Via Transportation (VIA) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $119M, up 30% year-over-year, with platform revenue growth at or above 30% for eight consecutive quarters and FY 2025 platform revenue at $434M, up 31% year-over-year.

• Customer base expanded to 821, a 23% increase year-over-year, with 94 new customers added via the Downtowner acquisition.

• Net revenue retention reached 119% and gross revenue retention 98%, reflecting strong customer retention and growth.

• IPO completed in 2025, enabling strategic acquisitions and further product innovation.

• Ended 2025 with $371M in cash, no debt, and $86M available under the credit facility.

Financial highlights

• Q4 2025 annual run rate revenue reached $476M, up 30% year-over-year.

• Adjusted EBITDA margin improved to -6% in Q4 2025, the narrowest loss on record, and FY 2025 adjusted EBITDA margin improved to -8% from -16% in FY 2024.

• Full-year 2025 platform revenue grew 31% year-over-year to $434M.

• 94 customers now generate over $1M in annual run rate revenue, a 31% increase year-over-year.

• Cash and cash equivalents stood at $371M at year-end, with no debt outstanding.

Outlook and guidance

• Q1 2026 revenue expected between $123.3M and $123.8M, representing 25%-25.5% year-over-year growth.

• Full-year 2026 revenue guidance is $542.9M to $545.1M, with adjusted EBITDA margin improving to -2.3% to -1.4%.

• First quarter of profitability (positive adjusted EBITDA) anticipated in Q4 2026.

• Long-term goal to achieve 20%-25% adjusted EBITDA margin reiterated.