Via Transportation Q3 Earnings Call Highlights

Key Points

• Revenue grew 31% to $144 million in Q3, while adjusted EBITDA loss narrowed to $3.2 million and adjusted net loss was $0.3 million. Via expects positive adjusted EBITDA and adjusted net income in Q4.
• Growth was supported by a 22% increase in customers to 868 and 42% growth in U.S. revenue. Via also reported a record-high pipeline and said it had 10 live network deals.
• Via raised its full-year revenue outlook to $556.7 million–$558.4 million and narrowed its projected adjusted EBITDA loss to $11 million–$12.5 million. Adjusted gross margin improved to 40.5%, and the company ended the quarter with $323 million in cash and no debt.

Via Transportation NYSE: VIA reported 31% third-quarter revenue growth and said it expects to reach positive adjusted EBITDA and adjusted net income in the fourth quarter, as demand for its transit technology and services expands.

Revenue rose to $144 million in the third quarter of 2026, while adjusted EBITDA was a loss of $3.2 million. Adjusted net loss was $0.3 million, and adjusted loss per share rounded to break-even, compared with an adjusted loss of $0.37 per share a year earlier.

Chief Financial Officer Clara Fain said the company’s pipeline more than doubled year over year and reached a record high. Faster-than-expected conversion of pipeline opportunities into revenue helped accelerate growth, she said.

Customers and U.S. revenue drive growth

Via ended the quarter with 868 customers, up 22% from a year earlier. Its platform annual run-rate revenue, defined as quarterly revenue multiplied by four, rose 31% to $574 million. Annualized revenue per customer reached a record $661,000.

The number of customers generating more than $1 million in annual run-rate revenue grew 41% to 123. Fain said larger network deals contributed to that increase, alongside expansion and sales of additional software and services to existing customers.

U.S. revenue grew 42% year over year and accounted for 77% of the quarterly total. Chief Executive Officer Daniel Ramot attributed the U.S. performance primarily to faster adoption, larger deals and growth in network opportunities.

Germany revenue was $18.4 million, up 1% from the prior quarter. Fain said the market had stabilized and was showing initial signs of a potential return to growth.

Network deals and school business expand

Via had 10 live network deals at the end of the quarter. Under those arrangements, the company uses its platform to help manage entire transit networks. Fain said such deals generally range from $2.5 million to $15 million in scale.

Ramot called network deals potentially the company’s most important growth driver next year. He said their sales processes have been broadly consistent with Via’s historical procurement cycles, despite the deals being larger and more complex.

The company also reported new school customers, though it did not disclose a customer count or revenue contribution for that business. Fain said school services generally launch in September and run through the school year, with activity declining during summer months. The school business has generated higher gross margins, she said.

Ramot said recently approved U.S. ballot measures will generate $30 billion in local transit funding over coming years. He said opportunities relevant to Via could emerge over a period ranging from a few months to one or two years, depending on the agency and procurement process.

Margins improve as Via raises revenue outlook

Adjusted gross margin increased to 40.5% from 39.6% a year earlier. Fain cited customer-support automation, infrastructure cost optimization and other efficiency efforts. Adjusted operating expenses fell to 43% of revenue from 48% a year earlier.

Via ended the quarter with $323 million in cash and no outstanding debt. Responding to an analyst’s question about cash used in operations and receivables, Fain said rapid growth and the timing of government customer payments contributed to collection delays. She said she expected the timing effect to reverse in the fourth quarter.

For the fourth quarter, Via forecast revenue of $150 million to $151.7 million, representing growth of 26.1% to 27.6%. It projected adjusted EBITDA of $0 to $1.5 million and said it plans to deliver positive adjusted net income and adjusted earnings per share.

The company raised its full-year revenue forecast to $556.7 million to $558.4 million and narrowed its adjusted EBITDA outlook to a loss of $12.5 million to $11 million. Fain said the Israeli shekel had a $5.4 million negative impact on adjusted EBITDA through the first nine months compared with the prior year. Via has hedged the vast majority of its shekel exposure for the fourth quarter, she said.

About Via Transportation (NYSE:VIA)

Via Transportation, Inc NYSE: VIA is a transportation technology company that provides software and services for public transit agencies, corporations, universities, schools and other organizations. Its platform is designed to help manage on-demand and fixed-route transportation, including shared rides, paratransit, microtransit and shuttle services.

The company's technology supports functions such as vehicle and driver management, routing, scheduling, rider booking, payments, customer communications and performance analysis.

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