Urgent.ly Inc. reported its financial results for the third quarter of 2025, revealing a revenue decline of 9% to $32.9 million compared to $36.2 million in the same period last year. For the nine months ending September 30, 2025, total revenue decreased by 14% to $95.9 million from $110.9 million in 2024. The company attributed this decline primarily to the early termination of a contract with a major global original equipment manufacturer, which resulted in a revenue loss of approximately $5.1 million, alongside reductions from existing accounts and the Otonomo business.
Despite the revenue drop, Urgent.ly's gross profit for the third quarter increased to $8.1 million, up from $7.8 million a year earlier, driven by improved unit economics per dispatch. The company's operating expenses also saw a significant reduction, totaling $9.9 million for the quarter, down from $13.7 million in the prior year. This decrease was largely due to cuts in research and development, sales and marketing, and general administrative expenses, reflecting the company's ongoing efforts to streamline operations and reduce costs.
Operationally, Urgent.ly reported a customer base of 59 partners and over 74,000 service provider vehicle drivers as of September 30, 2025. The company completed approximately 194,000 dispatches in the third quarter, a decrease from 219,000 in the same quarter of 2024. The decline in dispatch volume was primarily linked to the aforementioned contract terminations, although new customer acquisitions and expansions partially offset this impact.
Looking ahead, Urgent.ly faces challenges related to its liquidity, with cash and cash equivalents totaling $3.9 million as of September 30, 2025, down from $14.1 million at the end of 2024. The company has a principal debt balance of $61 million, raising concerns about its ability to continue as a going concern. Management has indicated that it may need to seek additional capital to fund operations and invest in growth, particularly as it aims to enhance its technology platform and expand its service offerings.
In summary, while Urgent.ly has made strides in improving its gross profit and reducing operating expenses, the company continues to navigate significant revenue challenges and liquidity risks. The outlook remains cautious as it seeks to stabilize its financial position and capitalize on new growth opportunities in the mobility assistance sector.
About Urgent.ly Inc.
Urgently Inc. operates a connected mobility assistance platform that matches vehicle owners with service professionals for roadside help, maintenance, and repair. Serving OEMs, insurers, fleet operators, and consumers, it leverages AI, real-time data, and digital tools to optimize service delivery, enhance transparency, and improve customer experience. The company focuses on scalable, data-driven solutions to address evolving automotive and mobility industry needs.
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