Via Transportation (VIA) Registration Filing summary

Company overview and business model

• Provides a unified, cloud-based platform for digitizing and optimizing public transportation systems, serving government agencies, transit authorities, corporations, and universities.

• Platform covers planning, scheduling, operations, microtransit, paratransit, school transport, and data analytics, with modular, configurable solutions.

• Business model is subscription-based, with multi-year contracts and volume-based pricing, primarily targeting government customers (over 90% of revenue).

• Focuses on expanding customer relationships through upselling additional modules and services, and leveraging regional network effects.

• Operates globally, with primary revenue from North America (70%) and Europe (30%), and a customer base of 689 as of June 30, 2025.

Financial performance and metrics

• Revenue grew from $100.0M in 2021 to $337.6M in 2024 (50% CAGR); $205.8M for the six months ended June 30, 2025.

• Platform Annual Run-Rate Revenue reached $428.5M as of June 30, 2025, up 34% YoY.

• Net loss improved from $117.0M in 2023 to $90.6M in 2024, and $37.5M for the six months ended June 30, 2025; net loss margin improved from (47%) in 2023 to (18%) in H1 2025.

• Adjusted EBITDA margin improved from (37%) in 2023 to (8%) in H1 2025.

• Gross margin was 39% in 2024 and 40% in H1 2025.

• Cash and cash equivalents were $78.2M as of June 30, 2025; $100M revolving credit facility in place.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for general corporate purposes: operating expenses, sales and marketing, working capital, R&D, geographic expansion, and capital expenditures.

• May use a portion of proceeds for acquisitions or strategic investments, but no current agreements for material acquisitions.