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: Q3 2025 Highlights
Annual Revenue YoY Revenue Run-Rate Growth $439M 32% Q3 2025 Highlights Total YoY Customer Customers Growth 713 11% Proprietary & Confidential. 3
Slide 4: Transforming global transportation systems
Transforming global transportation Data & Analytics Traffic & Tolling Ticketing & Paymen t systems into efficient digital networks Schools Road Use Bus Paratransit • One platform Microtransit • Multiple verticals • Global reach EVs • Local expertise AVs Proprietary & Confidential. 4
Slide 5: In the early innings of capturing an enormous $82B SAM
In the early innings of capturing an enormous $82B SAM; 1% penetration by customer count and 0.5% by revenue ~63,000 prospective customers in North America and Europe 713 Existing Via Customers 62,000+ Whitespace Customers Note: Existing Proprietary customer count as of September 30, 2025. Whitespac
Slide 6: Long term, stable funding, benefitting from bipartisan support
Long term, stable funding, benefitting from bipartisan support Via services by congressional district: Federal 2026 Budget 55% Republican / 45% Democrat Proposed $310 million increase in federal public transit funding. Voted Republican “A well-functioning and safe transit Voted Democrat system provi
Slide 7: Strong voter consensus and government support for public transportation
Strong voter consensus and government support for public transportation Voter Consensus Legislation Federal Government 16/19 $1.5B No disruption Successful public transit ballot Transit reform and funding To federal transit funding due measures in 2025 elections legislation in Illinois to government
Slide 8: Category leading end-to-end platform replaces fragmented legacy systems
Category leading end-to-end platform replaces fragmented legacy systems and consolidates services across silos The Via Platform Tech-enabled Planning & Scheduling Operating Software Passenger Tools Data & Insights Services Plan smarter networks Digitize & automate workstreams Localize the experience
Slide 9: Leveraging billions of proprietary data points to bring AI to government
Via Platform Data 150+ million trips Leveraging billions of proprietary data points to bring AI to government LLM for cities Citymapper Data 50M global users Note: Via trip and Citymapper user data as of 2024. Proprietary Customer &count Confidential. as of September 30, 2025. Customer Data 9 713 cu
Slide 10: Transforming inefficient networks into high quality and cost-efficient solutions
Transforming inefficient networks into high quality and cost- efficient solutions Springfield, OH replaced its fixed- route network with microtransit 4x reduction in passenger headways 40% Increase in coverage for the same budget Proprietary & Confidential. 10
Slide 11: Three Main Pillars of Growth
Volume Expansion Three Main Pillars of Growth Land Upsell Proprietary & Confidential. 11
Slide 12: Land: strategic new customers
Land: strategic new customers Omaha, NE Council Bluffs, IA Brunswick, GA Aurora, CO Birmingham, Verkehrsverbund Keolis Strasbourg, Stockholm, United Kingdom Rhein-Ruhr, Germany France Sweden Proprietary & Confidential. 12
Slide 13: Expand: volume expansion and upsell in Mobile, AL
Expand: volume expansion and upsell in Mobile, AL Current Network 17x Revenue Growth ($620K to $11M) The City of Mobile launched Via’s Proposed Network microtransit solution in March 2024 to drive workforce connection in downtown. The City added Via’s planning tools to redesign their entire system a
Slide 14: We win through innovation in three key areas
Broadening our platform • Increase competitive differentiation • Grow share of wallet • Drive margin expansion We win through Deepening our vertical stack innovation in • Improve customer satisfaction three key areas • Increase stickiness Continuous go-to-market innovation • Reach new customers • Re
Slide 15: Broadening our platform: smart school bus services
Broadening our platform: smart school bus services Proprietary & Confidential. 15
Slide 16: Deepening our vertical stack
Deepening our vertical stack Dispatching Caregiver Interface App Agent Self-service AI configuration Proprietary & Confidential. 16
Slide 17: Innovation in Go-to-Market: European Advisory Council
Innovation in Go-to-Market: European Advisory Council Council Members Dr. Rolf Erfurt: Chair Prof. Barbara Lenz Prof. Andreas Hermann Proprietary & Confidential. 17
Slide 18: Strategic partnership with Waymo
Strategic partnership with Waymo Proprietary & Confidential. 18
Slide 19: Q3 Financial Highlights
Q3 25 Financial Highlights Proprietary & Confidential. 19
Slide 20: Rapid and durable revenue growth
Rapid and durable revenue growth Platform Annual Run-Rate Revenue YoY +56% +38% +27% +29% +42% +38% +41% +37% +30% +34% +32% Growth % $429 $439 $395 $367 $319 $333 $305 $268 $230 $237 $214 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Proprietary Note:&Platform Confidential. Annu
Slide 21: Land: durable customer growth
Land: durable customer growth Customer Count YoY +8% +5% +9% +11% +12% +15% +11% +11% +11% +8% +11% Growth % 713 682 689 643 665 616 638 578 597 548 557 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Proprietary & Confidential. 21
Slide 22: Expand: as we grow within a region, we create Flywheel Markets
Expand: as we grow within a region, we create Flywheel Markets Example: Michigan Market Platform Revenue ($M) Cost ($M) 200%+ increase in revenue per sales head S&M as % of revenue decreased from 39% to 19% 2022 2023 2024 Q3 2025 RR Note: Figures Proprietary show revenue and S&M cost for MI. S&M cos
Slide 23: We continue to drive operating leverage in the business
We continue to drive operating leverage in the business Opex as a % of Revenue Adj S&M expenses Adj G&A expenses Adj R&D expenses 37.4% 21.7% 20.1% 16.7% 15.0% 24.7% 14.1% 14.4% 19.1% Q3-23 Q3-24 Q3-25 Q3-23 Q3-24 Q3-25 Q3-23 Q3-24 Q3-25 Note: Excludes depreciation and amortization, stock-based comp
Slide 24: Long term margin expansion target
Long term margin expansion target 50% LT Gross Margin Target Adding software products – internally developed and through M&A As customers mature, we shift low margin services to 3rd parties and upsell software As industry scales, service providers willing to contract directly with government custome
Slide 25: Gross margin expansion case study: customer in Western US
Gross margin expansion case study: customer in Western US Platform Revenue ($M) Adj. Gross Margin $14 50% 46% 47% 50% $12 $12 40% Microtransit (2019) $10 40% $10 + Transit Planning (2020) $8 30% + NEMT (2023) $6 $7 $6 20% + On-Demand Planning (2023) $4 10% $2 $- 0% 2022A 2023A 2024A Q3-25 Run Rate P
Slide 26: Rapidly expanding operating margin
Rapidly expanding operating margin Adjusted EBITDA margin Q3-23 Q3-24 Q3-25 (8%) (17%) (36%) Note: Excludes interest income, interest expense, loss on extinguishment of convertible notes, provision for income taxes, depreciation and amortization, stock-based compensation and related employer payroll
Slide 27: Q4-2025 and FY2025 guidance
Q4-2025 and FY2025 guidance Q4 2025 2025 Platform Revenue $114.6-$115.1M $430.0-$430.5M YoY Growth 25.0% - 25.5% 30.0% - 30.2% Adj. EBITDA ($8.5)-($7.5)M ($34.5)-($33.5)M Adj. EBITDA Margin % (7.4)-(6.5)% (8.0)-(7.8)% Note: Via is not able, at this time, to provide an outlook for GAAP net loss or a
Slide 28: Q&A
Q&A Proprietary & Confidential. 28
Slide 29: Appendix
Appendix Proprietary & Confidential. 29
Slide 30: Reconciliation of GAAP Gross Profit to Adjusted Gross Profit
Reconciliation of GAAP Gross Profit to Adjusted Gross Profit and Adjusted Gross Margin Proprietary & Confidential. 1. Amortization of acquired intangibles includes developed technology resulting from our acquisitions of Remix and Citymapper. 30
Slide 31: Reconciliation of GAAP Net Loss to Adjusted EBITDA
Reconciliation of GAAP Net Loss to Adjusted EBITDA 1. Other income (expense) consists primarily of non-cash losses relating to the change in the fair value of warrants to purchase convertible preferred stock, which were exercised in February 2025 and the convertible notes embedded derivative feature
Slide 32: Reconciliation of GAAP Net Loss to Adjusted Net Loss
Reconciliation of GAAP Net Loss to Adjusted Net Loss Three Months Ended Nine Months Ended September 30, September 30, ($ in thousands) 2025 2024 2025 2024 GAAP net loss $ (36,887) $ (21,276) $ (74,425) $ (71,654) Amortization of discount on convertible notes 1,491 — 4,819 — Loss on extinguishment of
Slide 33: 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. Patent Litigation costs relate to the RideCo litigation with a trial which Via won in January 2025 and defending the verdict on appeals. Proprietary & Confidential. 2. Transaction costs include nonrecurring costs incurred in relation to our IPO
Slide 34: Thank You
Thank You Proprietary & Confidential. 34