Via Transportation (NYSE:VIA) reported first-quarter 2026 results that topped its internal guidance, with executives pointing to accelerating demand for its transit technology platform, a growing pipeline of larger network-wide contracts and continued progress toward profitability.
Co-founder and Chief Executive Officer Daniel Ramot said revenue rose 29% year over year to $127 million in the quarter, marking the company’s first period with more than $500 million in annual run-rate revenue. Via ended the quarter with 838 customers, up 23% from a year earlier.
Pipeline Reaches Record Level as Network Deals Gain Traction
Ramot said Via’s growth is supported by what the company views as a large addressable market in North America and Western Europe. Citing a report commissioned from a consulting firm, he said Via’s serviceable addressable market in those regions is estimated at $82 billion, with current penetration of less than 2% by customer count and revenue.
The company ended the quarter with a record $650 million in pipeline opportunity, Ramot said. He emphasized that Via is increasingly pursuing contracts to manage entire transit networks, rather than individual services such as microtransit alone.
Ramot highlighted Sioux Falls, South Dakota, as an example of the company’s full-network approach. Via won that contract in late 2023 and launched in January 2024. According to Ramot, the partnership included a citywide microtransit launch, integration of paratransit and a bus network redesign, producing ridership growth of close to 40% while reversing a trend of rising operating costs and declining ridership.
So far in 2026, Via has been awarded four network deals representing more than $40 million in total annual contract value, Ramot said. He said the wins could represent “an inflection point” in the company’s ability to win these larger opportunities, while cautioning during the question-and-answer session that it remains early.
U.S. and U.K. Drive Growth, Germany Remains a Headwind
Fain said the U.S. represented 74% of Via’s first-quarter revenue and grew 36% year over year. Internationally, she pointed to strong momentum in the U.K., where revenue rose 68% year over year.
Executives said the U.K. market is benefiting from adoption of Via’s products and a shift toward local authorities taking more responsibility for transit through a model known as franchising. Ramot said Via has established itself as a category leader in the U.K. and is seeing “very favorable” dynamics there.
Germany remained a weaker market. Fain said Via continues to face headwinds as customers navigate a constrained budget environment. Ramot said Germany accounted for 16% of revenue and grew about 3%, which he described as stable but a headwind compared with Via’s broader growth rate. He said Via has not yet expanded in Germany beyond microtransit to the same degree it has in other markets, where customers are adopting more integrated offerings across transit modes.
Ramot said he does not view Germany as a model for the rest of Europe, citing different dynamics in the U.K., France, Italy, Spain, the Nordics and Benelux countries.
Profitability Improves as AI Supports Operating Leverage
Fain said Via’s adjusted operating expenses have increased by only $10 million since the first quarter of 2023, while quarterly revenue increased by $74 million over the same period. She said the company expects to continue operating with similar discipline in 2026.
On an adjusted basis, sales and marketing expenses were 13% of revenue in the first quarter, compared with 14% a year earlier. General and administrative expenses were 15% of revenue, consistent year over year. Research and development expenses fell to 16% of revenue from 20% a year earlier.
Fain said Via’s engineering team is using advanced AI coding tools extensively, with more than 75% of the company’s code now written “by and with AI.” She said those efficiencies helped reduce costs year over year, though savings were partially offset by the strength of the Israeli shekel, the currency of Via’s largest R&D center. The shekel had about a $2 million negative impact on adjusted R&D expenses compared with the first quarter of 2025, she said.
Via ended the quarter with $348 million in cash and no outstanding debt as of March 31.
Guidance Raised for 2026
Based on first-quarter results and early traction with full-network opportunities, Via raised its full-year revenue guidance. The company now expects 2026 revenue of $547 million to $550 million, representing growth of 26% to 26.6% year over year.
For the second quarter, Via expects revenue of $132.5 million to $134 million, representing year-over-year growth of 23.7% to 25.1%. The company expects second-quarter adjusted EBITDA margin of negative 3% to negative 2.2%, with adjusted EBITDA between negative $4 million and negative $3 million.
Fain said second-quarter guidance reflects continued headwinds in Germany and the timing of large contracted or won deals that are expected to launch later in the year. She said Via expects a stronger second half as those launches begin contributing to revenue.
Via reiterated its full-year adjusted EBITDA guidance of negative $12.5 million to negative $7.5 million, despite the foreign exchange impact from the stronger shekel.
AI Labs, Autonomous Vehicles and Adjacent Markets
Ramot said Via is exploring opportunities to extend its platform beyond transit through a new Via AI Labs division. The unit will use forward-deployed engineers and AI to develop tools for municipal challenges such as waste management, road maintenance, data optimization, sanitation scheduling and social worker caseload management.
Ramot said the effort is still in the exploration stage, with Via in the process of partnering with roughly 12 municipalities to identify products to build. Fain said the initiatives are expected to be accretive to gross margin over time, though she said it is too early to provide a detailed monetization timeline.
Via is also pursuing autonomous vehicle integrations. Ramot cited an existing partnership with Waymo and a recent partnership with Beep to provide autonomous shuttle buses for West Palm Beach. He said Via’s preferred model is to embed autonomous vehicles directly into public transit fleets as part of the services it provides to cities.
During the call, executives also discussed fuel price volatility. Fain said fuel represents about $3 million per quarter in cost of goods sold, or roughly 2% to 3% of revenue. She said Via has some contractual mechanisms to pass through higher costs to customers and expects to pass through the bulk of those increases.
Ramot and Fain said higher fuel and car ownership costs may also increase demand for public transit among riders, adding another potential driver for Via’s services.
About Via Transportation (NYSE:VIA)
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.
