Core Viewpoint - Glancy Prongay Wolke & Rotter LLP has initiated an investigation into Via Transportation, Inc. regarding potential violations of federal securities laws affecting investors [1] Group 1 - The investigation is aimed at assessing the possible legal claims for investors who have incurred losses in Via Transportation, Inc. [1] - The law firm is reaching out to investors who may be interested in pursuing claims to recover their financial losses [1]

Core Viewpoint - The Law Offices of Frank R. Cruz is investigating Via Transportation, Inc. for potential violations of federal securities laws, indicating concerns regarding the company's compliance and financial practices [1]. Investigation Details - The investigation is initiated on behalf of investors who may have incurred losses related to their investments in Via Transportation, Inc. [1]. - The investigation follows a report published by Bleeker Street Research on March 10, 2026, which likely raised issues regarding the company's operations or financial disclosures [1].

Financial Performance - Bad debt expense for the year ended December 31, 2025, was $1.3 million, or 0.3% of retail revenues[67] - The net loss on non-trading derivative instruments was $(4.4) million for the year ended December 31, 2025, compared to a gain of $28.4 million for 2024[340] - The bad debt expense for the year ended December 31, 2025, was approximately 0.5% of non-POR market retail revenues[344] Customer and Market Dynamics - The largest customer accounted for less than 1% of total retail energy sales for the year ended December 31, 2025[68] - Natural gas accounted for approximately 33% of retail revenues for the year ended December 31, 2025, indicating high seasonality in cash flows[77] - Market competition includes larger energy retailers and local providers, with competition based on product offering, price, and customer service[73] Risk Management - Approximately $4.5 million of total exposure of $5.8 million was with a non-investment grade counterparty or not secured with collateral as of December 31, 2025[69] - The company has not experienced any material loss related to cyber-attacks during 2025, indicating effective risk mitigation strategies[70] - The company relies on third parties for natural gas and electricity supply, exposing it to wholesale counterparty credit risk[69] Regulatory Environment - The company is subject to regulatory changes, such as Maryland SB1, which imposes new green energy requirements and pricing restrictions[80] - The company is exploring new technologies for direct marketing to customers in response to regulatory challenges in telemarketing[84] Employee and Operational Insights - The company employed 162 full-time employees as of December 31, 2025, with a gender distribution of approximately 54% male and 46% female[88][89] Financial Obligations - At December 31, 2025, $120.0 million of variable rate indebtedness was outstanding under the Senior Credit Facility, with a 1% increase in interest rates resulting in an additional annual interest expense of approximately $1.2 million[347] - During the year ended December 31, 2025, the company paid $9.0 million in dividends to holders of Series A Preferred Stock, with a 1.0% increase in interest rates potentially resulting in additional dividends of $0.8 million[349] Market Positioning - As of December 31, 2025, the Gas Non-Trading Fixed Price Open Position was a short position of 132,692 MMBtu, with a 10% increase in market prices potentially increasing the fair market value by less than $0.1 million[341] - The Electricity Non-Trading Fixed Price Open Position was a short position of 166,378 MWhs, with a 10% increase in forward market prices potentially decreasing the fair market value by $1.0 million[341] - Approximately 61% of retail revenues as of December 31, 2025, were derived from territories where credit risk was with local regulated utility companies[342]

Core Thesis - Via Transportation, Inc. is viewed as a promising investment opportunity despite its recent decline in valuation, with a focus on its SaaS platform for public transportation management and potential for significant revenue growth by 2030 [1][6]. Company Overview - Via Transportation, Inc. operates a digital public transportation system platform in the U.S., Germany, and internationally, representing a classic busted IPO opportunity with a peak enterprise value of approximately $4 billion before declining to under $2 billion [2]. - The company provides a SaaS-based platform that enhances public transit systems by offering transparency, routing efficiency, and user experience similar to Uber and Lyft, while maintaining affordability [4]. Financial Performance - The business is experiencing revenue growth of over 20% annually, driven by new municipal contracts and expansion within existing customers, supported by long-duration agreements [5]. - With gross margins around 40%, Via qualifies as a "Rule of 60" company, yet it trades at less than 4 times revenue, significantly below typical SaaS peers [5]. Future Outlook - The company is positioned to scale towards $1 billion in revenue by 2030, with a conservative revenue multiple of 5x implying more than a doubling from current levels [6]. - Potential near-term selling pressure from venture capitalists post-lock-up expiration is mitigated by many early investors having entered at higher valuations [6].

Company Overview - Via Transportation, Inc. provides a digital public transportation system platform in the United States, Germany, and internationally, representing a classic busted IPO opportunity with a peak enterprise value of roughly $4 billion before declining to under $2 billion [2] - The company operates a SaaS-based platform that enables municipalities to digitally manage public transportation fleets, taxis, and on-demand services, enhancing convenience and operational optimization while preserving affordability relative to private ride-hailing services [4] Financial Performance - The business is growing revenue at well over 20% annually through new municipal contract wins and expansion within existing customers, supported by long-duration agreements and limited direct commercial substitutes [5] - With gross margins of approximately 40%, VIA qualifies as a "Rule of 60" company, yet it trades at less than 4x revenue, which is materially below typical SaaS peers and even below more mature software platforms [5] Growth Potential - VIA appears positioned to scale toward $1 billion in revenue by 2030, with a conservative 5x revenue multiple implying more than a doubling from current levels, indicating limited downside given sustained growth and already-compressed valuation [6] - Management alignment strengthens the investment case, as the CEO owns roughly 5% of the company and has not sold shares since the IPO [5]

Financial Data and Key Metrics Changes - In Q4 2025, the company's revenue grew 30% year-over-year to $119 million, marking the eighth consecutive quarter of 30% or more year-over-year growth [11] - The annual run rate revenue for Q4 2025 was $476 million, also reflecting a 30% year-over-year increase [30] - The adjusted EBITDA margin improved to negative 6%, the narrowest loss in the company's history, compared to negative 10% in Q4 2024 [35] Business Line Data and Key Metrics Changes - The number of customers on the platform increased to 821, a 23% year-over-year growth, with 94 new customers added through the acquisition of Downtowner [12][31] - The net revenue retention rate was 119%, and the gross revenue retention rate reached 98%, the highest in the company's history [13] Market Data and Key Metrics Changes - Platform revenue in the U.S. grew 39% year-over-year in Q4 2025, indicating strong market performance [30] - The serviceable addressable market is estimated to be $82 billion, with the company capturing just over 1% of this market [23] Company Strategy and Development Direction - The company aims to leverage its public stature and balance sheet for strategic acquisitions, with the acquisition of Downtowner being a key step in expanding its platform [16] - The focus on product innovation, particularly through AI, is seen as a critical driver for future growth, with over 50 new products and features released in 2025 [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue delivering strong performance, emphasizing the significant opportunity in transforming the public transit market [38] - For 2026, the company expects revenue growth of 25%-25.5% and aims to achieve its first quarter of profitability in Q4 2026 [36][37] Other Important Information - The company has established a Mayors Council to support transit innovation and facilitate the adoption of modern transit technology [22] - The company is focused on providing complete solutions rather than just software, which is seen as essential for scaling in the public sector [25] Q&A Session Summary Question: Insights on the RFP pipeline for public transit - Management noted that the RFP opportunities are consistent year-over-year, with a larger percentage of opportunities available compared to the previous year, driven by the expansion of solutions [50][52] Question: Financial contributions from the Downtowner acquisition - The acquisition was aimed at penetrating the destination cities market and adding customers, with potential for future growth as these customers adopt more of the Via platform [72] Question: Gross retention metrics and improvements - The company achieved a gross retention rate of 98%, attributed to strong customer relationships and the value delivered through its platform [103]

Financial Data and Key Metrics Changes - In Q4 2025, the company's revenue grew 30% year-over-year to $119 million, marking the eighth consecutive quarter of 30%+ growth [11] - The annual run rate revenue for Q4 2025 was $476 million, also reflecting a 30% year-over-year increase [30] - Adjusted EBITDA margin improved to -6%, the narrowest loss in the company's history, compared to -10% in Q4 2024 [35] Business Line Data and Key Metrics Changes - The number of customers on the platform increased to 821, a 23% year-over-year growth, with 94 new customers added through the acquisition of Downtowner [31] - The company achieved a net revenue retention rate of 119% and a gross revenue retention rate of 98%, the highest in its history [13] Market Data and Key Metrics Changes - Platform revenue in the U.S. grew 39% year-over-year in Q4 2025, indicating strong market performance [30] - The serviceable addressable market is estimated at $82 billion, with the company capturing just over 1% of this market [23] Company Strategy and Development Direction - The company aims to leverage its public company status for strategic acquisitions, with a focus on expanding its platform and global reach [16] - Product innovation is a key driver of growth, with over 50 new products and major features released in 2025, aided by AI integration [18] - The company is focused on providing complete solutions rather than just software, which is seen as critical for scaling in the public sector [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue delivering strong performance, emphasizing the significant opportunity in transforming the public transit market [38] - For 2026, the company expects revenue growth of 25%-25.5% and aims to achieve its first quarter of profitability in Q4 2026 [36][37] Other Important Information - The company has established a Mayors Council to support transit innovation and facilitate the adoption of modern transit technology [22] - The acquisition of Downtowner is seen as a strategic move to penetrate the destination cities market, with potential for future growth [72] Q&A Session Summary Question: Insights on the RFP pipeline for public transit - Management noted that the RFP opportunities are consistent year-over-year, with a larger percentage of opportunities available compared to the previous year, particularly for entire transit networks [50][52] Question: Financial contributions from Downtowner - The acquisition was not primarily about immediate revenue contribution but about expanding the customer base and market penetration [72] Question: Gross retention metrics - The company achieved a gross retention rate of 98%, attributed to strong customer relationships and the value delivered through its platform [103]

Financial Data and Key Metrics Changes - In Q4 2025, revenue grew 30% year-over-year to $119 million, marking the eighth consecutive quarter of 30% or more year-over-year growth [9][28] - The annual run rate revenue for Q4 2025 was $476 million, also reflecting a 30% year-over-year increase [28] - Adjusted EBITDA margin improved to negative 6%, the narrowest loss in the company's history, compared to negative 10% in Q4 2024 [34] Business Line Data and Key Metrics Changes - The number of customers on the platform increased to 821, a 23% year-over-year growth, with organic customer growth at 9% [10][29] - The acquisition of Downtowner added 94 new customers, expanding the platform's reach [10][29] - Revenue per customer reached the highest level in Via's history, with a 31% year-over-year growth in customers generating over $1 million in annual run rate revenue [29] Market Data and Key Metrics Changes - Platform revenue in the U.S. increased by 39% year-over-year, indicating strong growth in the domestic market [28] - The serviceable addressable market is estimated at $82 billion, with Via capturing just over 1% of this market [21][22] Company Strategy and Development Direction - The company aims to leverage its public company status for strategic acquisitions, with a focus on targeted and selective opportunities like Downtowner [14][16] - Product innovation is a key growth driver, with over 50 new products and major features released in 2025, significantly aided by AI [16][17] - The company is committed to achieving a long-term adjusted EBITDA margin of 20%-25% [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue delivering strong performance, emphasizing the significant opportunity in transforming public transit and local government efficiency [37] - The company expects revenue for Q1 2026 to be between $123.3 million and $123.8 million, representing 25%-25.5% year-over-year growth [35] - For the full year 2026, revenue guidance is set between $542.9 million and $545.1 million, with an expected adjusted EBITDA margin improvement [35] Other Important Information - The company achieved a record gross revenue retention rate of 98%, attributed to the mission-critical nature of its platform and the ability to sell more products to existing customers [11][29] - The company is focused on building AI-powered solutions that extend beyond public transit, responding to customer needs in various municipal operations [26][100] Q&A Session Summary Question: How much services come into Via's business model? - Management clarified that the services-only contracts are anomalies and emphasized the focus on software-enabled solutions as critical to scaling the business [41][42] Question: What does the RFP pipeline look like for 2026? - Management noted a consistent year-over-year RFP pipeline with a larger percentage of opportunities available compared to the previous year, driven by the expansion of solutions [48][50] Question: How does the company view gross retention and its impact on 2026 guidance? - Management indicated that high gross revenue retention is due to the platform's mission-criticality and the ability to sell more products, which strengthens customer relationships [105]

Group 1 - Via Transportation, Inc. (NYSE:VIA) is identified as one of the 12 tech stocks with significant upside potential, with Oppenheimer analyst Brian Schwartz lowering the price target from $59 to $40 while maintaining a Buy rating [1] - Oppenheimer views Via as a company with strong fundamentals and a compelling long-term growth profile, expecting it to be one of the fastest-growing software companies in terms of revenue by 2026 [2] - Morgan Stanley's Josh Baer also reduced the price target from $53 to $41 but upgraded the stock from Hold to Buy, indicating a potential upside of 74.47% from current levels [3] Group 2 - Via Transportation, Inc. provides a digital public transportation platform globally, operating and developing TransitTech, a public mobility platform, founded in 2012 and based in New York [4]

Core Insights - The Twin Cities Area Transportation Authority (TCATA) has chosen Via to implement its advanced software and services platform to enhance the public transit system in the area [1] - The collaboration aims to leverage Via's capabilities in end-to-end planning, operation, and optimization of multi-modal transit networks [1] - The project will focus on a comprehensive redesign of the transit system to improve access and reliability for passengers [1]