VIA

Company Overview — What Does Via Transportation, Inc. Do?

Via transforms antiquated and siloed public transportation systems into smart, data-driven, and efficient digital networks. We are addressing a striking gap in the $545 billion global public transportation market. While billions of people across the globe rely on public transportation, this critical form of mobility has yet to meaningfully benefit from recent advances in technology. Buses still follow fixed routes and schedules planned years, if not decades ago, regardless of actual demand for their service. We can track our pizza from the moment it leaves the oven, but parents of more than 25 million children in the United States have no way of knowing when their child’s school bus will arrive. Some of our most vulnerable citizens, who depend on paratransit to access critical medical care, have no alternative to cumbersome phone reservations that must be made a day or more in advance. Government agencies and private organizations responsible for providing public transportation operate in a complex and demanding environment. They must maintain reliable and affordable service in the face of continuously changing and difficult to predict traffic and ridership patterns. The industry has historically had no option but to rely on fragmented technology systems with limited functional flexibility, aging infrastructure, and poor end-user experience. Rising operating costs and labor shortages have placed a growing strain on budgets. Via’s unified platform of cutting-edge software and technology-enabled services replaces fragmented legacy systems and consolidates operations across silos. When our customers adopt our platform, they can leapfrog years of technology neglect and drive meaningful efficiencies in their operations. Public transportation is deeply local in nature; our highly-configurable vertical stack supports the broad and diverse localization requirements of our customers. The use of machine learning and AI is intrinsic to our platform and underlies continuous improvement in the performance of our software. We offer a curated suite of technology-enabled services that enable customers to more easily adopt our software and benefit from lower-cost operations. In turn, the passengers who live in the communities we serve benefit from an improved rider experience and greater access to opportunity. Our journey to pioneer this category began over a decade ago. We were driven by a simple mission: to create public transportation systems that provide far greater access to jobs, healthcare, and education. Our vision was to reimagine public transit, from a static system of predetermined routes and schedules, to a dynamic network where routes are determined in real time based on passenger demand and data. In 2013, we launched in New York City what was, to our knowledge, the world’s first two-sided marketplace for on-demand shared rides in order to demonstrate the efficacy of this new mode of transportation and begin to build a rich foundation of data to power our algorithms. Out of this marketplace grew a platform so compelling that today it is utilized by hundreds of cities across more than 30 countries. Shaped by feedback from millions of passengers and drivers and informed by data from hundreds of millions of trips, we have developed a proven solution that is reshaping the public transportation landscape. Our platform has expanded well beyond its origins in on-demand shared rides — a new mode of mass transit now known to the world as microtransit — and today offers a comprehensive, end-to-end public transit solution: • Planning and scheduling: Our software enables cities to plan smarter transit networks. By combining multiple disparate operational and demographic data sets, and leveraging billions of data points, our tools provide insights that allow city planners to immediately quantify the impact of potential changes to their transit network. In the Dallas suburbs, the Denton County Transit Authority (“DCTA”) was able to use Via’s planning tools to identify underperforming bus lines and replace them with microtransit. This helped DCTA grow their monthly ridership by approximately five times without increasing operating budget. • Operating Software: We provide a deep, cloud-based vertical platform with the necessary range of tools to manage the operations of dynamic and fixed-route forms of mobility, including microtransit, paratransit, school transport, and non-emergency medical transport. Our technology stack offers modules to digitize and automate workstreams across areas such as program eligibility, government reporting and compliance, real-time dispatch and reservations, and customer support. For example, North Carolina’s GoRaleigh was able to reduce driver overtime by approximately 50% once they switched to Via’s software. • Technology-enabled services: Many of our government customers require additional support in order to adopt modern technology. As a critical part of our go-to-market strategy, we have embedded into our platform a suite of services, vertically integrated into our technology, that complements our powerful software. The services we provide lower barriers to adoption, simplify compliance with complex procurements, support local integration with existing infrastructure, and ultimately meaningfully enhance our ability to deliver successful outcomes. Customers can select from an à la carte menu of services or a full turnkey solution. Examples of services we provide include fleet and driver management, autonomous and electric vehicle management, digital marketing, call center support, and more. In Sarasota, Florida, Breeze Transit used Via to procure a flexible fleet of rental vehicles and independent contractor drivers, allowing them to achieve an approximately 50% reduction in average cost per ride. • Passenger tools: We provide consumer-grade applications for passengers to seamlessly plan, book, and pay for their transit journeys. Our customers have a choice of passenger facing tools. Using Via’s white-labeled apps, governments can engage local audiences with best-in-class, frictionless user experience that faithfully represents their brand. We also offer Citymapper, one of the world’s premier journey planning MaaS (Mobility-as-a-Service) apps, which is used by millions globally. Citymapper achieves arrival / departure time estimates that are, on average, 15% more accurate than industry norms. • Data and insights: We are often able to unlock unprecedented data insights for our customers, allowing them, for example, to understand changing demand patterns and rapidly adapt operational plans to performance reality. Our integrated planning, operating, and passenger tools provide the end-to-end data necessary for the holistic optimization of entire transit systems. Sioux Area Metro was able to increase ridership by 10% while reducing average cost per ride by 13% by leveraging Via’s platform to optimize their network. We are in the early innings of transforming an enormous addressable market. For the quarter ended June 30, 2025, we provided solutions for 689 customers in over 30 countries. This represents approximately 1% of the total addressable market in North America and Western Europe, which we estimate to be approximately 63,000 customers, based on a report commissioned by us from a major consulting firm. Our potential for growth is further evidenced by our current penetration: at our current revenue, we capture less than 1% of our Serviceable Addressable Market (“SAM”) in our two core geographies of North America and Western Europe. More than 90% of our revenue comes from government customers, in most cases represented by a municipality or a local transit agency or authority. We also serve blue-chip corporate and university customers who leverage Via’s platform to power campus transportation solutions. Our founder-led executive team is unique in its long tenure and alignment of mission. We deeply understand the technical and operational challenges that our customers and their end-users face every day. Thanks to our deep knowledge of the complex needs of government customers, we have developed a go-to-market strategy that allows us to efficiently and effectively sell to our customers at scale. We employ a consultative sales process, leveraging our technology to model the impact of our solutions to our customers, allowing them to gain confidence that change can be low-risk and high reward. When customers adopt our platform, the measurable increase in efficiency and ridership can generate a virtuous cycle that leads to growth in contract scope and value over time. Our Platform Net Revenue Retention Rate averaged over 120% in each of the last two years. And, as transit agencies are in many cases part of collaborative multi-government coalitions such as regional planning authorities, customer references are a major driver of our growth. We often see the adoption of our platform by one city or agency quickly leading to adoption by similar customers in the surrounding area. The unique value of our platform is demonstrated by our rapid and sustained growth. From 2021 to 2024, our revenue grew from $100.0 million to $337.6 million, representing a compound annual growth rate of 50%. Our revenue was $248.9 million and $337.6 million for the years ended December 31, 2023 and 2024, respectively, representing a year-over-year increase of 36%. For the six months ended June 30, 2025, our revenue was $205.8 million. Our Platform revenue was $237.3 million and $330.8 million in the year ended December 31, 2023 and 2024, respectively, representing a year-over-year increase of 39%. For the six months ended June 30, 2025, our Platform revenue was $205.8 million. Our Platform segment represented 95%, 98% and 100% of our revenue in the years ended December 31, 2023 and 2024, and the six months ended June 30, 2025, respectively. In addition to our Platform segment, we have one legacy operating segment (which we refer to as our Legacy segment). The Legacy segment had included our historical on-demand shared rides marketplace, which we ceased to operate in 2021, and includes a legacy operational contract, which terminated in June 2024. We no longer earn any revenue from our Legacy segment. Our Platform Annual Run-Rate Revenue of $366.7 million as of December 31, 2024 represented an increase of 37% from December 31, 2023. Our Platform Annual Run-Rate Revenue of $428.5 million as of June 30, 2025 represented an increase of 34% from June 30, 2024. Platform Annual Run-Rate Revenue as of the last date in any quarter represents our Platform revenue for that quarter multiplied by four. Our principal executive offices are located in New York, NY. Via Transportation, Inc. (VIA) is classified as a small-cap stock in the Technology sector, specifically within the Computer Software industry. The company is led by CEO Daniel Ramot and employs approximately 973 people, headquartered in NEW YORK, New York. With a market capitalization of $1.2B, VIA is one of the notable companies in the Technology sector.

Via Transportation, Inc. (VIA) Stock Rating — Avoid (April 2026)

As of April 2026, Via Transportation, Inc. receives a Avoid rating with a composite score of 30.6/100 and 1 out of 5 stars from the Blank Capital Research quantitative model.VIA ranks #4,126 out of 4,446 stocks in our coverage universe. Within the Technology sector, Via Transportation, Inc. ranks #530 of 584 stocks, placing it in the lower half of its Technology peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

VIA Stock Price and 52-Week Range

Via Transportation, Inc. (VIA) currently trades at $15.07. The stock lost $0.49 (3.1%) in the most recent trading session. The 52-week high for VIA is $56.31, which means the stock is currently trading -73.2% from its annual peak. The 52-week low is $13.74, putting the stock 9.7% above its annual trough. Recent trading volume was 828K shares, suggesting relatively thin trading activity.

Is VIA Overvalued or Undervalued? — Valuation Analysis

Via Transportation, Inc. (VIA) carries a value factor score of 27/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The trailing price-to-earnings ratio is 80.92x, compared to the Technology sector average of 45.27x — a premium of 79%. The price-to-book ratio stands at 2.05x, versus the sector average of 3.16x. The price-to-sales ratio is 3.03x, compared to 1.06x for the average Technology stock. On an enterprise value basis, VIA trades at 21.59x EV/EBITDA, versus 12.79x for the sector.

At current multiples, Via Transportation, Inc. trades at a premium to most Technology peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Via Transportation, Inc. Profitability — ROE, Margins, and Quality Score

Via Transportation, Inc. (VIA) earns a quality factor score of 34/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 2.5%, compared to the Technology sector average of -1.4%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 2.2% versus the sector average of -1.0%.

On a margin basis, Via Transportation, Inc. reports gross margins of 41.0%, compared to 50.9% for the sector. The operating margin is 13.2% (sector: -0.5%). Net profit margin stands at 4.3%, versus -1.5% for the average Technology stock. Revenue growth is running at -16.8% on a trailing basis, compared to 14.2% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

VIA Debt, Balance Sheet, and Financial Health

Via Transportation, Inc. has a debt-to-equity ratio of 17.0%, compared to the Technology sector average of 43.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 4.98x, indicating strong short-term liquidity. Total debt on the balance sheet is $25M. Cash and equivalents stand at $378M.

VIA has a beta of 1.21, meaning it is more volatile than the broader market — a $10,000 investment in VIA would be expected to move 21.3% more than the S&P 500 on any given day. The stability factor score for Via Transportation, Inc. is 30/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

Via Transportation, Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Via Transportation, Inc. reported revenue of $425M and earnings per share (EPS) of $-2.92. Net income for the quarter was $16M. Gross margin was 41.0%. Operating income came in at $54M.

In FY 2025, Via Transportation, Inc. reported revenue of $434M and earnings per share (EPS) of $-2.92. Net income for the quarter was $-96M. Gross margin was 39.6%. Operating income came in at $-77M.

In Q3 2025, Via Transportation, Inc. reported revenue of $110M and earnings per share (EPS) of $-1.49. Net income for the quarter was $-37M. Gross margin was 39.3%. Operating income came in at $-19M.

In Q1 2024, Via Transportation, Inc. reported revenue of $114M and earnings per share (EPS) of $1.81. Net income for the quarter was $19M. Gross margin was 39.5%. Revenue grew -13.5% year-over-year compared to Q1 2023. Operating income came in at $26M.

Over the past 8 quarters, Via Transportation, Inc. has demonstrated a growth trajectory, with revenue expanding from $132M to $425M. Investors analyzing VIA stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

VIA Dividend Yield and Income Analysis

Via Transportation, Inc. (VIA) does not currently pay a dividend. This is common among smaller companies in the Computer Software industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Technology dividend stocks may want to explore other Technology stocks or use the stock screener to filter by dividend yield.

VIA Momentum and Technical Analysis Profile

Via Transportation, Inc. (VIA) has a momentum factor score of 18/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 37/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 53/100 reflects moderate short selling activity.

VIA vs Competitors — Technology Sector Ranking and Peer Comparison

Within the Technology sector, Via Transportation, Inc. (VIA) ranks #530 out of 584 stocks based on the Blank Capital composite score. This places VIA in the lower half of all Technology stocks in our coverage universe. Key competitors and sector peers include IHS Holding Ltd (IHS) with a score of 55.0/100, VERISIGN INC/CA (VRSN) with a score of 56.0/100, ESCO TECHNOLOGIES INC (ESE) with a score of 51.7/100, CareCloud, Inc. (CCLD) with a score of 46.9/100, and MMTec, Inc. (MTC) with a score of 47.4/100.

Comparing VIA against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full VIA vs S&P 500 (SPY) comparison to assess how Via Transportation, Inc. stacks up against the broader market across all factor dimensions.

VIA Next Earnings Date

No upcoming earnings date has been announced for Via Transportation, Inc. (VIA) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy VIA? — Investment Thesis Summary

The quantitative profile for Via Transportation, Inc. suggests caution. The quality score of 34/100 flags below-average profitability. The value score of 27/100 indicates premium valuation. Momentum is weak at 18/100, a headwind for near-term performance. High volatility (stability score 30/100) increases portfolio risk.

In summary, Via Transportation, Inc. (VIA) earns a Avoid rating with a composite score of 30.6/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on VIA stock.

Related Resources for VIA Investors

Explore more research and tools: VIA vs S&P 500 comparison, top Technology stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare VIA head-to-head with peers: VIA vs IHS, VIA vs VRSN, VIA vs ESE.