Urgent.ly Inc. reported its financial results for the third quarter ended September 30, 2024, with revenue of $36.2 million, a 21% decrease from $45.9 million in Q3 2023. Despite the revenue decline, the company achieved a gross profit of $8.6 million, an increase from $8.0 million in the prior year period. This resulted in a gross margin of 24%, up from 17% in Q3 2023.
The GAAP operating loss significantly improved to $10.1 million, compared to a loss of $17.1 million in Q3 2023. Non-GAAP operating loss also showed improvement, narrowing to $3.0 million from $3.7 million in the same period last year. These improvements reflect the company's focus on operational efficiencies and margin optimization.
CEO Matt Booth noted that the results were in line with revenue expectations and highlighted positive momentum in customer partner contract renewals. The company also made the strategic decision to divest The Floow during the third quarter, aiming to focus resources on its core business. Urgently remains focused on accelerating profitable growth and improving its capital structure.
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