Via Transportation (VIA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 29% year-over-year to $127–$127.4 million, surpassing $500 million in annual run-rate revenue for the first time, reaching $510 million.

• Customer count reached 838, up 23% year-over-year, with strong momentum in the U.S. and U.K.

• Adjusted EBITDA margin improved to -4.6% to -5% from -8% to -8.4% year-over-year, reflecting progress toward profitability.

• Net loss for Q1 was $20.1 million, with adjusted net loss at $3.8 million, and net loss per share improved to $(0.25) from $(1.28).

• AI and integrated platform strategy are driving operational efficiency and new vertical expansion.

Financial highlights

• U.S. revenue grew 36% year-over-year, representing 74% of total revenue; California revenue increased 85% year-over-year, with nearly $100 million in active pipeline.

• Gross profit was $50.1 million, with adjusted gross profit at $50.7 million and adjusted gross margin of 40%.

• Adjusted sales and marketing expenses were 13% of revenue, G&A held steady at 15%, and R&D expenses dropped to 15–16% of revenue.

• Cash and cash equivalents stood at $348–$348.2 million as of March 31, 2026, with no outstanding debt.

• Net cash used in operating activities was $21.2 million for Q1 2026.

Outlook and guidance

• Q2 2026 revenue expected between $132.5 million and $134 million, up 23.7%–25.1% year-over-year.

• Full-year 2026 revenue guidance raised to $547–$550 million (26%–26.6% growth); adjusted EBITDA guidance reiterated at -$12.5 million to -$7.5 million.

• Q2 adjusted EBITDA margin guided to -3% to -2.2%; targeting first quarter of positive adjusted EBITDA in Q4 2026.

• Operating expenses expected to rise in absolute terms but decrease as a percentage of revenue over time.

• Existing liquidity and credit facilities expected to cover working capital and capital expenditures for at least the next 12 months.