Executive Summary

Q3 2025 delivered above-Street revenue and Primary EPS, with Platform ARR and customer growth reinforcing durable momentum; guidance for Q4 and FY25 implies continued outperformance vs consensus, a potential near-term stock catalyst on “beat-and-raise” optics . Primary EPS (S&P “Primary EPS”) beat by ~$0.07 and revenue beat by ~$2.8m; guidance midpoints are above Street on revenue (Q4 and FY) while maintaining measured loss targets (Adj. EBITDA) . Values retrieved from S&P Global.*
Top-line grew 32% YoY to $109.7m, driven by government customers (+34% YoY) and U.S. strength (+42% YoY); GAAP net loss widened due to IPO-related non-cash items (convertible notes extinguishment and derivative revaluation) even as Adj. EBITDA margin improved to -8% (vs -17% LY) .
Management emphasized operating leverage (opex ratios down YoY), data/AI product velocity, and early traction in the schools vertical; a new Waymo AV partnership could expand TAM and mix-shift toward higher-margin contracts over time .
Key investor watch items: execution on Q4 revenue/Adj. EBITDA guide, ARR per-customer normalization after schools ramp, cadence of large competitive takeovers (e.g., Mobile, AL) and AV pilots, and public funding cadence (ballot measures, federal/state) .

What Went Well and What Went Wrong

What Went Well
- Broad-based growth: Revenue +32% YoY to $109.653m; U.S. revenue +42% YoY; government revenue +34% YoY, underscoring core public-sector demand .
- Profitability trend: Adj. EBITDA improved to $(8.692)m with margin -8% vs -17% LY; management reiterated path to 50% long-term adjusted gross margin via mix shift and third-partying services .
- Strategic momentum: Announced Waymo partnership to integrate AVs into public transit networks; Chandler, AZ first deployment; management expects higher-margin structure when fleets are sourced externally . “Those contracts tend to be higher margin… very high margin” (CFO) .
What Went Wrong
- GAAP bottom line: Net loss widened to $(36.887)m (vs $(21.276)m LY) primarily from $10.9m loss on extinguishment of convertible notes and $5.2m derivative revaluation associated with the IPO capital structure transition .
- ARR per-customer downtick: Slight sequential dip (~1%) attributed to normal Q3 seasonality (schools/universities/corporates) and new school deployments that started late in the quarter; expected to ramp .
- EBITDA vs SPGI “EBITDA” actual: S&P’s EBITDA actual was weaker than consensus (definition differences vs company “Adjusted EBITDA”); focus remains on company-reported Adjusted EBITDA beat trajectory (-8% margin) . Values retrieved from S&P Global.*

Financial Results

Revenue, Gross Margin, Adj. EBITDA (oldest → newest)

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue ($m)	83.314	107.133	109.653
Gross Margin (%)	38%	39%	39%
Adjusted EBITDA ($m)	(14.265)	(9.055)	(8.692)
Adjusted EBITDA Margin (%)	(17)%	(8)%	(8)%

EPS and Primary EPS vs Estimates (Q3 2025)

Metric	Q3 2024	Q3 2025 Actual	Q3 2025 Consensus	Surprise
GAAP EPS (basic/diluted, $)	(1.70)	(1.49)	—	—
Primary EPS (S&P, $)	—	(0.3916)*	(0.4644)*	+0.0728*

Revenue vs Estimates and Guidance Context

Metric	Q3 2024	Q3 2025 Actual	Q3 2025 Consensus	Surprise
Revenue ($m)	83.314	109.653	106.889*	+2.764*

Forward Metric	Company View	Street Consensus	Implied
Q4 2025 Revenue ($m)	114.6–115.1	112.5*	Guide > Street*
FY 2025 Revenue ($m)	430.0–430.5	426.49*	Guide > Street*
Q4 2025 Adj. EBITDA ($m)	(8.5) – (7.5)	—	—

Segment/Geographic and Customer Mix (Q3 2025 vs Q3 2024)

Breakdown	Q3 2024 ($m)	Q3 2025 ($m)	YoY
United States	54.534	77.677	+42%
Germany	19.638	21.462	+9%
All Other	9.142	10.514	+15%
Government	77.248	103.728	+34%
Commercial	6.066	5.925	-2%

KPI and Balance Sheet Highlights

KPI	Q3 2024	Q3 2025	YoY
Platform ARR ($k)	333,256	438,612	+32%
Customer Count	643	713	+11%
Cash & Equivalents ($k)	—	378,158	—
Total Debt (Line of Credit) ($k)	—	25,000	—

Notes: GAAP net loss was $(36.887)m vs $(21.276)m LY; widening driven by $10.9m extinguishment loss and $5.2m derivative revaluation related to IPO-converted notes .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Platform Revenue ($m)	Q4 2025	N/A (first public quarter)	114.6–115.1	New
Adj. EBITDA ($m)	Q4 2025	N/A	(8.5) – (7.5)	New
Adj. EBITDA Margin (%)	Q4 2025	N/A	(7.4) – (6.5)	New
Platform Revenue ($m)	FY 2025	N/A	430.0–430.5	New
Adj. EBITDA ($m)	FY 2025	N/A	(34.5) – (33.5)	New
Adj. EBITDA Margin (%)	FY 2025	N/A	(8.0) – (7.8)	New

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2 & Q-1)	Current Period (Q3 2025)	Trend
AI/Technology & “LLM for Cities”	Emphasis on platform breadth and data/AI advantage across planning/ops; long-term 50% gross margin target and improving Adj. EBITDA trajectory	Reiterated AI suite (“Agent AI”), self-service tools; launched European Advisory Council; reinforced 50% LT adjusted GM target .	Stable to strengthening product cadence
U.S./Government funding	Durable public-transit funding backdrop; contracting visibility	Highlighted bipartisan support; 16/19 ballot measures passed ($11.8B); no shutdown impact .	Supportive macro tailwind
AV/Waymo partnership	N/A publicly	New Waymo partnership; higher-margin structure when fleets are third-party; Chandler, AZ first city .	New vector; early-stage upside
Vertical expansion (Schools)	Mentioned product and TAM expansion	Schools customers >2x; near-term ARR/customer mix effect; long-term growth engine .	Early traction; ramps ahead
Regional momentum (U.K./Europe)	Platform land-and-expand model	U.K. acceleration (regional control initiatives), Birmingham a key customer .	Improving
Margin mix shift	Operating leverage and GM expansion case studies	Adj. EBITDA margin -8% (vs -17% LY); reiterated levers (third-party services, more software, M&A) .	Positive trajectory

Management Commentary

CEO: “Via's third quarter results demonstrate the durability of our rapid growth and the stickiness of our platform… we continue to generate significant operating leverage…” .
CFO: “At any given time, over 90% of our projected revenue for the next 12 months is contracted,” underscoring visibility; Adj. GM target 50% via mix shift and platform expansion .
On Waymo AVs: “Those contracts tend to be higher margin… very high margin and allow us to bring this incredible technology to our customers” (CFO) .

Q&A Highlights

Customer adds cadence and ARR/customer: Q3 saw 24 net adds; slight ARR/customer downtick tied to Q3 seasonality and school deployments; expected to normalize as cohorts ramp .
Pipeline/branding: IPO elevated awareness and inbound; strong U.S. dynamics and rising U.K. interest; RFP cadence supportive .
AV/Waymo economics: Third-party fleet sourcing pushes contracts toward higher margins; U.S. vs Europe adoption dynamics differ, with Europe more top-down public-sector push .
Funding backdrop: No shutdown impact; broad bipartisan support; local ballot measures provide long-term tailwind .
Large takeovers: Growing pipeline of competitive displacements; strong performance data fueling referenceability and flywheel effects .

Estimates Context

Q3 2025: Revenue $109.653m vs $106.889m consensus (+$2.764m); Primary EPS (S&P) $(0.3916) vs $(0.4644) consensus (+$0.0728). Values retrieved from S&P Global.*
Forward: Q4 revenue guide $114.6–115.1m vs $112.5m Street; FY25 revenue guide $430.0–430.5m vs $426.49m Street, signaling potential estimate revisions higher on the top line . Values retrieved from S&P Global.*

Key Takeaways for Investors

Beat-and-raise setup: Clear Q3 beat on revenue and Primary EPS with above-consensus Q4/FY revenue guides—near-term support for positive estimate revisions and constructive stock reaction . Values retrieved from S&P Global.*
Durable growth engine: Government-heavy mix with >90% next-12-months revenue contracted plus strong U.S. momentum and early U.K. acceleration supports sustained growth and visibility .
Profit path intact: Adj. EBITDA margin improved to -8% (vs -17% LY); long-term 50% adjusted GM target reinforced through mix shift to software and third-partying services .
Strategic catalysts: Waymo AV integration and schools vertical provide incremental, higher-margin growth vectors; monitor AV deployments and school cohort ramps .
Watch GAAP noise: IPO-related non-cash items (debt extinguishment/derivatives) inflated GAAP net loss; focus on adjusted profitability trend and cash position ($378m) to fund execution .
Execution checks: Q4 revenue/Adj. EBITDA delivery vs guide; ARR/customer normalization post-summer; cadence of competitive takeovers and regional flywheels (e.g., Mobile, MI, U.K.) .
Macro/funding: Bipartisan support and ballot measures underpin demand; engagement with local/state processes can extend pipeline durability .

S&P Global disclaimer: All metrics marked with an asterisk (*) are from S&P Global consensus/actuals via the GetEstimates tool.

Via Transportation, Inc. (VIA)·Q3 2025 Earnings Summary