Via Transportation, Inc.

What they do

Via's platform combines purpose-built vertical software with technology-enabled services such as driver management, fleet management and customer support. Customers subscribe to modules for planning, microtransit and other transit verticals, typically under multi-year contracts with volume-based pricing tied to fleet size, minimum vehicles or vehicle-hours. The company says its platform uses machine learning and AI to consolidate operations across previously siloed transportation systems, and it addresses what it describes as a $545 billion global public transportation market.

Revenue drivers

• Recurring subscription fees — Customers pay recurring subscription fees for platform access under multi-year, volume-based contracts; the company says 97% of revenue came from these recurring subscription fees in each of 2025 and 2024.
• Technology-enabled services — Embedded services such as driver management, fleet management and customer support are offered a la carte or as a full turnkey solution and are folded into customer subscriptions, with related costs recorded in cost of revenue.
• One-time services and other revenue — Consulting services, advertising contracts, implementation fees and other one-time fees make up the remainder of revenue not covered by recurring subscription fees.

Recent performance

Second quarter 2026 revenue was $135.7 million, up 27% from $107.1 million in Q2 2025, with gross profit of $55.6 million and adjusted gross margin of 41%. Platform Annual Run-Rate Revenue was $542.8 million, up 27% year over year, and customer count was 847, up 23% from 689; the Downtowner acquisition contributed 94 customers. Net loss was $19.6 million, or $0.24 per share, while Adjusted EBITDA was negative $3.4 million and Adjusted Net Loss was negative $0.8 million, or $0.01 per share. Full-year 2025 revenue was $434.3 million with a net loss of $96.4 million, and operating cash flow improved from negative $92.6 million in 2023 to negative $30.9 million in 2025. Cash and cash equivalents were $335.9 million at June 30, 2026, against total liabilities of $100.0 million.

Strategy

Via's stated strategy is to build the most complete platform of software and services for public transit and to use an end-to-end, modular offering to unlock a large and difficult-to-penetrate market. The company pairs its software with vertically integrated tech-enabled services so customers can adopt the platform with lower-cost operations, and it relies on customer references and regional network effects to expand within multi-government coalitions. Management reports a second consecutive quarter in which pipeline doubled year over year and describes continued progress toward its profitability target, with Q4 2026 Adjusted EBITDA guided to breakeven. Investment priorities named in the filings include research and development, sales and marketing, and general and administrative functions.

Risks

• History of net losses — Via has reported net losses each year, including $96.4 million in 2025 and $19.6 million in Q2 2026, and says it may not achieve or maintain profitability.
• Government customer concentration — A significant portion of the business depends on contracting with government entities and other heavily regulated organizations, which the company says carries unique challenges and risks.
• Cost inflation and labor — Increases in fuel, vehicle supply and labor costs related to inflation or other operational factors could adversely affect results, according to the risk factors.
• Growth not indicative of future results — Via states that its rapid growth and recent financial performance may not be indicative of future performance and that failing to grow at expected rates could prevent profitability.

Outlook

For Q3 2026, Via guides Platform Revenue of $137.6 million to $138.2 million, representing 25.5% to 26.0% year-over-year growth, and Adjusted EBITDA of negative $4.5 million to negative $3.5 million. For full year 2026, the company guides Platform Revenue of $550.0 million to $553.0 million, or 26.6% to 27.3% growth, and Adjusted EBITDA of negative $12.5 million to negative $7.5 million. Management states it expects Q4 2026 Adjusted EBITDA of $0 and says it cannot reconcile expected Adjusted EBITDA to GAAP net loss without unreasonable effort.