Urgent.ly Inc. reported fourth quarter 2024 revenue of $34.1 million, a 25% decrease from $45.6 million in Q4 2023. Despite the revenue decline, gross profit increased to $8.1 million from $7.0 million year-over-year, with gross margin improving to 24% from 15%. The GAAP operating loss narrowed significantly to $8.8 million from $15.0 million in Q4 2023.
For the full year 2024, revenue was $142.9 million, down 23% from $185.9 million in 2023. Gross profit for the full year increased to $33.6 million from $30.0 million, and gross margin improved to 23% from 22%. The GAAP operating loss for the full year improved by 41% to $49.0 million from $83.0 million in 2023.
Non-GAAP operating loss for Q4 2024 improved to $2.6 million from $3.2 million, and for the full year 2024, it improved by 18% to $12.9 million from $15.7 million. CEO Matt Booth highlighted strong progress in achieving profitability, operational efficiencies, and disciplined expense management. The company also noted securing contract renewals, expanding services, and signing new customers.
CFO Tim Huffmyer mentioned the new $20 million asset-based revolving credit facility secured in February 2025, which was used to repay existing indebtedness. This facility enhances financial flexibility and supports the company's transformation of the roadside assistance market. Stockholders also approved a reverse stock split to regain Nasdaq compliance.
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