Via Transportation (VIA) investor relations material

Executive summary

• Q3 revenue was $143.5M, up 31% YoY; Platform Annual Run-Rate Revenue reached $574.1M, up 31%, and customer count rose 22% to 868.

• Adjusted EBITDA loss narrowed to $3.2M from $8.7M; adjusted net loss was $0.35M and adjusted EPS rounded to $0.00.

• Pipeline more than doubled YoY to a record high; 10 network deals were live, and management called network opportunities a key growth driver for next year.

• Management cited faster pipeline conversion, platform cross-selling, product innovation and AI adoption as growth drivers; Via AI Labs extends platform capabilities to other municipal operations.

Financial highlights

• Q3 gross profit was $57.4M versus $43.1M YoY; GAAP net loss narrowed to $18.8M from $36.9M.

• Adjusted EBITDA margin improved to -2% from -8% in Q3 2025 and -17% in Q3 2024; adjusted net loss was $0.35M versus $9.26M.

• Adjusted operating expenses were 43% of revenue, down from 48% in Q3 2025 and 56% in Q3 2024; adjusted gross margin was 41% versus 40%.

• 9M revenue rose 29% to $406.7M; net loss narrowed to $58.5M from $74.4M, while operating loss was $66.6M versus $52.2M.

• GAAP EPS was -$0.23 versus -$1.49; Q3 GAAP net loss included a $10.9M loss on extinguishment of convertible notes.

Outlook and guidance

• Q4 revenue guidance is $150.0M–$151.7M, up 26.1%–27.6% YoY; adjusted EBITDA guidance is $0–$1.5M, with a 0%–1% margin and positive adjusted net income expected.

• FY2026 revenue guidance was raised to $556.7M–$558.4M from $550.0M–$553.0M, implying 28.2%–28.6% YoY growth.

• FY2026 adjusted EBITDA guidance is a loss of $11.0M–$12.5M, with a margin of -2.0% to -2.2%.

• Management expects Q4 gross margin to remain consistent with Q3 and sees rapid, durable growth in 2027, conditional on continued execution.