TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
In a stark reflection of its tumultuous year, shares of ULY have plummeted to a 52-week low, touching down at a mere $0.4. According to InvestingPro data, the company’s market capitalization has shrunk to just $6.88 million, with concerning financial metrics including a current ratio of 0.56 indicating potential liquidity challenges. This latest price level underscores a precipitous drop from previous valuations, marking a significant downturn for the company’s financial health. Over the past year, ULY’s stock has been battered by market forces, resulting in an alarming 1-year change of -83.91%. Investors have watched with concern as the stock has steadily eroded in value, reaching this new low and casting doubts on the company’s short-term recovery prospects. InvestingPro analysis reveals the company is burning through cash rapidly, with a negative free cash flow yield and a gross profit margin of just 22.21%. For deeper insights into ULY’s financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Urgent.ly Inc. reported its financial results for the fourth quarter of 2024, revealing a significant miss on both earnings per share (EPS) and revenue forecasts. The company recorded an EPS of -0.65, which was below the expected -0.36, and revenue reached $32 million, falling short of the anticipated $55.2 million. This marks a 29% year-over-year revenue decline for the quarter and a 23% decline for the full year, with total annual revenue at $142.9 million. Despite these challenges, Urgent.ly managed to improve its gross margin to 22% and reduce its non-GAAP operating loss by 18%. In another development, Urgent.ly announced a reverse stock split at a 1-for-12 ratio, effective March 17, 2025, to comply with Nasdaq’s minimum bid price requirement. This move will adjust the total authorized shares of common stock from 1 billion to 500 million. Additionally, Urgent.ly has provided guidance for the first quarter of 2025, projecting revenue between $30 million and $33 million, with a non-GAAP operating loss expected to be less than $1 million. Looking ahead, the company aims to achieve non-GAAP operating breakeven by mid-2025.
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