Urgent.ly Inc. reported its financial results for the first quarter ended March 31, 2025, delivering revenue of $31.3 million, a 17% decrease from $37.8 million in Q1 2024. Despite the revenue decline, the company achieved a record gross margin of 26%, a significant increase from 16% in the prior year period. Gross profit rose to $8.1 million from $6.0 million.
The GAAP operating loss improved substantially by 71% to $4.0 million, compared to a loss of $13.8 million in Q1 2024. Non-GAAP operating loss saw a 93% improvement, narrowing to $0.4 million, which was ahead of the company's guidance of $1.0 million. A key milestone was reaching non-GAAP operating breakeven for the month of March 2025.
CEO Matt Booth stated that by almost all key measures, this was the company's best quarter as a public company. Looking ahead, Urgently expects positive sequential revenue growth during the third quarter, aims to sustain its non-GAAP operating breakeven, and move closer to positive cash flow. These results demonstrate the effectiveness of the company's operational and financial improvements.
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