Via Transportation Narrows Q4 EBITDA Loss to 6% as Revenue Jumps 30%
Via Transportation closed Q4 2025 with 821 customers (9% organic growth, plus 94 from Downtowner) and posted $119 million in revenue (30% YoY), narrowing its adjusted EBITDA loss to 6%, its best ever. Full-year platform revenue grew 31% to $434 million while adjusted EBITDA margin improved to -8%, with 2026 revenue guidance of ~$543 million.
1. Q4 Performance and Profitability
Via closed Q4 2025 with 821 customers — 9% organic growth plus 94 acquired — and generated $119 million in revenue, up 30% year-over-year. The adjusted EBITDA margin narrowed to -6%, marking the smallest quarterly loss in its history.
2. Full-Year Results and 2026 Outlook
Platform revenue reached $434 million in 2025, a 31% increase year-over-year, with a full-year adjusted EBITDA margin of -8%. Management guided 2026 revenue to $542.9–$545.1 million and targeted an adjusted EBITDA margin of -2.3% to -1.4%, expecting the first positive quarter in Q4 2026.
3. Customer Retention and Downtowner Acquisition
Net revenue retention stood at 119%, and gross retention hit a record 98%. The late-December Downtowner acquisition added 94 customers, deepening presence in destination cities and smaller accounts.
4. AI-Driven Product Expansion
Around 400 engineers released over 50 new products and features in 2025, leveraging AI for transit network design, operational monitoring, safety insights, and dispatcher assistance to boost efficiency and scale the platform.