Otonomo, an Israeli startup that offers a vehicle data platform, announced its Q4 2022 results today. The company reported revenue of USD 2.1 million in Q4 2022, up 94.7% YoY compared to Q4 2021. Revenue growth was supported by the addition of 21 new customers in Q4 2022. Otonomo also had a backlog at USD 6.3 million as of December 2022 (secured future revenue)—versus USD 4.8 million at the end of Q3 2022. Meanwhile, revenue for the full year 2022 stood at USD 7.0 million, up 4.1x YoY.

The company’s annual recurring revenue (ARR) stood at USD 7.0 million in December 2022 (up by 5.0% QoQ) and recurring revenue reflected 82% of Q4 revenue. 

The company's non-GAAP operating loss for the quarter amounted to USD 13.8 million, slightly down from USD 14.0 million loss incurred in Q4 2021. Its non-GAAP operating loss for the full year 2022 stood at USD 55.4 million, higher than the loss of USD 31.9 million incurred a year ago. The widening losses were due to higher costs of services, cloud infrastructure costs, and operating expenses such as R&D, sales and marketing, and general and administrative expenses.

The company did not provide a revenue forecast for the upcoming year, which could be due to the reverse merger agreement announced earlier this month with Urgently, a provider of digital roadside assistance services. The deal is expected to close in Q3 2023.