Urgent.ly (ULY) Q4 2024 earnings summary

Executive summary

• Achieved $32 million in Q4 revenue, meeting guidance for the fifth consecutive quarter, with full-year revenue at $142.9 million, down 23% year-over-year.

• Delivered significant improvements in non-GAAP and GAAP operating expenses and losses over the past two years.

• Secured contract renewals, expanded services, and launched new customers, supporting platform strength.

• Maintained high customer service scores and advanced technology to enhance the motorist experience.

• Focused on operational efficiencies, capital structure improvements, and customer expansion.

Financial highlights

• Q4 revenue was $32 million, down 29% year-over-year due to a major contract non-renewal; full-year revenue was $142.9 million, down 23%.

• Q4 gross profit was $7.1 million; full-year gross profit was $31.6 million.

• Q4 gross margin was 22% (vs. 23% prior year); full-year gross margin improved to 22% from 21%, up 160 basis points.

• Q4 operating expense was $11.7 million, down 65% year-over-year; full-year operating expense was $58.8 million, down 30%.

• Principal debt reduced by $17.5 million to $54.3 million as of December 31, 2024; cash and cash equivalents at year-end were $14.2 million.

Outlook and guidance

• Q1 2025 revenue expected between $30–$33 million; non-GAAP operating loss targeted below $1 million.

• Targeting non-GAAP operating break-even by mid-2025.

• Management expects continued execution on profitability and operational efficiency initiatives in 2025.

• Reverse stock split planned to regain Nasdaq compliance, with ratio and timing at board discretion.

• New $20 million asset-based revolving credit facility secured in February 2025 to enhance financial flexibility.