Urgent.ly Inc ( (ULY) ) has released its Q3 earnings. Here is a breakdown of the information Urgent.ly Inc presented to its investors.
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Urgent.ly Inc., a prominent player in the digital roadside and mobility assistance sector, leverages technology to deliver solutions for automotive, insurance, and transportation industries. In its third quarter 2024 earnings report, Urgent.ly reported a revenue of $36.2 million, marking a 21% decline from the previous year, while gross profit fell by 15% to $7.8 million. Despite these decreases, Urgent.ly maintained a strong gross margin of 21% and improved its operating expenses by 9% year-over-year.
Significant strategic decisions included the divestiture of The Floow, which aligns with Urgent.ly’s focus on optimizing its core business operations. The company completed approximately 219,000 dispatches with a high consumer satisfaction score of 4.5 out of 5 stars. Notably, the company reduced its principal debt by $17.5 million, showcasing efforts to enhance its capital structure.
Non-GAAP operating losses improved by 17% to $2.9 million compared to the prior year, signaling effective cost management. Urgent.ly’s focus remains on strategic initiatives aimed at accelerating profitable growth and enhancing customer service.
Looking ahead, Urgent.ly’s management is committed to advancing strategic initiatives that are expected to drive profitable growth, enhance customer service, and achieve operational efficiencies, indicating a positive outlook for the remainder of the year.
