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VIENNA, Va. - Urgent.ly Inc. (NASDAQ: ULY), a digital roadside and mobility assistance tech company with annual revenue of $134 million, has announced the appointment of Michael Port as its new Chief Financial Officer, effective June 6, 2025. The appointment comes at a crucial time as the company, currently valued at $7.58 million, faces challenges with cash burn and profitability. According to InvestingPro analysis, the stock appears undervalued despite recent headwinds. Port, who previously served as the company’s Senior Vice President of Finance, will succeed Timothy C. Huffmyer. Huffmyer is leaving the role to explore new opportunities.
Port brings extensive financial leadership experience to his new position at Urgent.ly, where he’ll need to address the company’s significant debt burden and 22.5% gross profit margin. Before his tenure at Urgent.ly, he held the role of Vice President of Finance and Controller at Lordstown Motors Corp., an electric vehicle manufacturer. Following his time at Lordstown, Port provided consulting services to its successor, Nu Ride, Inc., aiding the management team during the transition. For deeper insights into Urgent.ly’s financial health and detailed analysis, investors can access comprehensive research reports on InvestingPro, which covers over 1,400 US stocks.
His career also includes a stint as Chief Financial Officer of Energy Focus Inc., a producer of LED lighting solutions, and as an advisor through his own firm, MHPort Consulting LLC, where he supported various manufacturing and service companies.
Matt Booth, CEO of Urgent.ly, expressed confidence in Port’s appointment, stating, "Mike’s wealth of experience in various senior level financial positions across the automotive industry and other high growth industries make him a great match for Urgently." Booth also acknowledged Huffmyer’s contributions to the company and extended best wishes for his future endeavors.
Urgent.ly’s platform leverages location-based services, real-time data, artificial intelligence, and machine-to-machine communication to provide innovative roadside assistance. The company aims to enhance safety and minimize disruptions for drivers by proactively addressing potential issues. Urgent.ly partners with brands in the automotive, insurance, and telematics sectors, among others, to offer connected roadside assistance services globally.
This strategic move comes at a time when Urgent.ly faces revenue challenges, with analysts forecasting a decline in sales for the current year. The company remains focused on delivering exceptional mobility assistance experiences to its customers. The information for this report is based on a press release statement from Urgent.ly Inc. and financial data from InvestingPro, which offers 13 additional exclusive insights about ULY’s financial health and market position.
In other recent news, Urgently Inc. reported its financial results for the fourth quarter of 2024, which showed a significant shortfall in both earnings and revenue expectations. The company posted an earnings per share (EPS) of -0.65, missing the anticipated -0.36, and recorded revenue of $32 million, falling short of the expected $55.2 million. Despite these challenges, Urgently has been working on expanding its North American presence through a new multi-year partnership with an on-demand towing and roadside assistance provider. This collaboration aims to enhance Urgently’s service offerings across the United States and Canada.
Additionally, Urgently announced a reverse stock split at a 1-for-12 ratio to meet Nasdaq’s minimum bid price requirements, effective March 17, 2025. Analysts at Needham have adjusted Urgently’s stock price target to $1.00 from the previous $1.50, while maintaining a Buy rating, reflecting a more conservative outlook due to lower-than-expected revenue guidance. The company is targeting non-GAAP operating breakeven by mid-2025, with a focus on operational efficiencies and market expansion. Urgently remains optimistic about renewing contracts and attracting new customers despite a leveling growth trajectory.
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