Via Transportation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 revenue was $143.5 million, a 31% increase year-over-year from $109.7 million.
• Platform Annual Run-Rate Revenue reached $574.1 million, up 31% year-over-year.
• Gross profit was $57.4 million, up 33% year-over-year; Adjusted Gross Profit was $58.2 million, up 34% year-over-year.
• Adjusted Gross Margin improved to 41% in Q3 2026 from 40% in Q3 2025.
• Adjusted EBITDA was a loss of $3.2 million, a 63% improvement year-over-year from a loss of $8.7 million; Adjusted EBITDA Margin improved to (2)% from (8)%.
• Net loss was $18.8 million, a 49% improvement year-over-year from $36.9 million.
• Adjusted Net Loss was $0.4 million, a 96% improvement year-over-year from $9.3 million; Adjusted Net Loss per share rounded to breakeven ($0.00) compared to $(0.37) in Q3 2025.
• Net loss per share (GAAP) was $(0.23), an 85% improvement year-over-year from $(1.49).
• Cash and cash equivalents were $323 million as of September 30, 2026.
• Total assets were $731.7 million as of September 30, 2026.
• Total liabilities were $112.6 million as of September 30, 2026.
• Deferred revenue was $24.4 million (current) and $0.9 million (noncurrent) as of September 30, 2026.
• Accounts receivable was $123.3 million as of September 30, 2026.

Guidance and Future Outlook:

• For Q4 2026, Via expects Platform Revenue between $150.0 million and $151.7 million, representing 26.1% to 27.6% year-over-year growth.
• For Q4 2026, Via expects Adjusted EBITDA between $0.0 million and $1.5 million, with a margin of 0.0% to 1.0%.
• For Full Year 2026, Via expects Platform Revenue between $556.7 million and $558.4 million, representing 28.2% to 28.6% year-over-year growth.
• For Full Year 2026, Via expects Adjusted EBITDA between a loss of $12.5 million and a loss of $11.0 million, with a margin of (2.2)% to (2.0)%.
• Via is unable to provide an outlook for GAAP net loss or a reconciliation of expected Adjusted EBITDA to GAAP net loss for Q4 or Full Year 2026 due to the difficulty in estimating stock-based compensation and related employer payroll taxes.

Business Segments and Product Lines:

• Customer count reached 868 in Q3 2026, a 22% increase year-over-year from 713.
• The United States segment showed continued strength with 42% year-over-year revenue growth.
• The Downtowner acquisition contributed 94 customers to the count.
• Via continues to expand its product offering through Via AI Labs.
• The company operates a full-stack platform combining AI-powered software and technology-enabled services for cities and transit agencies.

Market and Competitive Landscape:

• Via describes itself as the world's leading platform for public transit software and services.
• The Via platform is utilized by hundreds of cities across more than 30 countries.
• The company aims to transform public transportation systems into dynamic networks based on data and demand.

Risks and Challenges:

• Forward-looking statements are subject to risks and uncertainties, including those discussed in the Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
• Specific risks include the difficulty of estimating certain items excluded from Adjusted EBITDA, such as stock-based compensation and employer payroll taxes.
• The company notes that non-GAAP financial measures have limitations and should not be considered in isolation.

Management Commentary and Tone:

• Daniel Ramot, Co-founder and CEO, described the quarter as a "milestone quarter" driven by "outstanding execution."
• Management stated that the acceleration of growth validates the strategy of building a full-stack platform.
• Management expressed pleasure at achieving results while making a major step toward the profitability target.

Other Key Points:

• The Downtowner acquisition contributed 94 customers to the total count.
• The company hosts a conference call to discuss results at 8:30 a.m. Eastern Time on November 9, 2026.
• The press release includes reconciliations of GAAP to non-GAAP financial measures, including Adjusted Gross Profit, Adjusted EBITDA, and Adjusted Net Loss.
• Stock-based compensation and related employer payroll taxes for Q3 2026 totaled $15.4 million.
• Litigation costs related to nonrecurring intellectual property and securities litigation were $0.2 million in Q3 2026.
• Transaction costs related to IPO and M&A activity were $0.4 million in Q3 2026.
• The company reported a loss on extinguishment of convertible notes of $10.9 million in Q3 2025, with no such loss in Q3 2026.