Via Renewables(US:VIA)2025-11-13 14:32Financial 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]