Urgent.ly Inc. Common Stock

Revenue was $32.9 million, down 9% or $3.3 million year over year, and above the midpoint of guidance of $31 million to $34 million. Gross profit was $8.1 million, up $346,000 year over year, and gross margin was 25% versus 21% last year. GAAP operating loss was $1.8 million, an improvement of 70% year over year, while non-GAAP operating income was $123,000 versus a non-GAAP operating loss of $2.9 million in the prior-year period. Full-year 2025 guidance was reaffirmed at revenue of $30 million to $33 million, non-GAAP operating loss of less than $500,000, and continued targeting of non-GAAP operating breakeven in Q4.

Matthew Booth framed the quarter as an inflection point, emphasizing that the company achieved positive non-GAAP operating income and is seeing momentum build across the business. He highlighted a shift toward new account growth and market share expansion, with renewals, insurance, fleet, autonomous vehicle, and affinity verticals all contributing to the pipeline. His tone was notably upbeat and confident, while also stressing the need for recapitalizing the balance sheet as part of the path to long-term value creation.

Andrea Makkai focused on the financial improvement in the quarter: revenue of $32.9 million, gross profit of $8.1 million, gross margin of 25%, and non-GAAP operating income of $123,000. She said operating expenses were $9.9 million, down 28% year over year, and non-GAAP operating expenses were $8 million, down 25%, reflecting reduced autonomous-related costs and continued optimization. On the balance sheet, she reported $4 million of cash and cash equivalents, $61 million of principal debt, $1.5 million of software capitalization in Q3, and $273,000 of net proceeds from ATM sales of 181,000 shares at $4.19 per share.

On the macro outlook, an analyst asked how to think about the business in a weaker economy. Management said Urgent.ly can be anti-cyclical because deferred vehicle repairs can increase roadside incidents, and they said they have not seen tariff impacts on OEM deliveries. On 2026 and the growth runway, management said renewals look strong, insurance is re-entering the mix through a pilot with a top insurance company and another signed insurer, and revenue is starting to tick up as the company exits the autonomous business and focuses on profitable growth.