Latest news with #Urgently
Yahoo
4 days ago
- Business
- Yahoo
Urgently narrows operating loss, leveraging AI, ML
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Dive Brief: Roadside assistance software provider Urgently narrowed its operating loss to $2.1 million for its second quarter ended June 30, compared to $8.3 million for the prior year period, according to earnings results released Tuesday. While the company saw an 8% decrease in revenue to $31.7 million, it also reported an 8% year-over-year jump in gross profit to $7.9 million. CEO and Principal Financial Officer Matthew Booth credited the company's Q2 results in large part to its use of artificial intelligence and machine learning, he said Tuesday during the company's earnings call. The company's '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,' he said. 'We believe we are a technology market leader. We believe we are an innovation leader,' Booth said according to a transcript. 'Similar to other industries, we believe AI leaders will pull further ahead in this industry.' Dive Insight: Booth described the Vienna, Virginia-based Urgently as a 'technology-first company,' noting that 'in an advancing market, simply keeping up with technology is table stakes.' The company will continue to utilize its AI models as it charts a renewed path to growth in the second half of 2025, which includes a core focus on expanding its business-to-business incident offering through renewals and new customer opportunities, Booth said Tuesday. As such, the roadside software provider has started 'inviting prospective partners to utilize our proprietary AI products to run optimization simulations of their current programs using real data inputs,' he said. As well as narrowing its operating loss, Urgently also reported an increase in gross margin from 22% to 25%, 'primarily related to the mix of service dispatches and our continued technology optimizations, allowing us to better manage our service provider costs,' Andrea Makkai, its corporate controller and principal accounting officer, said. Operating expenses also decreased 36% YoY to $10.1 million. Urgently's bid to foster customer renewals and bolster sales comes as the software provider continues to weather financial challenges, as well as executive leadership shifts. Booth and Makkai assumed their roles as principal financial and principal accounting officer, respectively, on Aug. 5 after CFO Michael Port departed after just two months in the seat, CFO Dive previously reported. '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,' Jenny Mitchell, VP, finance strategy and investor relations said Tuesday regarding Port's departure, noting that Port had 'separated' from the company as of Aug. 5. 'We are confident in the ability of our finance team and will continue to evaluate employment needs on an ongoing basis,' Mitchell said. The CFO shift comes as Urgently takes steps to address two material weaknesses identified in May, related to 'a lack of segregation' in its accounting and finance functions as well as the 'design and maintenance of effective control' related to its IT systems, according to company filings. The company is also facing potential challenges related to liquidity, reporting a principal debt balance of $55.3 million as well as cash and cash equivalents of $4.8 million for its Q2, compared to cash and cash equivalents of $14.1 million as of Dec. 31, 2024, according to its earnings report. During the quarter, the business capitalized approximately $1.2 million in software, 'mostly to make enhancements to our platform by adding features and functionality, which benefit all of our customer partners,' Makkai said, noting Urgently expects approximately $1.5 million to be capitalized in its third quarter. Recommended Reading GameStop's interim CFO gets permanent seat Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
31-01-2025
- Automotive
- Associated Press
Urgently Announces Short-Term Extensions of Term Loans
VIENNA, Va., Jan. 31, 2025 (GLOBE NEWSWIRE) -- Inc. (Nasdaq: ULY) ('Urgently'), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today that it has reached an agreement with its lenders on a short-term extension to its term loan agreements while it continues to work on overall capital structure improvements. Urgently has agreed with its first lien lenders, among other things, to a short-term extension of the maturity date of such term loans until February 15, 2025. Urgently has agreed with its second lien lenders, among other things, to a short-term extension of its second lien term loans until March 17, 2025. 'We are pleased to have announced the short-term extensions of the maturity dates of our debt facilities as we finalize discussions with our lenders to refinance our existing debt facilities,' said Tim Huffmyer, Chief Financial Officer of Urgently. 'The short-term extensions are consistent with our goals of reducing our debt and improving our capital structure.' About Urgently Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company's digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit For media and investment inquiries, please contact: Forward-Looking Statements This press release contains or may contain 'forward-looking statements' within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently's future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as 'may,' 'will,' 'could,' 'should,' 'would,' 'plan,' 'potential,' 'intend,' 'anticipate,' 'project,' 'predict,' 'target,' 'believe,' 'continue,' 'estimate' or 'expect' or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding the Company's intentions to reduce its debt and improve its capital structure, and statements regarding the Company's ability to refinance its existing debt facilities, are based on the current assumptions of Urgently's management and are neither promises nor guarantees, but involve a significant number of factors that may cause our actual performance or achievements to be materially different from any future performance or achievements stated or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties detailed in our filings with the Securities and Exchange Commission ('SEC'), including in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 29, 2024, our quarterly reports on Form 10-Q, including our quarterly report on Form 10-Q for the quarter ended September 30, 2024, which was filed with the SEC on November 13, 2024, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements reflect Urgently's beliefs and assumptions only as of the date of this press release. Urgently undertakes no obligation to update forward-looking statements to reflect future events or circumstances.
