Via Announces First Quarter 2026 Results

Q1 2026 was a milestone quarter with Annual Run-Rate revenue exceeding half a billion dollars for the first time. 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. Via Transportation, Inc. (NYSE: VIA), the world’s leading platform for public transit software and services, today announced financial results for the first quarter of fiscal year 2026, which ended 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.” Fiscal First Quarter 2026 Financial and Operational Highlights: Q1 2026 Q1 2025 Change (in thousands, except percentages and customer count) Key Business Metrics: Platform Annual Run-Rate Revenue(1) $ 509,736 $ 394,568 29 % Customer Count (2) 838 682 23 % Financial Highlights: Revenue $ 127,434 $ 98,642 29 % Gross Profit $ 50,055 $ 39,810 26 % Adjusted Gross Profit(3) $ 50,725 $ 40,390 26 % Adjusted Gross Margin(3) 40 % 41 % (1) pt Adjusted EBITDA(3) $ (5,809 ) $ (8,263 ) (30 )% Adjusted EBITDA Margin(3) (5 )% (8 )% 3 pts Net Loss $ (20,149 ) $ (16,317 ) 23 % 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 )% (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 second quarter and full year 2026, Via expects the following: Q2 2026 FY 2026 ($ 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 (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 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. 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 March 31, ($ 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 (1) Includes stock-based compensation and related employer payroll taxes as follows: Three Months Ended March 31, ($ in thousands) 2026 2025 Cost of revenue $ 75 $ 69 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 (2) Includes amortization of acquired intangible assets as follows: Three Months Ended March 31, ($ in thousands) 2026 2025 Cost of revenue $ 595 $ 511 General and administrative 817 788 Total $ 1,412 $ 1,299 VIA TRANSPORTATION, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ($ in thousands) March 31, 2026 December 31 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 VIA TRANSPORTATION, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ($ 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 1 1 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 VIA TRANSPORTATION, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 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 92 35 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 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 March 31, ($ in thousands) 2026 2025 Gross profit $ 50,055 $ 39,810 Gross profit margin 39 % 40 % Stock-based compensation and related employer payroll taxes 75 69 Amortization of acquired intangibles (1) 595 511 Adjusted Gross Profit $ 50,725 $ 40,390 Adjusted Gross Margin 40 % 41 % (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 historical M&A activity. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of revenue. Three Months Ended March 31, ($ 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 )% (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 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. Three Months Ended March 31, ($ 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 (1) Transaction costs include nonrecurring costs incurred in relation to our IPO and business combinations. (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 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. Three Months Ended March 31, ($ 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 (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 business combinations. Source: Via Transportation, Inc.