VIA: 1Q Results—Continued Drive Towards Durable Growth

研报英文原文证据摘录

VIA: 1Q Results—Continued Drive Towards Durable Growth

ased 10bps q/q to 39.8% (down 115bps y/y), Rev. (MM)

driven by mix shift and a reduction in one-time implementation and consulting services 2026E 127.4 A 133.2 E 134.8 E 155.9 E 551.3 E

(5% of rev in 1Q25 vs 1% in 1Q26). While NT margins are expected to remain steady, Prior 123.6 E 134.6 E 136.7 E 149.0 E 543.9 E

mgmt called out internal AI efficiencies layered into its profitability framework and new 2027E 158.3 E 165.4 E 162.9 E 191.9 E 678.5 E

VIA AI Labs investments. 1Q Adj EBITDA margin was (4.6%) / +380bps y/y and reiterated Prior 153.6 E 167.2 E 168.3 E 183.4 E 672.4 E

FY margin guide at (2.3) - (1.4%) with 4Q expected to flip +ve. Source: Company Data, Wells Fargo Securities estimates, and Factset.

NA = Not Available, NC = No Change, NE = No Estimate

Other Notables: 1) Contd. flywheel momentum: Added 2 new flywheel states (21 Michael Turrin, CFA

total vs 19 last qtr) and noted strong monetization in California. CA rev grew 85% y/y, Equity Analyst | Wells Fargo Securities, LLC

with active pipeline of ~$100M and $20M NNARR; 2) Strong US and UK biz despite Michael.Turrin@wellsfargo.com | 628-629-7565

Headwinds in Germany: 1Q US rev grew 36% y/y to $94.3M, representing 74% of total Austin Williams

rev, while UK grew 68% y/y. Germany cont. to see slower growth but also still remains a Associate Equity Analyst | Wells Fargo Securities, LLC

meaningful % of the biz at $20.4M rev (+3% y/y), representing ~16% of total rev. Austin.R.Williams@wellsfargo.com | 628-629-7572

Rachel Chang

Increasing Ests: FY26 rev to/from $551M/$544M, gross profit to/from $222M/$220M, AssociateRachel.Chang@wellsfargo.comEquity Analyst | Wells| 212-214-3315Fargo Securities, LLC

and Adj EBITDA to/from -$10M/-$9M.