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]

Core Insights - Wall Street has seen a significant rebound in initial public offerings (IPOs), with seven companies going public in a week, raising over $100 million each, totaling $4.4 billion, the highest since November 2021 [1][2] IPO Activity - The total proceeds from traditional IPOs this year have reached $25 billion, marking the highest level since 2021 [2] - The recent IPOs include a variety of companies such as a Swedish buy now, pay later lender, a blockchain mortgage platform, a coffee chain, and a crypto exchange founded by the Winklevoss twins [3] Recent Listings - Notable recent IPOs include Gemini Space Station, Black Rock Coffee Bar, Via Transportation, and Legence, with Gemini raising $425 million and its stock up 18% [5][6] - Black Rock Coffee Bar, Via, and Legence raised $294 million, $493 million, and $728 million respectively, with their stocks increasing by 45%, 3%, and 8% [6] Market Trends - The IPO market has become very active post-Labor Day, with road shows being the busiest since mid-2021 [7] - Earlier in the week, Klarna and Figure Technology Solutions went public, raising $1.37 billion and $787.5 million respectively, with their stocks showing mixed performance [8] Future Projections - Renaissance Capital projects about three to five IPOs per week for the next two months, although they do not expect another week with as many large deals [4]

Company Overview - VIA is a transportation software company that has transitioned from a ride-sharing model to providing software solutions for municipalities [2][3] - The company is making its public debut on the New York Stock Exchange after pricing above the expected range [1] Market Opportunity - The total addressable market for VIA is estimated to be over $500 billion globally, with approximately $80 billion in the United States, Canada, and Western Europe [3] - There is significant potential for growth in providing solutions to cities and transit agencies, as many have been operating under outdated systems for decades [3][4] Revenue Growth - VIA's revenues have increased from $100 million in 2021 to $337 million last year, with a run rate of about $400 million projected for this year [5][6] - The company believes that leveraging its unique technology and data collected over the years will help continue this growth trajectory [6][7] Customer Engagement - The sales conversations focus on improving operational efficiency for municipalities, such as replacing underutilized buses with dynamically routed shuttles [4] - VIA aims to demonstrate real value to customers by improving their services, which is crucial for maintaining and expanding partnerships [7][10] Industry Dynamics - Public transit budgets are generally not being cut, and even in cases of budget constraints, VIA offers solutions that allow cities to maintain or even enhance critical services [9][10] - The company has seen success in cities like Sioux Falls, South Dakota, where demographic shifts have created a demand for new transit solutions [8]