Revenue Performance - Fourth quarter 2024 revenue was $32.0 million, a decrease of 29% year over year[4] - Full-year 2024 revenue totaled $142.9 million, a decrease of 23% year over year[9] - Revenue for Q4 2024 was $32,030,000, a decrease of 29% compared to $45,051,000 in Q4 2023[17] Profitability and Loss - Gross profit margin improved by 160 basis points for the full year, reaching 22% compared to 21% in the prior year[9] - GAAP operating loss for the fourth quarter improved by 81% to $4.6 million from $23.8 million in the prior year[4] - Non-GAAP operating loss for the full year improved by 18% to $17.2 million compared to $21.0 million in the prior year[9] - The operating loss for Q4 2024 was $4,615,000, an improvement from a loss of $23,800,000 in Q4 2023[19] - Non-GAAP operating loss for Q4 2024 was $2,987,000, compared to a loss of $7,865,000 in Q4 2023[19] - Net income for Q4 2024 was a loss of $8,732,000, compared to a net income of $127,749,000 in Q4 2023[17] - Basic earnings per share for Q4 2024 was $(0.65), a decline from $12.13 in Q4 2023[17] Expenses and Cost Management - Total operating expenses for Q4 2024 were $11,728,000, significantly reduced from $33,984,000 in Q4 2023[17] - Research and development expenses for the year ended December 31, 2024, were $13,932,000, down from $16,907,000 in 2023[17] - Non-GAAP operating expenses for the year ended December 31, 2024, were $48,760,000, down from $58,844,000 in 2023[18] Financial Position - Principal debt was reduced by $17.5 million to $54.3 million as of December 31, 2024[9] - Total assets decreased to $54.1 million as of December 31, 2024, down from $121.2 million a year earlier[16] Strategic Initiatives - The company entered into a new credit agreement for an asset-based revolving credit facility of up to $20 million to enhance financial flexibility[3] - The company plans to execute a reverse stock split to regain compliance with Nasdaq listing requirements[3] Customer Metrics - Approximately 201,000 dispatches were completed in the fourth quarter, with a consumer satisfaction score of 4.5 out of 5 stars[4]
Urgent.ly (ULY) - 2024 Q4 - Annual Results