Revenue growth of 23.9% in 2026Q1 demonstrates strong municipal adoption, though gross margins remain capped at 38.6% due to the operational burden of managing physical transit fleets.
Via Transportation, Inc. (VIA) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Sales/Revenue | 491.7M | 434.34M | 337.63M | 248.85M |
| Revenue Growth % | - | 28.64% | 35.67% | - |
| Cost of Goods Sold | 296.82M | 262.54M | 206.79M | 149.45M |
| COGS % of Revenue | - | 60.45% | 61.25% | 60.05% |
| Gross Profit | 194.88M | 171.8M | 130.84M | 99.41M |
| Gross Margin % | 39.63% | 39.55% | 38.75% | 39.95% |
| Gross Profit Growth % | - | 31.31% | 31.62% | - |
| Operating Expenses | 283.12M | 248.42M | 214.74M | 213.86M |
| OpEx % of Revenue | - | 57.19% | 63.6% | 85.94% |
| Selling, General & Admin | 185.81M | 156.06M | 125.75M | 118.03M |
| SG&A % of Revenue | - | 35.93% | 37.24% | 47.43% |
| Research & Development | 98.91M | 92.35M | 88.99M | 95.83M |
| R&D % of Revenue | - | 21.26% | 26.36% | 38.51% |
| Other Operating Expenses | -225K | 0 | 0 | 0 |
| Operating Income | -88.24M | -76.62M | -83.9M | -114.45M |
| Operating Margin % | -17.95% | -17.64% | -24.85% | -45.99% |
| Operating Income Growth % | - | 8.68% | 26.7% | - |
| EBITDA | -79.33M | -68.09M | -74.8M | -106.45M |
| EBITDA Margin % | -16.13% | -15.68% | -22.15% | -42.78% |
| EBITDA Growth % | - | 8.97% | 29.74% | - |
| D&A (Non-Cash Add-back) | 8.91M | 8.53M | 9.1M | 8M |
| EBIT | -93.9M | -86.5M | -84.37M | -114.5M |
| Net Interest Income | 6.77M | -2.07M | -2.1M | 2.95M |
| Interest Income | 9.8M | 5.27M | 2.19M | 3.6M |
| Interest Expense | 3.03M | 7.34M | 4.29M | 653K |
| Other Income/Expense | -8.69M | -17.22M | -4.77M | -694K |
| Pretax Income | -96.93M | -93.84M | -88.66M | -115.15M |
| Pretax Margin % | -19.71% | -21.61% | -26.26% | -46.27% |
| Income Tax | 1.6M | 2.52M | 1.89M | 1.81M |
| Effective Tax Rate % | -1.65% | -2.69% | -2.13% | -1.58% |
| Net Income | -98.53M | -96.36M | -90.28M | -116.69M |
| Net Margin % | -20.04% | -22.19% | -26.74% | -46.89% |
| Net Income Growth % | - | -6.73% | 22.63% | - |
| Net Income (Continuing) | -98.53M | -96.36M | -90.55M | -116.96M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | -763K | -492K |
| EPS (Diluted) | -1.21 | -1.20 | -1.24 | -1.62 |
| EPS Growth % | - | 3.23% | 23.46% | - |
| EPS (Basic) | - | -1.20 | -1.24 | -1.62 |
| Diluted Shares Outstanding | 81.34M | 80.3M | 71.8M | 72.07M |
| Basic Shares Outstanding | 81.34M | 80.3M | 71.8M | 72.07M |
| Dividend Payout Ratio | - | - | - | - |
Quick answers to the most common questions about buying VIA stock.
For fiscal year 2025, Via Transportation, Inc. (VIA) reported total revenue of $434.3M. This represents a 74.5% increase compared to $248.9M in 2023.
Via Transportation, Inc. (VIA) reported a net loss of $96.4M for the fiscal year ending 2025.
Via Transportation, Inc. (VIA) reported an operating income of $-76.6M, resulting in an operating profit margin of -17.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Via Transportation, Inc. (VIA) generated $171.8M in gross profit for the year, representing a gross profit margin of 39.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Operating Margin Scalability
Metrics are mathematically derived from official filings.
Municipal Adoption Drives Revenue Expansion
According to the latest quarterly filings, Via Transportation achieved a 23.9% year-over-year revenue growth in 2026Q1, signaling that the company’s pivot toward B2G TransitTech infrastructure is successfully capturing municipal demand despite the inherent complexities of long-cycle government procurement processes and regional mobility contract renewals.
The consistent top-line expansion suggests that Via is effectively displacing legacy transit systems with its proprietary routing software. However, investors should monitor whether this growth is driven by high-margin software licensing or lower-margin fleet operations, as the latter would imply a more capital-intensive path to scale.
Structural Constraints on Gross Profit
As reported in recent financial statements, Via’s gross margin of 38.6% in 2026Q1 highlights a hybrid cost structure that remains significantly below pure-play software benchmarks, reflecting the heavy operational burden of managing physical transit fleets alongside its digital routing platform.
The stability of these margins near the 39% level suggests that the company has not yet achieved the operating leverage required to decouple revenue growth from direct service costs. This indicates that the business model remains tethered to labor and fuel expenses, which may limit its ability to achieve the high-margin profile typical of vertical SaaS providers.
Operating Leverage Remains Elusive
Based on the provided income statement data, Via’s operating margin of -18.2% in 2026Q1 demonstrates that SG&A and R&D expenditures continue to outpace gross profit generation, indicating that the company has yet to reach the critical mass necessary for self-sustaining operational profitability.
While revenue is scaling, the lack of improvement in operating margins suggests that the company is still in a heavy investment phase, likely prioritizing market share over immediate bottom-line performance. Analysts should scrutinize whether future R&D spending will yield efficiency gains in routing algorithms that could eventually reduce the cost of service.
Sustainability of Current Burn Rate
Data from the 2026Q1 income statement reveals a net loss of $20.1M, which, when viewed alongside the company's historical performance, suggests that the current path to profitability is highly sensitive to the successful conversion of TaaS operations into higher-margin SaaS revenue streams.
Short-term observers may focus on the persistent negative net margins as a sign of structural weakness in the underlying unit economics. If the company cannot demonstrate a clear inflection point where operating expenses stabilize relative to revenue, the reliance on external capital to fund operations may become a significant valuation headwind.