Via Transportation, Inc.

Previous wording

Customer count as of the last date in any quarter represents the number of distinct legal entities which generated Platform revenue in that quarter. Each customer may have one or more contracts active at the same time. We closed the quarter ended March 31, 2026 with 838 customers, up 23% compared to our 682 customers as of March 31, 2025.

Current wording

Customer count as of the last date in any quarter represents the number of distinct legal entities which generated Platform revenue in that quarter. Each customer may have one or more contracts active at the same time. We closed the quarter ended June 30, 2026 with 847 customers, up 23% compared to our 689 customers as of June 30, 2025.

Previous wording

Platform Annual Run-Rate Revenue as of the last date in any quarter represents our Platform revenue for that quarter multiplied by four. We believe that Platform Annual Run-Rate Revenue is a key metric to our business, reflecting our ability to acquire new customers and to grow our relationships with existing customers.

Current wording

Platform Annual Run-Rate Revenue as of the last date in any quarter represents our Platform revenue for that quarter multiplied by four. We believe that Platform Annual Run-Rate Revenue is a key metric to our business, reflecting our ability to acquire new customers and to grow our relationships with existing customers. Platform Annual Run-Rate Revenue has demonstrated rapid growth and was up 27% as of June 30, 2026, at $543 million, compared to $429 million as of June 30, 2025.

Previous wording

The increase in revenue was driven by continued growth in new customers as well as rapid expansion with existing customers. Our total customer count increased by 23%, from 682 as of March 31, 2025 to 838 as of March 31, 2026, including 94 customers added through the Downtowner acquisition which closed in December 2025.

Current wording

The increase in revenue was driven by continued growth in new customers as well as rapid expansion with existing customers. Our total customer count increased by 23%, from 689 as of June 30, 2025 to 847 as of June 30, 2026, including 94 customers added through the Downtowner acquisition which closed in December 2025.

Previous wording

The increase in revenue was also driven by significant momentum with our customers located in the United States, where revenue increased by$24.8 million (or approximately 36% year-over-year) and the rest of the world excluding Germany which increased by$3.3 million (or approximately 36% year-over-year). This rapid growth was partially offset by slower growth in Germany, where revenue increased by$0.7 million (or approximately 3% year-over-year).

Current wording

The increase in revenue was also driven by significant momentum with our customers located in the United States, where revenue increased by $26.6 million (or approximately 35% year-over-year) and the rest of the world excluding Germany which increased by $4.4 million (or approximately 46% year-over-year). This rapid growth was partially offset by Germany, where revenue decreased by $2.5 million (or approximately 12% year-over-year).

Previous wording

Recurring subscription fees accounted for 99% of our revenue for the three months ended March 31, 2026, up from 95% during the same period in 2025. Revenue contribution from upfront implementation services, consulting contracts, and other one-time revenue represented 1% and 5% of our total revenues in the three months ended March 31, 2026 and 2025, respectively.

Current wording

Recurring subscription fees accounted for 95% of our revenue for the three months ended June 30, 2026, compared to 98% during the same period in 2025. Revenue contribution from upfront implementation services, consulting contracts, and other one-time revenue represented 5% and 2% of our total revenues in the three months ended June 30, 2026 and 2025, respectively.

Previous wording

Cost of revenue includes $66.8 million in technology-enabled services, $7.3 million in launch and support personnel and $3.3 million in IT and other costs for three months ended March 31, 2026. Cost of revenue increased primarily due to an increase of $18.0 million in tech-enabled services costs required to support new customers and our growth with existing customers.

Current wording

Cost of revenue includes $69.8 million in technology-enabled services, $6.9 million in launch and support personnel and $3.4 million in IT and other costs for three months ended June 30, 2026. Cost of revenue increased primarily due to an increase of $13.6 million in tech-enabled services costs required to support new customers and our growth with existing customers.

Previous wording

Research and development expenses increased primarily due to a $3.5 million increase in personnel costs. The increase in personnel expense resulted from a $2.4 million increase in stock-based compensation costs associated with the equity awards issued in connection with our IPO, and a $1.1 million net increase in other personnel costs including salary and benefits, net of change in capitalized software. The increase in personnel costs was primarily driven by a $1.9 million currency impact from the Israeli Shekel, which appreciated by approximately 15% against the US Dollar over the corresponding period, as a large percentage of our research and development team continues to be located in Israel. The currency impact more than offset a net reduction in research and development headcount in the comparative period.

Current wording

Research and development expenses increased primarily due to a $3.3 million increase in personnel costs. The increase in personnel expense resulted from a $2.8 million increase in stock-based compensation costs associated with the equity awards issued in connection with our IPO, and a $0.5 million net increase in other personnel costs including salary and benefits, net of change in capitalized software. The increase in other personnel costs included a $2.2 million increase resulting from fluctuations in the exchange rate of the Israeli Shekel, which appreciated by approximately 21% against the US Dollar over the corresponding period, as a large percentage of our research and development team is located in Israel. The currency impact more than offset a net reduction in research and development headcount in the comparative period.

Previous wording

General and administrative expenses increased primarily due to a $7.1 million increase in personnel costs and a $1.0 million increase in non-personnel costs. Personnel costs increased primarily as a result of an increase in stock-based compensation costs associated with the equity awards issued in connection with our IPO. The increase in non-personnel costs is primarily attributable to higher insurance expenses primarily related to our auto liability and director and officer insurance policies.

Current wording

General and administrative expenses increased primarily due to a $7.1 million increase in personnel costs and a $3.7 million increase in non-personnel costs. Personnel costs increased primarily as a result of an increase in stock-based compensation costs associated with the equity awards issued in connection with our IPO. The increase in non-personnel costs is primarily attributable to higher insurance expenses related to our auto liability and director and officer insurance policies.

Previous wording

We recorded interest income of $2.8 million in the three months ended March 31, 2026 as compared to $0.6 million in the three months ended March 31, 2025. The increase is driven by a higher surplus investable cash balance in 2026 as compared to 2025 resulting from net proceeds received from the IPO.

Current wording

We recorded interest income of $2.8 million in the three months ended June 30, 2026 as compared to $0.5 million in the three months ended June 30, 2025. The increase is driven by a higher surplus investable cash balance in 2026 as compared to 2025 resulting from net proceeds received from the IPO.

Previous wording

We recorded interest expense of $0.2 million in the three months ended March 31, 2026 as compared to $2.4 million in the three months ended March 31, 2025. Interest expense in the three months ended March 31, 2025 included $1.6 million of interest on our convertible notes and $0.6 million of interest on our line of credit. On September 15, 2025, upon the closing of our IPO, the convertible notes converted into shares of our Class A common stock and no longer accrue interest. In November 2025, we repaid in full the outstanding balance on our line of credit.

Current wording

We recorded interest expense of $0.3 million in the three months ended June 30, 2026 as compared to $2.4 million in the three months ended June 30, 2025. Interest expense in the three months ended June 30, 2025 included $1.7 million of interest on our convertible notes and $0.5 million of interest on our line of credit. On September 15, 2025, upon the closing of our IPO, the convertible notes converted into shares of our Class A common stock. In November 2025, we repaid in full the outstanding balance on our line of credit.

Previous wording

Partially offsetting this variance was the net impact of (i) the impact of the recognition of a non-cash loss of $1.0 million in the three months ended March 31, 2025 for the change in fair value of the convertible notes’ embedded derivative feature, and (ii) a negative variance of $0.9 million in foreign currency transaction gain (loss) in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

Current wording

Other income remained relatively consistent with the prior year period, which primarily reflects the net impact of (i) the recognition of a non-cash gain of $2.3 million in the six months ended June 30, 2025 relating to an outstanding warrant to purchase shares of Series E preferred stock, which was exercised in February 2025, (ii) the recognition of a non-cash loss of $4.1 million in the six months ended June 30, 2025 for the change in fair value of the convertible notes’ embedded derivative feature, and (iii) a negative variance of $1.8 million in foreign currency transaction gain (loss) in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

Previous wording

Gross margin decreased from 40% in the three months ended March 31, 2025 to 39% in the three months ended March 31, 2026. Adjusted Gross Margin decreased from 41% in thethree months ended March 31, 2025 to 40% in thethree months ended March 31, 2026.

Current wording

Gross margin remained consistent at 40% in the six months ended June 30, 2026 and 2025. Adjusted Gross Margin increased from 40% in the six months ended June 30, 2025 to 41% in the six months ended June 30, 2026.

Previous wording

Adjusted EBITDA represents net loss excluding certain items that we do not consider indicative of our ongoing business performance: interest income, interest expense, loss on extinguishment of convertible notes, provision for income taxes, depreciation and amortization, stock-based compensation and related employer payroll taxes, other (income) expense, net, which consists primarily of changes in the fair value of derivatives and foreign currency transaction gains and losses, and other non-recurring or non-cash items impacting net loss such as patent litigation costs related to the RideCo litigation (a patent litigation in which Via won a trial in January 2025), and transaction costs related to our IPO and historical M&A activity. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of revenue.

Current wording

Adjusted EBITDA represents net loss excluding certain items that we do not consider indicative of our ongoing business performance: interest income, interest expense, loss on extinguishment of convertible notes, provision for income taxes, depreciation and amortization, stock-based compensation and related employer payroll taxes, other (income) expense, net, which consists primarily of changes in the fair value of derivatives and foreign currency transaction gains and losses, and other non-recurring or non-cash items impacting net loss such as patent litigation costs related to the RideCo litigation (a patent litigation in which Via won a trial in January 2025), and transaction costs related to our IPO and M&A activity. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of revenue.

Previous wording

Adjusted EBITDA Margin improved bythree percentage points in the three months ending March 31, 2026 as compared to the equivalent period in 2025, mostly driven by significant operating leverage in our operating expenses which allowed for substantial revenue growth with limited increase in operating expenses.

Current wording

Adjusted EBITDA Margin improved byfive andfour percentage points in the three and six months ending June 30, 2026 as compared to the equivalent periods in 2025, mostly driven by significant operating leverage in our operating expenses which allowed for substantial revenue growth with limited increase in operating expenses.

Previous wording

(3)Transaction costs include nonrecurring costs incurred in relation to our IPO and business combinations.

Current wording

(3)Transaction costs include nonrecurring costs incurred in relation to our IPO and M&A activity.

Previous wording

Funds rate plus 2.25%, and (c) SOFR for a tenor of one month plus 2.85%. SOFR Loans incur interest at SOFR for a tenor comparable to the applicable interest period plus 2.85%. We are charged a commitment fee of 0.325% for committed but unused amounts.

Current wording

Under the terms of our Credit Agreement, we can elect for revolving loans to be either Base Rate Loans or SOFR Loans. Base Rate Loans incur interest at the highest of (a) the Prime Rate plus 1.75%, (b) the Federal Funds rate plus 2.25%, and (c) SOFR for a tenor of one month plus 2.85%. SOFR Loans incur interest at SOFR for a tenor comparable to the applicable interest period plus 2.85%. We are charged a commitment fee of 0.325% for committed but unused amounts.

Previous wording

For the three months ended March 31, 2025 we recognized interest expense of $0.6 million in relation to the revolving line of credit. In November 2025, we repaid in full the SOFR Loans balance outstanding, and no amount remains outstanding as of March 31, 2026.

Current wording

For the three and six months ended June 30, 2025 the Company recognized interest expense of $0.5 million and $1.2 million, respectively, in relation to the revolving line of credit. In November 2025, we repaid in full the SOFR Loans balance outstanding, and no amount remains outstanding as of June 30, 2026.

Previous wording

We had letters of credit outstanding and committed under the letter of credit subfacility of $20.6 million as of March 31, 2026.

Current wording

We had letters of credit outstanding and committed under the letter of credit subfacility of $28.0 million as of June 30, 2026.

Previous wording

As of March 31, 2026, we had $79.4 million in available borrowings under the Credit Agreement.

Current wording

As of June 30, 2026, we had $72.0 million in available borrowings under the Credit Agreement.

Previous wording

Our Credit Agreement contains customary representations and warranties, and certain financial and nonfinancial covenants, including certain limitations on liens and indebtedness. The financial covenants include a requirement to maintain minimum liquidity of $50.0 million plus 50% of any principal amounts funded under the incremental facility. Additionally, we are required to meet certain revenue targets, which we have continued to meet. As of March 31, 2026, we were in compliance with all covenants under our Credit Agreement.

Current wording

Our Credit Agreement contains customary representations and warranties, and certain financial and nonfinancial covenants, including certain limitations on liens and indebtedness. The financial covenants include a requirement to maintain minimum liquidity of $50.0 million plus 50% of any principal amounts funded under the incremental facility. Additionally, we are required to meet certain revenue targets, which we have continued to meet. As of June 30, 2026, we were in compliance with all covenants under our Credit Agreement. In July 2026, we entered into amended and restated terms for the Credit Agreement which increase the aggregate amount available under the letter of credit subfacility to $50 million.

Previous wording

Net cash used in operating activities was $21.2 million in the three months ended March 31, 2026. The factors affecting our operating cash flows during this period were our net loss of $20.1 million and $22.4 million of cash outflows from changes in our operating assets and liabilities, offset by non-cash charges of $21.3 million. The cash outflow from changes in our operating assets and liabilities was primarily due to increases of $13.8 million in accounts receivable, offset by the net impact of smaller fluctuations in other operating assets and liabilities. The increase in accounts receivable is primarily attributable to the timing of certain cash collections from our customers at March 31, 2026 as compared to December 31, 2025. The non-cash charges consisted primarily of $15.6 million in stock-based compensation expense, $3.3 million in non-cash operating lease expense and $2.4 million indepreciation and amortization expense.

Current wording

Net cash used in operating activities was $31.8 million in the six months ended June 30, 2026. The factors affecting our operating cash flows during this period were our net loss of $39.7 million and $34.7 million of cash outflows from changes in our operating assets and liabilities, offset by non-cash charges of $42.6 million. The cash outflow from changes in our operating assets and liabilities was primarily due to increases of $23.6 million in accounts receivable, combined with the net impact of smaller fluctuations in other operating assets and liabilities. The increase in accounts receivable is attributable to the increase in revenue combined with the timing of certain cash collections from our customers at June 30, 2026 as compared to December 31, 2025. The non-cash charges consisted primarily of $31.6 million in stock-based compensation expense, $6.1 million in non-cash operating lease expense and $4.8 million indepreciation and amortization expense.

Previous wording

Net cash used in investing activities was $2.3 million in the three months ended March 31, 2026, including net cash utilized for internally capitalized software of $2.0 million and $0.3 million in purchases of other property and equipment.

Current wording

Net cash used in investing activities was $4.4 million in the six months ended June 30, 2026, including net cash utilized for internally capitalized software of $4.0 million and $0.7 million in purchases of other property and equipment.

Previous wording

Net cash provided by financing activities was $1.0 million in the three months ended March 31, 2026, which consisted of proceeds from the exercise of stock options.

Current wording

Net cash provided by financing activities was $1.7 million in the six months ended June 30, 2026, which consisted of proceeds from the exercise of stock options.

Previous wording

Our principal commitments consist of our obligations under operating leases for our offices. See Note 11 of our condensed consolidated financial statements for additional details of our operating lease commitments.

Current wording

Our principal commitments consist of our obligations under operating leases for our offices and foreign currency forward contracts.

Previous wording

We qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. For example, we are only required to provide reduced disclosure in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and we are not required to engage an auditor to report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act.

Current wording

As of the date of this Quarterly Report we qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. For example, we are only required to provide reduced disclosure in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and we were not subject to the requirement to engage an auditor to report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act.

Previous wording

Under the JOBS Act, emerging growth companies also can delay adopting new or revised accounting standards until such time as those standards would otherwise apply to private companies. We currently intend to take advantage of this exemption.

Current wording

Under the JOBS Act, emerging growth companies also can delay adopting new or revised accounting standards until such time as those standards would otherwise apply to private companies. We currently take advantage of this exemption.