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Via Transportation (VIA) investor relations material
Via Transportation Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved $439 million annual revenue run-rate in Q3 2025, up 32% year-over-year, with revenue for the quarter at $110 million and customer count rising 11% to 713.
Growth driven by strong U.S. and government sector performance, with U.S. revenue up 42% and government customer revenue up 34%.
Platform targets government clients, leveraging AI and proprietary data, and remains early in penetrating an $82 billion serviceable addressable market.
Launched new products, expanded into student transportation, and announced a strategic partnership with Waymo for autonomous vehicles.
IPO increased brand awareness, driving inbound M&A interest and customer engagement.
Financial highlights
Q3 2025 platform annual revenue run rate was $439 million, up from $214 million in Q1 2023.
Adjusted gross margin improved to 40% from 39% in Q3 2024, with adjusted gross profit at $43.5 million.
Adjusted EBITDA margin improved to (8)% in Q3 2025 from (17)% in Q3 2024 and (36)% in Q3 2023.
Adjusted net loss for Q3 2025 was $9.7 million, a 33% improvement year-over-year.
Cash and cash equivalents at quarter-end were $378.2 million, up from $77.9 million at year-end 2024.
Outlook and guidance
Q4 2025 platform revenue expected between $114.6 million and $115.1 million, representing 25%–25.5% year-over-year growth.
Full-year 2025 platform revenue guidance is $430.0–$430.5 million, up 30%–30.2% year-over-year.
Adjusted EBITDA margin for 2025 expected between (8)% and (7.8)%, a significant improvement from (16.1)% in 2024.
Long-term commitment to achieving 50% adjusted gross margin through higher-margin products, third-party services, and strategic M&A.
Drivers for Q3 ARR per customer decline
Waymo partnership's impact on contract margins
Student transport go-to-market and buyer profile
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Next Via Transportation earnings date
Q4 202515 Apr, 2026
Next Via Transportation earnings date
Q4 202515 Apr, 2026
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