Via Q2 FY2026 earnings: Revenue rises 27% as adjusted loss narrows

Via Transportation (NYSE: VIA) reported fiscal Q2 2026 revenue of $135.7 million, up 27% from $107.1 million a year earlier, while GAAP diluted EPS improved to -$0.24 from -$1.65. Gross profit rose 33%, and the adjusted EBITDA loss narrowed to $3.4 million from $9.1 million. However, GAAP operating loss widened as operating expenses and stock-based compensation increased.

Core earnings data

Revenue growth outpaced the roughly 23% increase in cost of revenue, lifting GAAP gross margin by two percentage points to 41%. Below the gross-profit line, total operating expenses rose 33% to $77.4 million, causing the operating loss to widen by approximately 35%.

Non-GAAP results showed more progress: adjusted EBITDA margin improved to -3% from -8%, while adjusted net loss fell to less than $1 million. Quarterly operating cash use also declined, although the six-month cash-flow picture was less favorable.

Business and operating performance

Platform Annual Run-Rate Revenue reached $542.8 million, up 27%. Via defines this measure as quarterly platform revenue multiplied by four, so it represents an annualized run rate rather than contracted future revenue.

Customer count increased 23% to 847 from 689. The Downtowner acquisition contributed 94 customers, accounting for about 59% of the 158-customer year-over-year increase. This means the headline customer growth rate includes a material acquisition contribution.

The United States remained the fastest disclosed geographic driver, with revenue up 35%. Management also said the sales pipeline doubled year over year for a second consecutive quarter, although it did not disclose a pipeline value or expected conversion rate.

Gross profit growth improved adjusted results, but stock compensation weighed on GAAP profitability

Adjusted gross profit rose 33% to $56.3 million, faster than the growth in adjusted operating expenses. Adjusted research and development expense increased approximately 3%, adjusted sales and marketing expense rose about 17%, and adjusted general and administrative expense increased about 33%. This operating relationship helped reduce the adjusted EBITDA loss.

GAAP results moved differently because stock-based compensation and related payroll taxes increased to $16.0 million from $4.7 million. General and administrative expense rose to $30.1 million from $19.4 million, while sales and marketing expense increased to $21.1 million from $16.0 million. As a result, GAAP operating loss widened even though adjusted EBITDA improved.

GAAP net loss still narrowed because non-operating items offset the larger operating loss. Interest income increased to $2.8 million, interest expense declined to $0.3 million, and other net expense fell to $0.2 million.

The EPS comparison also benefited from a much larger share count. Weighted-average diluted shares increased to 81.3 million from 12.8 million, so the 85% improvement in loss per share was substantially greater than the 8% reduction in total GAAP net loss.

Cash flow and balance sheet

Via used $10.6 million of operating cash during the quarter, an improvement from $16.3 million a year earlier. For the first six months, however, operating cash use increased to $31.8 million from $21.9 million, showing that the quarterly improvement did not extend to the full year-to-date period.

Accounts receivable contributed to the year-to-date pressure, rising to $104.7 million at June 30 from $81.6 million at December 31. Cash and cash equivalents declined to $335.9 million from $370.9 million over the same period, leaving the company with a substantial cash balance but continued negative operating cash flow.

Earnings guidance

Via expects platform revenue growth to remain above 25% in both Q3 and the full fiscal year. Adjusted EBITDA is still expected to be negative in Q3 and for FY2026, but the company targets positive adjusted EBITDA in Q4.

The Q3 adjusted EBITDA range is close to, or slightly more negative than, the Q2 result. Achieving the Q4 profitability target therefore requires a clear sequential improvement late in the fiscal year.

Recent insider transactions

The supplied transaction list records three purchases by Via executives and a director during June 2026, totaling about $487,291. It conflicts with an accompanying six-month aggregate that reported no activity, so the table below presents only the individually dated purchase and sale entries without drawing conclusions about insider sentiment.

Risks investors need to watch

• GAAP operating losses remain significant. Operating expense growth matched the 33% increase in gross profit, causing the operating loss to widen despite higher revenue and gross margin.
• The Q4 profitability target requires sequential improvement. Via still expects negative adjusted EBITDA in Q3, leaving the transition to positive adjusted EBITDA dependent on fourth-quarter execution.
• Stock-based compensation is creating a wide GAAP/non-GAAP gap. Quarterly stock-based compensation more than tripled to $16.0 million and was the largest adjustment between net loss and adjusted EBITDA.
• Cash conversion remains uneven. Quarterly operating cash use improved, but six-month cash use worsened as accounts receivable increased.
• Reported customer growth includes acquisitions. Downtowner contributed 94 customers, making underlying customer expansion less clear than the 23% headline increase suggests.

Summary

Via delivered 27% revenue growth, higher gross margin and a substantially smaller adjusted EBITDA loss in fiscal Q2 2026. At the same time, rising GAAP operating expenses, higher stock-based compensation and weaker year-to-date cash conversion temper that progress. The main next test is whether Via can sustain platform growth while moving from another expected adjusted EBITDA loss in Q3 to positive adjusted EBITDA in Q4.