Via Transportation (VIA) Q3 2026 Earnings Call Transcript

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DATE

Monday, Nov. 9, 2026

CALL PARTICIPANTS

• Chief Corporate Communications Officer – Gabrielle McCaig
• Co-Founder and Chief Executive Officer – Daniel Ramot
• Chief Financial Officer – Clara Fain

TAKEAWAYS

• Revenue — $143.5 million, representing 31% year-over-year growth driven by strong execution against the sales pipeline.
• Annual Run-Rate Revenue — $574.1 million, increasing 31% year over year due to a faster-than-expected conversion of pipeline opportunities.
• U.S. Market Performance — $110.5 million in revenue, growing 42% year over year and representing 77% of total company revenue.
• Customer Count — 868, increasing 22% year over year through significant traction with new network and school customers.
• High-Value Customers — 123 customers, generating over $1 million in annual run-rate revenue, a 41% increase year over year.
• Average Revenue Per Customer — $661,000, reaching an all-time high as the company offsets school segment dilution with larger customer expansion.
• Adjusted EBITDA — negative $3.2 million, improving from negative $8.7 million in the third quarter of 2025.
• Adjusted Net Loss — $350,000, reflecting a significant improvement from the $9.3 million loss reported in the prior year.
• Adjusted EPS — $0.00, rounding to breakeven for the first time as the company approaches full profitability.
• Adjusted Gross Margin — 40.5%, up from 39.6% in the prior year due to customer support automation and infrastructure cost optimization.
• Adjusted Operating Expenses — $61 million, or 43% of revenue, representing the most efficient operating quarter in the company’s history.
• German Market Revenue — $18.4 million, stabilizing with 1% quarter-over-quarter growth.
• Sales Pipeline — more than doubled year over year, reaching an all-time high in the third quarter.
• Cash Balance — $322.8 million in cash and cash equivalents with zero outstanding debt.
• Research and Development Efficiency — over 95% of software code is written by or with AI, accelerating product deployment.
• Network Deals — 10 live deals currently active, where the company manages entire transit networks on its integrated platform.
• Public Transit Funding — $30 billion in local transit funding approved through 50 U.S. ballot measures in 2026.
• Currency Headwinds — $1.6 million negative impact from the strength of the Israeli shekel on third-quarter R&D expenses.
• Fourth Quarter Revenue Guidance — $150 million to $151.7 million, representing projected growth of 26.1% to 27.6%.
• Fourth Quarter Adjusted EBITDA Guidance — $0 million to $1.5 million, representing the company’s first projected profitable quarter.
• Full Year Revenue Guidance — $556.7 million to $558.4 million, representing 28.2% to 28.6% growth.
• Full Year Adjusted EBITDA Guidance — negative $12.5 million to negative $11 million, narrowing from previous expectations.

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RISKS

• Fain stated, “The shekel had a negative impact of approximately $1.6 million on adjusted R&D expenses when compared to Q3 2025,” noting that currency strength continues to pressure expenses despite automation gains.
• Fain reported that initially when the company launches a new service, “there tends to be a slightly longer lag with the first invoice, which is driving some collection delays,” impacting short-term working capital.

SUMMARY

Via Transportation, Inc. (VIA +12.80%) reported financial results for the third quarter of 2026, reaching a milestone with adjusted earnings per share rounding to breakeven. Management attributed the 31% revenue growth to the scaling of its full stack platform, which integrates AI-powered software with technology-enabled services. The company reported a significant expansion of its U.S. business and record pipeline levels, even as it optimized operating expenses to 43% of revenue. Management stated that the recent approval of $30 billion in local transit funding across the United States provides a durable multiyear tailwind for its TransitTech solutions. Looking forward, the company expects to achieve its first quarter of positive adjusted EBITDA in the fourth quarter of 2026.

• The company is expanding its transit-based AI capabilities into other municipal sectors through Via AI Labs. CEO Ramot stated, “the breadth of existing capabilities we’ve built for transit can be extended to many other municipal contexts and meaningfully expand Via’s ability to provide value to cities.”
• Management identified network deals as the primary growth driver for 2027. CEO Ramot noted, “we are in the early innings of capturing our $82 billion SAM,” specifically highlighting the opportunity to digitize antiquated legacy transit systems.
• Artificial intelligence has been integrated into core operations to drive margins. CFO Fain stated, “Over 95% of our code is written by or with AI, and we are continuing to ship new products and features at our fastest pace ever.”
• The company reported success in the student transport vertical despite inherent seasonality. CFO Fain noted that school customers generally launch in September and ramp through the fourth quarter.
• Operational visibility has improved through the digitization of driver experiences. CEO Ramot noted that the Via driver app now manages schedules, digital vehicle inspections, and AI-powered safety feedback through a proprietary safety portal.

INDUSTRY GLOSSARY

• TransitTech: Via’s specialized public mobility platform designed to integrate multiple transportation modes into a unified network.
• Microtransit: Flexible, on-demand transportation services that use dynamically routed vehicles to pick up and drop off passengers.
• Paratransit: Specialized transportation services for people with disabilities or those who are unable to use fixed-route transit.
• NEMT: Non-emergency medical transportation, providing transit for patients to healthcare appointments.
• SAM: Serviceable Addressable Market, the portion of the total market that a company can realistically reach.
• Network Deals: Comprehensive contracts where Via manages the entire transit operation of a city or agency, rather than just providing software.
• ARRR: Annual Run-Rate Revenue, calculated as the current quarter’s revenue multiplied by four.

Full Conference Call Transcript

Operator: Hello, everyone. Thank you for joining us, and welcome to the Via Q3 2026 Earnings Call. [Operator Instructions] I will now hand the conference over to the Via team. [Presentation]

Gabrielle McCaig: Good morning, and welcome, everyone, to Via’s third quarter 2026 earnings call. I’m Gabby McCaig, Via’s Chief Corporate Communications Officer. With me today are Daniel Ramot, Via’s Co-Founder and CEO, and Clara Fain, Via’s Chief Financial Officer. During today’s call, Daniel w

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