Via Transportation, Inc.

Q2 2026 revenue was $136 million, up 27% year over year, and annual run-rate revenue was $543 million, also up 27%. Adjusted gross margin was 41% versus 40% in Q2 2025. Adjusted EBITDA was negative $3.4 million, and adjusted net loss per share was negative $0.01, compared with negative $0.72 per share in Q2 2025. Full-year 2026 revenue guidance was raised to $550 million to $553 million, with adjusted EBITDA guidance maintained at negative $12.5 million to negative $7.5 million. Q3 2026 revenue guidance is $137.6 million to $138.2 million, with adjusted EBITDA expected between negative $4.5 million and negative $3.5 million.

Daniel Ramot framed the quarter as evidence that Via is at an inflection point, with public transit demand, affordability pressure, and AI adoption all supporting the company’s model. He emphasized that Via is winning larger network deals by offering an end-to-end platform, while schools and AI Labs represent the next growth layers. His tone was highly optimistic, repeatedly highlighting record pipeline, strong execution, and a path to accelerating growth into 2027.

Clara Fain said the quarter showed both revenue strength and improving profitability, with adjusted gross margin at 41%, sales and marketing at 13% of revenue, G&A at 15%, and R&D at 16% of revenue. She noted that the Israeli shekel negatively impacted adjusted R&D by about $2.2 million versus Q2 2025, but the business still delivered a negative 2.5% adjusted EBITDA margin, the narrowest loss on record. She also pointed to a strong balance sheet with $336 million of cash and no debt, and said gross margin should revert somewhat next quarter because non-subscription revenue is expected to normalize.

Analysts focused heavily on what is driving the doubled pipeline, how quickly it can convert to revenue, and whether bigger network deals could pressure gross margins. Management said pipeline is all net new ARR, not renewals, and that the typical sales cycle is about 9 to 10 months plus 2 to 3 months of implementation, so roughly a year before revenue recognition. On margins, Clara said network deals can have different profiles, but schools and AI Labs are accretive and the company does not see a change in overall mix today. They also said RPO is only a small subset of the business because many contracts include federal funding and termination-for-convenience clauses, so it does not fully reflect the book.