Urgent.ly Inc.

Good afternoon and welcome to the urgently second quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. 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.

Thank you, Operator. Good afternoon, everyone, and thank you for joining us for Urgently's Financial Results Conference Call for the second quarter ended June 30, 2025. On the call today, we have Urgently CEO, Matt Booth, and Urgently Controller, Andy McKay. Following Matt and Andy's prepared remarks, we will take your questions. As you learned from our 8-K filed on August 8th, Michael Port has separated from Urgently and is no longer serving as Urgently's chief financial officer. During 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. A 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-K for the year ended December 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. With that, I'll now turn the call over to Matt.

Thanks, 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 $31.7 million, which was in line with our expectations, and notably, our eighth consecutive quarter where we delivered on our revenue guidance commitment. In addition, we delivered modest sequential quarterly revenue growth versus the first quarter of 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 non-renewal that we disclosed in January of 2024. For the second quarter, we achieved gross margin of 25% which is again within our midterm outlook of the 25% to 30% range that we established 18 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. I'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 Autonomo 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. As we have discussed on our prior calls, a portion of our annual capacity and effort will always be dedicated to securing revenue through renewal. 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. This 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. In 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 and 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. In 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 EV manufacturer that we expect to announce in more detail later this year. We are pleased with our positive momentum in the 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 with technology is table stakes. Being a leader and an 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. We 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 second quarter of 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 allocations. This 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 20 minutes on average. In Fort Lauderdale and Boca Raton, improvements averaged five to 10 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. From partner management to the innovation in 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 5 stars in the second quarter of 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. On 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 to maintain non-GAAP operating breakeven through our continued operational improvements, margin expansion, and managed growth, further transforming the market for roadside assistance with product innovations that differing 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. I 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.