Urgent.ly Inc. Files Q2 2024 10-Q

TL;DR

Urgent.ly's Q2 10-Q is in, showing financial details and loan info. Check it out.

AI Summary

Urgent.ly Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates. Key financial items include retained earnings and common stock balances, with specific mentions of a Highbridge Capital Term Loan and convertible notes.

Why It Matters

This filing provides investors with a quarterly update on Urgent.ly's financial health and operational status, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: medium — The filing mentions customer concentration risk and convertible notes, which can indicate potential financial complexities or dependencies.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-08-13 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2023-06-30 — Prior Year Comparable Period End Date (Used for year-over-year financial comparisons.)

Key Players & Entities

• Urgent.ly Inc. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of the reporting period
• Highbridge Capital Term Loan (dollar_amount) — A specific debt instrument mentioned
• Redeemable Convertible Preferred Stock Series C (dollar_amount) — A class of stock mentioned
• Two Thousand And Twenty Two Convertible Promissory Notes (dollar_amount) — A type of debt mentioned

FAQ

Key Financial Figures

• $0.001 — ch registered Common stock, par value $0.001 per share ULY NASDAQ Indicate by

Filing Documents

• uly-20240630.htm (10-Q) — 1548KB
• uly-ex31_1.htm (EX-31.1) — 15KB
• uly-ex31_2.htm (EX-31.2) — 15KB
• uly-ex32_1.htm (EX-32.1) — 9KB
• uly-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-096160.txt ( ) — 6522KB
• uly-20240630.xsd (EX-101.SCH) — 990KB
• uly-20240630_htm.xml (XML) — 984KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25 PART II. OTHER INFORMATION 27 Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 27

Signatures

Signatures 29 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains or may contain "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act of 1934, as amended (the "Exchange Act"), which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. 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. Forward-looking statements contained in this Quarterly Report on Form 10-Q include statements related to: our ability to acquire and retain new Customer Partners (as defined below), and to do so in a cost-effective manner; our competitive position in the mobility assistance industry and our ability to maintain and grow our market position against current and future competitors; technological advances in the mobility assistance industry and the impact of artificial intelligence ("AI"); our history of losses and expectations regarding operating losses for the foreseeable future; our need for additional capital, and the availability of such additional capital on acceptable terms or at all; our substantial dependence on a limited number of Customer Partners; our failure or the failure of our third-party service providers to protect our website, networks and systems against cybersecurity incidents, or otherwise to protect our confidential information or that of the vehicle owners and operators who are the end users of our platform (our "Consumers"), Customer

—FIN ANCIAL INFORMATION

PART I—FIN ANCIAL INFORMATION Ite m 1. Financial Statements. URGENT.LY INC. Con densed Consolidated Balance Sheets (in thousands, except share and par value data) (unaudited) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 24,483 $ 37,699 Restricted cash 315 557 Short-term deposits — 10,539 Marketable securities 4,511 20,816 Accounts receivable, net of allowance for expected losses of $ 835 and $ 27 in 2024 and 2023, respectively 25,026 33,905 Prepaid expenses and other current assets 2,895 4,349 Total current assets 57,230 107,865 Right-of-use assets 2,118 2,437 Property and equipment, net of accumulated depreciation of $ 913 and $ 938 in 2024 and 2023, respectively 455 871 Capitalized software costs, net of accumulated amortization of $ 170 and $ 887 in 2024 and 2023, respectively 2,495 — Intangible assets, net 7,578 9,283 Other non-current assets 968 738 Total assets $ 70,844 $ 121,194 Liabilities and Stockholders' Equity (Deficit) Current liabilities: Accounts payable $ 3,459 $ 4,478 Accrued expenses 25,179 22,274 Deferred revenue, current 446 456 Current lease liabilities 664 710 Current portion of long-term debt, net 53,272 3,193 Total current liabilities 83,020 31,111 Long-term lease liabilities 1,733 2,045 Long-term debt, net — 66,076 Other long-term liabilities 39 12,358 Total liabilities 84,792 111,590 Stockholders' equity (deficit): Common stock, par value $ 0.001 ; 1,000,000,000 shares authorized, 13,422,996 and 13,311,927 issued and outstanding in 2024 and 2023, respectively 13 13 Additional paid-in capital 165,934 164,920 Accumulated deficit ( 179,451 ) ( 154,769 ) Accumulated other comprehensive loss ( 444 ) ( 560 ) Total stockholders' equity (deficit) ( 13,948 ) 9,604 Total liabilities and stockholders'

View Full Filing

View this 10-Q filing on SEC EDGAR