Via Transportation (VIA) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $110 million, up 32% year-over-year, with platform annual run-rate revenue at $439 million and customer count up 11% to 713, driven by strong U.S. and government sector performance.

• Platform targets government clients, leveraging AI and proprietary data to modernize public transit, with significant whitespace in North America and Europe.

• Strategic partnership with Waymo announced to integrate autonomous vehicles and robotaxis into public transit systems.

• Completed IPO in September 2025, raising $306.8M in net proceeds and increasing brand awareness and M&A interest.

• Net loss for Q3 2025 was $36.9M, reflecting increased operating expenses and a $10.9M loss on extinguishment of convertible notes tied to the IPO.

Financial highlights

• Q3 2025 platform annual run-rate revenue was $439M, up 32% year-over-year; Q3 revenue was $109.7M–$110M.

• Adjusted gross margin improved to 40% in Q3 2025, up from 39% in Q3 2024.

• Adjusted EBITDA margin improved to -8% in Q3 2025 from -17% in Q3 2024.

• Adjusted net loss for Q3 2025 was $9.7M, a 33% improvement from Q3 2024.

• Cash and cash equivalents at September 30, 2025, were $378.2M, up from $77.9M at year-end 2024.

Outlook and guidance

• Q4 2025 platform revenue expected between $114.6M and $115.1M, representing 25%–25.5% year-over-year growth.

• Full-year 2025 platform revenue guidance is $430M–$430.5M, 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 gross margin target set at 50% through higher-margin products, third-party services, and strategic M&A.

• Existing cash, cash flow from operations, and credit facility expected to cover working capital and capital expenditures for at least the next 12 months.