Via Transportation, Inc. · NYSE:VIA
Via Transportation — Q4 2025 Earnings Presentation
36 slides from Via Transportation's earnings presentation, Feb 27, 2026
Slide 1: Mission-critical technology platform for government
Mission-critical technology platform for government Proprietary & Confidential
Slide 2: Disclaimer and Statement Regarding Use of Non-GAAP Metrics
Disclaimer and Statement Regarding Use of Non-GAAP Metrics Forward Looking Statements This Presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, and that reflect our current views with respect to
Slide 3: Q4 2025 Highlights
$119M Q4 2025 Revenue +30% Q4 2025 YoY Revenue Growth Highlights 821 Total Customers +23% YoY Customer Growth Proprietary & Confidential. 3
Slide 4: FY 2025 Highlights
$434M FY 2025 Revenue +31% FY 2025 YoY Platform Revenue Growth Highlights -$33M FY 2025 Adj. EBITDA -8% FY 2025 Adj. EBITDA Margin (+8 ppts YoY improvement) Proprietary & Confidential. 4
Slide 5: Select large customer wins
City in Wisconsin Transit Authority in Michigan City in Arizona Microtransit Planning & Paratransit Planning & Paratransit Select large Software & Services Software Software customer wins Persian Gulf Transit Authority in Michigan City in Texas Mobility-as-a-Service Full Network Microtransit Softwar
Slide 6: Exceptional retention and growth with existing customers
Exceptional retention and growth with existing customers 119% Net revenue 6.3x Revenue Growth ($2.3M to $14.4M) retention Sarasota County, FL launched Via’s microtransit solution in 2021. After realizing significant cost 98% savings and improved passenger experience, the $700K Conty purchased Via’s
Slide 7: Completed Acquisition of Downtowner
Completed Acquisition of Downtowner 94 New Customers Platform expansion to destination cities with significant growth opportunity 7
Slide 8: Accelerating Product Innovation
Accelerating 50% Product Innovation Year-over- year increase in pipeline Proprietary & Confidential. 8
Slide 9: AI products enabled by proprietary data
AI products enabled by proprietary data Density of demand origins Demand destinations from downtown Proprietary & Confidential. 9
Slide 10: Transit Planning AI Product Demo
Transit Planning AI Product Demo Proprietary & Confidential. 10
Slide 11: Product Demo
Product Demo Proprietary & Confidential. 11
Slide 12: Founded Mayors Council to advance transit innovation across the US
Founded Mayors Council to advance transit innovation across the US Co-Chairs: President: Paul TenHaken Andy Berke Steven Fulop Sioux Falls, SD Chattanooga, TN Jersey City, NJ Inaugural Members: Levar Stoney Martha Guerrero G.T Bynum Richmond, VA West Sacramento, CA Tulsa, OK 12
Slide 13: In the early innings of capturing an enormous $82B SAM
In the early innings of capturing an enormous $82B SAM ~63,000 prospective customers in North America and Europe Existing Via Customers Whitespace Customers Proprietary & Confidential. 13
Slide 14: Digital transformation in local government
Digital transformation in local government Byzantine Complex funding procurement structures Challenging regulatory Sensitive change environment management Proprietary & Confidential. 14
Slide 15: Via's Platform: Software + Technology Enabled Services
Via’s Platform: Software + Technology Enabled Services Proprietary & Confidential. 15
Slide 16: Autonomous Vehicles-as-a-Service
Autonomous Vehicles-as-a-Service RIDERS MaaS Accessibility Ticketing Rider Interface Standards Integration AV Fleet Providers ALGO API Integration Via Transit Charging Network Platform Algorithms Optimization Planning COMPLIANCE Govt Security Fleet Govt Reporting Standards Diversification Requiremen
Slide 17: Via AI Labs
Via AI Labs 17
Slide 18: Q4 Financial Highlights
Q4 25 Financial Highlights Proprietary & Confidential. 18
Slide 19: Delivering rapid and durable revenue growth
Delivering rapid and durable revenue growth Platform Annual Run-Rate Revenue YoY Growth % +56% +38% +27% +29% +42% +38% +41% +37% +30% +34% +32% +30% $476 $429 $439 $395 $367 $333 $319 $305 $268 $230 $237 $214 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Proprietary & Conf
Slide 20: Consistently landing new customers
Consistently landing new customers Customer Count YoY +8% +5% +9% +11% +12% +15% +11% +11% +11% +8% +11% +23% Growth % 821 713 682 689 665 638 643 597 616 578 548 557 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Proprietary & Confidential. 20
Slide 21: Continued large customer momentum
Continued large customer momentum $1M+ customers YoY Growth % +38% +31% Q4-23 Q4-24 Q4-25 Proprietary & Confidential. 21
Slide 22: Contract model designed to land and expand
Contract model designed to land and expand An emerging hub in the Texas Hill Country corridor 97% FY25 recurring revenue Microtransit $3.4M 3-year $50 software Contract value Contract per vehicle hour (budget) duration ~22k annual hours Vehicles 3% Drivers FY25 upfront revenue $15k 3% $1.1M (impleme
Slide 23: Regional network effects fuel efficient revenue growth
Regional network effects fuel efficient revenue growth New Flywheel States States in Flywheel Ohio Illinois 19 Revenue ($M) S&M Cost ($M) 11 9 8 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 YoY % +169% +446% +94% +71% +53% +85% +13% +22% +73% Note: Figures show revenue and S&M costs.
Slide 24: We continue to drive operating leverage in the business
We continue to drive operating leverage in the business Adj. Operating Expenses as a % of Revenue Adj S&M expenses Adj G&A expenses Adj R&D expenses Proprietary & Confidential. 24
Slide 25: Rapidly expanding operating margin
Rapidly expanding operating margin Adj. EBITDA $371M Cash and cash equivalents No debt outstanding FY -37% -16% -8% Adj. EBITDA Margin % Q4 -30% -10% -6% Proprietary & Confidential. 25
Slide 26: Driving significant operating leverage
Driving significant operating leverage Quarterly Platform Revenue and Adj. Operating Expenses Over Time Platform Revenue $119M Adj. Operating Expenses $53M $55M $47M Proprietary & Confidential. 26
Slide 27: Q1-2026 and FY2026 guidance
Q1-2026 and FY2026 guidance Q1 2026 FY 2026 Revenue $123.3 - $123.8M $542.9M - $545.1M YoY Growth 25.0% - 25.5% 25.0% - 25.5% Adj. EBITDA ($7.25) - ($6.75)M ($12.5)M - ($7.5)M Adj. EBITDA Margin % (5.9) - (5.5)% (2.3) - (1.4)% Profitability Q4 2026 Adj. EBITDA > $0 Note: Via is not able, at this tim
Slide 28: Long-term operating model
Long-term operating model Q4 2025 Long-Term Target Adj. Gross Margin % 40% 50% S&M % Revenue 13% 8-10% G&A % Revenue 15% 6-8% R&D % Revenue 18% 10-12% Adj. EBITDA Margin % (6)% 20-25% Note: Via is not able, at this time, to provide an outlook for GAAP net loss or a reconciliation of expected Adjuste
Slide 29: Closing Remarks
Closing Remarks Proprietary & Confidential. 29
Slide 30: Q&A
Q&A Proprietary & Confidential. 30
Slide 31: Definitions
Definitions Platform Revenue: Our Platform Segment excludes revenue from our historical on-demand shared rides marketplace, which was discontinued in 2021, and a legacy operational contract, which terminated in June 2024. Annual Run-Rate Revenue: Annual Run-Rate Revenue as of the last date in any qu
Slide 32: Appendix
Appendix Proprietary & Confidential. 32
Slide 33: Reconciliation of GAAP Gross Profit to Adjusted Gross Profit and Adjusted Gross Margin
Reconciliation of GAAP Gross Profit to Adjusted Gross Profit and Adjusted Gross Margin Proprietary & Confidential. 1. Amortization of acquired intangibles includes developed technology resulting from our acquisitions of Remix and Citymapper. 33
Slide 34: Reconciliation of GAAP Net Loss to Adjusted EBITDA
Reconciliation of GAAP Net Loss to Adjusted EBITDA 1. Other income (expense) consists primarily of non-cash losses relating to the change in the fair value of warrants to purchase convertible preferred stock, which were exercised in February 2025 and the convertible notes embedded derivative feature
Slide 35: Reconciliation of GAAP Net Loss to Adjusted Net Loss
Reconciliation of GAAP Net Loss to Adjusted New Loss 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. Proprietary & Confidential. 3. Transaction costs include n
Slide 36: Reconciliation of GAAP to Adjusted R&D, S&M, and G&A
Reconciliation of GAAP to Adjusted R&D, S&M, and G&A 1. Transaction costs include nonrecurring costs incurred in relation to our IPO and business combinations. Proprietary & Confidential. 2. Patent Litigation costs relate to the RideCo litigation in which Via won a trial in January 2025 and defendin