Via Announces Fourth Quarter and Full Year 2025 Results

In Q4, revenue grew 30% as Via executed on its vision to lead a generational transformation of public transit for cities and local government

Q4 revenue of $119 million and Annual Run-Rate Revenue of $476 million, up 30% year-over-year.

• Via's strongest ever quarter for net new Platform Revenue.
• Marking 8 consecutive quarters of consistent 30% or more year-over-year Platform Revenue growth.
• Continued strength in the US with 39% year-over-year Platform Revenue growth.

Q4 customer count of 821, an increase of 23% year-over-year.

Acquired Downtowner on December 12, 2025, a transportation technology solution focused on Destination Cities.

Closed the year with $371 million of cash, no debt and $86 million of available capacity under our credit facility as of December 31, 2025.

Via Transportation Inc. (NYSE:VIA), the world's leading platform for public transit software and services, today announced financial results for the fourth quarter and full year ended December 31, 2025.

"We are delighted with our outstanding results in Q4 and in 2025 as a whole. We have surpassed our fourth quarter and annual guidance across all key metrics and, in our early days as a public company, continued to demonstrate our ability to execute at the highest levels and sustain revenue growth at 30% year-over-year," said Daniel Ramot, Via's Co-founder and Chief Executive Officer. "As we look ahead to 2026, our continued focus on innovation will be a key driver of our success. While we are in the early days of transforming a massive market, we have established ourselves as the category leader. We are embedding AI across our platform – automating key workflows, improving the learning and decision-making power of our algorithms, and leveraging Via's proprietary data to generate deep insights and proactive recommendations for our customers. We are excited about the opportunities and the pipeline ahead of us, as is evident from our guidance for 2026, where we expect to achieve over 25% revenue growth and reach profitability."

Fiscal Fourth Quarter and Full Year 2025 Financial and Operational Highlights:

First Quarter and Full Year 2026 Outlook:

Our guidance includes non-GAAP measures. For the first quarter and full year 2026, Via expects the following:

Conference Call Details

Via will host a conference call to discuss its fourth quarter fiscal year 2025 results at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) on February 27, 2026. A live audio webcast of the conference call, together with detailed financial information, can be accessed through the company's Investor Relations Web site at investors.ridewithvia.com. Participants who choose to call in to the conference call can do so by dialing (800) 715-9871 or +1 (646) 307-1963 and entering the conference ID: 1199104. A replay of the call will be available and archived via webcast at investors.ridewithvia.com.

About Via

Via is the technology backbone of a modern transportation network. We transform public transportation systems into dynamic networks, based on data and demand. Cities and transit agencies around the world adopt Via's suite of software and technology-enabled services to replace fragmented legacy systems and consolidate operations. As a result, Via lowers the cost of providing transit, improves the passenger experience, and brings more riders on board. Today, the Via platform is utilized by hundreds of cities across more than 30 countries to create public transportation systems that connect people with jobs, healthcare, and education.

Non-GAAP Financial Measures

We report certain non-GAAP financial measures, not presented in accordance with generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures include Adjusted Gross Profit, Adjusted Research and Development expense, Adjusted Sales and Marketing expense, Adjusted General and Administrative expense, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Loss. These measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for the Company's results as reported under GAAP. Because not all companies calculate non-GAAP financial information identically, the presentations herein may not be comparable to other similarly titled measures used by other companies. The Company's presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company's future results will be unaffected by other unusual or non-recurring items. Further, such non-GAAP financial information of the Company should be considered in addition to, and not as superior to or as a substitute for, the historical consolidated financial statements of the Company prepared in accordance with GAAP. We urge you to review the reconciliations of the non-GAAP measures to their directly comparable GAAP financial measures and not to rely on any single financial measure to evaluate our business.

Safe Harbor/Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, and that reflect our current views with respect to, among other things, future events, and our future business, financial condition, results of operations, and prospects. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would," and "outlook," or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates, and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. We cannot guarantee that future results reflected in the forward-looking statements will occur. Important factors that could cause actual results to differ materially include, but are not limited to the risks and uncertainties described in our Annual Report on Form 10-K filed in connection with this earnings and other filings with the Securities and Exchange Commission (SEC). Except to the extent required by law, we do not undertake to update any of the information contained in this press release.

VIA TRANSPORTATION, INC.

GAAP TO NON-GAAP RECONCILIATION

Adjusted Gross Profit and Adjusted Gross Margin

Adjusted Gross Profit represents gross profit excluding stock-based compensation and related employer payroll taxes and amortization of acquired intangibles. Adjusted Gross Margin represents Adjusted Gross Profit as a percentage of revenue.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA represents net loss excluding certain items that we do not consider indicative of our ongoing business performance: interest income, interest expense, loss on extinguishment of convertible notes, provision for income taxes, depreciation and amortization, stock-based compensation and related employer payroll taxes, other (income) expense, net, which consists primarily of changes in the fair value of derivatives and foreign currency transaction gains and losses, and other non-recurring or non-cash items impacting net income (loss) such as patent litigation costs related to the RideCo litigation (a patent litigation in which Via won a trial in January 2025), and transaction costs related to our IPO and historical M&A activity. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of revenue.

Adjusted operating expenses

Adjusted Research and Development expense, Adjusted Sales and Marketing expense and Adjusted General and Administrative Expense represent the respective GAAP measures excluding certain items that we do not consider indicative of our ongoing business performance: depreciation and amortization, stock-based compensation and related employer payroll taxes, and other non-recurring items such as patent litigation costs related to the RideCo litigation (a patent litigation in which Via won a trial in January 2025), and transaction costs related to our IPO and historical M&A activity.

Adjusted Net Loss

Adjusted Net Loss represents net loss excluding certain items that we do not consider indicative of our ongoing business performance: amortization of discount on convertible notes, loss on extinguishment of convertible notes, changes in the fair value of derivatives, depreciation and amortization, stock-based compensation and related employer payroll taxes, and other non-recurring or non-cash items impacting net loss such as patent litigation costs related to the RideCo litigation (a patent litigation in which Via won a trial in January 2025), transaction costs related to our IPO and historical M&A activity, and other income related to employee retention credit under the CARES Act.

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