Via Announces Second Quarter 2026 Results

Revenue grew 27%, while increasing demand for Via’s platform drove rapid expansion of the pipeline, which doubled year-over-year Q2 revenue of $136 million and Annual Run-Rate Revenue of $543 million, up 27% year-over-year. Continued strength in the United States with 35% year-over-year revenue growth. Q2 Customer count of 847, an increase of 23% year-over-year. Continued progress towards profitability with Adjusted EBITDA of negative $3.4 million, Adjusted Net Loss of negative $0.8 million and Adjusted Net Loss per Share of negative $0.01 per share. Cash and cash equivalents of $336 million as of June 30, 2026. Via Transportation, Inc. (NYSE: VIA), the world’s leading platform for public transit software and services, today announced financial results for the second quarter of fiscal year 2026, which ended June 30, 2026. “We are excited about our second quarter results, which provide strong validation of our strategy: to build the world’s most complete platform of software and services for public transit. Via’s rapid revenue growth, coupled with a second consecutive quarter in which pipeline doubled year-over-year, are indicative of the high return on our multi-year investment in our platform. Our focus on expanding the Company’s platform and supporting customers with an end-to-end solution has successfully unlocked a large and difficult-to-penetrate market," said Daniel Ramot, Via’s Co-founder and Chief Executive Officer. "We are equally pleased to report that we have achieved these results while continuing to make fast progress towards our profitability target, a reflection of the high level at which we are executing on our strategy.” Fiscal Second Quarter 2026 Financial and Operational Highlights: Q2 2026 Q2 2025 Change (in thousands, except percentages and customer count) Key Business Metrics: Platform Annual Run-Rate Revenue(1) $ 542,828 $ 428,532 27 % Customer Count (2) 847 689 23 % Financial Highlights: Revenue $ 135,707 $ 107,133 27 % Gross Profit $ 55,606 $ 41,951 33 % Adjusted Gross Profit(3) $ 56,297 $ 42,331 33 % Adjusted Gross Margin(3) 41 % 40 % 1 pt Adjusted EBITDA(3) $ (3,441 ) $ (9,055 ) (62 )% Adjusted EBITDA Margin(3) (3 )% (8 )% 5 pts Net Loss $ (19,556 ) $ (21,221 ) (8 )% Adjusted Net Loss (3) $ (838 ) $ (9,196 ) (91 )% Net Loss per Share—Basic and Diluted $ (0.24 ) $ (1.65 ) (85 )% Adjusted Net Loss per Share—Basic and Diluted(3) $ (0.01 ) $ (0.72 ) (99 )% (1) Platform Annual Run-Rate Revenue for any quarter represents our Platform Revenue for that quarter multiplied by four. (2) 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. (3) 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. Second Quarter and Full Year Outlook: Our guidance includes non-GAAP measures. For the third quarter and full year 2026, Via expects the following: Q3 2026 FY 2026 ($ in millions) Platform Revenue $137.6 - $138.2 $550.0 - $553.0 YoY Growth % 25.5% - 26.0% 26.6% - 27.3% Adjusted EBITDA(1) ($4.5) - ($3.5) ($12.5) - ($7.5) Adjusted EBITDA Margin(1) (3.3)% - (2.5)% (2.3)% - (1.4)% Profitability Q4 2026 Adj. EBITDA > $0 (1) 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. Conference Call Details 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 August 06, 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. About Via 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. Non-GAAP Financial Measures 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. Safe Harbor/Forward Looking Statements 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. VIA TRANSPORTATION, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended June 30, Six Months Ended June 30, ($ in thousands, except share and per share amounts) 2026 2025 2026 2025 Revenue $ 135,707 $ 107,133 $ 263,141 $ 205,775 Cost of revenue(1)(2) 80,101 65,182 157,480 124,014 Gross profit 55,606 41,951 105,661 81,761 Operating expenses: Research and development(1) 26,108 22,737 50,636 44,083 Sales and marketing(1) 21,142 15,973 41,632 31,175 General and administrative (1)(2) 30,110 19,351 58,731 39,837 Total operating expenses 77,360 58,061 150,999 115,095 Operating loss (21,754 ) (16,110 ) (45,338 ) (33,334 ) Interest income 2,799 487 5,578 1,054 Interest expense (282 ) (2,419 ) (511 ) (4,825 ) Other income (expense)—net (154 ) (2,307 ) 1,288 1,211 Loss before provision for income taxes (19,391 ) (20,349 ) (38,983 ) (35,894 ) Provision for income taxes (165 ) (872 ) (722 ) (1,644 ) Net loss $ (19,556 ) $ (21,221 ) $ (39,705 ) $ (37,538 ) Basic and diluted net loss per share: Net loss per share—basic and diluted $ (0.24 ) $ (1.65 ) $ (0.49 ) $ (2.93 ) Weighted average shares of common stock outstanding used in computing net loss per share—basic and diluted 81,337,205 12,833,306 81,257,582 12,793,403 (1) Includes stock-based compensation and related employer payroll taxes as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Cost of revenue $ 98 $ 37 $ 173 $ 106 Research and development 4,302 1,549 8,332 3,163 Sales and marketing 3,623 1,271 6,951 2,539 General and administrative 7,987 1,805 16,118 3,545 Total $ 16,010 $ 4,662 $ 31,574 $ 9,353 (2) Includes amortization of acquired intangible assets as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Cost of revenue $ 593 $ 343 $ 1,188 $ 854 General and administrative 787 812 1,604 1,600 Total $ 1,380 $ 1,155 $ 2,792 $ 2,454 VIA TRANSPORTATION, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ($ in thousands) June 30, 2026 December 31 2025 Assets Current assets: Cash and cash equivalents $ 335,915 $ 370,914 Accounts receivable—net of allowance of $20 and $24 as of June 30, 2026 and December 31, 2025, respectively 104,679 81,572 Prepaid expenses and other current assets 17,612 17,065 Total current assets 458,206 469,551 Noncurrent assets: Restricted cash and cash equivalents 1,301 1,171 Property and equipment—net 16,051 13,395 Operating lease right-of-use assets 17,085 18,319 Deferred tax assets 401 529 Intangible assets—net 32,971 36,025 Goodwill 190,720 192,305 Other noncurrent assets 1,614 1,800 Total noncurrent assets 260,143 263,544 Total assets $ 718,349 $ 733,095 VIA TRANSPORTATION, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ($ in thousands) June 30, 2026 December 31, 2025 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 6,039 $ 4,427 Accrued expenses and other current liabilities 23,859 24,886 Operating lease liabilities 9,829 9,749 Deferred revenue 22,810 26,893 Insurance payables 15,329 15,144 Accrued compensation and benefits 12,930 13,136 Total current liabilities 90,796 94,235 Noncurrent liabilities: Operating lease liabilities 8,196 9,378 Deferred revenue 1,048 1,746 Total noncurrent liabilities 9,244 11,124 Total liabilities 100,040 105,359 Stockholders' equity: Preferred stock — — Class A common stock 1 1 Class B common stock — — Class C common stock — — Additional paid-in capital 1,844,614 1,811,349 Accumulated other comprehensive income (loss) 4,715 7,702 Accumulated deficit (1,231,021 ) (1,191,316 ) Total stockholders’ equity 618,309 627,736 Total liabilities and stockholders' equity $ 718,349 $ 733,095 VIA TRANSPORTATION, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Operating activities: Net loss $ (19,556 ) $ (21,221 ) $ (39,705 ) $ (37,538 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,380 2,061 4,779 4,343 Stock-based compensation 16,010 4,662 31,574 9,353 Provision for deferred taxes 36 15 128 50 Noncash operating lease expense 2,817 2,148 6,101 4,073 Revaluation of warrants liability — — — (2,273 ) Revaluation of convertible notes' embedded derivative feature — 3,074 — 4,095 Amortization of convertible notes' discount — 1,710 — 3,328 Changes in operating assets and liabilities: Accounts receivable (9,853 ) (5,803 ) (23,641 ) (6,254 ) Prepaid expenses and other assets 562 (742 ) (441 ) (1,279 ) Accounts payable (1,178 ) 365 1,640 2,820 Accrued expenses and other current liabilities 1,831 (165 ) (1,913 ) 2,393 Operating lease liabilities (2,296 ) (1,710 ) (5,853 ) (4,174 ) Deferred revenue (1,374 ) (1,602 ) (4,607 ) (2,585 ) Accrued compensation and benefits (470 ) 340 (88 ) (302 ) Insurance payables 446 580 184 2,066 Net cash used in operating activities (10,645 ) (16,288 ) (31,842 ) (21,884 ) Investing activities: Purchase of property and equipment (389 ) (595 ) (678 ) (983 ) Capitalized internal-use software (2,015 ) (1,246 ) (4,007 ) (2,118 ) Acquisitions—net of cash acquired 279 — 279 — Net cash used in investing activities (2,125 ) (1,841 ) (4,406 ) (3,101 ) 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 695 1,374 1,691 2,054 Payment of issuance fees — — — (322 ) Net cash provided by financing activities 695 1,374 1,691 24,232 Effect of foreign exchange on cash, cash equivalents, and restricted cash and cash equivalents (85 ) 743 (312 ) 1,065 Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (12,160 ) (16,012 ) (34,869 ) 312 Cash, cash equivalents, and restricted cash and cash equivalents—beginning of period 349,376 95,313 372,085 78,989 Cash, cash equivalents, and restricted cash and cash equivalents—end of period $ 337,216 $ 79,301 $ 337,216 $ 79,301 VIA TRANSPORTATION, INC. GAAP TO NON-GAAP RECONCILIATION 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. Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Gross profit $ 55,606 $ 41,951 $ 105,661 $ 81,761 Gross profit margin 41 % 39 % 40 % 40 % Stock-based compensation and related employer payroll taxes 98 37 173 106 Amortization of acquired intangibles (1) 593 343 1,188 854 Adjusted Gross Profit $ 56,297 $ 42,331 $ 107,022 $ 82,721 Adjusted Gross Margin 41 % 40 % 41 % 40 % (1) 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 M&A activity. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of revenue. Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Net loss $ (19,556 ) $ (21,221 ) $ (39,705 ) $ (37,538 ) Interest Income (2,799 ) (487 ) (5,578 ) (1,054 ) Interest expense 282 2,419 511 4,825 Provision for income taxes 165 872 722 1,644 Other (income) expense, net 154 2,307 (1,288 ) (1,211 ) Depreciation and amortization(1) 1,786 1,559 3,613 3,262 Stock-based compensation and related employer payroll taxes 16,010 4,662 31,574 9,353 Patent litigation costs (2) 62 717 200 2,693 Transaction costs(3) 155 117 401 708 Other 300 — 300 — Adjusted EBITDA $ (3,441 ) $ (9,055 ) $ (9,250 ) $ (17,318 ) Net loss margin (14 )% (20 )% (15 )% (18 )% Adjusted EBITDA Margin (3 )% (8 )% (4 )% (8 )% (1) Excludes amortization of internal-use software. (2) Patent litigation costs relate to the RideCo litigation in which Via won a trial in January 2025 and defending the verdict on appeals. (3) Transaction costs include nonrecurring costs incurred in relation to our IPO and M&A activity. 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. Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 GAAP research and development expense $ 26,108 $ 22,737 $ 50,636 $ 44,083 Depreciation (104 ) (135 ) (217 ) (276 ) Stock-based compensation and related employer payroll taxes (4,302 ) (1,549 ) (8,332 ) (3,163 ) Adjusted Research and Development expense $ 21,702 $ 21,053 $ 42,087 $ 40,644 GAAP sales and marketing expense $ 21,142 $ 15,973 $ 41,632 $ 31,175 Stock-based compensation and related employer payroll taxes (3,623 ) (1,271 ) (6,951 ) (2,539 ) Transaction costs(1) — (4 ) (32 ) (4 ) Other $ (275 ) $ — $ (275 ) $ — Adjusted Sales and Marketing expense $ 17,244 $ 14,698 $ 34,374 $ 28,632 GAAP general and administrative expense $ 30,110 $ 19,351 $ 58,731 $ 39,837 Depreciation and amortization (1,089 ) (1,081 ) (2,208 ) (2,132 ) Stock-based compensation and related employer payroll taxes (7,987 ) (1,805 ) (16,118 ) (3,545 ) Patent litigation costs (2) (62 ) (717 ) (200 ) (2,693 ) Transaction costs(1) (155 ) (113 ) (369 ) (704 ) Other $ (25 ) $ — $ (25 ) $ — Adjusted General and Administrative expense $ 20,792 $ 15,635 $ 39,811 $ 30,763 (1) Transaction costs include nonrecurring costs incurred in relation to our IPO and M&A activity. (2) 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 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. Three Months Ended June 30, Six Months Ended June 30, ($ in thousands, except share and per share amounts) 2026 2025 2026 2025 GAAP net loss $ (19,556 ) $ (21,221 ) $ (39,705 ) $ (37,538 ) Amortization of discount on convertible notes — 1,710 — 3,328 Revaluation of warrants liability — — — (2,273 ) Revaluation of convertible notes embedded derivative feature — 3,074 — 4,095 Employee retention credit — — (1,758 ) (1,811 ) Depreciation and amortization(1) 1,786 1,559 3,613 3,262 Stock-based compensation and related employer payroll taxes 16,010 4,662 31,574 9,353 Patent litigation costs (2) 62 717 200 2,693 Transaction costs(3) 155 117 401 708 Other 300 — 300 — Provision for income tax benefit of adjustments 405 186 766 374 Adjusted Net Loss $ (838 ) $ (9,196 ) $ (4,609 ) $ (17,809 ) GAAP net loss per share—basic and diluted $ (0.24 ) $ (1.65 ) $ (0.49 ) $ (2.93 ) Adjusted Net Loss per share—basic and diluted $ (0.01 ) $ (0.72 ) $ (0.06 ) $ (1.39 ) Weighted average shares of common stock outstanding used in computing net loss per share and Adjusted Net Loss per share—basic and diluted 81,337,205 12,833,306 81,257,582 12,793,403 (1) Excludes amortization of internal-use software. (2) Patent litigation costs relate to the RideCo litigation in which Via won a trial in January 2025 and defending the verdict on appeals. (3) Transaction costs include nonrecurring costs incurred in relation to our IPO and M&A activity. Source: Via Transportation, Inc.