NASDAQ:ULY Urgent.ly Q2 2025 Earnings Report $5.06 -0.02 (-0.39%) Closing price 08/13/2025 04:00 PM EasternExtended Trading$4.94 -0.11 (-2.27%) As of 08/13/2025 06:17 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. ProfileEarnings HistoryForecast Urgent.ly EPS ResultsActual EPS-$4.50Consensus EPS -$2.70Beat/MissMissed by -$1.80One Year Ago EPSN/AUrgent.ly Revenue ResultsActual Revenue$31.70 millionExpected Revenue$31.00 millionBeat/MissBeat by +$700.00 thousandYoY Revenue GrowthN/AUrgent.ly Announcement DetailsQuarterQ2 2025Date8/12/2025TimeAfter Market ClosesConference Call DateTuesday, August 12, 2025Conference Call Time5:00PM ETConference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Quarterly Report (10-Q)Earnings HistoryCompany ProfilePowered by Urgent.ly Q2 2025 Earnings Call TranscriptProvided by QuartrAugust 12, 2025 ShareLink copied to clipboard.Key Takeaways Neutral Sentiment: Urgently delivered Q2 revenue of $31.7 million, matching guidance, though down 8% year-over-year due to early contract terminations and the autonomous business exit. Positive Sentiment: Achieved a 25% gross margin, up 4 points year-over-year and squarely within the company’s 25%–30% mid-term target. Positive Sentiment: Posted a record low non-GAAP operating loss of $200,000, outperforming guidance and set to reach breakeven in Q3. Positive Sentiment: Advanced its insurance market strategy by signing a new premium provider contract, negotiating two more, and launching a campaign targeting 50,000 insurance leaders. Positive Sentiment: Unveiled “Spark,” its AI-driven market analyzer, which cut wait times by over 20 minutes in Miami Beach and helped achieve a 4.7-star customer satisfaction rating. AI Generated. May Contain Errors.Conference Call Audio Live Call not available Earnings Conference CallUrgent.ly Q2 202500:00 / 00:00Speed:1x1.25x1.5x2xThere are 6 speakers on the call. Operator00:00:00Good afternoon and welcome to the Urgently Second Quarter twenty twenty five Earnings Conference Call. All participants will be in listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Jenny Mitchell, Vice President, Finance, Strategy and Investor Relations. Please go ahead. Speaker 100:00:41Thank you, operator. Good afternoon, everyone, and thank you for joining us for Urgently's financial results conference call for the second quarter ended 06/30/2025. On the call today, we have Urgently's CEO, Matt Booth and Urgently's Controller, Andy McKay. Following Matt and Andy's prepared remarks, we will take your questions. As you learned from our eight ks filed on August 8, Michael Port has separated from Urgently and is no longer serving as Urgently's Chief Financial Officer. Speaker 100:01:10During this period, our CEO, Matt Booth, has assumed the role of Principal Financial Officer and Andy Mackay has assumed the role of Principal Accounting Officer. We believe Urgently has a strong leadership team and a capable finance organization and we will continue to focus on accelerating profitable growth, achieving operational efficiencies and improving our capital structure while delivering exceptional customer service. We are confident in the ability of our finance team and will continue to evaluate employment needs on an ongoing basis. Before we begin, I'd like to remind you that some of our comments today may contain forward looking statements that are subject to risks, uncertainties and assumptions, which could change. Should any of these risks materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward looking statements. Speaker 100:02:01A description of these risks, uncertainties and assumptions and other factors that could affect our financial results is included in our SEC filings, including our most recent annual report on Form 10 ks for the year ended 12/31/2024, our quarterly reports on Form 10 Q and other filings and reports that we may file from time to time with the SEC. Except as required by law, we do not undertake any responsibilities to update these forward looking statements. During today's call, we will also discuss certain non GAAP financial measures. A reconciliation of GAAP to non GAAP measures is included in our earnings materials and press release, which are available on our website at investors.geturgently.com. A replay of today's call will also be posted on the website. Speaker 100:02:47With that, I'll now turn the call over to Matt. Speaker 200:02:50Thanks, Jenny. Good afternoon, everyone, and thank you for joining us today. I'm very pleased with our performance during the second quarter, and I'm excited to provide an update on our recent progress. Across many key metrics, our second quarter performance was our best quarter as a public company to date. We delivered revenue of $31,700,000 which was in line with our expectations and notably our eighth consecutive quarter where we delivered on our revenue guidance commitment. Speaker 200:03:17In addition, we delivered modest sequential quarterly revenue growth versus the 2025, which is a milestone for us as we finished cycling through the non comparable quarters resulting from the Autonomous merger and the customer partner nonrenewal that we disclosed in January 2024. For the second quarter, we achieved gross margin of 25%, which is again within our mid term outlook of the 25% to 30% range that we established eighteen months ago. And this is a four point improvement over the same period last year. We've achieved scale with our AI and machine learning platform and we believe it shows in these metrics. During the second quarter, we continue to deliver improvement in reducing both non GAAP operating expense and non GAAP operating loss. Speaker 200:04:10I'm excited to report that our non GAAP operating loss for the quarter was approximately $200,000 the best reported to date and better than our guidance of about $500,000 Our reported non GAAP operating loss was attributed to a one time cost associated with the remaining portion of the Autonimo business. Approaching our non GAAP operating loss milestone demonstrates our continued positive momentum and the significant progress that we have made to deliver on our financial commitments. Sustaining non GAAP operating loss breakeven and moving the company closer to cash flow positive will be an ongoing focus for us this year. Now turning to growth. First, let me talk about revenue. Speaker 200:04:54As we have discussed on our prior calls, a portion of our annual capacity and effort will always be dedicated to securing revenue through renewals. As we mentioned last quarter, we secured our first renewal for 2025 with a long term customer partner. Today, elaborating a bit more, this contract continues our long term partnership, one where we can continue to leverage our AI capabilities and tune our performance into hyper local and market levels. Our second renewal for this year with a long time customer partner in the rideshare space. This is a two year contract with an auto renewal provision. Speaker 200:05:33This is a strong partnership and we look forward to continuing our relationship going forward. We are currently in positive contract negotiations with a third renewal and several others also in flight. We will provide details as they are finalized. Last quarter, we outlined our strategy to reenter the insurance market. As we have indicated, we believe that most of the single source roadside contracts will have two providers in the future and a champion challenger model is shown to produce better results for partners. Speaker 200:06:02In addition, we believe that in the mid tier insurance providers are underserved with their current roadside programs. To this end, we want to provide you with an update on our progress. As we have indicated last quarter, we hired a VP of Sales to target these mid market insurance companies. We have now initiated a sales plan for the private passenger auto insurance market implementing a continual outreach program targeting top mid tier and small market carriers. In addition, we have launched a top of the funnel marketing campaign in email and social media formats that will bring much needed exposure to our insurance services and touch over 50,000 insurance leaders and professionals across both personal and commercial lines of business. Speaker 200:06:45In 2025, we have signed a new contract with a premium insurance provider and are in contract negotiations with two additional insurance providers. We have also signed a contract with a new manufacturer that we expect to announce in more detail later this year. We are pleased with our positive momentum in insurance space and we look forward to sharing continued progress in the future. Urgently is a technology first company. In an advancing market, simply keeping up the technology is table stakes. Speaker 200:07:16Being a leader and innovator in the space like Urgently is a critical step in securing renewals and winning new business. Our digitally native platform, leveraging AI and machine learning, has given us substantial operating scale and credibility in the market by creating predictive models to enhance performance for partners using temporal, spatial and network data. Urgently has been a data driven organization from the beginning and we have been enabling roadside services for nearly a decade and we have been collecting data since day one. This data is an asset to us and is leveraged continually to drive value across the experience ecosystem from the stranded driver trying to get off the road safely to the service network working to maximize the value of their service vehicles to the customer partners and giving them visibility control of the customer experience that is aligned with their brand. We believe we are a technology market leader. Speaker 200:08:14We believe we are an innovation leader. Similar to other industries, we believe AI leaders will pull further ahead in this industry. Just to highlight one of the many AI solutions leveraged by our platform, we launched Spark in the 2025, our proprietary AI powered market analyzer to elevate the service performance across key urban markets. Spark leverages real time and historical data to identify top performing providers and optimize their operational zones. In addition to evaluating historical key provider performance metrics like Net Promoter Score and customer satisfaction score, job acceptance response time and accuracy of estimated arrival times, Sparks scalable and tunable AI models factor in dynamic conditions like traffic and weather, enabling real time provider comparisons and strategic volume allocation. Speaker 200:09:11This ensures sustained performance gains and rapid adaptability across markets, which are driving measurable improvements in customer experience. As an example, since we launched Spark in Miami Beach, wait times reduced by over twenty minutes on average. In Fort Lauderdale and Boca Raton, improvements averaged five to ten minutes and we are seeing proven success as we are rolling this out to other urban areas like New York, Atlanta and San Francisco. In plain terms, this means that your family, your friends and your loved ones can get to safety faster. Speed can literally help save lives. Speaker 200:09:47From partner management to the innovation and product and tech to our improved processes and operations support, these efforts all deliver measurable results. I'm proud to report that our customer satisfaction score is at an all time high at 4.7 out of five stars in the 2025. Exceptional services at the core of what we do, we believe AI and machine learning are critical components to these improvements. We will not stop innovating until we achieve the highest possible customer satisfaction ratings. As we look ahead in 2025, our core priorities remain first returning to growth by expanding our existing B2B incident business through securing renewals, expanding relationships with existing partners and developing new customer partner opportunities. Speaker 200:10:38On that front, we have begun inviting prospective partners to utilize our proprietary AI products to run optimization simulations of their current programs using real data inputs. In utilizing our prospective partners' data, our AI products analyze each event and demonstrate predicted outcomes on pricing, on overall customer wait times, on desired customer satisfaction levels and the ability to execute on VIP program segmentation. Our proprietary AI has allowed us to establish faster service times, improve partner and customer satisfaction and driver satisfaction and improve program efficiency. Continuing through our continued operational improvements, margin expansion and managed growth, further transforming the market for roadside assistance with product innovations that differ in urgently from our competitors, improve our margin and provide exceptional experiences for our customer partners and drivers. And finally, we plan to enter new and adjacent markets in the future. Speaker 200:11:43I am proud of the progress we have made this past quarter. The momentum is exciting and I look forward to the remaining of the year ahead. Thank you for your time and continued support. I'll now turn the call over to Andy to discuss our financial results. Speaker 300:11:55Thank you, Matt, and good afternoon, everyone. Today, I will discuss our results for the second quarter ended 06/30/2025. For the second quarter, revenues were $31,700,000 which was just ahead of the midpoint of our guidance range of 30,000,000 to $33,000,000 and a decline of 8% or $3,000,000 from the same quarter last year. The year over year revenue decline was in line with our expectations and was primarily driven by the reduction in dispatch volume from the early termination of a top five global original equipment manufacturer customer partner referenced in our Q1 twenty twenty five filings and the reduction of revenue due to the autonomous business. This was partially offset by volume and rate increases from new and existing customer partners. Speaker 300:12:43For the second quarter, gross profit was $7,900,000 an increase of 600,000 compared to the same period last year, driven primarily by margin improvement initiatives. Gross margin for the second quarter was 25% compared to 21.2% for the same period last year. The increase in gross margin is primarily related to the mix of service dispatches and our continued technology optimizations, allowing us to better manage our service provider costs. We remain focused on executing against our strategic initiatives to drive profitable growth and continue to make steady progress to maintain our long term gross margin target of 25% to 30. Now let's move on to operating expenses. Speaker 300:13:32Operating expenses for the second quarter were $10,100,000 a decrease of $5,600,000 or an improvement of 36% from the same period last year. Research and development expenses during the second quarter of this year were $1,700,000 compared to $3,800,000 during the same period last year, resulting in a decrease of $2,100,000 or 56%. The decrease was mostly related to the reduction in the autonomous related research and development expenses and the reduction in employee and employee related expenses. Sales and marketing expenses during the second quarter of this year were $700,000 compared to $1,600,000 during the same period last year, resulting in a decrease of $900,000 or 57 percent. The decrease was mostly related to the reduction in the autonomous related sales and marketing expenses. Speaker 300:14:29Operations and support costs during the second quarter of this year were $2,300,000 compared to $3,600,000 during the same period last year, resulting in a decrease of $1,200,000 or 35%. This decrease is mostly related to the continued optimization of customer support representative resources and operational process improvements. General and administrative expenses during the second quarter of this year were $4,300,000 compared to $5,600,000 during the same period last year, resulting in a decrease of $1,300,000 or 23%. The decrease was mostly related to the reduction in the autonomous related general and administrative expenses, along with continued cost optimization. We remain focused on driving operational improvements, which include continued optimization of business processes to drive further operational efficiencies. Speaker 300:15:26We also review non GAAP operating expenses, which is defined as GAAP operating expenses plus depreciation and amortization expense, stock based compensation expense and non recurring charges such as transaction costs and restructuring costs. Non GAAP operating expenses for the second quarter were $8,100,000 an improvement of 40% from $13,500,000 in the prior year period. This non GAAP operating expense reduction is in line with our expectations and demonstrates the significant operational efficiencies and leverage we've achieved. GAAP operating loss for the second quarter was $2,200,000 a decrease of $6,200,000 or an improvement of 74% from the prior year period. We also review non GAAP operating loss, which is defined as GAAP operating loss plus depreciation and amortization expense, stock based compensation expense and non recurring charges such as transaction costs and restructuring costs. Speaker 300:16:31Non GAAP operating loss for the second quarter was $199,000 an improvement of 97% compared to $6,200,000 in the prior year period. As Matt mentioned, this loss was attributable to the remaining portion of the autonomous business. We remain focused on optimizing our business and operating model to drive further improvement in this metric, and we remain on track to achieve breakeven on a non GAAP operating basis during the third quarter. Now a few comments on our balance sheet. As of 06/30/2025, Urgently had a cash and cash equivalents balance of $4,800,000 and the principal debt balance of $55,300,000 During the second quarter, we capitalized approximately 1,200,000 in software, mostly to make enhancements to our platform by adding features and functionality, which benefit all of our customer partners. Speaker 300:17:29We expect this practice to continue with approximately $1,500,000 to be capitalized in the 2025. As of 06/30/2025, we had 1,300,000.0 shares of common stock outstanding. Finally, in July subsequent to the end of the second quarter, we entered into a sales agreement with Alliance Global Partners to sell shares of our common stock from time to time through an ATM program. Additional information about the program is available in our filings with the SEC. We have not sold any shares pursuant to the ATM program. Speaker 300:18:08Turning now to our outlook. For the 2025, we expect revenue to be between 31,000,000 to $34,000,000 and we continue to target maintaining non GAAP operating breakeven in the third quarter. With that, we are now happy to open the call for questions. Operator, please open the line for Q and A. Operator00:18:29We will now begin the question and answer session. The first question is from Chris Pearce with Needham. Please go ahead. Speaker 400:19:03Hey, Matt. How are doing tonight? Speaker 200:19:06Hey, Chris. How are doing? Speaker 500:19:08Two quick ones. I'm great. Thank you. Just two quick ones. On the revenue side, when should we expect to see from this premium insurance provider that you landed, I believe, then talks with other mid market companies. Speaker 500:19:19Like when should that start to kick in? Or when should we think about revenue growth coming through in larger numbers? Speaker 200:19:28In larger numbers, we think end of Q3, beginning of Q4, so we'll start to see the kick up in volume. We're still targeting, Chris, that's going to put the 20% to 30% growth post the post the autonomous and ingestion of the autonomous business. Speaker 500:19:45Okay. And is this something that could overwhelm the typical seasonality in the fourth quarter of the business? Or you'll still likely see that seasonality drop off in the fourth quarter? Speaker 200:19:54We've seen seasonality seasonality curve start to flatten with a lot of the AI work that we've been doing and machine learning work. So I think we'll continue to see a flattening of it. Adding more revenue at the top of the funnel is the key for this year, Chris. So I'll focus on revenue growth. Speaker 500:20:14Got it. Perfect. And then on the OpEx side of the business, I know that from the comments, lot of it was our total cost sort of rolling off or lapping our total cost. Speaker 200:20:21But is it right to think Speaker 500:20:22that there is modestly more gains there as far as GAAP OpEx? Or what's the right way to think about where we are as far as, to use a baseball analogy, what anywhere in as far as OpEx leverage? Speaker 200:20:32You want to take that, Andy? Speaker 300:20:34Sure. So on the OpEx side for Autonomous, it was a onetime historical compliance related costs that we picked up in Q2. And our ongoing OpEx costs, we expect to be minimal. And so we are going to expect there to be more of a breakeven on a non GAAP basis situation as well. Speaker 200:20:58Okay. Speaker 500:20:59All right. That's everything for me. Thank you very much. The Operator00:21:05next question is from Jim McElroy with Chardan Capital. Please go ahead. Speaker 400:21:12You and good afternoon or evening. Talked about Matt, you talked about the renewals And I'm just wondering if you can quantify how many how much of revenue these renewals account for so far? That is, I think you mentioned three specific renewals, one last quarter, a second one with the rideshare and the third that's in contract negotiations. How much It's of revenue is about Speaker 200:21:4640% of the renewals that are up for this year we've renewed so far with the other ones making very good progress. Speaker 400:21:55Okay. That's helpful. Thank you. And then also you talked about the funnel in the insurance market and it sounds like it's early stages, but then right after that you talked about signing an insurance company. I'm just trying to reconcile those two. Speaker 400:22:12Yes. I'm sure that sounds good to starting. Speaker 200:22:17Yes, sure. So, one was an automotive OEM insurance company and the other one was a mid market insurance company. So these are ones that are kind of first out of the gate that we'll start to see some impact in next quarter and Q4 as they launch and they start to come up. I think the way to think about it is we have started a major push. We'd always said like once we finish with the autonomous side of digesting that business, we'll start to push more on the top of the funnel. Speaker 200:22:45We started at the top of the funnel. We've reached out to 50,000 or so insurance related folks across the board in addition to fleets and others, and we're running a very large lead campaign right now. And one of the things that we've offered is the ability to run simulations based on our AI, where we can take their actual roadside dispatches for however long they want to give it to us. And we can tell them where it's working and where it's not working, where we can improve and what the average wait times are and things like that. It's been pretty successful, I'd say, at an early stage basis. Speaker 200:23:13So we're looking forward to running as many of those as we possibly can to show people how much our technology can make a difference in their current programs. Speaker 400:23:27Okay. And in terms of the sales cycle, has it been shorter or longer exactly as expected? And then also relative to when a company signs up, are you restricted or are you hemmed in by particular schedules of those companies that is they're not going to make any changes in December or they're not going to make any changes until some contract comes up, something like that? Speaker 200:23:57No, just it depends on the company. Some can move really quickly and others just take a while given their size and complexity. I wouldn't say that it's taken longer than we thought or it's taken a shorter amount of time we thought. It's pretty much following the standard playbook, which is big companies have a propensity to move a little bit slower and smaller, more nimble companies can move a little bit faster. But we haven't seen anything out of the ordinary. Speaker 200:24:23Mean, want everyone to today, Jim. Should sign up today and we should launch everyone tomorrow. So beyond that, it's not any different than what we've expected. Speaker 400:24:37Got it. And last one, the recurring, nonrecurring transaction costs and restructuring costs, when do those head towards zero? Speaker 200:24:48You want take that, Andy? Sure. Speaker 300:24:53In autonomous, the particular one that we called out, we expect that to basically not continue any longer. So this was one of the last ones that we expected on the urgently side. There's still going to be some depending on our future transactions and there may be some here and there, but we don't expect any large ones on an ongoing basis. Speaker 400:25:23Great. Thank you. That's it for me. Thanks a lot. Speaker 200:25:25Thanks, Jen. Operator00:25:42Showing no further questions, this concludes our question and answer session. I would like to turn the conference back over to Matt Booth for any closing remarks. Speaker 200:25:51Thanks again everyone. We're super proud of the significant progress we've made to position the company for profitable growth through Q2. We look forward to providing you with further updates on the progress in future calls, especially around our AI and machine learning and then growth prospects with new customers. If you'd like to meet with the management team, please reach out to us at investorrelations geturgently dot com, and we can schedule a call. Thanks again for your interest in Urgently and for joining us on the call today. Speaker 200:26:19Have a great night. Operator00:26:20The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.Read morePowered by Earnings DocumentsPress Release(8-K)Quarterly report(10-Q) Urgent.ly Earnings HeadlinesUrgent.ly's (ULY) Buy Rating Reiterated at Chardan CapitalAugust 14 at 2:21 AM | americanbankingnews.comUrgent.ly Inc.: Urgently Announces Second Quarter 2025 Financial ResultsAugust 13 at 8:31 AM | finanznachrichten.deHIDDEN IN THE BOOK OF GENESIS…“This land I will give to you…” — a 4,000-year-old line from Genesis may hold the key to unlocking a $150 trillion vault of untapped American wealth. Former CIA advisor Jim Rickards calls it the “Old Testament Wealth Code” — and says it could transform your financial future. He’s revealing everything in a new presentation.August 14 at 2:00 AM | Paradigm Press (Ad)Urgent.ly Inc. Reports Improved Q2 2025 ResultsAugust 13 at 8:31 AM | msn.comUrgent.ly Inc. (ULY) Q2 2025 Earnings Call TranscriptAugust 12 at 10:04 PM | seekingalpha.comUrgently Announces Second Quarter 2025 Financial ResultsAugust 12 at 4:05 PM | globenewswire.comSee More Urgent.ly Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Urgent.ly? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Urgent.ly and other key companies, straight to your email. Email Address About Urgent.lyUrgent.ly (NASDAQ:ULY) offers mobility assistance software platform for roadside assistance in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Its services include car lockout, tire changes, towing, stuck in ditch and winch services, motorcycle towing, electric vehicle towing, jump start, and gas delivery. The company's software platform combines location-based services, real-time data, AI and machine-to-machine communication to provide roadside assistance solutions. It serves automotive, insurance, telematics, and other transportation-focused verticals. 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There are 6 speakers on the call. Operator00:00:00Good afternoon and welcome to the Urgently Second Quarter twenty twenty five Earnings Conference Call. All participants will be in listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Jenny Mitchell, Vice President, Finance, Strategy and Investor Relations. Please go ahead. Speaker 100:00:41Thank you, operator. Good afternoon, everyone, and thank you for joining us for Urgently's financial results conference call for the second quarter ended 06/30/2025. On the call today, we have Urgently's CEO, Matt Booth and Urgently's Controller, Andy McKay. Following Matt and Andy's prepared remarks, we will take your questions. As you learned from our eight ks filed on August 8, Michael Port has separated from Urgently and is no longer serving as Urgently's Chief Financial Officer. Speaker 100:01:10During this period, our CEO, Matt Booth, has assumed the role of Principal Financial Officer and Andy Mackay has assumed the role of Principal Accounting Officer. We believe Urgently has a strong leadership team and a capable finance organization and we will continue to focus on accelerating profitable growth, achieving operational efficiencies and improving our capital structure while delivering exceptional customer service. We are confident in the ability of our finance team and will continue to evaluate employment needs on an ongoing basis. Before we begin, I'd like to remind you that some of our comments today may contain forward looking statements that are subject to risks, uncertainties and assumptions, which could change. Should any of these risks materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward looking statements. Speaker 100:02:01A description of these risks, uncertainties and assumptions and other factors that could affect our financial results is included in our SEC filings, including our most recent annual report on Form 10 ks for the year ended 12/31/2024, our quarterly reports on Form 10 Q and other filings and reports that we may file from time to time with the SEC. Except as required by law, we do not undertake any responsibilities to update these forward looking statements. During today's call, we will also discuss certain non GAAP financial measures. A reconciliation of GAAP to non GAAP measures is included in our earnings materials and press release, which are available on our website at investors.geturgently.com. A replay of today's call will also be posted on the website. Speaker 100:02:47With that, I'll now turn the call over to Matt. Speaker 200:02:50Thanks, Jenny. Good afternoon, everyone, and thank you for joining us today. I'm very pleased with our performance during the second quarter, and I'm excited to provide an update on our recent progress. Across many key metrics, our second quarter performance was our best quarter as a public company to date. We delivered revenue of $31,700,000 which was in line with our expectations and notably our eighth consecutive quarter where we delivered on our revenue guidance commitment. Speaker 200:03:17In addition, we delivered modest sequential quarterly revenue growth versus the 2025, which is a milestone for us as we finished cycling through the non comparable quarters resulting from the Autonomous merger and the customer partner nonrenewal that we disclosed in January 2024. For the second quarter, we achieved gross margin of 25%, which is again within our mid term outlook of the 25% to 30% range that we established eighteen months ago. And this is a four point improvement over the same period last year. We've achieved scale with our AI and machine learning platform and we believe it shows in these metrics. During the second quarter, we continue to deliver improvement in reducing both non GAAP operating expense and non GAAP operating loss. Speaker 200:04:10I'm excited to report that our non GAAP operating loss for the quarter was approximately $200,000 the best reported to date and better than our guidance of about $500,000 Our reported non GAAP operating loss was attributed to a one time cost associated with the remaining portion of the Autonimo business. Approaching our non GAAP operating loss milestone demonstrates our continued positive momentum and the significant progress that we have made to deliver on our financial commitments. Sustaining non GAAP operating loss breakeven and moving the company closer to cash flow positive will be an ongoing focus for us this year. Now turning to growth. First, let me talk about revenue. Speaker 200:04:54As we have discussed on our prior calls, a portion of our annual capacity and effort will always be dedicated to securing revenue through renewals. As we mentioned last quarter, we secured our first renewal for 2025 with a long term customer partner. Today, elaborating a bit more, this contract continues our long term partnership, one where we can continue to leverage our AI capabilities and tune our performance into hyper local and market levels. Our second renewal for this year with a long time customer partner in the rideshare space. This is a two year contract with an auto renewal provision. Speaker 200:05:33This is a strong partnership and we look forward to continuing our relationship going forward. We are currently in positive contract negotiations with a third renewal and several others also in flight. We will provide details as they are finalized. Last quarter, we outlined our strategy to reenter the insurance market. As we have indicated, we believe that most of the single source roadside contracts will have two providers in the future and a champion challenger model is shown to produce better results for partners. Speaker 200:06:02In addition, we believe that in the mid tier insurance providers are underserved with their current roadside programs. To this end, we want to provide you with an update on our progress. As we have indicated last quarter, we hired a VP of Sales to target these mid market insurance companies. We have now initiated a sales plan for the private passenger auto insurance market implementing a continual outreach program targeting top mid tier and small market carriers. In addition, we have launched a top of the funnel marketing campaign in email and social media formats that will bring much needed exposure to our insurance services and touch over 50,000 insurance leaders and professionals across both personal and commercial lines of business. Speaker 200:06:45In 2025, we have signed a new contract with a premium insurance provider and are in contract negotiations with two additional insurance providers. We have also signed a contract with a new manufacturer that we expect to announce in more detail later this year. We are pleased with our positive momentum in insurance space and we look forward to sharing continued progress in the future. Urgently is a technology first company. In an advancing market, simply keeping up the technology is table stakes. Speaker 200:07:16Being a leader and innovator in the space like Urgently is a critical step in securing renewals and winning new business. Our digitally native platform, leveraging AI and machine learning, has given us substantial operating scale and credibility in the market by creating predictive models to enhance performance for partners using temporal, spatial and network data. Urgently has been a data driven organization from the beginning and we have been enabling roadside services for nearly a decade and we have been collecting data since day one. This data is an asset to us and is leveraged continually to drive value across the experience ecosystem from the stranded driver trying to get off the road safely to the service network working to maximize the value of their service vehicles to the customer partners and giving them visibility control of the customer experience that is aligned with their brand. We believe we are a technology market leader. Speaker 200:08:14We believe we are an innovation leader. Similar to other industries, we believe AI leaders will pull further ahead in this industry. Just to highlight one of the many AI solutions leveraged by our platform, we launched Spark in the 2025, our proprietary AI powered market analyzer to elevate the service performance across key urban markets. Spark leverages real time and historical data to identify top performing providers and optimize their operational zones. In addition to evaluating historical key provider performance metrics like Net Promoter Score and customer satisfaction score, job acceptance response time and accuracy of estimated arrival times, Sparks scalable and tunable AI models factor in dynamic conditions like traffic and weather, enabling real time provider comparisons and strategic volume allocation. Speaker 200:09:11This ensures sustained performance gains and rapid adaptability across markets, which are driving measurable improvements in customer experience. As an example, since we launched Spark in Miami Beach, wait times reduced by over twenty minutes on average. In Fort Lauderdale and Boca Raton, improvements averaged five to ten minutes and we are seeing proven success as we are rolling this out to other urban areas like New York, Atlanta and San Francisco. In plain terms, this means that your family, your friends and your loved ones can get to safety faster. Speed can literally help save lives. Speaker 200:09:47From partner management to the innovation and product and tech to our improved processes and operations support, these efforts all deliver measurable results. I'm proud to report that our customer satisfaction score is at an all time high at 4.7 out of five stars in the 2025. Exceptional services at the core of what we do, we believe AI and machine learning are critical components to these improvements. We will not stop innovating until we achieve the highest possible customer satisfaction ratings. As we look ahead in 2025, our core priorities remain first returning to growth by expanding our existing B2B incident business through securing renewals, expanding relationships with existing partners and developing new customer partner opportunities. Speaker 200:10:38On that front, we have begun inviting prospective partners to utilize our proprietary AI products to run optimization simulations of their current programs using real data inputs. In utilizing our prospective partners' data, our AI products analyze each event and demonstrate predicted outcomes on pricing, on overall customer wait times, on desired customer satisfaction levels and the ability to execute on VIP program segmentation. Our proprietary AI has allowed us to establish faster service times, improve partner and customer satisfaction and driver satisfaction and improve program efficiency. Continuing through our continued operational improvements, margin expansion and managed growth, further transforming the market for roadside assistance with product innovations that differ in urgently from our competitors, improve our margin and provide exceptional experiences for our customer partners and drivers. And finally, we plan to enter new and adjacent markets in the future. Speaker 200:11:43I am proud of the progress we have made this past quarter. The momentum is exciting and I look forward to the remaining of the year ahead. Thank you for your time and continued support. I'll now turn the call over to Andy to discuss our financial results. Speaker 300:11:55Thank you, Matt, and good afternoon, everyone. Today, I will discuss our results for the second quarter ended 06/30/2025. For the second quarter, revenues were $31,700,000 which was just ahead of the midpoint of our guidance range of 30,000,000 to $33,000,000 and a decline of 8% or $3,000,000 from the same quarter last year. The year over year revenue decline was in line with our expectations and was primarily driven by the reduction in dispatch volume from the early termination of a top five global original equipment manufacturer customer partner referenced in our Q1 twenty twenty five filings and the reduction of revenue due to the autonomous business. This was partially offset by volume and rate increases from new and existing customer partners. Speaker 300:12:43For the second quarter, gross profit was $7,900,000 an increase of 600,000 compared to the same period last year, driven primarily by margin improvement initiatives. Gross margin for the second quarter was 25% compared to 21.2% for the same period last year. The increase in gross margin is primarily related to the mix of service dispatches and our continued technology optimizations, allowing us to better manage our service provider costs. We remain focused on executing against our strategic initiatives to drive profitable growth and continue to make steady progress to maintain our long term gross margin target of 25% to 30. Now let's move on to operating expenses. Speaker 300:13:32Operating expenses for the second quarter were $10,100,000 a decrease of $5,600,000 or an improvement of 36% from the same period last year. Research and development expenses during the second quarter of this year were $1,700,000 compared to $3,800,000 during the same period last year, resulting in a decrease of $2,100,000 or 56%. The decrease was mostly related to the reduction in the autonomous related research and development expenses and the reduction in employee and employee related expenses. Sales and marketing expenses during the second quarter of this year were $700,000 compared to $1,600,000 during the same period last year, resulting in a decrease of $900,000 or 57 percent. The decrease was mostly related to the reduction in the autonomous related sales and marketing expenses. Speaker 300:14:29Operations and support costs during the second quarter of this year were $2,300,000 compared to $3,600,000 during the same period last year, resulting in a decrease of $1,200,000 or 35%. This decrease is mostly related to the continued optimization of customer support representative resources and operational process improvements. General and administrative expenses during the second quarter of this year were $4,300,000 compared to $5,600,000 during the same period last year, resulting in a decrease of $1,300,000 or 23%. The decrease was mostly related to the reduction in the autonomous related general and administrative expenses, along with continued cost optimization. We remain focused on driving operational improvements, which include continued optimization of business processes to drive further operational efficiencies. Speaker 300:15:26We also review non GAAP operating expenses, which is defined as GAAP operating expenses plus depreciation and amortization expense, stock based compensation expense and non recurring charges such as transaction costs and restructuring costs. Non GAAP operating expenses for the second quarter were $8,100,000 an improvement of 40% from $13,500,000 in the prior year period. This non GAAP operating expense reduction is in line with our expectations and demonstrates the significant operational efficiencies and leverage we've achieved. GAAP operating loss for the second quarter was $2,200,000 a decrease of $6,200,000 or an improvement of 74% from the prior year period. We also review non GAAP operating loss, which is defined as GAAP operating loss plus depreciation and amortization expense, stock based compensation expense and non recurring charges such as transaction costs and restructuring costs. Speaker 300:16:31Non GAAP operating loss for the second quarter was $199,000 an improvement of 97% compared to $6,200,000 in the prior year period. As Matt mentioned, this loss was attributable to the remaining portion of the autonomous business. We remain focused on optimizing our business and operating model to drive further improvement in this metric, and we remain on track to achieve breakeven on a non GAAP operating basis during the third quarter. Now a few comments on our balance sheet. As of 06/30/2025, Urgently had a cash and cash equivalents balance of $4,800,000 and the principal debt balance of $55,300,000 During the second quarter, we capitalized approximately 1,200,000 in software, mostly to make enhancements to our platform by adding features and functionality, which benefit all of our customer partners. Speaker 300:17:29We expect this practice to continue with approximately $1,500,000 to be capitalized in the 2025. As of 06/30/2025, we had 1,300,000.0 shares of common stock outstanding. Finally, in July subsequent to the end of the second quarter, we entered into a sales agreement with Alliance Global Partners to sell shares of our common stock from time to time through an ATM program. Additional information about the program is available in our filings with the SEC. We have not sold any shares pursuant to the ATM program. Speaker 300:18:08Turning now to our outlook. For the 2025, we expect revenue to be between 31,000,000 to $34,000,000 and we continue to target maintaining non GAAP operating breakeven in the third quarter. With that, we are now happy to open the call for questions. Operator, please open the line for Q and A. Operator00:18:29We will now begin the question and answer session. The first question is from Chris Pearce with Needham. Please go ahead. Speaker 400:19:03Hey, Matt. How are doing tonight? Speaker 200:19:06Hey, Chris. How are doing? Speaker 500:19:08Two quick ones. I'm great. Thank you. Just two quick ones. On the revenue side, when should we expect to see from this premium insurance provider that you landed, I believe, then talks with other mid market companies. Speaker 500:19:19Like when should that start to kick in? Or when should we think about revenue growth coming through in larger numbers? Speaker 200:19:28In larger numbers, we think end of Q3, beginning of Q4, so we'll start to see the kick up in volume. We're still targeting, Chris, that's going to put the 20% to 30% growth post the post the autonomous and ingestion of the autonomous business. Speaker 500:19:45Okay. And is this something that could overwhelm the typical seasonality in the fourth quarter of the business? Or you'll still likely see that seasonality drop off in the fourth quarter? Speaker 200:19:54We've seen seasonality seasonality curve start to flatten with a lot of the AI work that we've been doing and machine learning work. So I think we'll continue to see a flattening of it. Adding more revenue at the top of the funnel is the key for this year, Chris. So I'll focus on revenue growth. Speaker 500:20:14Got it. Perfect. And then on the OpEx side of the business, I know that from the comments, lot of it was our total cost sort of rolling off or lapping our total cost. Speaker 200:20:21But is it right to think Speaker 500:20:22that there is modestly more gains there as far as GAAP OpEx? Or what's the right way to think about where we are as far as, to use a baseball analogy, what anywhere in as far as OpEx leverage? Speaker 200:20:32You want to take that, Andy? Speaker 300:20:34Sure. So on the OpEx side for Autonomous, it was a onetime historical compliance related costs that we picked up in Q2. And our ongoing OpEx costs, we expect to be minimal. And so we are going to expect there to be more of a breakeven on a non GAAP basis situation as well. Speaker 200:20:58Okay. Speaker 500:20:59All right. That's everything for me. Thank you very much. The Operator00:21:05next question is from Jim McElroy with Chardan Capital. Please go ahead. Speaker 400:21:12You and good afternoon or evening. Talked about Matt, you talked about the renewals And I'm just wondering if you can quantify how many how much of revenue these renewals account for so far? That is, I think you mentioned three specific renewals, one last quarter, a second one with the rideshare and the third that's in contract negotiations. How much It's of revenue is about Speaker 200:21:4640% of the renewals that are up for this year we've renewed so far with the other ones making very good progress. Speaker 400:21:55Okay. That's helpful. Thank you. And then also you talked about the funnel in the insurance market and it sounds like it's early stages, but then right after that you talked about signing an insurance company. I'm just trying to reconcile those two. Speaker 400:22:12Yes. I'm sure that sounds good to starting. Speaker 200:22:17Yes, sure. So, one was an automotive OEM insurance company and the other one was a mid market insurance company. So these are ones that are kind of first out of the gate that we'll start to see some impact in next quarter and Q4 as they launch and they start to come up. I think the way to think about it is we have started a major push. We'd always said like once we finish with the autonomous side of digesting that business, we'll start to push more on the top of the funnel. Speaker 200:22:45We started at the top of the funnel. We've reached out to 50,000 or so insurance related folks across the board in addition to fleets and others, and we're running a very large lead campaign right now. And one of the things that we've offered is the ability to run simulations based on our AI, where we can take their actual roadside dispatches for however long they want to give it to us. And we can tell them where it's working and where it's not working, where we can improve and what the average wait times are and things like that. It's been pretty successful, I'd say, at an early stage basis. Speaker 200:23:13So we're looking forward to running as many of those as we possibly can to show people how much our technology can make a difference in their current programs. Speaker 400:23:27Okay. And in terms of the sales cycle, has it been shorter or longer exactly as expected? And then also relative to when a company signs up, are you restricted or are you hemmed in by particular schedules of those companies that is they're not going to make any changes in December or they're not going to make any changes until some contract comes up, something like that? Speaker 200:23:57No, just it depends on the company. Some can move really quickly and others just take a while given their size and complexity. I wouldn't say that it's taken longer than we thought or it's taken a shorter amount of time we thought. It's pretty much following the standard playbook, which is big companies have a propensity to move a little bit slower and smaller, more nimble companies can move a little bit faster. But we haven't seen anything out of the ordinary. Speaker 200:24:23Mean, want everyone to today, Jim. Should sign up today and we should launch everyone tomorrow. So beyond that, it's not any different than what we've expected. Speaker 400:24:37Got it. And last one, the recurring, nonrecurring transaction costs and restructuring costs, when do those head towards zero? Speaker 200:24:48You want take that, Andy? Sure. Speaker 300:24:53In autonomous, the particular one that we called out, we expect that to basically not continue any longer. So this was one of the last ones that we expected on the urgently side. There's still going to be some depending on our future transactions and there may be some here and there, but we don't expect any large ones on an ongoing basis. Speaker 400:25:23Great. Thank you. That's it for me. Thanks a lot. Speaker 200:25:25Thanks, Jen. Operator00:25:42Showing no further questions, this concludes our question and answer session. I would like to turn the conference back over to Matt Booth for any closing remarks. Speaker 200:25:51Thanks again everyone. We're super proud of the significant progress we've made to position the company for profitable growth through Q2. We look forward to providing you with further updates on the progress in future calls, especially around our AI and machine learning and then growth prospects with new customers. If you'd like to meet with the management team, please reach out to us at investorrelations geturgently dot com, and we can schedule a call. Thanks again for your interest in Urgently and for joining us on the call today. Speaker 200:26:19Have a great night. Operator00:26:20The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.Read morePowered by