Via Transportation : First Quarter 2026 (Press Release)

Published: 2026-05-12 07:16:28 ET VIA

Published on 05/12/2026 at 07:16 am EDT

Q1 revenue of $127 million and Annual Run-Rate Revenue of $510 million, up 29% year-over-year.

Continued strength in the United States with 36% year-over-year revenue growth.

Q1 Customer count of 838, an increase of 23% year-over-year.

Continued progress towards profitability with Adjusted EBITDA of negative $5.8 million.

Cash and cash equivalents of $348 million as of March 31, 2026.

"We are delighted with our first quarter results, which reflect the strength of demand for Via's platform and the value we deliver to cities and transit agencies globally," said Daniel Ramot, Via's Co-founder and Chief Executive Officer. "Surpassing $500M in Annual Run-Rate Revenue as we continue to make rapid progress towards our profitability target is a testament to our ability to realize significant operating leverage while driving adoption of our platform within our large and underpenetrated market. As the only company in our industry that provides an end-to-end platform of AI-powered software and services for orchestrating and optimizing transit networks, we are uniquely positioned to deliver measurable outcomes to our customers and benefit from AI as a driver of efficiency."

(in thousands, except percentages and customer count)

Key Business Metrics:

Platform Annual Run-Rate Revenue (1)

$ 509,736

$ 394,568

Customer Count (2)

838

682

Financial Highlights:

Revenue

$ 127,434

$ 98,642

Gross Profit

$ 50,055

$ 39,810

Adjusted Gross Profit (3)

$ 50,725

$ 40,390

Adjusted Gross Margin (3)

40 %

41 %

(1)

Adjusted EBITDA (3)

$ (5,809)

$ (8,263)

(30)

Adjusted EBITDA Margin (3)

(5)%

(8)%

pts

Net Loss

$ (20,149)

$ (16,317)

Adjusted Net Loss (3)

$ (3,771)

$ (8,613)

(56)

Net Loss per Share-Basic and Diluted

$ (0.25)

$ (1.28)

(80)

Adjusted Net Loss per Share-Basic and Diluted (3)

$ (0.05)

$ (0.68)

(93)

Platform Annual Run-Rate Revenue for any quarter represents our Platform Revenue for that quarter multiplied by four.

Customer Count as of the last date in any quarter represents the number of distinct legal entities which generated Platform revenue in that quarter. The Downtowner acquisition contributed 94 customers.

This press release uses non-GAAP financial measures that adjust GAAP financial measures for the impact of various items. See the section titled "Non-GAAP Financial Measures" and the tables entitled "GAAP to Non-GAAP Reconciliation" below for additional information.

Our guidance includes non-GAAP measures. For the second quarter and full year 2026, Via expects the following:

($ in millions)

Platform Revenue

$132.5 - $134.0

$547.0 - $550.0

YoY Growth %

23.7% - 25.1%

26.0% - 26.6%

Adjusted EBITDA (1)

($4.0) - ($3.0)

($12.5) - ($7.5)

Adjusted EBITDA Margin (1)

(3.0)% - (2.2)%

(2.3)% - (1.4)%

Profitability Q4 2026 Adj. EBITDA > $0

Via is not able, at this time, to provide an outlook for GAAP net loss or a reconciliation of expected Adjusted EBITDA to GAAP net loss for the second quarter or full year 2026 because of the difficulty of estimating certain items excluded from Adjusted EBITDA that cannot be reasonably calculated or predicted without unreasonable efforts. For example, charges related to stock-based compensation and related employer payroll taxes expense require additional inputs, such as the number and value of awards granted, that are not currently ascertainable.

Via will host a conference call to discuss its first quarter fiscal year 2026 results at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) on May 12, 2026. A live audio webcast of the conference call, together with detailed financial information, can be accessed through the company's Investor Relations Web site at investors.ridewithvia.com. Participants who choose to call in to the conference call can do so by dialing (800) 715-9871 or +1 (646) 307-1963 and entering the conference ID: 1199104. A replay of the call will be available and archived via webcast at investors.ridewithvia.com.

Via is the technology backbone of a modern transportation network. We transform public transportation systems into dynamic networks, based on data and demand. Cities and transit agencies around the world adopt Via's suite of software and technology-enabled services to replace fragmented legacy systems and consolidate operations. As a result, Via lowers the cost of providing transit, improves the passenger experience, and brings more riders on board. Today, the Via platform is utilized by hundreds of cities across more than 30 countries to create public transportation systems that connect people with jobs, healthcare, and education.

We report certain non-GAAP financial measures, not presented in accordance with generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures include Adjusted Gross Profit, Adjusted Research and Development expense, Adjusted Sales and Marketing expense, Adjusted General and Administrative expense, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Loss and Adjusted Net Loss per share. These measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for the Company's results as reported under GAAP. Because not all companies calculate non-GAAP financial information identically, the presentations herein may not be comparable to other similarly titled measures used by other companies. The Company's presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company's future results will be unaffected by other unusual or non-recurring items. Further, such non-GAAP financial information of the Company should be considered in addition to, and not as superior to or as a substitute for, the historical consolidated financial statements of the Company prepared in accordance with GAAP. We urge you to review the reconciliations of the non-GAAP measures to their directly comparable GAAP financial measures and not to rely on any single financial measure to evaluate our business.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws that reflect our current views with respect to, among other things, future events, market trends and our future business, financial condition, results of operations, and prospects. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would," and "outlook," or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates, and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. These forward-looking statements are subject to a number of known and unknown risks, uncertainties, and assumptions, which you should consider and read carefully, including but not limited to, the risks and uncertainties discussed in our Annual Report on Form 10-K and the Quarterly Report on Form 10-Q filed in connection with this earnings and other filings with the Securities and Exchange Commission (SEC). Except to the extent required by law, we do not undertake to update any of the information contained in this press release.

($ in thousands, except share and per share amounts)

2026

2025

Revenue................................................................................................................................................

$ 127,434

$ 98,642

Cost of revenue (1)(2) ............................................................................................................................

77,379

58,832

Gross profit...........................................................................................................................................

50,055

39,810

Operating expenses:

Research and development (1) ....................................................................................................

24,528

21,346

Sales and marketing (1) .................................................................................................................

20,490

15,202

General and administrative (1)(2)...................................................................................................

28,621

20,486

Total operating expenses ...................................................................................................................

73,639

57,034

Operating loss......................................................................................................................................

(23,584)

(17,224)

Interest income ..............................................................................................................................

2,779

567

Interest expense ............................................................................................................................

(229)

(2,406)

Other income (expense)-net .....................................................................................................

1,442

3,518

Loss before provision for income taxes ...........................................................................................

(19,592)

(15,545)

Provision for income taxes...........................................................................................................

(557)

(772)

Net loss .................................................................................................................................................

$ (20,149)

$ (16,317)

Basic and diluted net loss per share: ...............................................................................................

Net loss per share-basic and diluted .............................................................................................

$ (0.25)

$ (1.28)

Weighted average shares of common stock outstanding used in computing net loss per

share-basic and diluted ...............................................................................................................

81,177,074

12,753,056

Includes stock-based compensation and related employer payroll taxes as follows:

($ in thousands)

2026

2025

Cost of revenue ..........................................................................................................................

Research and development......................................................................................................

4,030

1,614

Sales and marketing ..................................................................................................................

3,328

1,268

General and administrative.......................................................................................................

8,131

1,740

Total...................................................................................................................................

15,564

4,691

Includes amortization of acquired intangible assets as follows:

($ in thousands)

2026

2025

Cost of revenue ..........................................................................................................................

595

511

General and administrative.......................................................................................................

817

788

Total ...................................................................................................................................

1,412

1,299

March 31,

December 31

($ in thousands)

2026

2025

Assets

Current assets:

Cash and cash equivalents...........................................................................................................

$ 348,158

$ 370,914

Accounts receivable-net of allowance of $10 and $24 as of March 31, 2026 and December 31, 2025, respectively ...........................................................................................

94,916

81,572

Prepaid expenses and other current assets...............................................................................

18,104

17,065

Total current assets..............................................................................................................................

461,178

469,551

Noncurrent assets:

Restricted cash and cash equivalents.........................................................................................

1,218

1,171

Property and equipment-net.......................................................................................................

14,649

13,395

Operating lease right-of-use assets.............................................................................................

18,810

18,319

Deferred tax assets........................................................................................................................

437

529

Intangible assets-net ...................................................................................................................

34,336

36,025

Goodwill ...........................................................................................................................................

191,005

192,305

Other noncurrent assets................................................................................................................

1,687

1,800

Total noncurrent assets.......................................................................................................................

262,142

263,544

Total assets ...........................................................................................................................................

$ 723,320

$ 733,095

($ in thousands)

March 31,

2026

December 31,

2025

Liabilities and stockholders' equity

Current liabilities:

Accounts payable ...........................................................................................................................

$ 7,222

$ 4,427

Accrued expenses and other current liabilities ..........................................................................

21,128

24,886

Operating lease liabilities ..............................................................................................................

10,021

9,749

Deferred revenue............................................................................................................................

23,954

26,893

Insurance payables........................................................................................................................

14,882

15,144

Accrued compensation and benefits ...........................................................................................

13,417

13,136

Total current liabilities ..........................................................................................................................

90,624

94,235

Noncurrent liabilities:

Operating lease liabilities ..............................................................................................................

9,249

9,378

Deferred revenue............................................................................................................................

1,321

1,746

Total noncurrent liabilities ...................................................................................................................

10,570

11,124

Total liabilities........................................................................................................................................

101,194

105,359

Stockholders' equity:

Preferred stock................................................................................................................................

Class A common stock ..................................................................................................................

Class B common stock ..................................................................................................................

Class C common stock..................................................................................................................

Additional paid-in capital ...............................................................................................................

1,827,909

1,811,349

Accumulated other comprehensive income (loss) ....................................................................

5,681

7,702

Accumulated deficit ........................................................................................................................

(1,211,465)

(1,191,316)

Total stockholders' equity....................................................................................................................

622,126

627,736

Total liabilities and stockholders' equity............................................................................................

$ 723,320

$ 733,095

Three Months Ended March 31,

($ in thousands)

2026

2025

Operating activities:

Net loss ......................................................................................................................................................

$ (20,149)

$ (16,317)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization ...........................................................................................................

2,399

2,282

Stock-based compensation ................................................................................................................

15,564

4,691

Provision for deferred taxes................................................................................................................

Noncash operating lease expense....................................................................................................

3,284

1,925

Revaluation of warrants liability .........................................................................................................

(2,273)

Revaluation of convertible notes' embedded derivative feature...................................................

1,021

Amortization of convertible notes' discount......................................................................................

1,618

Changes in operating assets and liabilities:

Accounts receivable.............................................................................................................................

(13,788)

(451)

Prepaid expenses and other assets..................................................................................................

(1,003)

(537)

Accounts payable.................................................................................................................................

2,818

2,455

Accrued expenses and other current liabilities................................................................................

(3,744)

2,558

Operating lease liabilities....................................................................................................................

(3,557)

(2,464)

Deferred revenue .................................................................................................................................

(3,233)

(983)

Accrued compensation and benefits.................................................................................................

382

(642)

Insurance payables..............................................................................................................................

(262)

1,486

Net cash used in operating activities............................................................................................

(21,197)

(5,596)

Investing activities:

Purchase of property and equipment ....................................................................................................

(289)

(388)

Capitalized internal-use software...........................................................................................................

(1,992)

(872)

Net cash used in investing activities .................................................................................................

(2,281)

(1,260)

Financing activities:

Proceeds from issuance of Series E convertible preferred stock upon exercise of warrants ......

20,000

Repayment of line of credit .....................................................................................................................

(5,000)

Proceeds from issuance of convertible notes ......................................................................................

7,500

Proceeds from exercise of stock options..............................................................................................

996

680

Payment of issuance fees.......................................................................................................................

(322)

Net cash provided by financing activities .........................................................................................

996

22,858

Effect of foreign exchange on cash, cash equivalents, and restricted cash and cash equivalents .

(227)

322

Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents........

(22,709)

16,324

Cash, cash equivalents, and restricted cash and cash equivalents-beginning of period................

372,085

78,989

Cash, cash equivalents, and restricted cash and cash equivalents-end of period ..........................

$ 349,376

$ 95,313

Adjusted Gross Profit and Adjusted Gross Margin

Adjusted Gross Profit represents gross profit excluding stock-based compensation and related employer payroll taxes and amortization of acquired intangibles. Adjusted Gross Margin represents Adjusted Gross Profit as a percentage of revenue.

($ in thousands)

2026

2025

Gross profit

$ 50,055

$ 39,810

Gross profit margin..........................................................................................................................

39%

40%

Stock-based compensation and related employer payroll taxes.......................................

Amortization of acquired intangibles (1) ..................................................................................

595

511

Adjusted Gross Profit......................................................................................................................

$ 50,725

$ 40,390

Adjusted Gross Margin....................................................................................................................

40%

41%

Amortization of acquired intangibles includes developed technology resulting from our acquisitions of Remix, Citymapper and Downtowner.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA represents net loss excluding certain items that we do not consider indicative of our ongoing business performance: interest income, interest expense, loss on extinguishment of convertible notes, provision for income taxes, depreciation and amortization, stock-based compensation and related employer payroll taxes, other (income) expense, net, which consists primarily of changes in the fair value of derivatives and foreign currency transaction gains and losses, and other non-recurring or non-cash items impacting net income (loss) such as patent litigation costs related to the RideCo litigation (a patent litigation in which Via won a trial in January 2025), and transaction costs related to our IPO and historical M&A activity. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of revenue.

($ in thousands)

2026

2025

Net loss

$ (20,149)

$ (16,317)

Interest Income..........................................................................................................................

(2,779)

(567)

Interest expense........................................................................................................................

229

2,406

Provision for income taxes.......................................................................................................

557

772

Other (income) expense, net...................................................................................................

(1,442)

(3,518)

Depreciation and amortization (1) ............................................................................................

1,827

1,703

Stock-based compensation and related employer payroll taxes.......................................

15,564

4,691

Patent litigation costs (2)............................................................................................................

138

1,976

Transaction costs (3)..................................................................................................................

246

591

Adjusted EBITDA ............................................................................................................................

$ (5,809)

$ (8,263)

Net loss margin................................................................................................................................

(16)%

(17)%

Adjusted EBITDA Margin ...............................................................................................................

(5)%

(8)%

Excludes amortization of internal-use software.

Patent litigation costs relate to the RideCo litigation in which Via won a trial in January 2025 and defending the verdict on appeals.

Transaction costs include nonrecurring costs incurred in relation to our IPO and business combinations.

Adjusted operating expenses

Adjusted Research and Development expense, Adjusted Sales and Marketing expense and Adjusted General and Administrative Expense represent the respective GAAP measures excluding certain items that we do not consider indicative of our ongoing business performance: depreciation and amortization, stock-based compensation and related employer payroll taxes, and other non-recurring items such as patent litigation costs related to the RideCo litigation (a patent litigation in which Via won a trial in January 2025), and transaction costs related to our IPO and historical M&A activity.

($ in thousands)

2026

2025

GAAP research and development expense $

24,528

$ 21,346

Depreciation ...............................................................................................................................

(113)

(141)

Stock-based compensation and related employer payroll taxes.......................................

(4,030)

(1,614)

Adjusted Research and Development expense $

20,385

$ 19,591

GAAP sales and marketing expense $

20,490

$ 15,202

Stock-based compensation and related employer payroll taxes........................................

(3,328)

(1,268)

Transaction costs (1) ..................................................................................................................

(32)

Adjusted Sales and Marketing expense $

17,130

$ 13,934

GAAP general and administrative expense $

28,621

$ 20,486

Depreciation and amortization .................................................................................................

(1,119)

(1,051)

Stock-based compensation and related employer payroll taxes........................................

(8,131)

(1,740)

Patent litigation costs (2)............................................................................................................

(138)

(1,976)

Transaction costs (1) ..................................................................................................................

(214)

(591)

Adjusted General and Administrative expense $

19,019

$ 15,128

Transaction costs include nonrecurring costs incurred in relation to our IPO and business combinations.

Patent litigation costs relate to the RideCo litigation in which Via won a trial in January 2025 and defending the verdict on appeals.

Adjusted Net Loss and Adjusted Net Loss per share

Adjusted Net Loss represents net loss excluding certain items that we do not consider indicative of our ongoing business performance: amortization of discount on convertible notes, loss on extinguishment of convertible notes, changes in the fair value of derivatives, depreciation and amortization, stock-based compensation and related employer payroll taxes, and other non-recurring or non-cash items impacting net loss such as patent litigation costs related to the RideCo litigation (a patent litigation in which Via won a trial in January 2025), transaction costs related to our IPO and historical M&A activity, and other income related to employee retention credit under the CARES Act. Adjusted Net Loss per share represents Adjusted Net Loss divided by the weighted average shares of common stock outstanding during the respective period.

($ in thousands, except share and per share amounts)

2026

2025

GAAP net loss

$ (20,149)

$ (16,317)

Amortization of discount on convertible notes......................................................................

1,618

Revaluation of warrants liability ..............................................................................................

(2,273)

Revaluation of convertible notes embedded derivative feature.........................................

1,021

Employee retention credit ........................................................................................................

(1,758)

(1,811)

Depreciation and amortization (1) ............................................................................................

1,827

1,703

Stock-based compensation and related employer payroll taxes.......................................

15,564

4,691

Patent litigation costs (2)............................................................................................................

138

1,976

Transaction costs (3) ..................................................................................................................

246

591

Provision for income tax benefit of adjustments...................................................................

361

188

Adjusted Net Loss...........................................................................................................................

$ (3,771)

$ (8,613)

GAAP net loss per share-basic and diluted..............................................................................

$ (0.25)

$ (1.28)

Adjusted Net Loss per share-basic and diluted .......................................................................

$ (0.05)

$ (0.68)

Weighted average shares of common stock outstanding used in computing net loss per share and Adjusted Net Loss per share-basic and diluted................................................

81,177,074

12,753,056

Excludes amortization of internal-use software.

Patent litigation costs relate to the RideCo litigation in which Via won a trial in January 2025 and defending the verdict on appeals.

Transaction costs include nonrecurring costs incurred in relation to our IPO and business combinations.

Disclaimer

VIA Transportation Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 11:15 UTC.