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- **32% Revenue Growth**: Q3 2025 platform revenue of $109.75M, up 32% YoY, driven by 42% U.S. expansion and 34% government business growth.
- **17x Customer Expansion**: Mobile, AL account revenue grew 17x over 1.5 years through microtransit and network redesign.
- **Waymo Partnership**: Chandler, AZ integrating Waymo AVs into microtransit, with Europe expansion plans.
- **Gross Margin Target**: 50% through third-party services, software upsells, and M&A.
- **AI Innovation**: City-specific LLM for transit planning, real-time dispatch optimization, and 2x student transportation customer growth.

**【CEO Summary Section】**
- Q3 2025 revenue grew 32% YoY to $439M annual run rate, driven by 34% growth in government business and 42% U.S. revenue expansion.
- 713 customers on platform (+11% YoY), with 17x revenue growth from Mobile, AL account over 1.5 years.
- Launched microtransit in Omaha and Council Bluffs, and expanded student transportation with 2x customer growth in Q3.
- Announced Waymo partnership to integrate autonomous vehicles into public transit networks, starting with Chandler, AZ.
- Highlighted AI advancements, including a city-specific LLM for transit planning and real-time dispatch optimization.

**【CFO Financial Commentary】**
- Q3 platform revenue $109.75M, up 32% YoY; full year 2025 guidance $430M-$430.5M (+30% YoY).
- Adjusted EBITDA margin improved to -8% (vs. -16.1% in 2024), with $7.5M-$8.5M Q4 EBITDA loss guidance.
- Gross margin 39.6% (up 0.4ppt YoY), targeting 50% through: 
  1. Transitioning 20% of lower-margin services to third parties
  2. Upselling higher-margin software modules
  3. Strategic M&A (e.g., Remix, Citymapper)
- R&D investment of $500M+ over 13 years driving product differentiation.

**【Q&A Highlights】**
- Customer acquisition: 8-12% YoY growth, with 200%+ revenue per head in Michigan due to word-of-mouth.
- Waymo partnership: Chandler, AZ using Waymo AVs for microtransit, with potential Europe expansion.
- Margin expansion: 0.4ppt Q3 gross margin improvement via AI-driven cost reduction in customer support.
- TAM: $82B serviceable market with <1% penetration, 63,000 potential customers in North America/Europe.
- Autonomous vehicles: Europe showing top-down government support, U.S. focused on robotaxis integration.

Via Transportation, Inc. (VIA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

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Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VIA

VIA fundamentals

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