VIA

• Overall Business Performance

  • Q2 2026 total revenue grew 27% year-over-year to $136 million, with an annual run rate of $544 million.
  • The total customer base reached 847, a 23% year-over-year increase, with 114 customers generating over $1 million in annual run rate revenue (a 36% year-over-year increase).
  • Annualized revenue per customer hit a company high of $641,000.
  • Growth annual contract value of the pipeline doubled year-over-year for the second consecutive quarter, surpassing $700 million, all of which is net new incremental revenue from new and existing customers (excluding renewals).
  • Adjusted EBITDA was negative $3.4 million (-2.5% margin), an improvement from negative 8.5% in Q2 2025. Adjusted net loss per share was negative $0.01, down from negative $0.72 year-over-year.
  • The balance sheet is robust with $336 million in cash and no outstanding debt.
  • Adjusted gross margin improved 100 basis points year-over-year to 41%, driven by a favorable revenue mix with higher non-subscription revenue this quarter.

• Core Strategic Growth Initiatives

  • Full network transit deals: VIA is increasingly winning contracts to replace legacy systems and operate entire city transit networks, delivering improved accessibility, reliability, and efficiency for the same public budget. Network deals are the company's primary current growth driver and are larger in size than smaller piecemeal contracts.
  • School transit vertical: Launched after VIA's IPO, this vertical focuses on specialized alternative student transportation for underserved groups (students with disabilities, foster youth, etc.). The vertical is seeing strong traction, with many new projects launching in late Q3 aligned with the U.S. school year, and school deals are generally margin accretive.
  • AI integration: AI is embedded across the entire VIA platform to improve customer outcomes and internal efficiency; 95% of VIA's engineering code is now produced with AI, accelerating product development speed. AI tools also improve operational efficiency across sales, RFP response, fleet management and dispatching, supporting operating leverage and the path to profitability.
  • AI Labs (new GovTech vertical): VIA has launched the first municipal AI projects, which leverage VIA's platform to aggregate siloed local government data and deliver agentic AI solutions for use cases like public records request processing (cutting manual time by 92%), permitting automation, snow removal optimization, and citation workflows. The long-term TAM for this vertical outside of transit is significant.

• Profitability Progress

  • VIA has delivered strong operating leverage, growing quarterly platform revenue from $53 million in Q1 2023 to $136 million in Q2 2026, while non-GAAP quarterly operating expenses only grew from $47 million to $60 million over the same period.

• Q3 2026: Revenue is guided between $137.6 million and $138.2 million, representing 25.5% to 26% year-over-year growth. Adjusted EBITDA is expected between negative $4.5 million and negative $3.5 million, which reflects typical summer seasonal lower volume and planned investments in new network and school transit customer launches that will contribute to future growth.
• Full year 2026: VIA upwardly revised revenue guidance to $550 million to $553 million, representing 26.6% to 27.3% year-over-year growth. Adjusted EBITDA guidance is maintained at negative $12.5 million to negative $7.5 million.
• VIA reaffirms its target of achieving the first quarter of positive adjusted EBITDA (profitability) in Q4 2026, which will be a major milestone for the company.
• The record pipeline sets the foundation for accelerating revenue growth in 2027.

VIA reports consolidated performance, with regional segment results provided:

• United States: Revenue grew 35% year-over-year, contributing 76% of VIA's total Q2 2026 revenue. No separate financial results for product segments (microtransit, paratransit, school transit, AI Labs) are provided in absolute or percentage contribution terms in the transcript.

The call notes that all forward-looking statements are subject to material risks and uncertainties, which are described in full in VIA's SEC filings (including the quarterly Form 10-Q). No specific additional operational risks, customer losses, or operational failures were discussed during the call.

Q: What is driving the doubling of VIA's pipeline, and what does it mean for future durable growth? / A: Near-term pipeline growth is driven by traditional core products (microtransit, paratransit, planning), but most new growth comes from full end-to-end network deals for entire transit systems. Product development and credibility built up over several years are now driving strong pipeline results for these large deals. The next growth S-curve is the school transit vertical, with many launches coming in late 2026. Longer-term, the new AI Labs GovTech vertical represents an additional large growth opportunity beyond transit.

Q: Will the growth of full network deals change VIA's revenue mix and pressure gross margins? / A: As of now, there is no material change to the overall company revenue mix. While different full network deals can have varying margin profiles, school transit deals and AI Labs solutions are generally margin accretive. VIA remains focused on continuing to expand gross margins over time and is confident in executing on its existing margin plan.

Q: What is the typical timeline for pipeline opportunities to convert to recognized revenue? / A: The average sales cycle from initial pipeline entry to contract signing is 9 to 10 months, followed by an average 2 to 3 month implementation period, meaning approximately one year total from pipeline entry to revenue recognition, with a distribution of shorter and longer timelines around this average. The pipeline is a leading indicator of future step-function revenue acceleration.

Q: What is the incremental TAM for school transit, and how does funding for these deals compare to traditional transit modernization? / A: The U.S. school transit market is very large, with more school buses in operation than all other types of transit buses combined. VIA is initially focused on the large, high-margin opportunity of specialized alternative transportation for students underserved by traditional yellow buses. The pipeline for this vertical is already very strong, and VIA has the operational capabilities required to deliver high-quality service for this customer group.

Q: How has being a public company changed VIA's business operations and opportunities? / A: Being public has increased VIA's credibility with risk-averse municipal and transit agency customers, who value the financial transparency and stability of a public company. This has been particularly helpful for winning large full-network deals, where customers prioritize long-term reliability from their primary vendor. This outcome matched VIA's pre-IPO hypothesis, and the experience as a public company has been positive so far.