NEW YORK, December 31, 2025, 10:45 ET — Regular session
- Via Transportation shares rose about 3% to $30.38 in morning trading, after opening at $29.14.
- The NYSE-listed transit software maker remains roughly a third below its $46 IPO price.
- Investors are watching for fresh contract wins and the next earnings update after Via’s recent Downtowner acquisition.
Shares of Via Transportation Inc climbed about 3% to $30.38 by late morning on Wednesday, after trading as low as $29.40 and as high as $30.51. About 110,000 shares had changed hands.
The bounce matters because Via is still in the early months of life as a public company, when liquidity and valuation can swing sharply on small shifts in sentiment. Investors are also trying to map a contract-heavy public transit business onto a quarterly earnings calendar.
Via sells software that helps transit agencies and cities run on-demand shuttles and other “microtransit” services — smaller vehicles routed dynamically rather than on fixed schedules — and it went public in September in a U.S. IPO that raised about $493 million at the top of its range. 1
The stock’s $46 IPO price has acted as a reference point for investors as the shares have traded well below that level for much of the fourth quarter.
The most recent major catalyst came on December 15, when Via said it completed the acquisition of Downtowner Transportation LLC and its affiliated subsidiaries, a transportation technology company focused on “Destination Cities.” An 8-K filing described the deal as expanding Via’s public transit platform into a segment with different ridership patterns and municipal customers.
In a separate announcement, Via said the Downtowner purchase would broaden its product lineup for cities that need smaller-scale service and routing tools that can be deployed quickly.
The company last reported quarterly results in November, when it posted third-quarter revenue of $110 million and said its platform annual run-rate revenue rose 32% from a year earlier to $439 million. Run-rate revenue is a way companies annualize recent sales to show the current pace of business, but it is not the same as a forecast. 2
Via has also pointed to partnerships as it expands beyond traditional city bus networks. In September, Via and Alphabet’s Waymo said they struck a deal to support a ride-hailing platform for Waymo’s autonomous vehicles, Reuters reported. 3
Wednesday’s move leaves investors with familiar questions that have dogged many 2025 IPOs: how quickly can revenue growth turn into cash flow, and how durable is demand if municipal budgets tighten. For Via, that debate is sharpened by the long sales cycles and stop-start timing of public-sector contracts.
Traders are likely to focus on signs of contract momentum — new agency wins, renewals and expansions — because those items can drive the top line faster than cost-cutting. They will also watch whether Via can improve profitability as it integrates Downtowner and rolls out products across more cities.
Another swing factor is execution risk. Integrations can add near-term costs, and the company’s ability to cross-sell and retain customers will determine whether an acquisition adds durable revenue or just a one-time boost.
