated while all their TAO tokens remained fully staked on the Bittensor network, providing an annualized yield of approximately 6% on average holdings during Q3.

Sales of Mezzanine collaboration systems and related services still contribute, though the financial reporting now lumps this in with the digital asset activity. Oblong, Inc. operates in two segments: Collaboration Products and Managed Services. The total reported revenue for Q3 2025 was $0.6 million. For context, the trailing twelve-month revenue as of September 30, 2025, stood at $2.38M.

Potential capital appreciation from the digital asset treasury is a major, albeit volatile, component. As of September 30, 2025, the company held 21,822 TAO tokens, valued at $6.6 million. By November 12, 2025, the holdings had slightly increased to 21,943 TAO tokens, valued at approximately $8.0 million. This asset base is the core of the treasury strategy.

The flip side of that appreciation is the risk, seen in the unrealized gains/losses on TAO token revaluation. The Q3 2025 results explicitly reflected a $1.5 million unrealized loss on the TAO token revaluation as of September 30, 2025. This mark-to-market impact significantly widened the GAAP net loss for the quarter to $2.3 million.

Regarding potential future revenue from acquired AI/digital currency businesses, the company has clearly signaled an aggressive M&A focus. You see this in their Q1 2025 commentary about pursuing high-growth opportunities in digital currency and AI-driven innovators to supercharge profitability. The entire treasury strategy is now centered on Bittensor, which is a decentralized AI network, positioning the TAO asset itself as the primary driver for future value creation beyond staking rewards.

Here's a quick look at the Q3 2025 financial snapshot that frames these revenue components:

The key operational details supporting these streams include:

• Total TAO holdings grew to 21,943 tokens by November 12, 2025.
• The company invested $6.3 million to acquire 16,517 TAO tokens during Q3 2025.
• The average acquisition price for Q3 2025 purchases was $384 per token.
• The balance sheet remained debt-free as of September 30, 2025.

The structure definitely shows a pivot; the Mezzanine business is now supporting a much larger digital asset strategy. Finance: draft 13-week cash view by Friday.