VIA 1Q26 Recap: Pipeline Set to Deliver, Execution Paramount

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VIA 1Q26 Recap: Pipeline Set to Deliver, Execution Paramount

May 12, 2026

John DiFucci john.difucci@guggenheimpartners.com VIA 1Q26 Recap: Pipeline Set to Deliver, Execution

212 518 9670 Paramount

Blake Musumano

blake.musumano@guggenheimpartners.com

212 518 9468 Key Message: Via reported a strong 1Q26 just above our Plausible Scenario and raised

annual revenue guidance by a little more than the beat, though 2Q26 guidance was Tamjid Chowdhury

tamjid.chowdhury@guggenheimpartners.com just below the Street’s numbers, which we believe is more prudent than anything else.

212 823 6739 Management noted that the pipeline had grown 50% in 4Q, which carried over to 1Q26

to a record $650M driven by North America (including a $100M pipeline in CA) and

the UK, offset by budgetary headwinds in Germany. We believe the company’s turnkey

offering (Software core, Services enabled) for a customer’s entire transit network is a

VIA BUY compellingthe foreseeablesolutionfuture.to resource-strappedIn addition, we lookcustomers,forward totherebynew adjacentdrivingproductshyper growthfrom thefor

Via Transportation, Inc. company’s AI Labs. However, this complete solution does limit the expansion of gross

Sector: Software margin, which has persisted at around 40%, though we believe that will trend toward 50%

over the long term as contracts mature (and typically mix toward more Software) and

Earnings Release autonomous vehicles (with no driver services) become more prevalent. Adjusted EBITDA

Share Price $14.12 margin improved by 380 bps y/y and was 110 bps better than expected driven by 390 bps

Price Target $50.00 improvement in R&D, though it would have been even better, but the y/y FX effect due

to the strong Israeli Shekel inflated R&D by 200bps relative to a year ago. The results