Via lifts 2026 outlook as quarterly revenue reaches $143.5M

By Nathan Brooks

Via Transportation generated $143.5 million in third-quarter revenue, up 31%, and raised its 2026 revenue outlook to $556.7 million to $558.4 million. The result, reported Nov. 9, topped August guidance of $137.6 million to $138.2 million and accelerated from 27% growth in Q2. U.S. revenue rose 42%.

Customer count rose 22% to 868, with 94 customers from the Downtowner acquisition. Annual run-rate revenue reached $574 million, while gross margin was 40%. Via reports run-rate revenue separately from recognized revenue, so the $574 million metric is not the same as its $556.7 million to $558.4 million forecast.

Via sells software and operating services to cities and transit agencies. CEO Daniel Ramot said: "The acceleration of growth provides further validation for our strategy of building a full stack platform that combines AI-powered software and technology-enabled services for cities and transit agencies."

What changed in the 2026 outlook?

Via now forecasts 2026 revenue of $556.7 million to $558.4 million, representing 28.2% to 28.6% growth. The company raised that range from $550 million to $553 million in August.

Fourth-quarter revenue guidance is $150.0 million to $151.7 million. Adjusted EBITDA guidance is $0 to $1.5 million, in line with the positive fourth-quarter target set in August.

Full-year adjusted EBITDA guidance now calls for a loss of $11.0 million to $12.5 million, compared with a previously forecast loss of $7.5 million to $12.5 million. Break-even remains a fourth-quarter target, not a full-year forecast. The company can reach positive quarterly adjusted EBITDA and still finish the year in the red.

Where does profitability stand?

Third-quarter adjusted EBITDA was a loss of $3.2 million. GAAP net loss narrowed to $18.8 million, or $0.23 a share, from $36.9 million.

The year-ago GAAP loss included a $10.9 million loss on extinguishing convertible notes at the IPO, so the headline narrowing overstates the underlying improvement. Adjusted net loss was $350,000.

Gross profit reached $57.4 million from $43.1 million in Q3 2025, while the operating loss widened to $21.2 million from $18.9 million. In Q2 2026, gross profit was $55.6 million and the operating loss was $21.8 million. Stock-based compensation and related payroll taxes doubled to $15.4 million.

What does the cash position show?

Via used $14.5 million of cash in operations during the quarter and ended September with $322.8 million in cash. The balance was down from $370.9 million at the end of 2025.

Via went public in the third quarter of 2025, raising $307.9 million in net proceeds. Its SEC-derived history runs only from late 2024, and year-ago per-share figures use a much smaller pre-IPO share count.

Those figures put the IPO proceeds in a different category from operating performance. Via raised $307.9 million at the listing, but operations still used $14.5 million of cash in the quarter.

How has revenue progressed?

Quarterly revenue advanced from $91.7 million in Q4 2024 to $98.6 million in Q1 2025, $107 million in Q2, $110 million in Q3, $119 million in Q4, $127 million in Q1 2026, $136 million in Q2 and $144 million in Q3. Every point rose sequentially, and the detailed table below retains the reported precision.

Detailed GAAP figures, in millions except diluted EPS:

Quarter	Revenue	Gross profit	Operating loss	Net loss	Diluted EPS
Q3 2025	$109.7M	$43.1M	($18.9M)	($36.9M)	($1.49)
Q2 2026	$135.7M	$55.6M	($21.8M)	($19.6M)	($0.24)
Q3 2026	$143.5M	$57.4M	($21.2M)	($18.8M)	($0.23)

What comes next?

The next checkpoint is Q4: Via targets $150.0 million to $151.7 million of revenue and $0 to $1.5 million of adjusted EBITDA. The commercial test is whether its full-stack platform can keep adding city and transit-agency customers while the company approaches break-even.