Core Viewpoint - Investors and analysts are optimistic about Via Transportation's recent acquisition of Downtowner, which has positively impacted the company's stock price and future outlook [1][4]. Group 1: Acquisition Details - Via Transportation announced the acquisition of Downtowner, a peer transport technology specialist, enhancing its service offerings [4]. - The acquisition is expected to provide Via with new functionalities to manage seasonal demand, particularly in ski destinations [5]. Group 2: Analyst Insights - Scott Berg from Needham reiterated a buy recommendation for Via, setting a price target of $55 per share, which is 72% above the recent closing price [2]. - Berg expressed that the acquisition complements Via's existing platform, potentially making the company more competitive in vacation destinations [6]. Group 3: Market Performance - Following the acquisition announcement, Via's share price increased by 6%, reflecting positive market sentiment [1]. - The company's current market capitalization stands at $2.4 billion, with a gross margin of 38.67% [6].

Core Viewpoint - Via Transportation, Inc. (NYSE:VIA) is identified as a strong investment opportunity with significant upside potential, supported by positive analyst ratings and robust revenue growth [2][4]. Financial Performance - For Q3 2025, Via Transportation reported a 32% year-over-year revenue growth, achieving a platform annual revenue run rate of $439 million [4]. - The company added new customers, bringing the total to 713, and experienced a 34% year-over-year increase in U.S. government revenue, amounting to $26.5 million [4]. Analyst Ratings - As of November 27, over 80% of analysts have rated Via Transportation as a Buy or Strong Buy, with a consensus 1-year average price target of $56.40, indicating a 64.53% upside potential [2]. - Wells Fargo's Michael Turrin reiterated a "Buy" rating with a price target of $60 on November 19, 2025 [3]. Strategic Initiatives - The company is focused on innovation, including the rollout of AI-powered transit planning tools and an upgraded dispatching interface, which enhance operational efficiency [5]. - Via Transportation's international expansion, particularly in the U.K., is bolstered by government control of transit networks [5]. - The company is committed to modernizing mobility through strategic partnerships, such as its collaboration with Waymo to integrate autonomous vehicles into public transit [5]. Market Position - Via Transportation is well-positioned to leverage its estimated $82 billion serviceable addressable market, benefiting from high customer retention, scalable R&D, and a growing presence in both domestic and international markets [6]. - The company's AI-driven software and services platform aids cities and transit agencies in designing and optimizing modern public transportation networks [6].

Core Insights - Via Transportation is positioned to capture a large Total Addressable Market (TAM) due to its data moat, which enhances its ability to meet demand over time [1] - The investment approach emphasizes understanding core business economics, including competitive moat, unit economics, reinvestment opportunities, and management quality, which are crucial for long-term free cash flow generation and shareholder value [1] - The focus is on sectors with strong secular tailwinds, indicating a preference for industries that are expected to grow consistently over time [1] Company Analysis - Via Transportation has previously received a buy rating, reflecting confidence in its growth potential and market positioning [1] - The company is seen as having the potential to scale significantly, unlocking substantial terminal value in the long run [1] - The analysis is driven by fundamental research, aiming to identify high-quality, long-term investment opportunities [1]

Core Insights - Koch, Inc. has established a new equity position in Via Transportation, acquiring 1,700,231 shares valued at $81.75 million, which represents 10.8% of Koch's 13F assets under management as of September 30, 2025 [2][3][4] Company Overview - Via Transportation is a technology-driven provider of digital transit solutions, operating in the United States, Germany, and other international markets, generating revenue through software and operational services for various clients including cities and transit authorities [1] - The company focuses on flexible, on-demand transit and has developed a TransitTech platform that supports various transportation modes, enhancing public mobility networks [4][6] Financial Position - Koch's investment in Via marks a significant addition to its portfolio, indicating confidence in Via's potential for growth despite the company being early in its public-market journey and currently unprofitable [5][6] - Via's revenue is on the rise, with gross margins improving as the platform scales, although the company continues to experience losses due to strategic investments rather than weak demand [6] Market Position and Future Outlook - More than 700 agencies rely on Via's technology, which has evolved from dynamic routing software to a comprehensive platform for various transit needs, including paratransit and fleet orchestration [6] - The key question for investors is whether Via can transition its expanding role in public transit into a self-sustaining business model, with customer expansion and profitability being critical indicators of success [7]

Core Viewpoint - TotalEnergies is considering selling up to 6% of its stake in Adani Green Energy Limited (AGEL) to capitalize on the significant increase in AGEL's valuation since its initial investment in 2021, which has risen from approximately $2.5 billion to nearly $8 billion [1][2][7]. Group 1: Stake and Valuation - TotalEnergies currently holds nearly 19% in AGEL through two subsidiaries, with 15.58% via TotalEnergies Renewables Indian Ocean Ltd and 3.41% through TotalEnergies Solar Wind Indian Ocean Ltd [1][7]. - The current market capitalization of AGEL is Rs 1.69 lakh crore, and a 6% sale could generate around Rs 10,200 crore (approximately $1.14 billion) for TotalEnergies [2][7]. Group 2: Strategic Intent - TotalEnergies' CEO Patrick Pouyanné has indicated a desire to reduce exposure to AGEL, stating that while AGEL is a strong company, the group will not deepen its green energy partnership with Adani [2][7]. - The potential sale aligns with TotalEnergies' broader strategy to prune its Asian renewables portfolio and reduce debt, with plans to cut annual capital spending by $1 billion, lowering it to $15-17 billion a year between 2027 and 2030 [7]. Group 3: Historical Context and Partnerships - TotalEnergies acquired a 20% stake in AGEL and 50% in its operating solar portfolio (over 2 GW) in January 2021 for $2.5 billion, which included a board seat and reinforced its commitment to renewables [5][7]. - The partnership between Adani and TotalEnergies also extends to the gas business, with both companies jointly holding 37.4% in a venture since 2018, focusing on city gas distribution, LNG terminals, and gas marketing [5][7].

Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue grew by 32% year-over-year, with a platform annual revenue run rate of $439 million [9][32] - The number of customers on the platform increased to 713, representing an 11% year-over-year growth [9][34] - Adjusted gross margin improved to 39.6% compared to 39.2% in Q3 2024 [39] Business Line Data and Key Metrics Changes - Revenue from government customers increased by $26.5 million, or 34% year-over-year [9] - Revenue from U.S. customers rose by $23.1 million, or 42% year-over-year [10] - The student transportation vertical saw more than two times growth in the number of customers subscribing to solutions [26] Market Data and Key Metrics Changes - The serviceable addressable market in North America and Western Europe is estimated at $82 billion, with the company capturing less than 1% of this market [11] - The company has identified approximately 63,000 potential customers in North America and Europe [11] Company Strategy and Development Direction - The company aims to broaden its platform, deepen its vertical stack, and innovate its go-to-market strategy to capture more market share [25] - A new strategic partnership with Waymo aims to advance the use of autonomous vehicles in public transit [30] - The company is focused on expanding its product capabilities and features, particularly in the student transportation vertical [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to maintain strong performance while transforming the public transit market [44] - The company is well-positioned to capitalize on the digital transformation and AI opportunities in public transit [45] - Management noted that bipartisan political support for public transit funding continues to grow, with an average increase of 4% per year since 2012 [12] Other Important Information - The company has invested over $500 million in R&D, with R&D expenses representing 19.1% of revenue as of Q3 2025 [38] - The company has established a playbook for executing M&A, with successful acquisitions like Remix and Citymapper [39] Q&A Session Summary Question: How would you characterize both the catalyst and barriers in converting more customer opportunities? - Management noted that the primary barrier is the customer's aversion to risk and reluctance to change, but these barriers are starting to come down [49][50] Question: How do you balance growth and investment? - Management focuses on investing in areas with growth potential, particularly in new products and core geographies [52] Question: What was notable about the 24 net new customer additions this quarter? - The growth was driven by strong demand in North America and traction around new products, including the schools product [54] Question: How has the IPO affected customer awareness and interest? - Management observed a positive change in customer reception post-IPO, which is helping to develop the pipeline [62] Question: How does referenceability influence future revenue growth? - Referenceability is key, as existing customers' success stories help in convincing new customers to adopt the platform [70] Question: What is the outlook for the Waymo partnership and autonomous vehicles? - Management sees significant opportunities in autonomous vehicles, particularly in Europe, where government initiatives are pushing for their adoption [74]

Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue grew by 32% year over year, with a platform annual revenue run rate of $439 million [9][29] - The number of customers on the platform increased to 713, representing an 11% year-over-year growth [9][31] - Adjusted gross margin improved to 39.6%, compared to 39.2% in Q3 2024 [36] Business Line Data and Key Metrics Changes - Revenue from government customers increased by $26.5 million, or 34% year over year [9] - Revenue from U.S. customers rose by $23.1 million, or 42% year over year [10] - The student transportation vertical saw more than two times growth in the number of customers subscribing to solutions [24] Market Data and Key Metrics Changes - The serviceable addressable market in North America and Western Europe is estimated at $82 billion, with the company capturing less than 1% of this market [11] - The company has identified approximately 63,000 potential customers in North America and Europe, with 713 currently on the platform [11] Company Strategy and Development Direction - The company aims to broaden its platform, deepen its vertical stack, and innovate its go-to-market strategy to capture more market share [23] - A new strategic partnership with Waymo aims to advance the use of autonomous vehicles in public transit [27] - The company is focused on expanding its product capabilities and features, particularly in the schools vertical [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong performance as the company continues to transform the public transit market [40] - The company has not seen any impact from the federal government shutdown, and funding for public transit is expected to continue growing [13][94] - Management highlighted the importance of referenceability and customer success stories in driving new customer acquisitions [66] Other Important Information - The company has invested over $500 million in R&D, with R&D expenses representing 19.1% of revenue as of Q3 2025 [35] - The company is committed to achieving an adjusted gross margin of 50% in the medium to long term [36] Q&A Session Summary Question: How would you characterize both the catalyst and barriers in converting more of the 63,000 customer opportunities? - Management noted that the primary barrier is the customer's aversion to risk and reluctance to change, but these barriers are starting to come down [45][46] Question: How do you balance growth and investment? - Management emphasized focusing investment on areas with growth potential, particularly in new products and core geographies [49] Question: What was notable about the 24 net new customer additions this quarter? - Management indicated strong demand in North America and traction around new products, including the schools product [51] Question: How much of the sequential customer adds are tied to increasing referenceability? - Management highlighted that referenceability is key, as proof points from existing customers significantly influence new customer decisions [67] Question: What is the impact of COVID-era funding expiring on transit funding priorities? - Management stated that while some funding is expiring, overall transit funding is expected to continue growing, and the company is well-positioned to help customers become more efficient [94]

Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue grew by 32% year over year, with a platform annual revenue run rate of $439 million [7][30] - The number of customers on the platform increased to 713, representing an 11% year-over-year growth [7][32] - Adjusted gross margin improved to 39.6%, compared to 39.2% in Q3 2024 [37] Business Line Data and Key Metrics Changes - Revenue from government customers increased by $26.5 million, or 34% year over year [8] - Revenue from U.S. customers rose by $23.1 million, or 42% year over year [9] - The student transportation vertical saw more than two times growth in the number of customers subscribing to solutions [25] Market Data and Key Metrics Changes - The serviceable addressable market in North America and Western Europe is estimated at $82 billion, with the company capturing less than 1% of this market [10] - The company has identified approximately 63,000 potential customers in North America and Europe, with 713 currently on the platform [10] Company Strategy and Development Direction - The company aims to broaden its platform, deepen its vertical stack, and innovate its go-to-market strategy to capture more market share [24] - A new strategic partnership with Waymo aims to advance the use of autonomous vehicles in public transit [28] - The company is focused on leveraging AI to enhance transit planning and operations, positioning itself as a leader in the digital transformation of public transportation [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain strong performance and capitalize on the digital transformation in public transit [40] - The company has not seen any impact from the federal government shutdown on its services [12][39] - Management highlighted the importance of referenceability and customer success stories in driving future growth [49] Other Important Information - The company has invested over $500 million in R&D, with R&D expenses representing 19.1% of revenue as of Q3 2025 [35] - The company is experiencing a flywheel effect in Michigan, where existing customer success is driving new customer opportunities [34] Q&A Session Summary Question: How would you characterize both the catalyst and barriers in converting more of the 63,000 customer opportunity? - Management noted that the primary barrier is the customer's aversion to risk and reluctance to change, but this barrier is starting to come down [43][44] Question: How do you balance growth and investment? - Management emphasized focusing investment on areas with growth potential, particularly in new products and core geographies [45] Question: What is the makeup of the 24 net new customer additions this quarter? - Management indicated strong demand in North America and traction around new products, including the schools product [46][47] Question: Has the IPO changed awareness and interest in the platform? - Management observed a positive reception from customers post-IPO, contributing to pipeline development [47] Question: How should investors assess the durability of future revenue growth? - Management highlighted the importance of referenceability and proof points from existing customers in driving future growth [49] Question: What is the impact of COVID-era funding expiration on transit funding? - Management stated that while some funding is expiring, overall transit funding is expected to continue growing [60][61]

Financial Performance & Growth - The company's annual revenue run-rate reached $439 million[10] - The company experienced a year-over-year (YoY) customer growth of 11%[10] - The company achieved a year-over-year (YoY) revenue growth of 32%[10] - Q4 2025 Platform Revenue guidance is $114.6-$115.1M, representing 25.0% - 25.5% YoY Growth[87] - FY2025 Platform Revenue guidance is $430.0-$430.5M, representing 30.0% - 30.2% YoY Growth[87] Customer Base & Market Opportunity - The company has a total of 713 customers[10, 30] - The company estimates an enormous $82 billion SAM (Serviceable Addressable Market), with current penetration at 1% by customer count and 0.5% by revenue[14] - The company identifies over 62,000 prospective customers in North America and Europe[15] Platform & Innovation - The company operates a category-leading end-to-end platform replacing fragmented legacy systems[23] - The company leverages billions of proprietary data points to bring AI to government[24] Margin & Efficiency - S&M (Sales and Marketing) as a percentage of revenue decreased from 39% to 19%[73] - Adjusted EBITDA margin improved from (17)% to (8)%[84]

Company Operations - As of September 30, 2025, the company operated in 106 utility service territories across 21 states and the District of Columbia[188]. - The total number of RCEs increased by 4% from June 30, 2025, to September 30, 2025, reaching 419,000 RCEs[192]. Financial Performance - Total revenues for Q3 2025 were approximately $103.3 million, an increase of 10% from $93.8 million in Q3 2024, primarily due to higher gas volumes sold and increased electricity rates[225]. - Adjusted EBITDA for Q3 2025 was $9.5 million, compared to $10.3 million in Q3 2024, reflecting a decrease of approximately 8%[227]. - Net income for Q3 2025 was $400, down from $1,655 in Q3 2024, reflecting a significant decline in profitability[227]. - Total revenues for the nine months ended September 30, 2025, were approximately $335.6 million, a 14% increase from $294.5 million in the same period of 2024[233]. Segment Performance - For the three months ended September 30, 2025, the Retail Electricity Segment generated approximately 83% of retail revenues, while the Retail Natural Gas Segment contributed about 17%[191]. - Retail Electricity Segment total revenues for Q3 2025 were approximately $86.1 million, an increase of 4% from $82.6 million in Q3 2024, driven by higher electricity rates and volumes[240]. - Retail Natural Gas Segment total revenues for Q3 2025 were approximately $17.3 million, a 49% increase from $11.6 million in Q3 2024, attributed to higher gas volumes[244]. Costs and Expenses - Retail cost of revenues for Q3 2025 was approximately $79.5 million, an increase of 16% from $68.6 million in Q3 2024, driven by higher electricity costs and gas volumes sold[228]. - General and administrative expenses for Q3 2025 decreased by 15% to approximately $15.0 million from $17.7 million in Q3 2024, mainly due to lower bad debt and legal expenses[229]. - Customer acquisition costs for Q3 2025 rose to approximately $3.4 million, a 62% increase from $2.1 million in Q3 2024, attributed to increased sales activity[231]. Cash Flow and Liquidity - As of September 30, 2025, total liquidity was approximately $129.7 million, consisting of cash and cash equivalents, Senior Credit Facility availability, and Subordinated Debt Facility availability[259]. - Cash flows provided by operating activities for the nine months ended September 30, 2025 decreased by $2.1 million compared to the same period in 2024, primarily due to changes in working capital[261]. Shareholder Returns - The company redeemed 287,294 shares of Series A Preferred Stock for a total cost of $7.2 million on October 15, 2025[189]. - Dividends paid for the three months ended September 30, 2025, amounted to $2.2 million, with an aggregate of $7.0 million for the nine months ended September 30, 2025, related to Series A Preferred Stock[271]. - The estimated total dividends required for the full year ended December 31, 2025, is projected to be $9.0 million based on Series A Preferred Stock outstanding as of September 30, 2025[272]. Risk and Derivatives - Approximately 59% of retail revenues for the three months ended September 30, 2025, were derived from territories where credit risk was primarily with local regulated utility companies[284]. - The company reported a net loss on non-trading derivative instruments of $(3.8) million for the three months ended September 30, 2025, compared to $(4.4) million for the same period in 2024[281]. - The company had $105.0 million of variable rate indebtedness outstanding under its Senior Credit Facility as of September 30, 2025, with a potential additional annual interest expense of approximately $1.1 million for a 1.0% increase in interest rates[290].