Via Announces Second Quarter 2026 Results

About this update from Via Transportation, Inc.

Via Transportation, Inc. (NYSE: VIA), the world’s leading platform for public transit software and services, today announced financial results for the second quarter of fiscal year 2026, which ended June 30, 2026. “We are excited about our second quarter results, which provide strong validation of our strategy: to build the world’s most complete platform of software and services for public transit. Via’s rapid revenue growth, coupled with a second consecutive quarter in which pipeline doubled year-over-year, are indicative of the high return on our multi-year investment in our platform. Our focus on expanding the Company’s platform and supporting customers with an end-to-end solution has successfully unlocked a large and difficult-to-penetrate market," said Daniel Ramot, Via’s Co-founder and Chief Executive Officer. "We are equally pleased to report that we have achieved these results while continuing to make fast progress towards our profitability target, a reflection of the high level at which we are executing on our strategy.” Fiscal Second Quarter 2026 Financial and Operational Highlights:   Q2 2026   Q2 2025   Change   (in thousands, except percentages and customer count) Key Business Metrics:           Platform Annual Run-Rate Revenue (1) $ 542,828     $ 428,532     27 % Customer Count (2)   847       689     23 %             Financial Highlights:           Revenue $ 135,707     $ 107,133     27 %             Gross Profit $ 55,606     $ 41,951     33 % Adjusted Gross Profit (3) $ 56,297     $ 42,331     33 % Adjusted Gross Margin (3)   41 %     40 %   1 pt             Adjusted EBITDA (3) $ (3,441 )   $ (9,055 )   (62 )% Adjusted EBITDA Margin (3)   (3 )%     (8 )%   5 pts             Net Loss $ (19,556 )   $ (21,221 )   (8 )% Adjusted Net Loss (3) $ (838 )   $ (9,196 )   (91 )%             Net Loss per Share—Basic and Diluted $ (0.24 )   $ (1.65 )   (85 )% Adjusted Net Loss per Share—Basic and Diluted (3) $ (0.01 )   $ (0.72 )   (99 )% (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. Second Quarter and Full Year Outlook: Our guidance includes non-GAAP measures. For the third quarter and full year 2026, Via expects the following:   Q3 2026   FY 2026   ($ in millions) Platform Revenue $137.6 - $138.2   $550.0 - $553.0 YoY Growth % 25.5% - 26.0%   26.6% - 27.3% Adjusted EBITDA (1) ($4.5) - ($3.5)   ($12.5) - ($7.5) Adjusted EBITDA Margin (1) (3.3)% - (2.5)%   (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 August 06, 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. 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.   VIA TRANSPORTATION, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS     Three Months Ended June 30,   Six Months Ended June 30, ($ in thousands, except share and per share amounts) 2026   2025   2026   2025 Revenue $ 135,707     $ 107,133     $ 263,141     $ 205,775   Cost of revenue (1)(2)   80,101       65,182       157,480       124,014   Gross profit   55,606       41,951       105,661       81,761   Operating expenses:               Research and development (1)   26,108       22,737       50,636       44,083   Sales and marketing (1)   21,142       15,973       41,632       31,175   General and administrative (1)(2)   30,110       19,351       58,731       39,837   Total operating expenses   77,360       58,061       150,999       115,095   Operating loss   (21,754 )     (16,110 )     (45,338 )     (33,334 ) Interest income   2,799       487       5,578       1,054   Interest expense   (282 )     (2,419 )     (511 )     (4,825 ) Other income (expense)—net   (154 )     (2,307 )     1,288       1,211   Loss before provision for income taxes   (19,391 )     (20,349 )     (38,983 )     (35,894 ) Provision for income taxes   (165 )     (872 )     (722 )     (1,644 ) Net loss $ (19,556 )   $ (21,221 )   $ (39,705 )   $ (37,538 )                 Basic and diluted net loss per share:               Net loss per share—basic and diluted $ (0.24 )   $ (1.65 )   $ (0.49 )   $ (2.93 ) Weighted average shares of common stock outstanding used in computing net loss per share—basic and diluted   81,337,205       12,833,306       81,257,582       12,793,403     (1) Includes stock-based compensation and related employer payroll taxes as follows: Three Months Ended June 30,   Six Months Ended June 30, ($ in thousands) 2026   2025   2026   2025 Cost of revenue $ 98   $ 37   $ 173   $ 106 Research and development   4,302     1,549     8,332     3,163 Sales and marketing   3,623     1,271     6,951     2,539 General and administrative   7,987     1,805     16,118     3,545 Total $ 16,010   $ 4,662   $ 31,574   $ 9,353 (2) Includes amortization of acquired intangible assets as follows:   Three Months Ended June 30,   Six Months Ended June 30, ($ in thousands) 2026   2025   2026   2025 Cost of revenue $ 593   $ 343   $ 1,188   $ 854 General and administrative   787     812     1,604     1,600 Total $ 1,380 $ 1,155 $ 2,792 $ 2,454   VIA TRANSPORTATION, INC. CONDENSED CONSOLIDATED BALANCE SHEETS   ($ in thousands) June 30, 2026   December 31 2025 Assets       Current assets:       Cash and cash equivalents $ 335,915   $ 370,914 Accounts receivable—net of allowance of $20 and $24 as of June 30, 2026 and December 31, 2025, respectively   104,679     81,572 Prepaid expenses and other current assets   17,612     17,065 Total current assets   458,206     469,551 Noncurrent assets:       Restricted cash and cash equivalents   1,301     1,171 Property and equipment—net   16,051     13,395 Operating lease right-of-use assets   17,085     18,319 Deferred tax assets   401     529 Intangible assets—net   32,971     36,025 Goodwill   190,720     192,305 Other noncurrent assets   1,614     1,800 Total noncurrent assets   260,143     263,544 Total assets $ 718,349   $ 733,095   VIA TRANSPORTATION, INC. CONDENSED CONSOLIDATED BALANCE SHEETS   ($ in thousands) June 30, 2026   December 31, 2025 Liabilities and stockholders' equity       Current liabilities:       Accounts payable $ 6,039     $ 4,427   Accrued expenses and other current liabilities   23,859       24,886   Operating lease liabilities   9,829       9,749   Deferred revenue   22,810       26,893   Insurance payables   15,329       15,144   Accrued compensation and benefits   12,930       13,136   Total current liabilities   90,796       94,235   Noncurrent liabilities:       Operating lease liabilities   8,196       9,378   Deferred revenue   1,048       1,746   Total noncurrent liabilities   9,244       11,124   Total liabilities   100,040       105,359   Stockholders' equity:       Preferred stock   —       —   Class A common stock   1       1   Class B common stock   —       —   Class C common stock   —       —   Additional paid-in capital   1,844,614       1,811,349   Accumulated other comprehensive income (loss)   4,715       7,702   Accumulated deficit   (1,231,021 )     (1,191,316 ) Total stockholders’ equity   618,309       627,736   Total liabilities and stockholders' equity $ 718,349     $ 733,095     VIA TRANSPORTATION, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS     Three Months Ended June 30,   Six Months Ended June 30, ($ in thousands) 2026   2025   2026   2025 Operating activities:               Net loss $ (19,556 )   $ (21,221 )   $ (39,705 )   $ (37,538 ) Adjustments to reconcile net loss to net cash used in operating activities:               Depreciation and amortization   2,380       2,061       4,779       4,343   Stock-based compensation   16,010       4,662       31,574       9,353   Provision for deferred taxes   36       15       128       50   Noncash operating lease expense   2,817       2,148       6,101       4,073   Revaluation of warrants liability   —       —       —       (2,273 ) Revaluation of convertible notes' embedded derivative feature   —       3,074       —       4,095   Amortization of convertible notes' discount   —       1,710       —       3,328   Changes in operating assets and liabilities:               Accounts receivable   (9,853 )     (5,803 )     (23,641 )     (6,254 ) Prepaid expenses and other assets   562       (742 )     (441 )     (1,279 ) Accounts payable   (1,178 )     365       1,640       2,820   Accrued expenses and other current liabilities   1,831       (165 )     (1,913 )     2,393   Operating lease liabilities   (2,296 )     (1,710 )     (5,853 )     (4,174 ) Deferred revenue   (1,374 )     (1,602 )     (4,607 )     (2,585 ) Accrued compensation and benefits   (470 )     340       (88 )     (302 ) Insurance payables   446       580       184       2,066   Net cash used in operating activities   (10,645 )     (16,288 )     (31,842 )     (21,884 ) Investing activities:               Purchase of property and equipment   (389 )     (595 )     (678 )     (983 ) Capitalized internal-use software   (2,015 )     (1,246 )     (4,007 )     (2,118 ) Acquisitions—net of cash acquired   279       —       279       —   Net cash used in investing activities   (2,125 )     (1,841 )     (4,406 )     (3,101 ) 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   695       1,374       1,691       2,054   Payment of issuance fees   —       —       —       (322 ) Net cash provided by financing activities   695       1,374       1,691       24,232   Effect of foreign exchange on cash, cash equivalents, and restricted cash and cash equivalents   (85 )     743       (312 )     1,065   Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents   (12,160 )     (16,012 )     (34,869 )     312   Cash, cash equivalents, and restricted cash and cash equivalents—beginning of period   349,376       95,313       372,085       78,989   Cash, cash equivalents, and restricted cash and cash equivalents—end of period $ 337,216     $ 79,301     $ 337,216     $ 79,301     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 June 30,   Six Months Ended June 30, ($ in thousands) 2026   2025   2026   2025 Gross profit $ 55,606     $ 41,951     $ 105,661     $ 81,761   Gross profit margin   41 %     39 %     40 %     40 % Stock-based compensation and related employer payroll taxes   98       37       173       106   Amortization of acquired intangibles (1)   593       343       1,188       854   Adjusted Gross Profit $ 56,297     $ 42,331     $ 107,022     $ 82,721   Adjusted Gross Margin   41 %     40 %     41 %     40 % (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 M&A activity. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of revenue.   Three Months Ended June 30,   Six Months Ended June 30, ($ in thousands) 2026   2025   2026   2025 Net loss $ (19,556 )   $ (21,221 )   $ (39,705 )   $ (37,538 ) Interest Income   (2,799 )     (487 )     (5,578 )     (1,054 ) Interest expense   282       2,419       511       4,825   Provision for income taxes   165       872       722       1,644   Other (income) expense, net   154       2,307       (1,288 )     (1,211 ) Depreciation and amortization (1)   1,786       1,559       3,613       3,262   Stock-based compensation and related employer payroll taxes   16,010       4,662       31,574       9,353   Patent litigation costs (2)   62       717       200       2,693   Transaction costs (3)   155       117       401       708   Other   300       —       300       —   Adjusted EBITDA $ (3,441 )   $ (9,055 )   $ (9,250 )   $ (17,318 ) Net loss margin   (14 )%     (20 )%     (15 )%     (18 )% Adjusted EBITDA Margin   (3 )%     (8 )%     (4 )%     (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 M&A activity. 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 June 30,   Six Months Ended June 30, ($ in thousands) 2026   2025   2026   2025 GAAP research and development expense $ 26,108     $ 22,737     $ 50,636     $ 44,083   Depreciation   (104 )     (135 )     (217 )     (276 ) Stock-based compensation and related employer payroll taxes   (4,302 )     (1,549 )     (8,332 )     (3,163 ) Adjusted Research and Development expense $ 21,702     $ 21,053     $ 42,087     $ 40,644                   GAAP sales and marketing expense $ 21,142     $ 15,973     $ 41,632     $ 31,175   Stock-based compensation and related employer payroll taxes   (3,623 )     (1,271 )     (6,951 )     (2,539 ) Transaction costs (1)   —       (4 )     (32 )     (4 ) Other $ (275 )   $ —     $ (275 )   $ —   Adjusted Sales and Marketing expense $ 17,244     $ 14,698     $ 34,374     $ 28,632                   GAAP general and administrative expense $ 30,110     $ 19,351     $ 58,731     $ 39,837   Depreciation and amortization   (1,089 )     (1,081 )     (2,208 )     (2,132 ) Stock-based compensation and related employer payroll taxes   (7,987 )     (1,805 )     (16,118 )     (3,545 ) Patent litigation costs (2)   (62 )     (717 )     (200 )     (2,693 ) Transaction costs (1)   (155 )     (113 )     (369 )     (704 ) Other $ (25 )   $ —     $ (25 )   $ —   Adjusted General and Administrative expense $ 20,792     $ 15,635     $ 39,811     $ 30,763   (1) Transaction costs include nonrecurring costs incurred in relation to our IPO and M&A activity. (2) Patent litigation costs relate to the RideCo litigation in which Via won a trial in January 2025 and defending the verdict on appeals. 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 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 June 30,   Six Months Ended June 30, ($ in thousands, except share and per share amounts) 2026   2025   2026   2025 GAAP net loss $ (19,556 )   $ (21,221 )   $ (39,705 )   $ (37,538 ) Amortization of discount on convertible notes   —       1,710       —       3,328   Revaluation of warrants liability   —       —       —       (2,273 ) Revaluation of convertible notes embedded derivative feature   —       3,074       —       4,095   Employee retention credit   —       —       (1,758 )     (1,811 ) Depreciation and amortization (1)   1,786       1,559       3,613       3,262   Stock-based compensation and related employer payroll taxes   16,010       4,662       31,574       9,353   Patent litigation costs (2)   62       717       200       2,693   Transaction costs (3)   155       117       401       708   Other   300       —       300       —   Provision for income tax benefit of adjustments   405       186       766       374   Adjusted Net Loss $ (838 )   $ (9,196 )   $ (4,609 )   $ (17,809 )                 GAAP net loss per share—basic and diluted $ (0.24 )   $ (1.65 )   $ (0.49 )   $ (2.93 ) Adjusted Net Loss per share—basic and diluted $ (0.01 )   $ (0.72 )   $ (0.06 )   $ (1.39 ) Weighted average shares of common stock outstanding used in computing net loss per share and Adjusted Net Loss per share—basic and diluted   81,337,205       12,833,306       81,257,582       12,793,403 (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 M&A activity.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260806908177/en/

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