The following is a summary of the Urgent.ly Inc. (ULY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Urgent.ly reported Q1 2024 revenue of $40.1 million, surpassing their projected range of $35-$38 million due to higher volumes.

• Gross margins reached 23%, marking the fourth consecutive quarter over 20%.

• The non-GAAP operating loss of $5.1 million represents a 35% improvement from Q4 2023, moving towards non-GAAP operating break-even by Q3 2024.

• Despite a 19% decrease in revenue, the gross profit was up approximately $100,000 compared to the same period last year.

• The company closed the quarter with $40.7 million in cash and short-term investments, with their net principal debt at $54.3 million with maturity in January 2025.

Business Progress:

• Urgent.ly has made strides in operational and financial improvement, focusing primarily on enhancing customer service and technology optimization.

• They are also working on reducing operational costs and improving gross margins to reach non-GAAP operating break-even by the start of Q3.

• They are focusing on integrating Otonomo and Urgently's tech teams and eliminating redundant functions as part of their post-merger efforts.

• The company's recent launch of OEM telematics development to quicken data collection and improve customer experience and their successful partnership with a top five automobile Original Equipment Manufacturer exhibit progressive strides made by the company.

• Moving forward, the company plans to expand their existing B2B incident business and partner innovation by combining their assets from Otonomo with Urgent.ly's core technologies.

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