Via Transportation NYSE: VIA reported fourth-quarter 2025 results that management said marked another record period for the company, including its strongest quarter in history for net new platform revenue and continued progress toward profitability. Executives also outlined 2026 guidance and highlighted product development efforts centered on artificial intelligence, alongside commentary on customer retention and the integration of recently acquired Downtowner.
Fourth-quarter and full-year performance
Co-founder and CEO Daniel Ramot said Via “exceeded expectations on both top and bottom line performance” in the fourth quarter. Revenue grew 30% year-over-year to $119 million, which management said was the eighth consecutive quarter of platform revenue growth at or above 30%.
For full-year 2025, Via reported platform revenue growth of 31% year-over-year to $434 million. Ramot also pointed to improved profitability metrics, noting adjusted EBITDA margin of -6% in Q4, which he described as the narrowest loss in the company’s history. For 2025, adjusted EBITDA margin improved by 8 points year-over-year to -8%.
Customer growth, retention, and Downtowner acquisition
Via ended Q4 with 821 customers on its platform. The company cited 9% year-over-year organic customer growth, and said it added 94 customers through its acquisition of Downtowner in late December.
Management emphasized strong retention metrics. Ramot said net revenue retention over the past year was 119%, while gross revenue retention reached a company record of 98%, surpassing the prior record set in Q3 2025. In response to a question about the drivers of retention, the company attributed results to the “mission criticality” of the platform and increasing adoption of multiple products across existing customers.
Ramot also framed Downtowner as a strategic expansion rather than a near-term revenue play. CFO Clara Fain said the acquisition “was not about the revenue contribution,” and instead was aimed at expanding in the “destination cities market” and giving Via access to a base of smaller customers who could potentially adopt more of Via’s broader platform over time. She added that Via was “particularly excited” about M&A opportunities given what she described as a market dislocation, while emphasizing continued discipline on deals.
Business model and mix of software and services
On the call, executives reiterated that Via sells “software-enabled solutions” rather than a traditional seat-based SaaS product, with pricing based on usage. Fain said contracts are typically multi-year (about two to three years on average, with option years) and the contracting unit is typically the vehicle. The company generally offers a bundled price per vehicle per month or per vehicle per hour.
Fain said 97% of 2025 revenue came from recurring fees, while upfront or one-time revenue was “very limited,” representing less than 3% of total revenue. As an example of contracting structure, she described a Texas customer contract for $3.4 million over three years that included microtransit software and tech-enabled services such as fleet, drivers, and call center support, with an annual inflation escalator of 3% in years two and three.
In the Q&A, Ramot addressed investor concerns about services-heavy arrangements, calling one referenced large contract structure “an anomaly” tied to specific circumstances. More broadly, he argued the solutions approach is necessary to scale in the local government transit market, and said other companies attempting a more traditional SaaS approach have not scaled “in any meaningful way.”
AI-driven product development and operational efficiency
Management repeatedly highlighted AI as a key driver of product velocity and operational efficiency. Ramot said Via’s team of roughly 400 engineers, product managers, and data scientists released more than 50 new products and major features in 2025, and attributed part of the acceleration to the use of AI tools to increase engineering efficiency.
Ramot described several AI capabilities being embedded across the platform, including:
- Automated transit network design using demographic data and Via’s proprietary demand and mode-choice data to generate optimal bus and microtransit zone designs.
- AI-powered operational monitoring that produces insights and recommendations, such as adjusting microtransit zones based on demand patterns.
- Safety-related insights, including identification of potentially unsafe virtual stops and tools to review locations and remove stops when necessary.
- Dispatcher assistance during disruptions, such as recommending reassignment options when a vehicle breaks down and showing passenger impact trade-offs.
Ramot also discussed internal use of AI beyond engineering, including supporting responses to complex RFP processes. When asked about headcount impacts in the context of other companies using AI to reduce staffing, Ramot said Via’s focus is to use productivity gains to “sell more stuff to more customers faster,” given management’s view that the company has only penetrated a small portion of its addressable market.
Margins, “flywheel” markets, and 2026 outlook
Fain said sales and marketing expense was 13% of revenue in Q4 2025, down from 15% in Q4 2024, while G&A was 15% of revenue and included quarter-over-quarter increases tied to the shift to being a public company and higher insurance costs. R&D represented 18% of revenue in Q4 2025, compared with 21% in Q4 2024, which the company attributed in part to efficiencies from AI coding tools. The company reported -$0.5 million of operating cash flows in Q4, citing improved performance and customer collection timing.
Fain said the company is seeing “flywheel effects” in certain states where customer references drive growth without proportional increases in sales and marketing. Via ended 2025 with 19 states in flywheel, representing 73% year-over-year growth. She also cited an 1,800% increase in revenue per sales head in Ohio alongside decreasing S&M over time.
On international performance, Ramot described Europe as “a complex picture,” citing strength in the UK and headwinds in Germany. He said the company has had success introducing microtransit in Germany, but that broader adoption of the full platform—such as integrating planning and restructuring networks—has taken longer due to the regulatory environment.
For 2026, Via guided to continued growth and improving profitability. The company expects:
- Q1 2026 revenue of $123.3 million to $123.8 million (25% to 25.5% year-over-year growth) and adjusted EBITDA margin of -5.9% to -5.5%.
- Full-year 2026 revenue of $542.9 million to $545.1 million (25% to 25.5% year-over-year growth) and adjusted EBITDA margin of -2.3% to -1.4%.
- First quarter of positive adjusted EBITDA in Q4 2026.
Fain said the company has “over 95% visibility” into revenue guidance for the next 12 months due to multi-year contracts and committed budgets. She also noted that pipeline expansion—up more than 50% year-over-year in 2025—typically takes nine to 10 months to convert from opportunity creation to close, and she characterized the pipeline as more indicative of demand for 2027.
On margins and gross margin levers, Fain said gross margin was consistent quarter-over-quarter and that about 20% of customers buy services as well as software. She reiterated a long-term target of 50% gross margin and pointed to multiple levers, including autonomous vehicles. Fain said drivers represent “about 50%” of the company’s cost base and suggested that broader AV adoption could represent a step-change opportunity, while cautioning that timing may not be immediate.
Ramot closed by calling 2025 a “banner year” marked by the IPO, sustained 30%+ growth, and a high rate of product development, while positioning 2026 as an opportunity to further expand adoption within public transit and pursue broader efficiency solutions for local governments through the newly launched Via AI Labs initiative.
About Via Transportation NYSE: VIA
Via transforms antiquated and siloed public transportation systems into smart, data-driven, and efficient digital networks. We are addressing a striking gap in the $545 billion global public transportation market. While billions of people across the globe rely on public transportation, this critical form of mobility has yet to meaningfully benefit from recent advances in technology. Buses still follow fixed routes and schedules planned years, if not decades ago, regardless of actual demand for their service.
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