Free cash flow remains deeply negative, evidenced by a $3.5 million cash outflow in 2025Q3, highlighting the firm's persistent struggle to achieve a self-sustaining operational cash-generating state.
| Cash from Operations | -7.63M | -30.79M | -65.14M | -54.24M | -57.21M |
| Operating CF Margin % | - | -21.54% | -35.28% | -28.91% | -38.53% |
| Operating CF Growth % | 331.64% | 52.74% | -20.11% | 5.2% | - |
| Net Income | -25.01M | -44.03M | 74.73M | -95.98M | -56.34M |
| Depreciation & Amortization | 4.6M | 4.84M | 1.66M | 972K | 242K |
| Stock-Based Compensation | 1.51M | 2.36M | 2.47M | 494K | 698K |
| Deferred Taxes | 0 | 0 | -2.29M | 0 | 0 |
| Other Non-Cash Items | 11.74M | 10.13M | -125.32M | 34.92M | 4.99M |
| Working Capital Changes | -480K | -4.08M | -16.39M | 5.36M | -6.81M |
| Change in Receivables | 3.19M | 9.21M | 576K | -944K | -8.49M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -538K | -1.4M | -5.26M | 3.15M | 1.65M |
| Cash from Investing | -5.2M | 24.7M | 81.77M | -208K | -356K |
| Capital Expenditures | -1.61M | -1.58M | -149K | -208K | -340K |
| CapEx % of Revenue | 1.26% | 1.1% | 0.08% | 0.11% | 0.23% |
| Acquisitions | 0 | -580K | 44.72M | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | -3.71M | -5.45M | 0 | 0 | -16K |
| Cash from Financing | -535K | -18.07M | 14.4M | 30.65M | 78.05M |
| Debt Issued (Net) | 1.66M | -17.5M | 14.7M | 30M | 82.41M |
| Equity Issued (Net) | 273K | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.47M | -566K | -291K | 646K | -4.36M |
| Net Change in Cash | -13.37M | -24.08M | 30.85M | -23.8M | 20.48M |
| Free Cash Flow | -11.49M | -37.81M | -65.29M | -54.45M | -57.57M |
| FCF Margin % | -8.98% | -26.46% | -35.36% | -29.02% | -38.77% |
| FCF Growth % | 86.9% | 42.09% | -19.93% | 5.43% | - |
| FCF per Share | -9.83 | -33.61 | -4.90 | -4.37 | -4.62 |
| FCF Conversion (FCF/Net Income) | 0.46x | 0.70x | -0.87x | 0.57x | 1.02x |
| Interest Paid | 2.3M | 7.17M | 10.05M | 6.86M | 985K |
| Taxes Paid | 198K | 560K | 191K | 0 | 0 |
Liquidity and contract churn
As reported in financial statements, ULY's operating cash flow frequently deviates from net income, with the OCF/NI ratio fluctuating wildly and often failing to provide a positive conversion, which suggests that accounting losses are being compounded by actual cash outflows rather than mitigated by non-cash adjustments.
The recurring inability to generate positive operating cash flow alongside consistent net losses indicates that the company's core business model is currently cash-consumptive. Investors should monitor the persistent gap between reported losses and cash burn, as it suggests that the underlying service-delivery platform is not yet self-funding.
Based on ULY's reported figures, the free cash flow trajectory has remained largely negative over the last ten quarters, with the company recording a significant cash outflow of $3.5 million in 2025Q3, highlighting the ongoing difficulty in achieving a sustainable, positive cash-generating operational state.
The lack of a clear path to positive free cash flow suggests that the company's current scale is insufficient to cover its fixed operating costs. This trajectory warrants further investigation into whether the business can reach a break-even point before its existing liquidity reserves are fully exhausted.
According to recent SEC filings, ULY's working capital changes have been highly erratic, swinging from a $31.9 million outflow in 2023Q4 to a $3.0 million inflow in 2025Q2, which suggests that the company's cash position is heavily influenced by timing differences in payables and receivables management.
This volatility in working capital appears to mask the underlying operational cash burn, making it difficult to discern true improvements in collection efficiency. The reliance on these fluctuations to manage liquidity may indicate a lack of stable, predictable cash inflows from enterprise partners.
As indicated by the provided data, the cash flow statement reveals that stock-based compensation and non-cash depreciation are insufficient to offset the company's cash burn, with SBC reaching $718K in 2024Q1, which may suggest that equity-based incentives are not yet effectively aligning with cash-flow generation goals.
The reliance on non-cash adjustments to bridge the gap between net income and operating cash flow appears to be a recurring theme that warrants caution. Investors should be wary of how these adjustments might be used to present a more favorable view of the company's liquidity than the actual cash position supports.
Quick answers to the most common questions about buying ULY stock.
Urgent.ly Inc. Common Stock (ULY) generated $-30.8M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Urgent.ly Inc. Common Stock (ULY) reported negative free cash flow of $37.8M in 2024, indicating capital requirements exceeded cash from operations.
Urgent.ly Inc. Common Stock (ULY) spent $1.6M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.