Via Transportation (NASDAQ: VIA) lifts Q2 revenue 27% and nears breakeven
Rhea-AI Filing Summary
Via Transportation reported second quarter 2026 revenue of $136 million, up 27% year-over-year, with Platform Annual Run-Rate Revenue of $543 million and a 23% increase in customer count to 847. Gross profit reached $55.6 million, and Adjusted Gross Margin was 41%.
GAAP net loss was $19.6 million, but Adjusted Net Loss narrowed to $0.8 million, or -$0.01 per share. Adjusted EBITDA improved to -$3.4 million, a margin of -3%, compared with -8% a year earlier. Cash and cash equivalents totaled $335.9 million as of June 30, 2026.
For Q3 2026, the company expects Platform Revenue of $137.6–$138.2 million and Adjusted EBITDA of -$4.5 to -$3.5 million. Full-year 2026 guidance calls for Platform Revenue of $550.0–$553.0 million and Adjusted EBITDA of -$12.5 to -$7.5 million, with a target of positive Adjusted EBITDA in Q4 2026.
Positive
- Revenue and ARR growth with expanding customer base: Q2 2026 revenue rose 27% to $136 million, Platform Annual Run-Rate Revenue reached $543 million (up 27%), and customer count increased 23% year-over-year to 847.
- Strong improvement in adjusted profitability metrics: Adjusted Net Loss fell to $0.8 million from $9.2 million (a 91% change), and Adjusted EBITDA improved to -$3.4 million with margin improving from -8% to -3%, with a target of positive Adjusted EBITDA in Q4 2026.
Negative
- None.
Filing Explained
June 30 cash was $335,915 thousand after $31,842 thousand of six-month operating cash use, while Q2 GAAP operating loss was $21,754 thousand.
This Form 8-K reports the completed second-quarter results through Exhibit 99.1; the release is furnished and the filing says it is not subject to Section 18 liability unless specifically incorporated. As of
The company describes “continued progress towards profitability” using adjusted EBITDA of
The balance sheet shows cash down from
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Revenue: $135,707 (thousands)
Net loss: $(19,556) (thousands)
Adjusted EBITDA: $(3,441) (thousands)
+5 more
8 metrics
Revenue
$135,707 (thousands)
Three months ended June 30, 2026 revenue; 27% year-over-year increase
Net loss
$(19,556) (thousands)
GAAP net loss for Q2 2026; change column shows (8)%
Adjusted EBITDA
$(3,441) (thousands)
Q2 2026 Adjusted EBITDA; Adjusted EBITDA Margin of (3)%
Adjusted Net Loss
$(838) (thousands)
Q2 2026 Adjusted Net Loss; change column shows (91)%
Cash and cash equivalents
$335,915 (thousands)
Cash and cash equivalents as of June 30, 2026
Customer count
847
Number of distinct customers generating Platform revenue in Q2 2026; 23% year-over-year increase
Platform Annual Run-Rate Revenue
$542,828 (thousands)
Platform Annual Run-Rate Revenue for Q2 2026; 27% year-over-year increase
Q3 2026 Platform Revenue guidance
$137.6–$138.2 million
Company guidance range for Q3 2026 Platform Revenue
Key Terms
Platform Annual Run-Rate Revenue, Adjusted EBITDA, non-GAAP financial measures, Deferred revenue, +1 more
5 terms
Platform Annual Run-Rate Revenue financial
"Platform Annual Run-Rate Revenue for any quarter represents our Platform Revenue for that quarter"
Platform annual run-rate revenue is an estimate of how much money a company’s platform would make in a year if its recent pace of revenue continued unchanged; it’s calculated by annualizing a current month or quarter of platform sales and fees. Think of it like taking one month’s paycheck and projecting it over a year to see the scale. Investors use it as a quick snapshot of growth and market traction, but it can overstate future revenue if the recent period included one-time gains or seasonal peaks.
Adjusted EBITDA financial
"Adjusted EBITDA represents net loss excluding certain items that we do not consider indicative"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
non-GAAP financial measures financial
"We report certain non-GAAP financial measures, not presented in accordance with generally accepted accounting principles"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Deferred revenue financial
"Deferred revenue | 22,810 | | | 26,893 | | | 1,048 | | | 1,746"
Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.
Stock-based compensation financial
"Includes stock-based compensation and related employer payroll taxes as follows"
Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.
Earnings Snapshot
Revenue: $135,707 (thousands) · Guidance included
Quarter ended June 30, 2026
Revenue
$135,707 (thousands)
27 %
Gross profit
$55,606 (thousands)
33 %
Net loss
$(19,556) (thousands)
(8) %
Adjusted EBITDA
$(3,441) (thousands)
(62) %
Adjusted Net Loss
$(838) (thousands)
(91) %
Guidance
Q3 2026 Platform Revenue $137.6–$138.2 million and Adjusted EBITDA $(4.5)–$(3.5) million; FY 2026 Platform Revenue $550.0–$553.0 million and Adjusted EBITDA $(12.5)–$(7.5) million; targets Q4 2026 Adjusted EBITDA greater than $0.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How much revenue did Via Transportation (VIA) generate in Q2 2026?
Via reported Q2 2026 revenue of $135.7 million, a 27% year-over-year increase from $107.1 million in Q2 2025, reflecting continued growth in its public transit software and services platform.
Was Via Transportation (VIA) profitable in the second quarter of 2026?
Via remained unprofitable on a GAAP basis, with a net loss of $19.6 million in Q2 2026. However, Adjusted Net Loss narrowed to $0.8 million and Adjusted EBITDA improved to -$3.4 million, indicating progress toward profitability.
What guidance did Via Transportation (VIA) provide for Q3 and full-year 2026?
For Q3 2026, Via expects Platform Revenue of $137.6–$138.2 million and Adjusted EBITDA of -$4.5 to -$3.5 million. For full-year 2026, it guides to Platform Revenue of $550.0–$553.0 million and Adjusted EBITDA of -$12.5 to -$7.5 million.
When does Via Transportation (VIA) expect to reach Adjusted EBITDA profitability?
Via states a profitability target of Q4 2026 Adjusted EBITDA greater than $0. This target follows substantial improvement in Q2 2026 Adjusted EBITDA to -3% margin from -8% a year earlier.
How strong is Via Transportation’s (VIA) balance sheet as of June 30, 2026?
As of June 30, 2026, Via reported cash and cash equivalents of $335.9 million and total assets of $718.3 million. Total liabilities were $100.0 million, with stockholders’ equity of $618.3 million.
How fast is Via Transportation’s (VIA) customer base and platform revenue run-rate growing?
Via’s customer count reached 847 in Q2 2026, a 23% year-over-year increase. Platform Annual Run-Rate Revenue was $542.8 million, reflecting 27% year-over-year growth, underscoring expanding adoption of its platform.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
___________________________
FORM 8-K
___________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): August 06, 2026
___________________________________
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
( | ||||||||
(Registrant's telephone number, including area code) | ||||||||
| Not applicable | ||||||||
(Former name or former address, if changed since last report.) | ||||||||
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act. Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On August 06, 2026, Via Transportation, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated August 6, 2026 | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Via Transportation, Inc. | ||||||||
Dated: August 6, 2026 | By: | /s/ Daniel Ramot | ||||||
| Name: | Daniel Ramot | |||||||
| Title: | Chief Executive Officer (Principal Executive Officer) | |||||||
Exhibit 99.1
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.
NEW YORK, NY, August 06, 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.
1
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.
2
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.
Media Contact: press@ridewithvia.com
Investor Relations: ir@ridewithvia.com
3
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 | |||||||||||||||
4
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 | |||||||
5
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 | |||||||
6
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 | |||||||||||||||
7
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.
8
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.
9
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.
10