Via Announces Fourth Quarter and Full Year 2025 Results

In Q4, revenue grew 30% as Via executed on its vision to lead a generational transformation of public transit for cities and local government Q4 revenue of $119 million and Annual Run-Rate Revenue of $476 million, up 30% year-over-year. Via’s strongest ever quarter for net new Platform Revenue. Marking 8 consecutive quarters of consistent 30% or more year-over-year Platform Revenue growth. Continued strength in the US with 39% year-over-year Platform Revenue growth. Q4 customer count of 821, an increase of 23% year-over-year. Acquired Downtowner on December 12, 2025, a transportation technology solution focused on Destination Cities. Closed the year with $371 million of cash, no debt and $86 million of available capacity under our credit facility as of December 31, 2025. Via Transportation Inc. (NYSE: VIA), the world’s leading platform for public transit software and services, today announced financial results for the fourth quarter and full year ended December 31, 2025. “We are delighted with our outstanding results in Q4 and in 2025 as a whole. We have surpassed our fourth quarter and annual guidance across all key metrics and, in our early days as a public company, continued to demonstrate our ability to execute at the highest levels and sustain revenue growth at 30% year-over-year," said Daniel Ramot, Via’s Co-founder and Chief Executive Officer. "As we look ahead to 2026, our continued focus on innovation will be a key driver of our success. While we are in the early days of transforming a massive market, we have established ourselves as the category leader. We are embedding AI across our platform – automating key workflows, improving the learning and decision-making power of our algorithms, and leveraging Via’s proprietary data to generate deep insights and proactive recommendations for our customers. We are excited about the opportunities and the pipeline ahead of us, as is evident from our guidance for 2026, where we expect to achieve over 25% revenue growth and reach profitability.” Fiscal Fourth Quarter and Full Year 2025 Financial and Operational Highlights: Q4 2025 Q4 2024 Change (in thousands, except percentages and customer count) Key Business Metrics: Platform Annual Run-Rate Revenue(1) $ 475,636 $ 366,736 30 % Customer Count (2) 821 665 23 % Financial Highlights: Revenue $ 118,909 $ 91,684 30 % Gross Profit $ 46,953 $ 36,979 27 % Adjusted Gross Profit(3) $ 47,404 $ 37,649 26 % Adjusted Gross Margin(3) 40 % 41 % (1) pt Adjusted EBITDA(3) $ (7,384 ) $ (8,906 ) N/M Adjusted EBITDA Margin(3) (6 )% (10 )% 4 pts Net Loss $ (21,936 ) $ (18,898 ) N/M Adjusted Net Loss (3) $ (4,796 ) $ (10,264 ) N/M FY 2025 FY 2024 Change (in thousands, except percentages) Financial Highlights: Revenue $ 434,337 $ 337,630 29 % Platform Revenue $ 434,337 $ 330,841 31 % Gross Profit $ 171,800 $ 130,840 31 % Adjusted Gross Profit(3) $ 173,596 $ 133,508 30 % Adjusted Gross Margin(3) 40 % 40 % — pt Adjusted EBITDA(3) $ (33,394 ) $ (54,392 ) N/M Adjusted EBITDA Margin(3) (8 )% (16 )% 8 pts Net Loss $ (96,361 ) $ (90,552 ) N/M Adjusted Net Loss (3) $ (31,865 ) $ (56,451 ) N/M (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. First Quarter and Full Year 2026 Outlook: Our guidance includes non-GAAP measures. For the first quarter and full year 2026, Via expects the following: Q1 2026 FY 2026 Revenue $123.3M - $123.8M $542.9M - $545.1M YoY Growth % 25.0% - 25.5% 25.0% - 25.5% Adjusted EBITDA(1) ($7.25)M - ($6.75)M ($12.5)M - ($7.5)M Adjusted EBITDA Margin(1) (5.9)% - (5.5)% (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 first 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 fourth quarter fiscal year 2025 results at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) on February 27, 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 and Adjusted Net Loss. 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, and that reflect our current views with respect to, among other things, future events, 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. We cannot guarantee that future results reflected in the forward-looking statements will occur. Important factors that could cause actual results to differ materially include, but are not limited to the risks and uncertainties described in our Annual Report on Form 10-K 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. CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended December 31, Year Ended December 31, ($ in thousands) 2025 2024 2025 2024 Revenue $ 118,909 $ 91,684 $ 434,337 $ 337,630 Cost of revenue(1)(2) 71,956 54,705 262,537 206,790 Gross profit 46,953 36,979 171,800 130,840 Operating expenses: Research and development(1) 25,138 21,363 92,352 88,987 Sales and marketing(1) 18,591 14,767 67,423 55,484 General and administrative (1)(2) 27,615 17,704 88,641 70,265 Total operating expenses 71,344 53,834 248,416 214,736 Operating loss (24,391 ) (16,855 ) (76,616 ) (83,896 ) Interest income 3,335 435 5,272 2,195 Interest expense (371 ) (1,871 ) (7,343 ) (4,291 ) Loss on extinguishment of convertible notes — — (10,949 ) — Other income (expense), net (122 ) (298 ) (4,204 ) (2,670 ) Loss before provision for income taxes (21,549 ) (18,589 ) (93,840 ) (88,662 ) Provision for income taxes (387 ) (309 ) (2,521 ) (1,890 ) Net loss (21,936 ) (18,898 ) (96,361 ) (90,552 ) Net income (loss) attributable to noncontrolling interest — (112 ) — (271 ) Net loss attributable to common stockholders $ (21,936 ) $ (18,786 ) $ (96,361 ) $ (90,281 ) ______________ (1) Includes stock-based compensation and related employer payroll taxes as follows: Three Months Ended December 31, Year Ended December 31, ($ in thousands) 2025 2024 2025 2024 Cost of revenue $ 56 $ 58 $ 203 $ 227 Research and development 3,540 1,721 8,626 6,583 Sales and marketing 2,895 1,286 7,340 4,023 General and administrative 7,905 2,314 15,083 10,393 Total $ 14,396 $ 5,379 $ 31,252 $ 21,226 (2) Includes amortization of acquired intangible assets as follows: Three Months Ended December 31, Year Ended December 31, ($ in thousands) 2025 2024 2025 2024 Cost of revenue $ 395 $ 612 $ 1,593 $ 2,441 General and administrative 690 794 3,065 3,174 Total $ 1,085 $ 1,406 $ 4,658 $ 5,615 VIA TRANSPORTATION, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) December 31, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 370,914 $ 77,905 Accounts receivable—net of allowance of $24 and $127 as of December 31, 2025 and December 31, 2024, respectively 81,572 73,760 Prepaid expenses and other current assets 17,065 11,537 Total current assets 469,551 163,202 NONCURRENT ASSETS: Restricted cash and cash equivalents 1,171 1,084 Property and equipment—net 13,395 11,189 Operating lease right-of-use assets 18,319 15,193 Deferred tax assets 529 401 Intangible assets—net 36,025 26,324 Goodwill 192,305 160,134 Other noncurrent assets 1,800 1,242 Total noncurrent assets 263,544 215,567 TOTAL ASSETS $ 733,095 $ 378,769 VIA TRANSPORTATION, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) December 31, 2025 December 31, 2024 LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable $ 4,427 $ 3,915 Accrued expenses and other current liabilities 24,886 19,345 Operating lease liabilities 9,749 8,307 Deferred revenue 26,893 22,644 Insurance payables 15,144 12,186 Accrued compensation and benefits 13,136 10,152 Total current liabilities 94,235 76,549 NONCURRENT LIABILITIES: Operating lease liabilities 9,378 7,264 Line of credit — 35,000 Convertible notes — 32,035 Derivatives liability — 18,819 Deferred revenue 1,746 1,899 Total noncurrent liabilities 11,124 95,017 Total liabilities 105,359 171,566 CONVERTIBLE PREFERRED STOCK, $0.00001 PAR VALUE — 1,195,058 STOCKHOLDERS’ EQUITY (DEFICIT): Preferred stock — — Common stock — — Class A common stock 1 — Class B common stock — — Class C common stock — — Additional paid-in capital 1,811,349 109,447 Accumulated other comprehensive income (loss) 7,702 (1,584 ) Accumulated deficit (1,191,316 ) (1,094,955 ) Total stockholders’ equity (deficit) attributable to stockholders of Via 627,736 (987,092 ) Noncontrolling interest — (763 ) Total stockholders’ equity (deficit) 627,736 (987,855 ) TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) $ 733,095 $ 378,769 VIA TRANSPORTATION, INC. CONSOLIDATED STATEMENTS OF CASHFLOWS (In thousands) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 OPERATING ACTIVITIES: Net loss $ (21,936 ) $ (18,898 ) $ (96,361 ) $ (90,552 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,053 2,219 8,529 9,126 Stock-based compensation 14,396 5,379 30,341 21,226 Provision for deferred taxes 655 32 (120 ) 222 Noncash operating lease expense 2,609 1,781 9,041 6,073 Revaluation of warrants liability — 1,174 (2,273 ) 4,500 Revaluation of convertible notes' embedded derivative feature — 370 9,312 370 Amortization of convertible notes' discount — 814 4,819 814 Loss on extinguishment of convertible notes — — 10,949 — Changes in operating assets and liabilities: Accounts receivable 6,615 (5,441 ) (1,700 ) (15,554 ) Prepaid expenses and other assets (2,058 ) (305 ) (4,642 ) (68 ) Accounts payable (1,891 ) (4,710 ) (324 ) (2,709 ) Accrued expenses and other current liabilities 1,656 (185 ) 4,156 1,552 Operating lease liabilities (1,920 ) (1,465 ) (8,461 ) (6,521 ) Deferred revenue 272 (760 ) 359 596 Accrued compensation and benefits (299 ) 916 2,547 (914 ) Insurance payables (607 ) 1,425 2,959 1,877 Net cash used in operating activities (455 ) (17,654 ) (30,869 ) (69,962 ) INVESTING ACTIVITIES: Purchase of property and equipment (326 ) (217 ) (1,663 ) (1,079 ) Capitalized internal-use software (1,029 ) (876 ) (4,251 ) (3,372 ) Acquisitions—net of cash acquired (39,892 ) — (39,892 ) — Net cash used in investing activities (41,247 ) (1,093 ) (45,806 ) (4,451 ) FINANCING ACTIVITIES: Proceeds from issuance of Series E convertible preferred stock upon exercise of warrants — — 20,000 — Proceeds from line of credit — — — 40,000 Repayment of line of credit (25,000 ) (5,000 ) (35,000 ) (5,000 ) Proceeds from issuance of convertible notes — 42,500 7,500 42,500 Proceeds from exercise of stock options 3,794 1,576 13,746 2,828 Proceeds from initial public offering, net of underwriting discounts and commissions 58,543 — 366,414 — Payments of initial public offering costs (2,961 ) — (4,012 ) — Payment of issuance fees — (50 ) (322 ) (50 ) Net cash provided by financing activities 34,376 39,026 368,326 80,278 EFFECT OF FOREIGN EXCHANGE ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS 119 (658 ) 1,445 (477 ) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS (7,207 ) 19,621 293,096 5,388 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS—Beginning of period 379,292 59,368 78,989 73,601 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS—End of period $ 372,085 $ 78,989 $ 372,085 $ 78,989 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 December 31, Year Ended December 31, ($ in thousands) 2025 2024 2025 2024 Gross profit $ 46,953 $ 36,979 $ 171,800 $ 130,840 Gross profit margin 39% 40% 40% 39% Stock-based compensation and related employer payroll taxes 56 58 203 227 Amortization of acquired intangibles (1) 395 612 1,593 2,441 Adjusted Gross Profit $ 47,404 $ 37,649 $ 173,596 $ 133,508 Adjusted Gross Margin 40% 41% 40% 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 historical M&A activity. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of revenue. Three Months Ended December 31, Year Ended December 31, ($ in thousands) 2025 2024 2025 2024 Net loss $ (21,936 ) $ (18,898 ) $ (96,361 ) $ (90,552 ) Interest Income (3,335 ) (435 ) (5,272 ) (2,195 ) Interest expense 371 1,871 7,343 4,291 Loss on extinguishment of convertible notes — — 10,949 — Provision for income taxes 387 309 2,521 1,890 Other (income) expense, net(1) 122 298 4,204 2,670 Depreciation and amortization(2) 1,460 1,819 6,264 7,530 Stock-based compensation and related employer payroll taxes 14,396 5,379 31,252 21,226 Patent litigation costs (3) 311 398 2,909 310 Transaction costs(4) 840 353 2,797 438 Adjusted EBITDA $ (7,384 ) $ (8,906 ) $ (33,394 ) $ (54,392 ) Net loss margin (18 )% (21 )% (22 )% (27 )% Adjusted EBITDA Margin (6 )% (10 )% (8 )% (16 )% (1) Other income (expense) consists primarily of non-cash losses relating to the change in the fair value of warrants to purchase convertible preferred stock, which were exercised in February 2025 and the convertible notes embedded derivative feature. (2) Excludes amortization of internal-use software. (3) Patent Litigation costs relate to the RideCo litigation in which Via won a trial in January 2025 and defending the verdict on appeals. (4) 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 December 31, Year Ended December 31, ($ in thousands) 2025 2024 2025 2024 GAAP research and development expense $ 25,138 $ 21,363 $ 92,352 $ 88,987 Depreciation (118 ) (147 ) (513 ) (795 ) Stock-based compensation and related employer payroll taxes (3,540 ) (1,721 ) (8,626 ) (6,583 ) Transaction costs(1) (162 ) — (351 ) — Adjusted Research and Development expense $ 21,318 $ 19,495 $ 82,862 $ 81,609 GAAP sales and marketing expense $ 18,591 $ 14,767 $ 67,423 $ 55,484 Stock-based compensation and related employer payroll taxes (2,895 ) (1,286 ) (7,340 ) (4,023 ) Transaction costs(1) (60 ) — (373 ) — Adjusted Sales and Marketing expense $ 15,636 $ 13,481 $ 59,710 $ 51,461 GAAP general and administrative expense $ 27,615 $ 17,704 $ 88,641 $ 70,265 Depreciation and amortization (947 ) (1,064 ) (4,158 ) (4,312 ) Stock-based compensation and related employer payroll taxes (7,905 ) (2,314 ) (15,083 ) (10,393 ) Patent litigation costs (2) (311 ) (398 ) (2,909 ) (310 ) Transaction costs(1) (618 ) (353 ) (2,073 ) (438 ) Adjusted General and Administrative expense $ 17,834 $ 13,575 $ 64,418 $ 54,812 (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 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. Three Months Ended December 31, Year Ended December 31, ($ in thousands) 2025 2024 2025 2024 GAAP net loss $ (21,936 ) $ (18,898 ) $ (96,361 ) $ (90,552 ) Amortization of discount on convertible notes — 800 4,819 800 Loss on extinguishment of convertible notes — — 10,949 — Revaluation of warrants liability — 1,174 (2,273 ) 4,500 Revaluation of convertible notes embedded derivative feature — 370 9,312 370 Employee retention credit (231 ) (1,857 ) (2,483 ) (1,857 ) Depreciation and amortization(1) 1,460 1,819 6,264 7,530 Stock-based compensation and related employer payroll taxes 14,396 5,379 31,252 21,226 Patent litigation costs (2) 311 398 2,909 310 Transaction costs(3) 840 353 2,797 438 Provision for income tax benefit of adjustments 364 198 950 784 Adjusted Net Loss $ (4,796 ) $ (10,264 ) $ (31,865 ) $ (56,451 ) (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.