Q2 revenue reached $135.7M, up 27% year-over-year, driven by a 23% increase in customer count to 847 (including 94 from the December 2025 Downtowner acquisition) and Platform Annual Run-Rate Revenue of $543M, up 27% YoY; US revenue grew ~35% while Germany declined ~12%, and gross margin improved from 39% to 41% partly due to a higher share of non-subscription revenue (5% vs 2%).
The RideCo patent litigation, in which a jury found infringement of three virtual bus stop patents in January 2025, was resolved via a confidential settlement following appellate mediation; the Federal Circuit entered an order dismissing the appeals on June 22, 2026, definitively ending the matter.
Two new class actions were filed in June 2026: a putative labor and employment class action (Faison v. Nomad Transit LLC and Via Transportation, Central District of California, June 5) and a putative securities class action naming the company, its CEO, CFO, individual directors, and IPO underwriters (Garlesky v. Via Transportation, Southern District of New York, June 10); no accrual was recorded as of quarter-end.
In May 2026, the company entered into a new approximately $52.9 million lease for New York City headquarters space, with a term running from Q4 2026 through Q3 2037, replacing the existing HQ lease that expires in Q4 2026.
Also in May 2026, the company initiated a foreign currency hedging program with Israeli Shekel forward contracts designated as cash flow hedges to mitigate R&D cost volatility (a large share of the R&D team is based in Israel, where the shekel appreciated ~21% vs. the USD during the quarter); total notional was approximately $18 million as of June 30, 2026, with no ineffectiveness recorded.
As of June 30, 2026, the company's public float exceeded $700 million, meaning it will lose emerging growth company status as of December 31, 2026 under current SEC rules; the company noted the SEC's May 2026 proposed rule amendment to raise the threshold to $2 billion has not yet been adopted.
(Filed on May 12, 2026)
+29.2%
39.3%
$348.2M
Q1 2026 revenue grew 29% year-over-year to $127.4M, driven by US revenue up 36% and other international (ex-Germany) up 36%, while Germany grew only 3%. Customer count rose 23% to 838 (from 682 a year earlier), and Platform Annual Run-Rate Revenue reached $510M (up 29% from $395M). Recurring subscription fees represented 99% of revenue, up from 95% in Q1 2025. Remaining performance obligations totaled $275.5M, with approximately 55% expected to be recognized in the remainder of 2026.
94 of the net-new customers added year-over-year were contributed by the Downtowner acquisition, which closed in December 2025. Gross margin declined one point to 39% (from 40% in Q1 2025), attributed to a revenue mix shift toward lower-margin contracts and reduced higher-margin implementation and consulting services. R&D expenses rose 15% to $24.5M, partly due to the Israeli Shekel appreciating roughly 15% against the US dollar, which more than offset a net reduction in R&D headcount; a large share of the R&D team is based in Israel.
Following a January 2025 jury verdict finding RideCo infringed three of Via's virtual bus stop patents, and subsequent appellate mediation, Via and RideCo entered into a binding letter of intent for settlement as of April 20, 2026 (after quarter-end). The parties will file a joint stipulation dismissing their respective appeals. The final settlement, which will reflect royalties for past infringement, has not yet been agreed and will be recognized in financial results once the settlement agreement is executed.
Via's IPO closed on September 15, 2025, yielding $362.4M in net proceeds; immediately prior to closing, $53.3M in convertible notes automatically converted into 1,655,908 shares of Class A common stock at a 30% discount to the IPO price. The outstanding SOFR loan under the $100M revolving credit facility was repaid in full in November 2025, and no revolving balance remained as of March 31, 2026. Cash and cash equivalents stood at $348.2M, with $79.4M of undrawn capacity under the credit facility (net of $20.6M in outstanding letters of credit). The company reported compliance with all financial covenants.
Adjusted EBITDA improved to a loss of $5.8M (margin of -5%) from a loss of $8.3M (-8% margin) in Q1 2025, reflecting operating leverage from 29% revenue growth alongside controlled expense growth. Net cash used in operating activities was $21.2M (vs. $5.6M a year earlier), primarily driven by the $20.1M net loss and a $13.8M build in accounts receivable, offset by $15.6M in stock-based compensation (a non-cash charge tied to post-IPO equity grants).
(Filed on March 6, 2026)
+29.7%
39.5%
$370.9M
Via acquired Downtowner Transportation LLC on December 12, 2025 for $40.7 million in cash; Downtowner provides public transit solutions for destination cities in the U.S., expanding Via's end-to-end platform. Goodwill of $26.4 million and intangible assets of $13.0 million were recognized; Downtowner contributed customers in Q4, with approximately 9% of the year's customer growth being organic and the remainder attributed to this acquisition.
Q4 2025 operating metrics (explicitly quarter-end figures): 821 customers in 30+ countries, up 23% year-over-year from 665; Platform Annual Run-Rate Revenue of $476 million, up 30% year-over-year from $367 million. Revenue expansion with existing customers drove the majority of growth. U.S. revenue (annual: $309.7 million, ~71% of total) and government customers (annual: $406.4 million, ~94% of total) remain the dominant revenue sources.
The IPO over-allotment was exercised on October 14, 2025, adding 1,358,236 shares at $46.00 per share; total net IPO proceeds (including over-allotment) were $362.4 million. In November 2025, Via repaid in full the $40 million outstanding SOFR revolving loan under its Credit Agreement, leaving no revolving loan balances at year-end and $86.2 million in available borrowings.
RideCo patent litigation (Virtual Bus Stop patents): following a unanimous jury verdict in January 2025, the court filed an amended final judgment granting Via a 10% reasonable royalty on RideCo's continued infringing sales; RideCo has deposited over $5.2 million in damages and is making quarterly royalty payments in escrow pending its appeal. Via cross-appealed the denial of a permanent injunction. The settlement amount has not yet been reflected in financial results.
An AWS service outage and disruption on October 20, 2025 impacted Via's platform availability, as disclosed in the filing's risk-factor discussion of third-party cloud infrastructure dependencies.
Two DOT regulatory actions in Q4 2025 affected federal Disadvantaged Business Enterprise (DBE) compliance: an Interim Final Rule issued October 3, 2025 changing DBE administration at the federal level, and updated guidance issued December 1, 2025. Via noted that lack of clarity or conflicts between federal, state, and local DBE obligations could negatively impact operations. Separately, the Israel-Hamas ceasefire that took effect October 10, 2025 affected the 250+ engineering and R&D employees based in Tel Aviv; Via reported operations continued without material interruption and no Israeli revenue was generated in 2025.
(Filed on November 14, 2025)
+31.6%
39.3%
$378.2M
Via completed its IPO on September 15, 2025, issuing 7,142,857 shares of Class A common stock at $46.00 per share for $306.8 million in net proceeds; all outstanding convertible preferred stock converted into 56,630,188 Class A shares, and $53.3 million of convertible notes converted into 1,655,908 Class A shares at a 30% discount to the IPO price. On October 14, 2025 (subsequent event), underwriters exercised their over-allotment option in part for an additional 1,358,236 shares at $43.102 per share, yielding $58.5 million in further net proceeds.
Q3 2025 revenue was $109.7 million, up 32% year-over-year, with customer count reaching 713 (up 11% from 643) and Platform Annual Run-Rate Revenue of $439 million (up 32% from $333 million). U.S. revenue grew 42% to $77.7 million, and government customer revenue grew 34% to $103.7 million. Remaining performance obligations totaled $291.1 million as of September 30, 2025, with approximately 26% expected to be recognized in the remainder of 2025 and 41% in 2026.
Via announced a partnership with Waymo on September 18, 2025, for potential autonomous vehicle deployments integrated into its transit platform; the filing describes this as part of ongoing investments in autonomous and electric vehicle partnerships for deployments in various cities, while noting the technology remains novel in the transit space and subject to regulatory and implementation risks.
Adjusted EBITDA improved to -$8.7 million in Q3 2025 from -$14.3 million in the prior-year quarter, with Adjusted EBITDA margin improving 9 percentage points to -8%; management attributed the improvement to significant operating leverage, with revenue growing 32% while total operating expenses grew only 18% year-over-year. Gross margin also expanded to 39% from 38%, driven by scale efficiencies in launch and support personnel and IT costs.
Regarding the RideCo patent litigation, Via was granted a 10% reasonable royalty from RideCo's continued infringing sales of its Virtual Bus Stop technology following a January 2025 jury verdict; in October 2025 (subsequent event), RideCo deposited $4.7 million in damages and royalty payments in escrow with the Clerk of Court in the Western District of Texas, with both parties having filed appeals (RideCo appealing the infringement verdict, Via cross-appealing the denial of a permanent injunction). The deposited amount has not been recognized in Via's financial results pending resolution of the appeals.
