Via Transportation just reported its Q2 2026 results. The numbers tell the story. Revenue is growing, losses narrowing, and management is still pointing to Q4 2026 as the quarter they turn adjusted EBITDA positive.
I dug through the SEC filings to see whether the trend supports that timeline.
In this article I am going to share my findings from the financials and include Q2 which they reported the other day. I continue to like the stock.
Management continues to re-iterate the goal to deliver the first quarter of profitability in Q4 2026 with positive adjusted EBITDA.
I read through the last annual report they put out. The figures below I calculated directly from the SEC filings.
The US and European markets are the currently targeted markets. The US market makes up 76% of their total revenue. Germany comes in next with a sizable chunk at 18%. No other country had revenue greater than 10% of total revenue.
Contracts with customers are typically multi-year and structured with a volume-based component, with pricing determined by a number of factors such as fleet size, minimum number of vehicles, or total vehicle-hours.
Their customer count has been growing every year. They now have 847 customers, growing 23% YoY last quarter.
97% of their revenue comes from recurring subscription fees in 2025 and 2024, reflecting the predictability and scalability of the business model.
Revenue for the full year 2023 to full year 2025 grew at a strong compounded annual growth rate (CAGR) of 32%.
Full year 2025 US based revenue grew 40% YoY. Government customers grew 31% in 2025 YoY.
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