Via (NYSE: VIA) grows Q1 revenue 29% and narrows adjusted loss
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Via Transportation, Inc. reported strong growth for Q1 2026 while remaining loss‑making. Revenue reached $127.4 million, up 29% year over year, and Platform Annual Run‑Rate Revenue rose to $509.7 million, also up 29%. Customer count increased to 838, a 23% gain, reflecting broader adoption of its transit platform.
Gross profit grew to $50.1 million, with Adjusted Gross Margin at 40%. Adjusted EBITDA improved to a loss of $5.8 million from a $8.3 million loss, while GAAP net loss widened modestly to $20.1 million. Adjusted net loss narrowed to $3.8 million, and cash and cash equivalents were $348.2 million as of March 31, 2026.
For Q2 2026, Via guides Platform Revenue to $132.5–$134.0 million with Adjusted EBITDA of $(4.0)–$(3.0) million. For full‑year 2026, it expects Platform Revenue of $547.0–$550.0 million and Adjusted EBITDA of $(12.5)–$(7.5) million, targeting positive Adjusted EBITDA in Q4 2026.
Positive
- None.
Negative
- None.
Insights
Via delivers ~29% growth, improving adjusted losses, and guides to Q4 2026 breakeven.
Via posted Q1 2026 revenue of $127.4M, up 29% year over year, with Platform Annual Run-Rate Revenue at $509.7M. Customer count rose 23% to 838, indicating broader adoption of its transit software and services.
Profitability trends were mixed but improving on an adjusted basis. GAAP net loss increased to $20.1M, yet Adjusted EBITDA loss narrowed to $5.8M and Adjusted Net Loss fell to $3.8M, helped by higher gross profit and meaningful stock-based compensation add-backs.
Guidance signals continued growth and a push toward breakeven. Management projects 2026 Platform Revenue of $547–$550M with Adjusted EBITDA between $(12.5)M and $(7.5)M, and explicitly targets Q4 2026 Adjusted EBITDA above zero. Future filings will show whether revenue growth and cost discipline sustain this trajectory.
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
Q1 2026 revenue: $127.4M
Platform Annual Run-Rate Revenue: $509.7M
Q1 2026 Adjusted EBITDA: $(5.8)M
+5 more
8 metrics
Q1 2026 revenue
$127.4M
Three months ended March 31, 2026; up 29% YoY
Platform Annual Run-Rate Revenue
$509.7M
Q1 2026; 29% year-over-year increase
Q1 2026 Adjusted EBITDA
$(5.8)M
Three months ended March 31, 2026; improved from $(8.3)M
Q1 2026 GAAP net loss
$(20.1)M
Three months ended March 31, 2026; net loss margin (16%)
Q1 2026 Adjusted Net Loss
$(3.8)M
Three months ended March 31, 2026; down from $(8.6)M
Cash and cash equivalents
$348.2M
Balance as of March 31, 2026
FY 2026 Platform Revenue guidance
$547.0–$550.0M
Full-year 2026 outlook; 26.0%–26.6% YoY growth
FY 2026 Adjusted EBITDA guidance
$(12.5)–$(7.5)M
Full-year 2026 outlook; Q4 2026 Adjusted EBITDA > $0
Key Terms
Platform Annual Run-Rate Revenue, Adjusted EBITDA, Adjusted Gross Margin, Non-GAAP financial measures, +2 more
6 terms
Platform Annual Run-Rate Revenue financial
"Platform Annual Run-Rate Revenue (1) | $ | 509,736 | | | $ | 394,568"
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
"Continued progress towards profitability with Adjusted EBITDA of negative $5.8 million."
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 Gross Margin financial
"Adjusted Gross Margin (3) | 40 | % | | 41 | %"
Adjusted gross margin is a measure of how much profit a company makes from its sales after accounting for certain expenses or one-time costs, but before deducting other operating expenses. It helps investors see the company's core profitability more clearly by removing factors that might distort the usual profit picture, similar to a runner measuring their speed without considering obstacles or weather. This metric provides a clearer view of the company's ongoing financial health.
Non-GAAP financial measures financial
"This press release uses non-GAAP financial measures that adjust GAAP financial measures"
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.
Employee retention credit financial
"Employee retention credit | (1,758) | | (1,811)"
A government-provided payroll tax credit that reimburses employers for a portion of wages paid to staff during qualifying downturns or disruptions, designed to encourage businesses to keep employees on the payroll. For investors, it matters because the credit improves a company’s cash flow and reduces payroll expenses—like a temporary government subsidy that boosts short-term profits and may change the company’s reported tax liabilities and cash reserves, which can affect valuation and risk assessments.
RideCo litigation regulatory
"Patent litigation costs relate to the RideCo litigation in which Via won a trial in January 2025"
Earnings Snapshot
Revenue: $127.4M · Guidance included
Q1 2026
Revenue
$127.4M
+29% YoY
Platform Annual Run-Rate Revenue
$509.7M
+29% YoY
Customer Count
838
+23% YoY
Adjusted EBITDA
$(5.8)M
improved from $(8.3)M
GAAP Net Loss
$(20.1)M
vs. $(16.3)M prior year
Guidance
Q2 2026 Platform Revenue $132.5–$134.0M and Adjusted EBITDA $(4.0)–$(3.0)M; FY 2026 Platform Revenue $547.0–$550.0M and Adjusted EBITDA $(12.5)–$(7.5)M, with Q4 2026 Adjusted EBITDA > $0.
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): May 12, 2026
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(Exact name of registrant as specified in its charter)
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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:
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Securities registered pursuant to Section 12(b) of the Act:
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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 May 12, 2026, Via Transportation, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 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 May 12, 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: May 12, 2026 | By: | /s/ Daniel Ramot | ||||||
| Name: | Daniel Ramot | |||||||
| Title: | Chief Executive Officer (Principal Executive Officer) | |||||||
Exhibit 99.1
Via Announces First Quarter 2026 Results
Q1 2026 was a milestone quarter with Annual Run-Rate revenue exceeding half a billion dollars for the first time.
•Q1 revenue of $127 million and Annual Run-Rate Revenue of $510 million, up 29% year-over-year.
•Continued strength in the United States with 36% year-over-year revenue growth.
•Q1 Customer count of 838, an increase of 23% year-over-year.
•Continued progress towards profitability with Adjusted EBITDA of negative $5.8 million.
•Cash and cash equivalents of $348 million as of March 31, 2026.
NEW YORK, NY, May 12, 2026 -- Via Transportation Inc (NYSE: VIA), the world’s leading platform for public transit software and services, today announced financial results for the first quarter of fiscal year 2026, which ended March 31, 2026.
“We are delighted with our first quarter results, which reflect the strength of demand for Via’s platform and the value we deliver to cities and transit agencies globally," said Daniel Ramot, Via’s Co-founder and Chief Executive Officer. "Surpassing $500M in Annual Run-Rate Revenue as we continue to make rapid progress towards our profitability target is a testament to our ability to realize significant operating leverage while driving adoption of our platform within our large and underpenetrated market. As the only company in our industry that provides an end-to-end platform of AI-powered software and services for orchestrating and optimizing transit networks, we are uniquely positioned to deliver measurable outcomes to our customers and benefit from AI as a driver of efficiency.”
Fiscal First Quarter 2026 Financial and Operational Highlights:
| Q1 2026 | Q1 2025 | Change | |||||||||||||||
| (in thousands, except percentages and customer count) | |||||||||||||||||
| Key Business Metrics: | |||||||||||||||||
Platform Annual Run-Rate Revenue (1) | $ | 509,736 | $ | 394,568 | 29 | % | |||||||||||
Customer Count (2) | 838 | 682 | 23 | % | |||||||||||||
| Financial Highlights: | |||||||||||||||||
| Revenue | $ | 127,434 | $ | 98,642 | 29 | % | |||||||||||
| Gross Profit | $ | 50,055 | $ | 39,810 | 26 | % | |||||||||||
Adjusted Gross Profit (3) | $ | 50,725 | $ | 40,390 | 26 | % | |||||||||||
Adjusted Gross Margin (3) | 40 | % | 41 | % | (1) | pt | |||||||||||
Adjusted EBITDA (3) | $ | (5,809) | $ | (8,263) | (30) | % | |||||||||||
Adjusted EBITDA Margin (3) | (5) | % | (8) | % | 3 | pts | |||||||||||
| Net Loss | $ | (20,149) | $ | (16,317) | 23 | % | |||||||||||
Adjusted Net Loss (3) | $ | (3,771) | $ | (8,613) | (56) | % | |||||||||||
| Net Loss per Share—Basic and Diluted | $ | (0.25) | $ | (1.28) | (80) | % | |||||||||||
Adjusted Net Loss per Share—Basic and Diluted (3) | $ | (0.05) | $ | (0.68) | (93) | % | |||||||||||
(1)Platform Annual Run-Rate Revenue for any quarter represents our Platform Revenue for that quarter multiplied by four.
(2)Customer Count as of the last date in any quarter represents the number of distinct legal entities which generated Platform revenue in that quarter. The Downtowner acquisition contributed 94 customers.
(3)This press release uses non-GAAP financial measures that adjust GAAP financial measures for the impact of various items. See the section titled “Non-GAAP Financial Measures” and the tables entitled “GAAP to Non-GAAP Reconciliation” below for additional information.
1
Second Quarter and Full Year Outlook:
Our guidance includes non-GAAP measures. For the second quarter and full year 2026, Via expects the following:
| Q2 2026 | FY 2026 | ||||||||||
| ($ in millions) | |||||||||||
| Platform Revenue | $132.5 - $134.0 | $547.0 - $550.0 | |||||||||
| YoY Growth % | 23.7% - 25.1% | 26.0% - 26.6% | |||||||||
Adjusted EBITDA (1) | ($4.0) - ($3.0) | ($12.5) - ($7.5) | |||||||||
Adjusted EBITDA Margin (1) | (3.0)% - (2.2)% | (2.3)% - (1.4)% | |||||||||
| Profitability | Q4 2026 Adj. EBITDA > $0 | ||||||||||
(1)Via is not able, at this time, to provide an outlook for GAAP net loss or a reconciliation of expected Adjusted EBITDA to GAAP net loss for the second quarter or full year 2026 because of the difficulty of estimating certain items excluded from Adjusted EBITDA that cannot be reasonably calculated or predicted without unreasonable efforts. For example, charges related to stock-based compensation and related employer payroll taxes expense require additional inputs, such as the number and value of awards granted, that are not currently ascertainable.
Conference Call Details
Via will host a conference call to discuss its first quarter fiscal year 2026 results at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) on May 12, 2026. A live audio webcast of the conference call, together with detailed financial information, can be accessed through the company's Investor Relations Web site at investors.ridewithvia.com. Participants who choose to call in to the conference call can do so by dialing (800) 715-9871 or +1 (646) 307-1963 and entering the conference ID: 1199104. A replay of the call will be available and archived via webcast at investors.ridewithvia.com.
About Via
Via is the technology backbone of a modern transportation network. We transform public transportation systems into dynamic networks, based on data and demand. Cities and transit agencies around the world adopt Via’s suite of software and technology-enabled services to replace fragmented legacy systems and consolidate operations. As a result, Via lowers the cost of providing transit, improves the passenger experience, and brings more riders on board. Today, the Via platform is utilized by hundreds of cities across more than 30 countries to create public transportation systems that connect people with jobs, healthcare, and education.
Non-GAAP Financial Measures
We report certain non-GAAP financial measures, not presented in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Adjusted Gross Profit, Adjusted Research and Development expense, Adjusted Sales and Marketing expense, Adjusted General and Administrative expense, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Loss and Adjusted Net Loss per share. These measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for the Company’s results as reported under GAAP. Because not all companies calculate non-GAAP financial information identically, the presentations herein may not be comparable to other similarly titled measures used by other companies. The Company’s presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company’s future results will be unaffected by other unusual or non-recurring items. Further, such non-GAAP financial information of the Company should be considered in addition to, and not as superior to or as a substitute for, the historical consolidated financial statements of the Company prepared in accordance with GAAP. We urge you to review the reconciliations of the non-GAAP measures to their directly comparable GAAP financial measures and not to rely on any single financial measure to evaluate our business.
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 March 31, | |||||||||||
| ($ in thousands, except share and per share amounts) | 2026 | 2025 | |||||||||
| Revenue | $ | 127,434 | $ | 98,642 | |||||||
Cost of revenue (1)(2) | 77,379 | 58,832 | |||||||||
| Gross profit | 50,055 | 39,810 | |||||||||
| Operating expenses: | |||||||||||
Research and development (1) | 24,528 | 21,346 | |||||||||
Sales and marketing (1) | 20,490 | 15,202 | |||||||||
General and administrative (1)(2) | 28,621 | 20,486 | |||||||||
| Total operating expenses | 73,639 | 57,034 | |||||||||
| Operating loss | (23,584) | (17,224) | |||||||||
| Interest income | 2,779 | 567 | |||||||||
| Interest expense | (229) | (2,406) | |||||||||
| Other income (expense)—net | 1,442 | 3,518 | |||||||||
Loss before provision for income taxes | (19,592) | (15,545) | |||||||||
| Provision for income taxes | (557) | (772) | |||||||||
| Net loss | $ | (20,149) | $ | (16,317) | |||||||
| Basic and diluted net loss per share: | |||||||||||
| Net loss per share—basic and diluted | $ | (0.25) | $ | (1.28) | |||||||
| Weighted average shares of common stock outstanding used in computing net loss per share—basic and diluted | 81,177,074 | 12,753,056 | |||||||||
______________
(1)Includes stock-based compensation and related employer payroll taxes as follows:
| Three Months Ended March 31, | |||||||||||
| ($ in thousands) | 2026 | 2025 | |||||||||
| Cost of revenue | $ | 75 | $ | 69 | |||||||
| Research and development | 4,030 | 1,614 | |||||||||
| Sales and marketing | 3,328 | 1,268 | |||||||||
| General and administrative | 8,131 | 1,740 | |||||||||
| Total | $ | 15,564 | $ | 4,691 | |||||||
(2)Includes amortization of acquired intangible assets as follows:
| Three Months Ended March 31, | |||||||||||
| ($ in thousands) | 2026 | 2025 | |||||||||
| Cost of revenue | $ | 595 | $ | 511 | |||||||
| General and administrative | 817 | 788 | |||||||||
| Total | $ | 1,412 | $ | 1,299 | |||||||
:
4
VIA TRANSPORTATION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| ($ in thousands) | March 31, 2026 | December 31 2025 | |||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 348,158 | $ | 370,914 | |||||||
Accounts receivable—net of allowance of $10 and $24 as of March 31, 2026 and December 31, 2025, respectively | 94,916 | 81,572 | |||||||||
| Prepaid expenses and other current assets | 18,104 | 17,065 | |||||||||
| Total current assets | 461,178 | 469,551 | |||||||||
| Noncurrent assets: | |||||||||||
| Restricted cash and cash equivalents | 1,218 | 1,171 | |||||||||
| Property and equipment—net | 14,649 | 13,395 | |||||||||
| Operating lease right-of-use assets | 18,810 | 18,319 | |||||||||
| Deferred tax assets | 437 | 529 | |||||||||
| Intangible assets—net | 34,336 | 36,025 | |||||||||
| Goodwill | 191,005 | 192,305 | |||||||||
| Other noncurrent assets | 1,687 | 1,800 | |||||||||
| Total noncurrent assets | 262,142 | 263,544 | |||||||||
| Total assets | $ | 723,320 | $ | 733,095 | |||||||
5
VIA TRANSPORTATION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| ($ in thousands) | March 31, 2026 | December 31, 2025 | |||||||||
| Liabilities and stockholders' equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 7,222 | $ | 4,427 | |||||||
| Accrued expenses and other current liabilities | 21,128 | 24,886 | |||||||||
| Operating lease liabilities | 10,021 | 9,749 | |||||||||
| Deferred revenue | 23,954 | 26,893 | |||||||||
| Insurance payables | 14,882 | 15,144 | |||||||||
| Accrued compensation and benefits | 13,417 | 13,136 | |||||||||
| Total current liabilities | 90,624 | 94,235 | |||||||||
| Noncurrent liabilities: | |||||||||||
| Operating lease liabilities | 9,249 | 9,378 | |||||||||
| Deferred revenue | 1,321 | 1,746 | |||||||||
| Total noncurrent liabilities | 10,570 | 11,124 | |||||||||
| Total liabilities | 101,194 | 105,359 | |||||||||
| Stockholders' equity: | |||||||||||
| Preferred stock | — | — | |||||||||
Class A common stock | 1 | 1 | |||||||||
Class B common stock | — | — | |||||||||
Class C common stock | — | — | |||||||||
| Additional paid-in capital | 1,827,909 | 1,811,349 | |||||||||
| Accumulated other comprehensive income (loss) | 5,681 | 7,702 | |||||||||
| Accumulated deficit | (1,211,465) | (1,191,316) | |||||||||
| Total stockholders’ equity | 622,126 | 627,736 | |||||||||
| Total liabilities and stockholders' equity | $ | 723,320 | $ | 733,095 | |||||||
6
VIA TRANSPORTATION, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, | |||||||||||
| ($ in thousands) | 2026 | 2025 | |||||||||
| Operating activities: | |||||||||||
| Net loss | $ | (20,149) | $ | (16,317) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Depreciation and amortization | 2,399 | 2,282 | |||||||||
| Stock-based compensation | 15,564 | 4,691 | |||||||||
| Provision for deferred taxes | 92 | 35 | |||||||||
| Noncash operating lease expense | 3,284 | 1,925 | |||||||||
| Revaluation of warrants liability | — | (2,273) | |||||||||
| Revaluation of convertible notes' embedded derivative feature | — | 1,021 | |||||||||
| Amortization of convertible notes' discount | — | 1,618 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (13,788) | (451) | |||||||||
| Prepaid expenses and other assets | (1,003) | (537) | |||||||||
| Accounts payable | 2,818 | 2,455 | |||||||||
| Accrued expenses and other current liabilities | (3,744) | 2,558 | |||||||||
| Operating lease liabilities | (3,557) | (2,464) | |||||||||
| Deferred revenue | (3,233) | (983) | |||||||||
| Accrued compensation and benefits | 382 | (642) | |||||||||
| Insurance payables | (262) | 1,486 | |||||||||
| Net cash used in operating activities | (21,197) | (5,596) | |||||||||
| Investing activities: | |||||||||||
| Purchase of property and equipment | (289) | (388) | |||||||||
| Capitalized internal-use software | (1,992) | (872) | |||||||||
| Net cash used in investing activities | (2,281) | (1,260) | |||||||||
| Financing activities: | |||||||||||
| Proceeds from issuance of Series E convertible preferred stock upon exercise of warrants | — | 20,000 | |||||||||
| Repayment of line of credit | — | (5,000) | |||||||||
| Proceeds from issuance of convertible notes | — | 7,500 | |||||||||
| Proceeds from exercise of stock options | 996 | 680 | |||||||||
| Payment of issuance fees | — | (322) | |||||||||
| Net cash provided by financing activities | 996 | 22,858 | |||||||||
| Effect of foreign exchange on cash, cash equivalents, and restricted cash and cash equivalents | (227) | 322 | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | (22,709) | 16,324 | |||||||||
| Cash, cash equivalents, and restricted cash and cash equivalents—beginning of period | 372,085 | 78,989 | |||||||||
| Cash, cash equivalents, and restricted cash and cash equivalents—end of period | $ | 349,376 | $ | 95,313 | |||||||
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 March 31, | |||||||||||
| ($ in thousands) | 2026 | 2025 | |||||||||
| Gross profit | $ | 50,055 | $ | 39,810 | |||||||
| Gross profit margin | 39% | 40% | |||||||||
| Stock-based compensation and related employer payroll taxes | 75 | 69 | |||||||||
Amortization of acquired intangibles (1) | 595 | 511 | |||||||||
| Adjusted Gross Profit | $ | 50,725 | $ | 40,390 | |||||||
| Adjusted Gross Margin | 40% | 41% | |||||||||
(1)Amortization of acquired intangibles includes developed technology resulting from our acquisitions of Remix, Citymapper and Downtowner.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA represents net loss excluding certain items that we do not consider indicative of our ongoing business performance: interest income, interest expense, loss on extinguishment of convertible notes, provision for income taxes, depreciation and amortization, stock-based compensation and related employer payroll taxes, other (income) expense, net, which consists primarily of changes in the fair value of derivatives and foreign currency transaction gains and losses, and other non-recurring or non-cash items impacting net income (loss) such as patent litigation costs related to the RideCo litigation (a patent litigation in which Via won a trial in January 2025), and transaction costs related to our IPO and historical M&A activity. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of revenue.
| Three Months Ended March 31, | |||||||||||
| ($ in thousands) | 2026 | 2025 | |||||||||
| Net loss | $ | (20,149) | $ | (16,317) | |||||||
| Interest Income | (2,779) | (567) | |||||||||
| Interest expense | 229 | 2,406 | |||||||||
| Provision for income taxes | 557 | 772 | |||||||||
| Other (income) expense, net | (1,442) | (3,518) | |||||||||
Depreciation and amortization (1) | 1,827 | 1,703 | |||||||||
| Stock-based compensation and related employer payroll taxes | 15,564 | 4,691 | |||||||||
Patent litigation costs (2) | 138 | 1,976 | |||||||||
Transaction costs (3) | 246 | 591 | |||||||||
| Adjusted EBITDA | $ | (5,809) | $ | (8,263) | |||||||
| Net loss margin | (16)% | (17)% | |||||||||
| Adjusted EBITDA Margin | (5)% | (8)% | |||||||||
(1)Excludes amortization of internal-use software.
(2)Patent litigation costs relate to the RideCo litigation in which Via won a trial in January 2025 and defending the verdict on appeals.
(3)Transaction costs include nonrecurring costs incurred in relation to our IPO and business combinations.
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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 non-recurring items such as patent litigation costs related to the RideCo litigation (a patent litigation in which Via won a trial in January 2025), and transaction costs related to our IPO and historical M&A activity.
| Three Months Ended March 31, | |||||||||||
| ($ in thousands) | 2026 | 2025 | |||||||||
| GAAP research and development expense | $ | 24,528 | $ | 21,346 | |||||||
| Depreciation | (113) | (141) | |||||||||
| Stock-based compensation and related employer payroll taxes | (4,030) | (1,614) | |||||||||
| Adjusted Research and Development expense | $ | 20,385 | $ | 19,591 | |||||||
| GAAP sales and marketing expense | $ | 20,490 | $ | 15,202 | |||||||
| Stock-based compensation and related employer payroll taxes | (3,328) | (1,268) | |||||||||
Transaction costs (1) | (32) | — | |||||||||
| Adjusted Sales and Marketing expense | $ | 17,130 | $ | 13,934 | |||||||
| GAAP general and administrative expense | $ | 28,621 | $ | 20,486 | |||||||
| Depreciation and amortization | (1,119) | (1,051) | |||||||||
| Stock-based compensation and related employer payroll taxes | (8,131) | (1,740) | |||||||||
Patent litigation costs (2) | (138) | (1,976) | |||||||||
Transaction costs (1) | (214) | (591) | |||||||||
| Adjusted General and Administrative expense | $ | 19,019 | $ | 15,128 | |||||||
(1)Transaction costs include nonrecurring costs incurred in relation to our IPO and business combinations.
(2)Patent litigation costs relate to the RideCo litigation in which Via won a trial in January 2025 and defending the verdict on appeals.
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Adjusted Net Loss and Adjusted Net Loss per share
Adjusted Net Loss represents net loss excluding certain items that we do not consider indicative of our ongoing business performance: amortization of discount on convertible notes, loss on extinguishment of convertible notes, changes in the fair value of derivatives, depreciation and amortization, stock-based compensation and related employer payroll taxes, and other non-recurring or non-cash items impacting net loss such as patent litigation costs related to the RideCo litigation (a patent litigation in which Via won a trial in January 2025), transaction costs related to our IPO and historical M&A activity, and other income related to employee retention credit under the CARES Act. Adjusted Net Loss per share represents Adjusted Net Loss divided by the weighted average shares of common stock outstanding during the respective period.
| Three Months Ended March 31, | |||||||||||
| ($ in thousands, except share and per share amounts) | 2026 | 2025 | |||||||||
| GAAP net loss | $ | (20,149) | $ | (16,317) | |||||||
| Amortization of discount on convertible notes | — | 1,618 | |||||||||
| Revaluation of warrants liability | — | (2,273) | |||||||||
| Revaluation of convertible notes embedded derivative feature | — | 1,021 | |||||||||
| Employee retention credit | (1,758) | (1,811) | |||||||||
Depreciation and amortization (1) | 1,827 | 1,703 | |||||||||
| Stock-based compensation and related employer payroll taxes | 15,564 | 4,691 | |||||||||
Patent litigation costs (2) | 138 | 1,976 | |||||||||
Transaction costs (3) | 246 | 591 | |||||||||
| Provision for income tax benefit of adjustments | 361 | 188 | |||||||||
| Adjusted Net Loss | $ | (3,771) | $ | (8,613) | |||||||
| GAAP net loss per share—basic and diluted | $ | (0.25) | $ | (1.28) | |||||||
| Adjusted Net Loss per share—basic and diluted | $ | (0.05) | $ | (0.68) | |||||||
| Weighted average shares of common stock outstanding used in computing net loss per share and Adjusted Net Loss per share—basic and diluted | 81,177,074 | 12,753,056 | |||||||||
(1)Excludes amortization of internal-use software.
(2)Patent litigation costs relate to the RideCo litigation in which Via won a trial in January 2025 and defending the verdict on appeals.
(3)Transaction costs include nonrecurring costs incurred in relation to our IPO and business combinations.
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FAQ
How did Via (VIA) perform financially in Q1 2026?
Via reported Q1 2026 revenue of $127.4 million, up 29% year over year. Gross profit was $50.1 million, and GAAP net loss was $20.1 million, while Adjusted Net Loss narrowed to $3.8 million, indicating improving underlying performance.
What was Via (VIA) Platform Annual Run-Rate Revenue in Q1 2026?
Platform Annual Run-Rate Revenue reached $509.7 million in Q1 2026, a 29% year-over-year increase. This metric multiplies quarterly platform revenue by four and highlights the growing scale of Via’s software and services business with public transit customers.
Is Via (VIA) getting closer to profitability?
Via is progressing toward profitability on an adjusted basis. Q1 2026 Adjusted EBITDA was a loss of $5.8 million, improved from $(8.3) million a year earlier. The company also guides to positive Adjusted EBITDA in Q4 2026, reflecting anticipated operating leverage.
What guidance did Via (VIA) provide for Q2 2026?
For Q2 2026, Via expects Platform Revenue of $132.5–$134.0 million, implying 23.7%–25.1% year-over-year growth. It also forecasts Adjusted EBITDA between $(4.0) million and $(3.0) million, continuing to narrow adjusted operating losses as revenue scales.
What is Via (VIA) full-year 2026 financial outlook?
For full-year 2026, Via projects Platform Revenue of $547.0–$550.0 million, representing 26.0%–26.6% growth. It expects Adjusted EBITDA between $(12.5) million and $(7.5) million, with a specific goal of achieving positive Adjusted EBITDA in Q4 2026.
What is Via (VIA) cash position as of March 31, 2026?
Via held $348.2 million in cash and cash equivalents as of March 31, 2026. Total cash, cash equivalents and restricted cash were $349.4 million, providing a substantial liquidity cushion to fund operations and growth while the company continues to reduce adjusted losses.