Via Transportation (VIA) Q3 2025 earnings summary

Executive summary

• Achieved $439 million annual revenue run-rate in Q3 2025, up 32% year-over-year, with revenue for the quarter at $110 million and customer count rising 11% to 713.

• Growth driven by strong U.S. and government sector performance, with U.S. revenue up 42% and government customer revenue up 34%.

• Platform targets government clients, leveraging AI and proprietary data, and remains early in penetrating an $82 billion serviceable addressable market.

• Launched new products, expanded into student transportation, and announced a strategic partnership with Waymo for autonomous vehicles.

• IPO increased brand awareness, driving inbound M&A interest and customer engagement.

Financial highlights

• Q3 2025 platform annual revenue run rate was $439 million, up from $214 million in Q1 2023.

• Adjusted gross margin improved to 40% from 39% in Q3 2024, with adjusted gross profit at $43.5 million.

• Adjusted EBITDA margin improved to (8)% in Q3 2025 from (17)% in Q3 2024 and (36)% in Q3 2023.

• Adjusted net loss for Q3 2025 was $9.7 million, a 33% improvement year-over-year.

• Cash and cash equivalents at quarter-end were $378.2 million, up from $77.9 million at year-end 2024.

Outlook and guidance

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

• Full-year 2025 platform revenue guidance is $430.0–$430.5 million, 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 commitment to achieving 50% adjusted gross margin through higher-margin products, third-party services, and strategic M&A.