Via Transportation, Inc. Q3 FY2025 earnings call

Daniel Ramot mentioned that Via delivered a strong quarter with revenue growth of 32% year-over-year. The platform annual revenue run rate was $439 million. The number of customers grew to 713, up 11% year-over-year. Growth was driven by government and U.S. business. Via's platform transforms public transportation systems with software and services, is modular and deployed globally. Springfield, Ohio case study showed transformation. Q3 saw more than 2x growth in student transportation vertical. New product capabilities and features rolled out, European Advisory Council launched, partnership with Waymo announced.

In Q3 2025, Via's revenue grew 32% year-over-year. The platform annual revenue run rate was $439 million. The number of customers on the platform grew to 713, a year-over-year increase of 11%. Revenue from government customers increased by $26.5 million or 34% year-over-year. Revenue from U.S. customers increased by $23.1 million, or 42% year-over-year. More than 90% of Via's revenue is derived from selling solutions to cities, transit agencies and similar government organizations.

For the fourth quarter, platform revenue is expected to be between $114.6 million and $115.1 million, representing 25% to 25.5% year-over-year growth. Adjusted EBITDA is expected to be between negative $7.5 million and $8.5 million. For the full year 2025, platform revenue is expected to be between $430 million and $430.5 million, representing 30% to 30.2% year-over-year growth. Adjusted EBITDA margin is expected to be between negative 8% and negative 7.8%.

Actual results may differ materially from forward-looking statements due to risks and uncertainties described in SEC filings, including those related to market conditions, competition, and government funding changes.

Q: Adam Hotchkiss asked about catalysts and barriers to converting more of the 63,000 customer opportunity and how Clara balances growth and investment.

A: Daniel said barriers include customer aversion to risk but referenceability helps. Clara said focused on investing where growth is.

Q: Adam Hotchkiss asked about makeup of net new customers.

A: Clara said North America demand and schools product drove growth.

Q: Josh Baer asked about RFP perspective and IPO impact on M&A and customer awareness.

A: Daniel said positive trends, IPO helped pipeline.

Q: Michael Turrin asked about customer metric and federal shutdown impact.

A: Daniel said referenceability key.

Q: Michael Turrin asked about Waymo partnership and TAM.

A: Daniel said autonomous is big opportunity, partnership with Waymo, different dynamics in U.S. and Europe.

Q: Brad Zelnick asked about customer count cadence and Waymo.

A: Clara said customer additions in 8%-12% range, Waymo contracts are higher margin.

Q: John DiFucci asked about ARR per customer decline and federal funding impact.

A: Clara said seasonality and schools business drove ARR decline. Daniel said no impact from shutdown, transit funding needs to be identified by city.

Q: Patrick Walravens asked about growth durability and margin expansion.

A: Daniel said growth durable, Clara said margin expansion through three levers.

Q: Scott Berg asked about Waymo contracts and margin.

A: Clara said Waymo contracts are higher margin.

Q: Brian Schwartz asked about AI pricing and margin drivers.

A: Daniel said AI for stickiness, Clara said margin drivers include mix shift and AI cost reduction.

Q: Brian Peterson asked about schools opportunity and European proof points.

A: Clara said schools opportunity has new buyers, Daniel said Europe has referenceability for school bus.

Q: Jonathan Ho asked about U.S. market strength and ballot measure timing.

A: Clara said U.S. market strong, Daniel said ballot measures take long.

Q: Aleksandr Zukin asked about Waymo partnership and Mobile, Alabama upsell.

A: Daniel said autonomous opportunity large, Clara said Mobile upsell was competitive displacement with strong pipeline.