Via Transportation, Inc. Q4 FY2025 earnings call

Daniel mentioned VIA delivered exceptional Q4 performance with rapid revenue growth. Product innovation was a key driver, with over 50 new products and major features released in 2025 using AI to boost efficiency. Acquisition of Downtowner expanded the platform and customer base. Case studies like Sarasota County and a Missouri agency demonstrated cost savings and service expansion from using VIA's platform. VIA AI Labs was launched to explore leveraging AI for cities beyond transit.

In Q4 2025, platform revenue grew 30% year over year to $119 million, the strongest quarter for net new platform revenue in company history. In 2025, platform revenue grew 31% year over year to $434 million. The number of customers on the platform grew sharply in Q4 to 821, with 9% year-over-year organic customer growth and 94 new customers added through the acquisition of Downtowner. In 2025, VIA's net revenue retention was 119% and gross revenue retention reached a record high of 98%.

For Q1 2026, revenue is expected to be between $123.3 - $123.8 million, +25-25.5% y/y. Adjusted EBITDA margin is between -5.9% to -5.5%, adjusted EBITDA between -$7.25M to -$6.75M. For full year 2026, revenue is expected to be between $542.9 - $545.1 million, +25-25.5% y/y. Adjusted EBITDA margin is between -2.3% to -1.4%, adjusted EBITDA between -$12.5M to -$7.5M. Expect first profitable quarter in Q4 2026 with positive adjusted EBITDA.

Market competition risks, government customers' cumbersome procurement and regulatory constraints, technical implementation complexities, and currency exchange rate fluctuations impacting R&D costs.

Q: John DeFucci asked about services-only contracts coupled with software.

A: The specific contract mentioned is an anomaly; generally, VIA focuses on software-enabled solutions.

Q: Adam Hotchkiss inquired about RFP pipeline and margins.

A: RFP opportunities feel larger due to expanded solutions and IPO, and gross margin has levers like AVs.

Q: Josh Bayer asked about go-to-market moat selling to government.

A: Access to government market is challenging with regulatory and relationship requirements, and VIA's solution-focused model helps.

Q: Patrick Walravens asked about internal AI use.

A: AI is deployed across the company for efficiency, with gains in engineering and RFP responses, and aim is to sell more to customers.

Q: Brian Peterson asked about Downtowner's financial contribution and M&A pipeline.

A: Downtowner was acquired for market penetration, and VIA sees M&A opportunities.

Q: Brad Zelnick asked about regional network effects and international progress.

A: Flywheel effect in US states like Ohio and Illinois, and Europe has mixed markets with Germany in transition.

Q: Alex Zukin asked about AI products and gross margin.

A: Gross margin has potential step function improvement from AI and AV efforts.

Q: Michael Turin asked about growth durability.

A: Over 95% revenue visibility in next 12 months, pipeline up over 50% y/y.

Q: Jonathan Ho asked about AI Labs.

A: AI Labs launched to leverage customer access for diversifying beyond transit.

Q: Scott Berg asked about gross retention.

A: High gross retention due to platform ubiquity and selling more products to customers.