Urgent.ly Inc. reported a significant decline in its financial performance for the fiscal year ending December 31, 2024, with total revenue decreasing by 23% to $142.9 million, down from $184.7 million in 2023. This drop was primarily attributed to the non-renewal of a major customer contract, which accounted for approximately $42.1 million in revenue, alongside a strategic shift away from less profitable revenue streams. Despite these challenges, the company noted a revenue increase from new customer partnerships and contributions from its recent acquisition of Otonomo Technologies Ltd., which added $3.4 million to the revenue.
The company's operating loss improved to $27.2 million in 2024 from $46.1 million in the previous year, reflecting a reduction in operating expenses, which fell to $58.8 million from $84.0 million. This decrease was driven by a significant reduction in operations and support costs, which dropped by 45% due to a strategic realignment of customer support resources. General and administrative expenses also decreased by 42%, primarily due to a reduction in merger-related costs. The gross profit margin increased slightly to 22%, up from 21% in 2023, indicating improved efficiency in service delivery.
Urgent.ly's operational metrics showed a decline in the number of completed service requests, with approximately 0.9 million dispatches in 2024 compared to 1.1 million in 2023. The company maintained a customer satisfaction score of 4.5 out of 5, reflecting its commitment to service quality. As of December 31, 2024, Urgent.ly had 49 active customer partners, a slight decrease from 57 in the previous year, with its top three partners accounting for 56% of total revenue.
The company continues to face liquidity challenges, with a reported accumulated deficit of $198.8 million and a cash balance of $14.2 million as of December 31, 2024. Urgent.ly's management has expressed substantial doubt about its ability to continue as a going concern, emphasizing the need for additional capital to fund operations and growth initiatives. The company has entered into various debt agreements, including a new revolving credit facility, to address its financial needs. Looking ahead, Urgent.ly plans to focus on expanding its customer base, enhancing its technology platform, and exploring new revenue opportunities in the mobility assistance sector.
About Urgent.ly Inc.
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