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Urgent.ly Inc. (ULY+0.60%) has submitted its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details a decrease in total revenue to $142.9 million from $184.7 million in the previous year, primarily due to the non-renewal of a significant customer contract and a strategic shift away from less profitable revenue streams.
Cost of revenue decreased to $111.3 million from $146.8 million, reflecting the overall decline in dispatch volume and reductions in first call support and platform costs.
Operating expenses were reduced to $58.8 million from $84.0 million, with significant decreases in general and administrative expenses due to lower merger-related costs.
The company reported an operating loss of $27.2 million, an improvement from the $46.1 million loss reported in the previous year.
Net loss for the year was $44.0 million, compared to a net income of $74.7 million in the previous year, which included a significant bargain purchase gain from the acquisition of Otonomo Technologies Ltd.
Urgent.ly's cash and cash equivalents at year-end totaled $14.2 million, with principal debt of $54.3 million.
The report highlights the company's ongoing liquidity challenges, with substantial doubt about its ability to continue as a going concern without securing additional financing.
Urgent.ly completed the divestiture of The Floow Limited, retaining a 49% ownership interest, as part of a strategic effort to focus on core business operations.
The company continues to invest in its platform, with $5.9 million capitalized in internal software development costs during the year.
Urgent.ly's leadership is focused on expanding its customer base and improving margins through strategic partnerships and technological innovation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Urgent.ly Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.