Via Transportation, Inc. · NYSE:VIA
Via Transportation — Q1 2026 Earnings Presentation
26 slides from Via Transportation's earnings presentation, May 12, 2026
Slide 1: Mission-critical technology platform for government
Mission-critical technology platform for government
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: Q1 2026 Highlights
$127M Q1 2026 Revenue +29% Q1 2026 Highlights YoY Revenue Growth Via’s first quarter with $500M+ 838 in run-rate revenue ($510M) Total Customers +23% YoY Customer Growth Proprietary & Confidential. 3
Slide 4: 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. 4
Slide 5: Via's Platform: Orchestrating and optimizing transit networks
Via’s Platform: Orchestrating and optimizing transit networks Proprietary & Confidential. 5
Slide 6: 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 Planning & Scheduling Operating Software Tech-enabled Services Passenger Tools Data & Insights Plan smarter networks Digitize & automate workstreams Operate Networks Empowe
Slide 7: Strong momentum with four Network wins in 2026 YTD
Strong momentum with four Network wins in 2026 YTD Q4 2023 Q3 2025 Q4 2025 2026 YTD // Florida Municipality California Transit Agency California Municipality Midwest Transit Agency Proprietary & Confidential. 7
Slide 8: AVs: Continuing to expand strategic partnerships
AVs: Continuing to expand strategic partnerships AV Fleet Providers Accessibility Ticketing Integration Via Transit Network Platform Optimization Planning Govt Compliance Local Reporting Standards Requirements Proprietary & Confidential. 8
Slide 9: Via AI Labs
Via AI Labs 9
Slide 10: Modeshift Season Is Out!
Modeshift Season 2 Is Out! Kathy Wylde Henry Grabar Paul Tenhaken PFNYC The Atlantic Mayor of Sioux Falls Arielle Fleisher Andy Burnham Daniel Ramot Waymo Mayor of Manchester Via Proprietary & Confidential. 10
Slide 11: Q1 Financial Highlights
Q1 26 Financial Highlights Proprietary & Confidential. 11
Slide 12: Delivering rapid and durable revenue growth
Delivering rapid and durable revenue growth Platform Annual Run-Rate Revenue YoY Growth % +38% +27% +29% +42% +38% +41% +37% +30% +34% +32% +30% +29% $510 $476 $429 $439 $395 $367 $319 $333 $305 $268 $230 $237 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Proprietary & Conf
Slide 13: Consistently landing new customers
Consistently landing new customers Customer Count YoY +5% +9% +11% +12% +15% +11% +11% +11% +8% +11% +23% +30% +23% Growth % 821 838 713 682 689 643 665 616 638 578 597 557 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Proprietary & Confidential. 13
Slide 14: Flywheel is key to growth
Flywheel states 21 19 Flywheel is key to growth 11 9 8 2022 2023 2024 2025 Q1-26 Run-Rate Proprietary & Confidential. 14
Slide 15: California: revenue 7x since 2022, with substantial opportunity for further growth
California: revenue 7x since 2022, with substantial opportunity for further growth California Flywheel Revenue ($M) $70 $50 $22 $15 $10 2022 2023 2024 2025 Q1-26 Run-Rate Customers 52 54 64 79 85 Proprietary & Confidential. 15
Slide 16: We continue to drive operating leverage in the business
We continue to drive operating leverage in the business Non-GAAP Operating Expenses as a % of Revenue Adj S&M expenses Adj G&A expenses Adj R&D expenses 16% 17% 27% 14% 15% 15% 13% 20% 16% Q1-24 Q1-25 Q1-26 Q1-24 Q1-25 Q1-26 Q1-24 Q1-25 Q1-26 These financial Proprietary metrics are calculated on a n
Slide 17: Rapidly expanding operating margin and strong balance sheet
Rapidly expanding operating margin and strong balance sheet FY Adj. EBITDA At end of Q1-26: • $348M in cash -$5.8 • No debt -$8.3 -$16.0 Q1-24 Q1-25 Q1-26 Adj. EBITDA -20.1% -8.4% -4.6% Margin % These financial Proprietary metrics are calculated on a non-GAAP basis. See Appendix for a reconciliation
Slide 18: Driving significant operating leverage
Driving significant operating leverage Quarterly Platform Revenue and Non-GAAP Operating Expenses Over Time $127M Platform Revenue Non-GAAP Operating Expenses $53M $57M $47M Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 These financial Proprietary metrics are calculat
Slide 19: Q2-26 and FY-26 guidance
Q2-26 and FY-26 guidance Q2 2026 Prior: FY 2026 New: FY 2026 Revenue $132.5 - $134.0M $542.9 - $545.1M $547.0M - $550.0M YoY Growth 23.7% - 25.1% 25.0% - 25.5% 26.0% - 26.6% Adj. EBITDA ($4.0) - ($3.0)M ($12.5)M - ($7.5)M ($12.5)M - ($7.5)M Adj. EBITDA Margin % (3.0) - (2.2)% (2.3) - (1.4)% (2.3) -
Slide 20: Q&A
Q&A Proprietary & Confidential. 20
Slide 21: Appendix
Appendix Proprietary & Confidential. 21
Slide 22: 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 23: 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 1. Amortization Proprietary of acquired intangibles includes developed technology resulting from our acquisitions of Remix, Citymapper, and Downtowner. & Confidential. 23
Slide 24: Reconciliation of GAAP Net Loss to Adjusted Net Loss
Reconciliation of GAAP Net Loss to Adjusted Net 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. Proprietary3.&Transaction Confidential. costs include nonr
Slide 25: Reconciliation of GAAP Net Loss to Adjusted EBITDA
Reconciliation of GAAP Net Loss to Adjusted EBITDA 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
Slide 26: 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 defending