Via Transportation Q3 revenue grows 31% to $144M
Via said it continued to expand its product offering through Via AI Labs.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Via Transportation, Inc. (VIA) reported third-quarter fiscal 2026 revenue of $143.528 million, up 31% year over year, and Platform Annual Run-Rate Revenue of $574.112 million, also up 31%. U.S. revenue grew 42%; customer count was 868, up 22%, including 94 customers contributed by the Downtowner acquisition. Gross profit rose 33% to $57.411 million.
Net loss narrowed to $18.759 million from $36.887 million, and Adjusted EBITDA loss narrowed to $3.230 million from $8.692 million; Adjusted Net Loss was a $0.350 million loss. Operating loss widened to $21.232 million from $18.891 million. Cash and cash equivalents were $322.803 million as of September 30, 2026; net cash used in operating activities was $14.533 million versus $8.530 million a year earlier.
For Q4 2026, Via expects Platform Revenue of $150.0 million to $151.7 million and Adjusted EBITDA of $0.0 million to $1.5 million. For FY 2026, it expects Platform Revenue of $556.7 million to $558.4 million and Adjusted EBITDA of ($12.5) million to ($11.0) million. Via said it cannot provide GAAP net loss outlook or a reconciliation to GAAP net loss because certain items excluded from Adjusted EBITDA are difficult to estimate.
3 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue grew 31% to $143.528 million year over year.
- Moderate pointAdjusted EBITDA loss narrowed 63% to $3.230 million.
- Moderate pointNet loss narrowed 49% to $18.759 million.
Negative
- Moderate pointOperating loss widened to $21.232 million from $18.891 million.
- Moderate pointOperating cash use rose to $14.533 million from $8.530 million.
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, or exhibit attachments filed with this report.
Key Figures
Revenue: $143.528 million
Platform Annual Run-Rate Revenue: $574.112 million
Adjusted EBITDA: ($3.230 million)
+5 more
8 metrics
Revenue
$143.528 million
Three months ended September 30, 2026; up 31% year over year.
Platform Annual Run-Rate Revenue
$574.112 million
Q3 2026; up 31% year over year.
Adjusted EBITDA
($3.230 million)
Q3 2026 loss, compared with ($8.692 million) in Q3 2025; loss narrowed 63%.
Net loss
($18.759 million)
Q3 2026, compared with ($36.887 million) in Q3 2025; loss narrowed 49%.
Cash and cash equivalents
$322.803 million
As of September 30, 2026.
Net cash used in operating activities
($14.533 million)
Q3 2026, compared with $8.530 million used in Q3 2025.
Q4 2026 Platform Revenue outlook
$150.0 million to $151.7 million
Expected Q4 2026 range; year-over-year growth of 26.1% to 27.6%.
FY 2026 Platform Revenue outlook
$556.7 million to $558.4 million
Expected FY 2026 range; year-over-year growth of 28.2% to 28.6%.
Key Terms
Platform Annual Run-Rate Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Loss per share
4 terms
Platform Annual Run-Rate Revenue financial
"Platform Annual Run-Rate Revenue for any quarter represents our Platform Revenue for that quarter multiplied by four."
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"
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.
Adjusted EBITDA Margin financial
"Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of revenue."
Adjusted EBITDA margin shows how much profit a company makes from its core operations, expressed as a percentage of its total revenue, after removing certain one-time or unusual expenses and income. It helps investors understand the company's true earning ability from regular business activities, making it easier to compare performance over time or with other companies. Think of it as measuring the efficiency of a business in turning sales into profits, excluding irregular adjustments.
Earnings Snapshot
Revenue: $143.528 million · Guidance included
Third quarter fiscal 2026
Revenue
$143.528 million
31% year-over-year increase
Platform Annual Run-Rate Revenue
$574.112 million
31% year-over-year increase
Gross profit
$57.411 million
33% year-over-year increase
Adjusted EBITDA
($3.230 million)
Loss narrowed 63% from ($8.692 million) in Q3 2025
Net loss
($18.759 million)
Loss narrowed 49% from ($36.887 million) in Q3 2025
Guidance
For Q4 2026, Via expects Platform Revenue of $150.0 million to $151.7 million and Adjusted EBITDA of $0.0 million to $1.5 million. For FY 2026, it expects Platform Revenue of $556.7 million to $558.4 million and Adjusted EBITDA of ($12.5) million to ($11.0) million. Via cannot provide an outlook for GAAP net loss or a reconciliation of expected Adjusted EBITDA to GAAP net loss because certain excluded items are difficult to estimate.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was VIA's revenue in Q3 2026?
Via reported $143.528 million in revenue for the three months ended September 30, 2026, up 31% from the same quarter in 2025. Platform Annual Run-Rate Revenue was $574.112 million; Via calculates it by multiplying the quarter's Platform Revenue by four.
What is VIA's outlook for Q4 and FY 2026?
Via expects Q4 2026 Platform Revenue of $150.0 million to $151.7 million and Adjusted EBITDA of $0.0 million to $1.5 million. For FY 2026, it expects Platform Revenue of $556.7 million to $558.4 million and Adjusted EBITDA of ($12.5) million to ($11.0) million.
How does VIA count its customers?
Via's Customer Count at quarter-end is the number of distinct legal entities that generated Platform revenue during the quarter. Its Q3 2026 count was 868, up 22% year over year, and the Downtowner acquisition contributed 94 customers.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 9, 2026
___________________________________
(Exact name of registrant as specified in its charter)
___________________________________
(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 November 9, 2026 , Via Transportation, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 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 November 9, 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: | By: | /s/ Daniel Ramot | ||||||
| Name: | Daniel Ramot | |||||||
| Title: | Chief Executive Officer (Principal Executive Officer) | |||||||
Exhibit 99.1
Via Announces Third Quarter 2026 Results
Via delivers milestone quarter with revenue growth accelerating to 31%, record pipeline, and Adjusted Net Loss per Share rounding to breakeven.
•Q3 revenue of $144 million and Annual Run-Rate Revenue of $574 million, up 31% year-over-year.
•Continued strength in the United States with 42% year-over-year revenue growth.
•Q3 Customer count of 868, an increase of 22% year-over-year.
•Continued progress towards profitability with Adjusted Net Loss per Share rounding to breakeven.
•Cash and cash equivalents of $323 million as of September 30, 2026.
NEW YORK, NY, November 9, 2026 -- Via Transportation, Inc. (NYSE: VIA), the world’s leading platform for public transit software and services, today announced financial results for the third quarter of fiscal year 2026, which ended September 30, 2026.
“Our team’s outstanding execution delivered a milestone quarter for Via. The acceleration of growth provides further validation for our strategy of building a full stack platform that combines AI-powered software and technology-enabled services for cities and transit agencies," said Daniel Ramot, Via’s Co-founder and Chief Executive Officer. “We are equally pleased that we achieved these results while making another major step towards our profitability target, and at the same time continued to expand our product offering through Via AI Labs.”
Fiscal Third Quarter 2026 Financial and Operational Highlights:
| Q3 2026 | Q3 2025 | Change | |||||||||||||||
| (in thousands, except per share amounts, percentages and customer count) | |||||||||||||||||
| Key Business Metrics: | |||||||||||||||||
Platform Annual Run-Rate Revenue (1) | $ | 574,112 | $ | 438,612 | 31 | % | |||||||||||
Customer Count (2) | 868 | 713 | 22 | % | |||||||||||||
| Financial Highlights: | |||||||||||||||||
| Revenue | $ | 143,528 | $ | 109,653 | 31 | % | |||||||||||
| Gross Profit | $ | 57,411 | $ | 43,086 | 33 | % | |||||||||||
Adjusted Gross Profit (3) | $ | 58,152 | $ | 43,471 | 34 | % | |||||||||||
Adjusted Gross Margin (3) | 41 | % | 40 | % | 1 | pt | |||||||||||
Adjusted EBITDA (3) | $ | (3,230) | $ | (8,692) | (63) | % | |||||||||||
Adjusted EBITDA Margin (3) | (2) | % | (8) | % | 6 | pts | |||||||||||
| Net Loss | $ | (18,759) | $ | (36,887) | (49) | % | |||||||||||
Adjusted Net Loss (3) | $ | (350) | $ | (9,260) | (96) | % | |||||||||||
| Net Loss per Share—Basic and Diluted | $ | (0.23) | $ | (1.49) | (85) | % | |||||||||||
Adjusted Net Loss per Share—Basic and Diluted (3) | $ | (0.00) | $ | (0.37) | (100) | % | |||||||||||
(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
Fourth Quarter and Full Year Outlook:
Our guidance includes non-GAAP measures. For the fourth quarter and full year 2026, Via expects the following:
| Q4 2026 | FY 2026 | ||||||||||
| ($ in millions) | |||||||||||
| Platform Revenue | $150.0 - $151.7 | $556.7 - $558.4 | |||||||||
| YoY Growth % | 26.1% - 27.6% | 28.2% - 28.6% | |||||||||
Adjusted EBITDA (1) | $0.0 - $1.5 | ($12.5) - ($11.0) | |||||||||
Adjusted EBITDA Margin (1) | 0.0% - 1.0% | (2.2)% - (2.0)% | |||||||||
(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 fourth 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 third quarter fiscal year 2026 results at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) on November 9, 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 nonrecurring items, should not be construed as an inference that the Company’s future results will be unaffected by other unusual or nonrecurring 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| ($ in thousands, except share and per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Revenue | $ | 143,528 | $ | 109,653 | $ | 406,669 | $ | 315,428 | |||||||||||||||
Cost of revenue (1) | 86,117 | 66,567 | 243,597 | 190,581 | |||||||||||||||||||
| Gross profit | 57,411 | 43,086 | 163,072 | 124,847 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
Research and development (1) | 26,229 | 23,131 | 76,865 | 67,214 | |||||||||||||||||||
Sales and marketing (1) | 20,326 | 17,657 | 61,958 | 48,832 | |||||||||||||||||||
General and administrative (1) | 32,088 | 21,189 | 90,819 | 61,026 | |||||||||||||||||||
| Total operating expenses | 78,643 | 61,977 | 229,642 | 177,072 | |||||||||||||||||||
| Operating loss | (21,232) | (18,891) | (66,570) | (52,225) | |||||||||||||||||||
| Interest income | 2,631 | 883 | 8,209 | 1,937 | |||||||||||||||||||
| Interest expense | (479) | (2,147) | (990) | (6,972) | |||||||||||||||||||
| Loss on extinguishment of convertible notes | — | (10,949) | — | (10,949) | |||||||||||||||||||
| Other income (expense)—net | 232 | (5,293) | 1,520 | (4,082) | |||||||||||||||||||
Loss before income taxes | (18,848) | (36,397) | (57,831) | (72,291) | |||||||||||||||||||
| Provision for (benefit from) income taxes | (89) | 490 | 633 | 2,134 | |||||||||||||||||||
| Net loss | $ | (18,759) | $ | (36,887) | $ | (58,464) | $ | (74,425) | |||||||||||||||
| Basic and diluted net loss per share: | |||||||||||||||||||||||
| Net loss per share—basic and diluted | $ | (0.23) | $ | (1.49) | $ | (0.72) | $ | (4.43) | |||||||||||||||
| Weighted average shares of common stock outstanding used in computing net loss per share—basic and diluted | 81,675,824 | 24,730,353 | 81,398,528 | 16,816,111 | |||||||||||||||||||
______________
(1)Includes stock-based compensation and related employer payroll taxes as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| ($ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Cost of revenue | $ | 100 | $ | 41 | $ | 273 | $ | 147 | |||||||||||||||
| Research and development | 4,488 | 1,923 | 12,820 | 5,086 | |||||||||||||||||||
| Sales and marketing | 2,395 | 1,906 | 9,346 | 4,445 | |||||||||||||||||||
| General and administrative | 8,380 | 3,633 | 24,498 | 7,178 | |||||||||||||||||||
| Total | $ | 15,363 | $ | 7,503 | $ | 46,937 | $ | 16,856 | |||||||||||||||
4
VIA TRANSPORTATION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| ($ in thousands) | September 30, 2026 | December 31 2025 | |||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 322,803 | $ | 370,914 | |||||||
Accounts receivable—net of allowance of $13 and $24 as of September 30, 2026 and December 31, 2025, respectively | 123,338 | 81,572 | |||||||||
| Prepaid expenses and other current assets | 17,900 | 17,065 | |||||||||
| Total current assets | 464,041 | 469,551 | |||||||||
| Noncurrent assets: | |||||||||||
| Restricted cash and cash equivalents | 1,257 | 1,171 | |||||||||
| Property and equipment—net | 17,757 | 13,395 | |||||||||
| Operating lease right-of-use assets | 24,013 | 18,319 | |||||||||
| Deferred tax assets | 520 | 529 | |||||||||
| Intangible assets—net | 31,631 | 36,025 | |||||||||
| Goodwill | 190,855 | 192,305 | |||||||||
| Other noncurrent assets | 1,577 | 1,800 | |||||||||
| Total noncurrent assets | 267,610 | 263,544 | |||||||||
| Total assets | $ | 731,651 | $ | 733,095 | |||||||
5
VIA TRANSPORTATION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| ($ in thousands) | September 30, 2026 | December 31, 2025 | |||||||||
| Liabilities and stockholders' equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 5,156 | $ | 4,427 | |||||||
| Accrued expenses and other current liabilities | 25,452 | 24,886 | |||||||||
| Operating lease liabilities | 11,796 | 9,749 | |||||||||
| Deferred revenue | 24,384 | 26,893 | |||||||||
| Insurance payables | 14,102 | 15,144 | |||||||||
| Accrued compensation and benefits | 18,278 | 13,136 | |||||||||
| Total current liabilities | 99,168 | 94,235 | |||||||||
| Noncurrent liabilities: | |||||||||||
| Operating lease liabilities | 12,498 | 9,378 | |||||||||
| Deferred revenue | 896 | 1,746 | |||||||||
| Total noncurrent liabilities | 13,394 | 11,124 | |||||||||
| Total liabilities | 112,562 | 105,359 | |||||||||
| Stockholders' equity: | |||||||||||
| Preferred stock | — | — | |||||||||
Class A common stock | 1 | 1 | |||||||||
Class B common stock | — | — | |||||||||
Class C common stock | — | — | |||||||||
| Additional paid-in capital | 1,864,281 | 1,811,349 | |||||||||
| Accumulated other comprehensive income (loss) | 4,587 | 7,702 | |||||||||
| Accumulated deficit | (1,249,780) | (1,191,316) | |||||||||
| Total stockholders’ equity | 619,089 | 627,736 | |||||||||
| Total liabilities and stockholders' equity | $ | 731,651 | $ | 733,095 | |||||||
6
VIA TRANSPORTATION, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| ($ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Operating activities: | |||||||||||||||||||||||
| Net loss | $ | (18,759) | $ | (36,887) | $ | (58,464) | $ | (74,425) | |||||||||||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | — | ||||||||||||||||||||||
| Depreciation and amortization | 2,433 | 2,133 | 7,212 | 6,476 | |||||||||||||||||||
| Stock-based compensation | 15,331 | 6,592 | 46,905 | 15,945 | |||||||||||||||||||
| Deferred income taxes | (119) | (825) | 9 | (775) | |||||||||||||||||||
| Noncash operating lease expense | 3,535 | 2,359 | 9,636 | 6,432 | |||||||||||||||||||
| Revaluation of warrants liability | — | — | — | (2,273) | |||||||||||||||||||
| Revaluation of convertible notes' embedded derivative feature | — | 5,217 | — | 9,312 | |||||||||||||||||||
| Amortization of convertible notes' discount | — | 1,491 | — | 4,819 | |||||||||||||||||||
| Loss on extinguishment of convertible notes | — | 10,949 | — | 10,949 | |||||||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||||||
| Accounts receivable | (18,728) | (2,061) | (42,369) | (8,315) | |||||||||||||||||||
| Prepaid expenses and other assets | (753) | (1,305) | (1,194) | (2,584) | |||||||||||||||||||
| Accounts payable | (881) | (1,253) | 759 | 1,567 | |||||||||||||||||||
| Accrued expenses and other current liabilities | 1,472 | 107 | (441) | 2,500 | |||||||||||||||||||
| Operating lease liabilities | (3,636) | (2,367) | (9,489) | (6,541) | |||||||||||||||||||
| Deferred revenue | 1,442 | 2,672 | (3,165) | 87 | |||||||||||||||||||
| Accrued compensation and benefits | 5,356 | 3,148 | 5,268 | 2,846 | |||||||||||||||||||
| Insurance payables | (1,226) | 1,500 | (1,042) | 3,566 | |||||||||||||||||||
| Net cash used in operating activities | (14,533) | (8,530) | (46,375) | (30,414) | |||||||||||||||||||
| Investing activities: | |||||||||||||||||||||||
| Purchase of property and equipment | (618) | (354) | (1,296) | (1,337) | |||||||||||||||||||
| Capitalized internal-use software | (2,138) | (1,104) | (6,145) | (3,222) | |||||||||||||||||||
| Acquisitions—net of cash acquired | — | — | 279 | — | |||||||||||||||||||
| Net cash used in investing activities | (2,756) | (1,458) | (7,162) | (4,559) | |||||||||||||||||||
| Financing activities: | |||||||||||||||||||||||
| Proceeds from issuance of Series E convertible preferred stock upon exercise of warrants | — | — | — | 20,000 | |||||||||||||||||||
| Repayment of line of credit | — | (5,000) | — | (10,000) | |||||||||||||||||||
| Proceeds from issuance of convertible notes | — | — | — | 7,500 | |||||||||||||||||||
| Proceeds from exercise of stock options | 4,336 | 7,898 | 6,027 | 9,952 | |||||||||||||||||||
| Proceeds from initial public offering, net of underwriting discounts and commissions | — | 307,871 | — | 307,871 | |||||||||||||||||||
| Payments of initial public offering costs | — | (1,051) | — | (1,051) | |||||||||||||||||||
| Payment of issuance fees | — | — | — | (322) | |||||||||||||||||||
| Net cash provided by financing activities | 4,336 | 309,718 | 6,027 | 333,950 | |||||||||||||||||||
| Effect of foreign exchange on cash, cash equivalents, and restricted cash and cash equivalents | (203) | 261 | (515) | 1,326 | |||||||||||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | (13,156) | 299,991 | (48,025) | 300,303 | |||||||||||||||||||
| Cash, cash equivalents, and restricted cash and cash equivalents—beginning of period | 337,216 | 79,301 | 372,085 | 78,989 | |||||||||||||||||||
| Cash, cash equivalents, and restricted cash and cash equivalents—end of period | $ | 324,060 | $ | 379,292 | $ | 324,060 | $ | 379,292 | |||||||||||||||
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 depreciation and amortization. Adjusted Gross Margin represents Adjusted Gross Profit as a percentage of revenue.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| ($ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Gross profit | $ | 57,411 | $ | 43,086 | $ | 163,072 | $ | 124,847 | |||||||||||||||
| Gross profit margin | 40% | 39% | 40% | 40% | |||||||||||||||||||
| Stock-based compensation and related employer payroll taxes | 100 | 41 | 273 | 147 | |||||||||||||||||||
Depreciation and amortization (1) | 641 | 344 | 1,829 | 1,198 | |||||||||||||||||||
| Adjusted Gross Profit | $ | 58,152 | $ | 43,471 | $ | 165,174 | $ | 126,192 | |||||||||||||||
| Adjusted Gross Margin | 41% | 40% | 41% | 40% | |||||||||||||||||||
(1)Excludes amortization of internal-use software.
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 (benefit from) 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 nonrecurring or noncash items impacting net income (loss) such as intellectual property and securities litigation costs, 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| ($ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net loss | $ | (18,759) | $ | (36,887) | $ | (58,464) | $ | (74,425) | |||||||||||||||
| Interest Income | (2,631) | (883) | (8,209) | (1,937) | |||||||||||||||||||
| Interest expense | 479 | 2,147 | 990 | 6,972 | |||||||||||||||||||
| Loss on extinguishment of convertible notes | — | 10,949 | — | 10,949 | |||||||||||||||||||
| Provision for (benefit from) income taxes | (89) | 490 | 633 | 2,134 | |||||||||||||||||||
| Other (income) expense, net | (232) | 5,293 | (1,520) | 4,082 | |||||||||||||||||||
Depreciation and amortization (1) | 1,838 | 1,542 | 5,451 | 4,804 | |||||||||||||||||||
| Stock-based compensation and related employer payroll taxes | 15,363 | 7,503 | 46,937 | 16,856 | |||||||||||||||||||
Litigation costs (2) | 180 | (95) | 380 | 2,598 | |||||||||||||||||||
Transaction costs (3) | 356 | 1,249 | 757 | 1,957 | |||||||||||||||||||
| Other | 265 | — | 565 | — | |||||||||||||||||||
| Adjusted EBITDA | $ | (3,230) | $ | (8,692) | $ | (12,480) | $ | (26,010) | |||||||||||||||
| Net loss margin | (13)% | (34)% | (14)% | (24)% | |||||||||||||||||||
| Adjusted EBITDA Margin | (2)% | (8)% | (3)% | (8)% | |||||||||||||||||||
(1)Excludes amortization of internal-use software.
(2)Litigation costs relate to nonrecurring intellectual property and securities litigation.
(3)Transaction costs include nonrecurring costs incurred in relation to our IPO and M&A activity.
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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 nonrecurring items such as intellectual property and securities litigation costs, and transaction costs related to our IPO and historical M&A activity.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| ($ in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| GAAP research and development expense | $ | 26,229 | $ | 23,131 | $ | 76,865 | $ | 67,214 | |||||||||||||||
| Depreciation | (96) | (119) | (313) | (395) | |||||||||||||||||||
| Stock-based compensation and related employer payroll taxes | (4,488) | (1,923) | (12,820) | (5,086) | |||||||||||||||||||
Transaction costs (1) | $ | — | $ | (189) | $ | — | $ | (189) | |||||||||||||||
| Adjusted Research and Development expense | $ | 21,645 | $ | 20,900 | $ | 63,732 | $ | 61,544 | |||||||||||||||
| GAAP sales and marketing expense | $ | 20,326 | $ | 17,657 | $ | 61,958 | $ | 48,832 | |||||||||||||||
| Stock-based compensation and related employer payroll taxes | (2,395) | (1,906) | (9,346) | (4,445) | |||||||||||||||||||
Transaction costs (1) | — | (309) | (32) | (313) | |||||||||||||||||||
| Other | $ | (1) | $ | — | $ | (276) | $ | — | |||||||||||||||
| Adjusted Sales and Marketing expense | $ | 17,930 | $ | 15,442 | $ | 52,304 | $ | 44,074 | |||||||||||||||
| GAAP general and administrative expense | $ | 32,088 | $ | 21,189 | $ | 90,819 | $ | 61,026 | |||||||||||||||
| Depreciation and amortization | (1,101) | (1,079) | (3,309) | (3,211) | |||||||||||||||||||
| Stock-based compensation and related employer payroll taxes | (8,380) | (3,633) | (24,498) | (7,178) | |||||||||||||||||||
Litigation costs (2) | (180) | 95 | (380) | (2,598) | |||||||||||||||||||
Transaction costs (1) | (356) | (751) | (725) | (1,455) | |||||||||||||||||||
| Other | $ | (264) | $ | — | $ | (289) | $ | — | |||||||||||||||
| Adjusted General and Administrative expense | $ | 21,807 | $ | 15,821 | $ | 61,618 | $ | 46,584 | |||||||||||||||
(1)Transaction costs include nonrecurring costs incurred in relation to our IPO and M&A activity.
(2)Litigation costs relate to nonrecurring intellectual property and securities litigation.
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 nonrecurring or noncash items impacting net loss such as intellectual property and securities litigation costs, 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| ($ in thousands, except share and per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| GAAP net loss | $ | (18,759) | $ | (36,887) | $ | (58,464) | $ | (74,425) | |||||||||||||||
| Amortization of discount on convertible notes | — | 1,491 | — | 4,819 | |||||||||||||||||||
| Loss on extinguishment of convertible notes | — | 10,949 | — | 10,949 | |||||||||||||||||||
| Revaluation of warrants liability | — | — | — | (2,273) | |||||||||||||||||||
| Revaluation of convertible notes embedded derivative feature | — | 5,217 | — | 9,312 | |||||||||||||||||||
| Employee retention credit | — | (441) | (1,758) | (2,252) | |||||||||||||||||||
Depreciation and amortization (1) | 1,838 | 1,542 | 5,451 | 4,804 | |||||||||||||||||||
| Stock-based compensation and related employer payroll taxes | 15,363 | 7,503 | 46,937 | 16,856 | |||||||||||||||||||
Litigation costs (2) | 180 | (95) | 380 | 2,598 | |||||||||||||||||||
Transaction costs (3) | 356 | 1,249 | 757 | 1,957 | |||||||||||||||||||
| Other | 265 | — | 565 | — | |||||||||||||||||||
| Provision for income tax benefit of adjustments | 407 | 212 | 1,173 | 586 | |||||||||||||||||||
| Adjusted Net Loss | $ | (350) | $ | (9,260) | $ | (4,959) | $ | (27,069) | |||||||||||||||
| GAAP net loss per share—basic and diluted | $ | (0.23) | $ | (1.49) | $ | (0.72) | $ | (4.43) | |||||||||||||||
| Adjusted Net Loss per share—basic and diluted | $ | (0.00) | $ | (0.37) | $ | (0.06) | $ | (1.61) | |||||||||||||||
| Weighted average shares of common stock outstanding used in computing net loss per share and Adjusted Net Loss per share—basic and diluted | 81,675,824 | 24,730,353 | 81,398,528 | 16,816,111 | |||||||||||||||||||
(1)Excludes amortization of internal-use software.
(2)Litigation costs relate to nonrecurring intellectual property and securities litigation.
(3)Transaction costs include nonrecurring costs incurred in relation to our IPO and M&A activity.
10