Via Transportation (VIA)

Market Price (11/1/2026): $35.98 | Market Cap: $2.9 BilSector: Information Technology | Industry: Application Software

Via Transportation (VIA)

Market Price (11/1/2026): $35.98
Market Cap: $2.9 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%

Megatrend and thematic drivers
Megatrends include Future of Mobility, and Cloud Computing. Themes include On-Demand Transit, Shared Mobility Platforms, Show more.

Weak multi-year price returns
2Y Excs Rtn is -60%, 3Y Excs Rtn is -111%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.02

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -89 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18%

Stock price has recently run up significantly
6M Rtn6 month market price return is 125%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -8.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.8%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 130%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.4%

Key risks
VIA key risks include [1] its ongoing operating losses and an unclear path to profitability and [2] a heavy reliance on large public sector contracts.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%
2	Megatrend and thematic drivers Megatrends include Future of Mobility, and Cloud Computing. Themes include On-Demand Transit, Shared Mobility Platforms, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -60%, 3Y Excs Rtn is -111%
4	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.02
5	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -89 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18%
6	Stock price has recently run up significantly 6M Rtn6 month market price return is 125%
7	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%
8	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -8.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.8%
9	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 130%
10	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.4%
11	Key risks VIA key risks include [1] its ongoing operating losses and an unclear path to profitability and [2] a heavy reliance on large public sector contracts.

VIA in ETFs

Weight = VIA's share of each fund

VTI0.00%

ITOT0.00%

IWM0.06%

VB0.02%

IWN0.09%

VTWO0.05%

SCHA0.05%

IWO0.03%

+5 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	11/1/26	2025	2024	2023
Share Price			$35.98	$29.01	$10.99	$9.40
Mkt Cap ($ Bil)			2.9	2.4	0.8	-
+ Debt ($ Bil)			0.0	0.0	0.1	0.0
- Cash ($ Bil)			0.3	0.4	0.1	0.0
TEV ($ Bil)			2.6	2.4	0.9
Valuation Ratios
P/S	4.3	5.3	6.0	5.4	-	-
P/EBIT	62.5	2,279.5	-31.2	-27.2	-	-
P/E	86.7	—	-29.7	-24.4	-	-
P/FCF	—	—	-60.6	-64.0	-	-
Sector Ratios (* = sector average)
P/S *			3.4	3.3	3.2	3.3
P/EBIT *			4.9	3.6	-0.0	-0.1
P/E *			-0.0	-0.1	-0.3	-0.2
P/FCF *			9.7	10.7	13.6	13.9

FYE: 12/31	Forward FYE		Now
	2027	2026	11/1/26
Share Price			$35.98
Mkt Cap ($ Bil)			2.9
+ Debt ($ Bil)			0.0
- Cash ($ Bil)			0.3
TEV ($ Bil)			2.6
Valuation Ratios
P/S	4.3	5.3	6.0
P/EBIT	62.5	2,279.5	-31.2
P/E	86.7	—	-29.7
P/FCF	—	—	-60.6
Sector Ratios (* = sector average)
P/S *			3.4
P/EBIT *			4.9
P/E *			-0.0
P/FCF *			9.7

FYE: 12/31	VIA [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$491.7 Mil	—
FY 2026 Sales	$551.7 Mil	—
FY 2027 Sales	$674.6 Mil	—
FY 2026 Sales Growth	12.2%	—
FY 2027 Sales Growth	22.3%	8.7%
EARNINGS
LTM Net Income (GAAP) [3]	$-98.5 Mil	—
FY 2026 Net Income (Non-GAAP)	$-2.8 Mil	—
FY 2027 Net Income (Non-GAAP)	$33.8 Mil	—
FY 2027 Net Income Growth	—	12.8%
FY 2026 EPS (Non-GAAP)	$-0.04	—
FY 2027 EPS (Non-GAAP)	$0.39	—
FY 2027 EPS Growth	—	—
VALUATION
FY 2026 P/S	5.3	3.2
FY 2027 P/S	4.3	—
FY 2026 P/E	—	18.2
FY 2027 P/E	86.7	—

[1] VIA forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	VIA	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.5
Rev Chg Q	26.7%	8.9%
Rev Chg LTM	29.1%	8.5%
Rev Chg 3Y Avg	29.1%	6.2%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.1
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-18.0%	18.7%
CFO/Rev LTM	-8.3%	21.6%
Net Inc Mgn	-20.0%	13.4%
VALUATION	HIGH
P/S	6.0	3.2
P/CFO	-71.7	15.2
P/FCF	-60.6	20.1
P/E	-29.7	22.6
STABILITY	VERY GOOD
Debt/Equity	0.01	0.19
Cash/Assets	0.47	0.07

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Metric	Value	Date	Source
Dollar-Based Net Revenue Retention Rate	120%	12312024	Link
Number of Cities of Operation	hundreds	8152025	Link
Number of Countries of Operation	more than 30	8152025	Link

Price Chart

Upcoming
11/09/2026	Earnings Release	Rev: $137 Mil (E) EPS: $-0.03 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 10/31/2026

Via Transportation (VIA) stock has gained about 80% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Performance and Upbeat Guidance.

Via Transportation reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, and were announced on August 6, 2026. The company's revenue reached $136 million, marking a 27% increase year-over-year and surpassing analyst estimates by $2.66 million. Furthermore, Via significantly exceeded earnings per share (EPS) expectations, reporting an adjusted net loss per share of -$0.01 against a consensus estimate of -$0.20. Management further fueled investor confidence by raising its full-year 2026 revenue guidance to $550-$553 million and reiterating its target of achieving positive adjusted EBITDA in fiscal Q4 2026.

2. Significant Analyst Upgrades and Raised Price Targets.

During the period, several prominent investment banks upgraded their outlook and substantially increased price targets for Via Transportation. Deutsche Bank raised its price target to $35 from $25 in October 2026, maintaining a Buy rating. Similarly, Morgan Stanley increased its target to $33 from $24 in September 2026, and Oppenheimer adjusted its target to $37 from $30 in October 2026, retaining an Outperform rating. This widespread positive sentiment from analysts contributed to the stock's upward momentum.

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Stock Movement Drivers

Fundamental Drivers

The 79.4% change in VIA stock from 7/31/2026 to 10/31/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

(LTM values as of)	7312026	10312026	Change
Stock Price ($)	20.34	36.49	79.4%
Change Contribution By:
Total Revenues ($ Mil)	�	492	0.0%
P/S Multiple	�	6.0	0.0%
Shares Outstanding (Mil)	79	81	-2.4%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 10/31/2026

	Return	Correlation
VIA	79.4%
Market (SPY)	1.2%	22.2%
Sector (XLK)	2.4%	11.5%

Fundamental Drivers

The 139.9% change in VIA stock from 4/30/2026 to 10/31/2026 was primarily driven by a 112.5% change in the company's P/S Multiple.

(LTM values as of)	4302026	10312026	Change
Stock Price ($)	15.21	36.49	139.9%
Change Contribution By:
Total Revenues ($ Mil)	434	492	13.2%
P/S Multiple	2.8	6.0	112.5%
Shares Outstanding (Mil)	81	81	-0.3%
Cumulative Contribution			139.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 10/31/2026

	Return	Correlation
VIA	139.9%
Market (SPY)	5.4%	12.9%
Sector (XLK)	12.7%	7.3%

Fundamental Drivers

The -31.7% change in VIA stock from 10/31/2025 to 10/31/2026 was primarily driven by a -11.4% change in the company's Shares Outstanding (Mil).

(LTM values as of)	10312025	10312026	Change
Stock Price ($)	53.43	36.49	-31.7%
Change Contribution By:
Total Revenues ($ Mil)	�	492	0.0%
P/S Multiple	�	6.0	0.0%
Shares Outstanding (Mil)	72	81	-11.4%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 10/31/2026

	Return	Correlation
VIA	-31.7%
Market (SPY)	11.7%	20.2%
Sector (XLK)	19.9%	18.0%

Fundamental Drivers

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Market Drivers

10/31/2023 to 10/31/2026

	Return	Correlation
VIA
Market (SPY)	86.9%	19.7%
Sector (XLK)	122.8%	18.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
VIA Return	-	-	-	-	-41%	26%	-26%
Peers Return	13%	-5%	36%	28%	-10%	-41%	-1%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	106%
Monthly Win Rates [3]
VIA Win Rate	-	-	-	-	25%	70%
Peers Win Rate	50%	44%	67%	58%	50%	33%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
VIA Max Drawdown	-	-	-	-	-	-54%
Peers Max Drawdown	-21%	-29%	-21%	-23%	-33%	-58%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: TRMB, PSN, VRRM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)

VIA has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.

Event	XLK	S&P 500
2025 US Tariff Shock
% Loss	-25.7%	-18.8%
% Gain to Breakeven	34.5%	23.1%
Time to Breakeven	65 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-17.0%	-7.8%
% Gain to Breakeven	20.4%	8.5%
Time to Breakeven	92 days	18 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-10.0%	-9.5%
% Gain to Breakeven	11.2%	10.5%
Time to Breakeven	15 days	24 days
2022 Inflation Shock & Fed Tightening
% Loss	-33.1%	-24.5%
% Gain to Breakeven	49.5%	32.4%
Time to Breakeven	246 days	427 days
2020 COVID-19 Crash
% Loss	-31.2%	-33.7%
% Gain to Breakeven	45.2%	50.9%
Time to Breakeven	78 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-23.8%	-19.2%
% Gain to Breakeven	31.2%	23.8%
Time to Breakeven	100 days	105 days

Compare to TRMB, PSN, VRRM

In The Past

State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

VIA has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.

Event	XLK	S&P 500
2025 US Tariff Shock
% Loss	-25.7%	-18.8%
% Gain to Breakeven	34.5%	23.1%
Time to Breakeven	65 days	79 days
2022 Inflation Shock & Fed Tightening
% Loss	-33.1%	-24.5%
% Gain to Breakeven	49.5%	32.4%
Time to Breakeven	246 days	427 days
2020 COVID-19 Crash
% Loss	-31.2%	-33.7%
% Gain to Breakeven	45.2%	50.9%
Time to Breakeven	78 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-23.8%	-19.2%
% Gain to Breakeven	31.2%	23.8%
Time to Breakeven	100 days	105 days
2008-2009 Global Financial Crisis
% Loss	-51.5%	-53.4%
% Gain to Breakeven	106.2%	114.4%
Time to Breakeven	797 days	1085 days

Compare to TRMB, PSN, VRRM

In The Past

State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Via Transportation (VIA)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Via Renewables, Inc. (VIA) is an independent retail energy services company that provides electricity and natural gas to customers across the United States. The company operates through two main segments: Retail Electricity and Retail Natural Gas. Essentially, Via Renewables acquires energy from wholesale markets and then directly sells and distributes it to end-users.

In its Retail Electricity segment, the company manages the transmission and sale of electricity. Concurrently, the Retail Natural Gas segment handles the transportation, distribution, and sale of natural gas. Via Renewables primarily targets and serves both residential and commercial customers with these essential energy services.

The company has established a broad market presence, operating in 101 utility service territories across 19 states and the District of Columbia as of early 2022. With approximately 408,000 residential customer equivalents, Via Renewables is a significant participant in the deregulated retail energy markets it serves.

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Here are the major services provided by Via Renewables, Inc.:

Retail Electricity: The company provides the transmission and sale of electricity to residential and commercial customers.
Retail Natural Gas: The company handles the transportation, distribution, and sale of natural gas to residential and commercial customers.

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Via Renewables, Inc. (symbol: VIA) primarily serves the following categories of customers:

Residential customers
Commercial customers

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Here are some of the major suppliers for Via Renewables, Inc. (symbol: VIA):

CenterPoint Energy (CNP)
Exelon Corporation (EXC)
Consolidated Edison, Inc. (ED)
American Electric Power Company, Inc. (AEP)
NiSource Inc. (NI)

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W. Keith Maxwell III, Chief Executive Officer & Chairman of the Board of Directors

Mr. Maxwell founded the predecessor of Spark Energy in 1999. He also serves as Chief Executive Officer of several privately owned energy-related companies. Before founding the predecessor of Spark Energy, Mr. Maxwell was a founding partner in Wickford Energy, an oil and natural gas services company that was sold to Black Hills Utilities in 1997. He has served as Chief Executive Officer of Via Renewables, Inc. since November 2020 and as a director and non-executive Chairman of the Board of Directors since August 2014, having also served as interim Chief Executive Officer from March 2020 to November 2020.

Mike Barajas, Chief Financial Officer

Mr. Barajas was appointed Chief Financial Officer in November 2021. Immediately prior to this role, he served as the Vice President of Finance and Investor Relations. He is responsible for the company's accounting, tax, SEC reporting, treasury, financial planning and analysis, and investor relations functions, and also serves as the Chief Risk Officer. Before rejoining Via Renewables in 2019, Mr. Barajas worked for various energy companies, including Spark Energy (from 2009 to 2014), Marlin Midstream, Xcalibur Logistics, and National Gas & Electric, gaining leadership experience in accounting, finance, mergers & acquisitions, and treasury. He is a Certified Public Accountant in Texas.

Paul Konikowski, Chief Operating Officer

Mr. Konikowski was appointed Chief Operating Officer in November 2021. Previously, he served as Senior Vice President of National Gas and Electric ("NG&E") from April 2015. Before his time at NG&E, Mr. Konikowski held positions as Chief Operating Officer of Glacial Energy and Senior Vice President and Chief Information Officer of Via Renewables, Inc. (formerly Spark Energy, Inc.). He has more than 20 years of experience in the retail energy sector, encompassing sales, operations, risk, and IT.

Chris Leonard, Executive Vice President of Structuring and Supply

Misti Day, Vice President, Operations

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Here are the key risks to Via Renewables, Inc.'s business:

Commodity Price Volatility, Weather Dependence, and Decarbonization Policies: As a retail energy services company, Via Renewables is highly susceptible to fluctuating wholesale commodity prices for electricity and natural gas, which can significantly impact its margins and financial results. Extreme and unpredictable weather conditions directly influence consumer demand and energy prices, adding another layer of volatility. Furthermore, evolving decarbonization policies and the broader energy transition could reduce demand for certain products, increase operational costs, and necessitate substantial changes to the company's business model.
Intense Regulatory Scrutiny, Compliance Requirements, and Legal Proceedings: The retail energy sector is subject to extensive and evolving federal, state, and local regulations. Via Renewables faces risks related to maintaining necessary operating licenses, complying with various rules (including those concerning consumer protection, telemarketing, data privacy, and cybersecurity for critical infrastructure), and adapting to stricter sustainability reporting demands. The company has also recently faced a securities fraud investigation amidst allegations of misrepresenting its business model during its Initial Public Offering (IPO), which could lead to substantial legal costs, reputational damage, and financial penalties.
Competition, Customer Acquisition and Retention Challenges, and Integration Risks from Acquisitions: Via Renewables operates in a competitive market, making customer acquisition and retention a continuous challenge. The company's growth strategy often involves acquiring customer portfolios, which carries inherent risks related to successfully integrating new operations and realizing the anticipated financial benefits from these acquisitions.

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Increased adoption of distributed energy resources (DERs) such as rooftop solar and battery storage by residential and commercial customers. As these technologies become more affordable and efficient, customers can generate and store their own power, reducing their reliance on purchasing electricity and natural gas from retail energy providers like Via Renewables. This represents a long-term shift away from centralized energy consumption that could erode Via Renewables' customer base and revenue.
Expansion of Community Choice Aggregation (CCA) programs in states with deregulated energy markets. CCAs allow local governments to procure electricity on behalf of their residents and businesses, often offering competitive rates and a higher percentage of renewable energy options. When a CCA is formed in a service territory, it effectively consolidates the customer base and removes them from the competitive market, directly reducing the potential pool of customers for independent retail energy providers like Via Renewables.

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Interactive Breakdown

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Better Bets vs. Via Transportation (VIA)

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Peer Outperformance in Application Software

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Share of Application Software constituents that VIA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

38%

of 152 industry peers · -31.7% return

—

insufficient peer history

—

insufficient peer history

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Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is VIA's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Electronic Manufacturing Services	10	23.5%	116.3%	232.6%	FLEX 597% · TTMI 526% · JBL 362%
Technology Distributors	9	46.6%	83.2%	82.4%	AVT 162% · SNX 140% · CNXN 100%
Semiconductor Materials & Equipment	28	41.2%	75.7%	59.3%	AXTI 574% · LRCX 346% · KLAC 345%
Communications Equipment	36	2.6%	86.8%	51.0%	LITE 918% · AAOI 803% · ANET 559%
Electronic Components	26	0.4%	67.9%	46.8%	CLS 2604% · BELFA 1204% · APH 332%
Semiconductors	55	1.3%	55.8%	16.4%	MU 1211% · NVDA 704% · AVGO 570%
Technology Hardware, Storage & Peripherals	21	3.7%	100.8%	2.6%	WDC 841% · SMCI 831% · DELL 744%
Electronic Equipment & Instruments	27	-6.9%	33.7%	-1.1%	PI 158% · OSIS 114% · MIR 73%
Internet Services & Infrastructure	6	5.8%	60.2%	-10.1%	GDDY 69% · VRSN 40% · DOCN -8%
IT Consulting & Other Services	30	-26.7%	2.5%	-24.6%	CHRN 378321% · APLD 280% · IBM 160%
Application Software ←	126	-17.2%	-2.8%	-49.0%	PLTR 611% · FROG 189% · AGYS 143%
Systems Software	69	-10.0%	25.5%	-51.8%	ZETA 277% · CRWD 255% · CVLT 169%

Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Via Transportation Market Price	07/26/2023
2	Day 5 of Loss Streak for Via Renewables Stock with -19% Return (vs. 98% YTD) [5/26/2023]	05/26/2023
3	Day 5 of Gains Streak for Via Renewables Stock with 25% Return (vs. 144% YTD) [5/12/2023]	05/12/2023
4	Better Bet Than VIA Stock: Pay Less Than Via Renewables To Get More From Stocks SAH, LEVI	05/08/2023
5	Day 5 of Loss Streak for Via Renewables Stock with -44% Return (vs. 100% YTD) [4/26/2023]	04/26/2023
6	Better Bet Than VIA Stock: Pay Less Than Via Renewables To Get More From Stocks CLF, PLXS, LBTYA, DELL, LEVI	04/01/2023
7	Better Bet Than VIA Stock: Pay Less Than Via Renewables To Get More From S&P 500 Stock CZR	04/01/2023
8	Day 8 of Loss Streak for Viacom Stock with -34% Return (vs. -9.8% YTD) [3/10/2023]	03/10/2023
9	Better Bet Than VIA Stock: Pay Less Than Viacom To Get More From S&P 500 Stocks PXD, WRK, DOW, CZR	03/05/2023
10	Better Bet Than VIA Stock: Pay Less Than Viacom To Get More From Stocks KLIC, CLF, LBTYA, PLXS, DELL	03/05/2023

	Title
0	ARTICLES

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ARI	Apollo Commercial Real Estate Finance	0.3	-64.5%	-75.9%
ATEC	Alphatec	1.1	-38.1%	-66.5%
RDDT	Reddit	17.6	-29.2%	-60.1%
ABR	Arbor Realty Trust	0.4	-29.1%	-69.6%
GYRE	Gyre Therapeutics	0.5	-28.9%	-35.5%
INTC	Intel	335.6	-28.6%	78.2%
COUR	Coursera	0.8	-25.5%	-52.9%
CRMD	Cormedix	0.4	-25.5%	-51.0%
XMAX	XMax	0.4	-20.7%	-20.2%
OPY	Oppenheimer	0.9	-20.1%	19.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
GDYN	Grid Dynamics	1.1	54.5%	48.0%
REPL	Replimune	1.7	53.7%	81.2%
SGRY	Surgery Partners	3.0	47.4%	50.2%
ADT	ADT	7.5	42.9%	25.2%
TDOC	Teladoc Health	1.5	34.2%	21.6%
GKOS	Glaukos	14.0	32.8%	110.4%
ULCC	Frontier	1.5	30.6%	36.9%
AXGN	Axogen	2.6	29.7%	50.8%
HRI	Herc	5.5	29.4%	13.4%
PRME	Prime Medicine	0.8	28.6%	36.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ARI	Apollo Commercial Real Estate Finance	0.3	-63.7%	-75.9%
BCAX	Bicara Therapeutics	0.6	-46.5%	-45.8%
IOVA	Iovance Biotherapeutics	3.8	-39.8%	210.6%
ATEC	Alphatec	1.1	-36.6%	-66.5%
RDDT	Reddit	17.6	-36.4%	-60.1%
BXBL	BOXABL	5.9	-34.3%	-79.9%
COUR	Coursera	0.8	-31.7%	-52.9%
ORIC	ORIC Pharmaceuticals	1.0	-29.8%	13.0%
AVBP	ArriVent BioPharma	0.7	-29.2%	-26.1%
CMPR	Cimpress	1.4	-29.1%	-14.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
BRZE	Braze	5.1	78.4%	33.4%
SGRY	Surgery Partners	3.0	75.4%	50.2%
LQDA	Liquidia	4.0	61.0%	30.6%
GDYN	Grid Dynamics	1.1	59.4%	48.0%
ADT	ADT	7.5	58.3%	25.2%
PRME	Prime Medicine	0.8	57.9%	36.0%
MAX	MediaAlpha	0.8	52.4%	13.9%
FIGS	FIGS	3.5	51.3%	87.6%
TDOC	Teladoc Health	1.5	50.1%	21.6%
DGICB	Donegal	-	48.2%	45.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ARI	Apollo Commercial Real Estate Finance	0.3	-62.9%	-75.9%
GLAS	Glass House Brands	0.2	-59.0%	-75.4%
NUAI	New Era Energy & Digital	0.3	-57.1%	-6.7%
BRUN	Boost Run	0.4	-55.2%	-66.0%
SHAZ	SharonAI	0.4	-54.5%	-75.5%
CIFR	Cipher Digital	3.0	-52.8%	-50.6%
AVTX	Avalo Therapeutics	0.3	-52.0%	-60.5%
BCAX	Bicara Therapeutics	0.6	-49.8%	-45.8%
AVBP	ArriVent BioPharma	0.7	-48.6%	-26.1%
BLZE	Backblaze	0.5	-46.5%	62.9%

Peer Comparisons

Peers to compare with:

Financials

	VIA	TRMB	PSN	VRRM	Median
Name	Via Tran.	Trimble	Parsons	Verra Mo.
Mkt Price	35.98	64.83	50.67	2.80	43.33
Mkt Cap	2.9	15.1	5.4	0.4	4.1
Rev LTM	492	3,783	6,321	1,004	2,393
Op Inc LTM	-89	669	331	232	281
FCF LTM	-48	773	409	137	273
FCF 3Y Avg	-	528	446	147	446
CFO LTM	-41	799	490	252	371
CFO 3Y Avg	-	560	505	242	505

Growth & Margins

	VIA	TRMB	PSN	VRRM	Median
Name	Via Tran.	Trimble	Parsons	Verra Mo.
Rev Chg LTM	29.1%	5.8%	-2.7%	6.5%	6.1%
Rev Chg 3Y Avg	-	1.3%	8.7%	8.2%	8.2%
Rev Chg Q	26.7%	11.0%	1.8%	-1.2%	6.4%
QoQ Delta Rev Chg LTM	6.2%	2.6%	0.5%	-0.3%	1.5%
Op Inc Chg LTM	-25.0%	26.7%	-19.5%	-6.9%	-13.2%
Op Inc Chg 3Y Avg	-	12.9%	18.2%	4.6%	12.9%
Op Mgn LTM	-18.0%	17.7%	5.2%	23.1%	11.5%
Op Mgn 3Y Avg	-	14.7%	6.3%	24.3%	14.7%
QoQ Delta Op Mgn LTM	-0.1%	-0.1%	-0.1%	-0.8%	-0.1%
CFO/Rev LTM	-8.3%	21.1%	7.8%	25.1%	14.4%
CFO/Rev 3Y Avg	-	15.0%	7.8%	25.8%	15.0%
FCF/Rev LTM	-9.8%	20.4%	6.5%	13.7%	10.1%
FCF/Rev 3Y Avg	-	14.2%	6.9%	15.7%	14.2%

Valuation

	VIA	TRMB	PSN	VRRM	Median
Name	Via Tran.	Trimble	Parsons	Verra Mo.
Mkt Cap	2.9	15.1	5.4	0.4	4.1
P/S	6.0	4.0	0.8	0.4	2.4
P/Op Inc	-33.0	22.6	16.2	1.8	9.0
P/EBIT	-31.2	198.8	16.3	2.9	9.6
P/E	-29.7	-144.3	36.4	11.2	-9.2
P/CFO	-71.7	18.9	11.0	1.7	6.3
Total Yield	-3.3%	-0.7%	2.7%	8.9%	1.0%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-	4.0%	6.2%	12.1%	6.2%
D/E	0.0	0.1	0.3	2.5	0.2
Net D/E	-0.1	0.1	0.2	2.2	0.2

Returns

	VIA	TRMB	PSN	VRRM	Median
Name	Via Tran.	Trimble	Parsons	Verra Mo.
1M Rtn	19.1%	12.7%	23.6%	-6.4%	15.9%
3M Rtn	76.9%	14.6%	14.6%	-47.1%	14.6%
6M Rtn	121.6%	-5.2%	-0.4%	-81.2%	-2.8%
12M Rtn	-32.7%	-18.7%	-39.1%	-87.9%	-35.9%
3Y Rtn	-27.3%	58.3%	-17.0%	-85.9%	-22.2%
1M Excs Rtn	18.1%	11.7%	22.5%	-7.4%	14.9%
3M Excs Rtn	68.8%	10.3%	4.5%	-52.0%	7.4%
6M Excs Rtn	114.5%	-12.3%	-7.5%	-88.3%	-9.9%
12M Excs Rtn	-44.4%	-30.7%	-51.1%	-100.6%	-47.8%
3Y Excs Rtn	-111.1%	-47.6%	-94.9%	-170.9%	-103.0%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Clinical Pipeline

null

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023
Period End	6/30/2026	12/31/2025	12/31/2024	12/31/2023
Filing Date	8/6/2026	3/6/2026	9/15/2025	3/6/2026
Key Financials
Total Revenue	492	434	338	249
Gross Profit	196	172	131	99
EBITDA	-85	-78	-75	-106
Operating Income	-89	-77	-84	-114
Net Income	-99	-96	-90	-117
EPS	-2.25	-2.92	-1.25	-1.62
Growth Rates
Total Revenue Growth	29.1%	28.6%	35.7%	-
EBITDA Growth	-44.1%	-3.6%	29.3%	-
Operating Income Growth	-25.0%	8.7%	26.7%	-
Net Income Growth	-26.9%	-6.7%	22.6%	-
Margins
Gross Margin	39.8%	39.6%	38.8%	39.9%
EBITDA Margin	-17.3%	-18.0%	-22.3%	-42.8%
Operating Income Margin	-18.0%	-17.6%	-24.8%	-46.0%
Net Income Margin	-20.0%	-22.2%	-26.7%	-46.9%
Cash & Debt
Total Cash	336	371	78	72
Total Debt	18	19	83	18
Net Debt / (Cash)	-318	-352	5	-54
Cash Flows & CapEx
Net Cash from Operations	-41	-31	-70	-93
Total CapEx	-7	-6	-4	-5
Free Cash from Operations	-48	-37	-74	-97
Returns to Shareholders
Dividends	0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0

$ Mil \| FY: 12/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3
Period End	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024
Filing Date	8/6/2026	5/12/2026	3/6/2026	11/14/2025	9/15/2025	5/12/2026	9/15/2025	11/14/2025
Key Financials Quarterly
Total Revenue	136	127	119	110	107	99	92	83
Ebitda	-17	-17	-19	-32	-16	-11	-14	-18
Operating Income	-22	-24	-24	-19	-16	-17	-17	-21
Net Income	-20	-20	-22	-37	-21	-16	-19	-21
EPS	-0.24	-0.25	-0.27	-1.49	-0.27	-0.21	-0.26	-0.30
Key Financials TTM
Total Revenue TTM	492	463	434	407	381	-	-	-
Ebitda TTM	-85	-84	-78	-73	-59	-	-	-
Operating Income TTM	-89	-83	-77	-69	-71	-	-	-
Net Income TTM	-99	-100	-96	-93	-78	-	-	-
Growth Rates Quarterly
Total Revenue Growth	26.7%	29.2%	29.7%	31.6%	-	-	-	-
EBITDA Growth	-5.4%	-56.2%	-31.9%	-81.2%	-	-	-	-
Operating Income Growth	-35.0%	-36.9%	-44.7%	8.7%	-	-	-	-
Net Income Growth	7.8%	-23.5%	-16.8%	-73.0%	-	-	-	-
Margins Quarterly
EBITDA Margin	-12.3%	-13.3%	-16.1%	-29.3%	-14.8%	-11.0%	-15.8%	-21.3%
Operating Income Margin	-16.0%	-18.5%	-20.5%	-17.2%	-15.0%	-17.5%	-18.4%	-24.8%
Net Income Margin	-14.4%	-15.8%	-18.4%	-33.6%	-19.8%	-16.5%	-20.5%	-25.6%
Cash & Debt
Total Cash	336	348	371	378	78	-	78	-
Total Debt	18	19	19	42	88	0	83	0
Net Debt / (Cash)	-318	-329	-352	-337	10	-	5	-
Cash Flows Quarterly
FCF from Operations	-11	-21	-0	-9	-16	-6	-18	-19
Cash Flows TTM
FCF from Operations TTM	-41	-46	-31	-48	-58	-	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-5.7%	-6.3%	-6.6%	-5.4%	-46.3%	-	-59.9%	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-5.8%	-5.5%	-5.2%	-4.9%	-51.0%	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023
Platform	434	331	237
Other	0	7	12
Total	434	338	249

Net Income by Segment

$ Mil	2025	2024	2023
Platform	-96	-91	-116
Total	-96	-91	-116

Price Behavior

Price Behavior

Market Price	$36.49
Market Cap ($ Bil)	3.0
First Trading Date	07/29/2014
Distance from 52W High	-32.3%
	50 Days	200 Days
DMA Price	$30.19	$21.04
DMA Trend	up	up
Distance from DMA	20.9%	73.4%
	3M	1YR
Volatility	45.0%	69.3%
Downside Capture	-82.14	180.92
Upside Capture	257.38	110.55
Correlation (S&P 500)	21.4%	21.3%

VIA Betas & Captures as of 10/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.85	0.36	0.93	0.65	1.09	-0.16
Up Beta	-6.28	-2.70	-0.10	-0.54	0.73	-0.36
Down Beta	-0.18	0.91	1.22	0.38	0.30	-0.81
Up Capture	371%	168%	289%	248%	128%	14%
Bmk +ve Days	12	18	28	62	130	427
Stock +ve Days	13	25	40	76	131	151
Down Capture	24%	-70%	-96%	-1%	145%	86%
Bmk -ve Days	10	25	36	64	121	325
Stock -ve Days	9	18	24	50	119	133

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with VIA
VIA	-31.3%	69.3%	-0.25	-
Sector ETF (XLK)	18.6%	27.1%	0.60	17.9%
Equity (SPY)	10.9%	12.8%	0.52	20.0%
Gold (GLD)	-2.0%	28.6%	-0.08	9.8%
Commodities (DBC)	48.2%	20.6%	1.79	-4.8%
Real Estate (VNQ)	10.2%	13.7%	0.45	1.1%
Bitcoin (BTCUSD)	-30.0%	43.5%	-0.70	21.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with VIA
VIA	-5.9%	66.5%	-0.13	-
Sector ETF (XLK)	18.6%	26.1%	0.64	18.1%
Equity (SPY)	12.2%	17.1%	0.53	19.7%
Gold (GLD)	16.2%	19.0%	0.68	9.6%
Commodities (DBC)	9.2%	19.5%	0.35	-4.2%
Real Estate (VNQ)	0.9%	18.9%	-0.06	0.3%
Bitcoin (BTCUSD)	4.9%	51.6%	0.28	19.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with VIA
VIA	-3.0%	66.5%	-0.13	-
Sector ETF (XLK)	23.7%	25.1%	0.86	18.1%
Equity (SPY)	15.2%	17.9%	0.72	19.7%
Gold (GLD)	11.4%	16.5%	0.56	9.6%
Commodities (DBC)	8.2%	18.1%	0.37	-4.2%
Real Estate (VNQ)	5.3%	20.7%	0.21	0.3%
Bitcoin (BTCUSD)	61.8%	66.2%	1.02	19.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	10152026
Short Interest: Shares Quantity	6.7 Mil
Short Interest: % Change Since 9302026	-15.9%
Average Daily Volume	0.6 Mil
Days-to-Cover Short Interest	11.0 days
Basic Shares Quantity	81.3 Mil
Short % of Basic Shares	8.2%

Returns Analyses

null

Earnings Returns History

Updated 9/9/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/6/2026	0.9%	17.3%	29.1%
2/27/2026	-7.5%	3.1%	-26.6%
SUMMARY STATS
# Positive	1	2	1
# Negative	1	0	1
Median Positive	0.9%	10.2%	29.1%
Median Negative	-7.5%		-26.6%
Max Positive	0.9%	17.3%	29.1%
Max Negative	-7.5%		-26.6%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/6/2026	0.9%	17.3%	29.1%
2/27/2026	-7.5%	3.1%	-26.6%
SUMMARY STATS
# Positive	1	2	1
# Negative	1	0	1
Median Positive	0.9%	10.2%	29.1%
Median Negative	-7.5%		-26.6%
Max Positive	0.9%	17.3%	29.1%
Max Negative	-7.5%		-26.6%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
06/30/2026	08/06/2026	10-Q
03/31/2026	05/12/2026	10-Q
12/31/2025	03/06/2026	10-K
09/30/2025	11/14/2025	10-Q
06/30/2025	09/15/2025	424B4

Recent Forward Guidance

Updated 10/8/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q3 2026 YoY Growth %	Reported	25.5%	25.75%	26.0%
Q3 2026 Platform Revenue	Reported	137.60 Mil	137.90 Mil	138.20 Mil
Q3 2026 Adjusted EBITDA	Reported	-4.50 Mil	-4.00 Mil	-3.50 Mil
Q3 2026 Adjusted EBITDA Margin	Reported	-3.3%	-2.9%	-2.5%
2026 YoY Growth %	Reported	26.6%	26.95%	27.3%		1.7%	Raised	Guidance: 25.25% for 2026
2026 Platform Revenue	Reported	550.00 Mil	551.50 Mil	553.00 Mil	1.4%		Raised	Guidance: 544.00 Mil for 2026
2026 Adjusted EBITDA	Reported	-12.50 Mil	-10.00 Mil	-7.50 Mil	0.0%		Affirmed	Guidance: -10.00 Mil for 2026
2026 Adjusted EBITDA Margin	Reported	-2.3%	-1.85%	-1.4%

Prior: Q1 2026 Earnings Reported 5/12/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q2 2026 YoY Growth %	Reported	23.7%	24.4%	25.1%		-0.8%	Lower New	Guidance: 25.25% for Q1 2026
Q2 2026 Platform Revenue	Reported	132.50 Mil	133.25 Mil	134.00 Mil	7.9%		Higher New	Guidance: 123.55 Mil for Q1 2026
Q2 2026 Adjusted EBITDA	Reported	-4.00 Mil	-3.50 Mil	-3.00 Mil	-50.0%		Higher New	Guidance: -7.00 Mil for Q1 2026
Q2 2026 Adjusted EBITDA Margin	Reported	-3.0%	-2.6%	-2.2%
Q4 2026 Adjusted EBITDA	Reported	0
2026 YoY Growth %	Reported	26.0%	26.3%	26.6%		1.0%	Raised	Guidance: 25.25% for 2026
2026 Platform Revenue	Reported	547.00 Mil	548.50 Mil	550.00 Mil	0.8%		Raised	Guidance: 544.00 Mil for 2026
2026 Adjusted EBITDA	Reported	-12.50 Mil	-10.00 Mil	-7.50 Mil	0.0%		Affirmed	Guidance: -10.00 Mil for 2026
2026 Adjusted EBITDA Margin	Reported	-2.3%	-1.85%	-1.4%

Insider Activity

Updated 8/20/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Peres, Nechemia Jacob		Direct	Buy	8122026	24.74	10,080	249,370	1,002,280	Form
2	Dinur, Arnon		Direct	Buy	8122026	22.31	44,780	998,984	1,120,210	Form
3	Fain, Clara	Chief Financial Officer	Direct	Buy	6162026	14.00	714	9,996	9,157,022	Form
4	Ramot, Daniel	Chief Executive Officer	Direct	Buy	6162026	14.00	3,571	49,994	33,893,398	Form
5	Fain, Clara	Chief Financial Officer	Direct	Buy	6162026	15.00	666	9,990	9,800,385	Form

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Peres, Nechemia Jacob		Direct	Buy	8122026	24.74	10,080	249,370	1,002,280	Form
2	Dinur, Arnon		Direct	Buy	8122026	22.31	44,780	998,984	1,120,210	Form
3	Fain, Clara	Chief Financial Officer	Direct	Buy	6162026	14.00	714	9,996	9,157,022	Form
4	Ramot, Daniel	Chief Executive Officer	Direct	Buy	6162026	14.00	3,571	49,994	33,893,398	Form
5	Fain, Clara	Chief Financial Officer	Direct	Buy	6162026	15.00	666	9,990	9,800,385	Form
6	Ramot, Daniel	Chief Executive Officer	Direct	Buy	6162026	14.94	3,333	49,811	36,127,592	Form
7	Peres, Nechemia Jacob		Direct	Buy	6112026	14.70	25,000	367,500	447,380	Form
8	Peres, Nechemia Jacob		Pitango Continuation Fund 2021, LP	Sell	9152025	43.10	48,160	2,075,696	27,409,833	Form
9	Peres, Nechemia Jacob		Pitango Growth Fund I, L.P.	Sell	9152025	43.10	135,339	5,833,111	77,027,415	Form
10	Peres, Nechemia Jacob		Pitango Growth Fund II, L.P.	Sell	9152025	43.10	24,489	1,055,476	13,937,462	Form
11	Peres, Nechemia Jacob		Pitango Growth Principals Fund I, L.P.	Sell	9152025	43.10	2,717	117,103	1,545,997	Form
12	Peres, Nechemia Jacob		Pitango Growth Principals Fund II, L.P.	Sell	9152025	43.10	580	24,998	330,275	Form
13	Peres, Nechemia Jacob		Pitango Principals Continuation Fund 2021, LP	Sell	9152025	43.10	486	20,947	276,918	Form
14	Peres, Nechemia Jacob		Pitango Venture Capital Fund VI, L.P.	Sell	9152025	43.10	153,444	6,613,436	87,332,237	Form
15	Peres, Nechemia Jacob		Pitango Venture Capital Fund VI-A, L.P.	Sell	9152025	43.10	19,768	852,001	11,250,479	Form
16	Peres, Nechemia Jacob		Pitango Venture Capital Principals Fund VI, L.P.	Sell	9152025	43.10	3,662	157,832	2,083,626	Form
17	Abrams, Erin	Chief Legal Officer	Direct	Sell	9152025	43.10	25,000	1,077,500	5,215,703	Form
18	Fain, Clara	Chief Financial Officer	Direct	Sell	9152025	43.10	150,000	6,465,000	27,171,705	Form
19	Ramot, Daniel	Chief Executive Officer	Direct	Sell	9152025	43.10	500,000	21,550,000	104,045,684	Form

Investor Activity (13F)

Updated Nov 1, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Exor N.V.	$211.8 Mil	3.9%	3	Hold	13F
Koch, Inc.	$25.5 Mil	2.8%	8	Hold	13F

Active Manager

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
SC US (TTGP), LTD.	$12.2 Mil	0.1%	34	Exited	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Exor N.V.	$211.8 Mil	3.9%	3	Hold	13F
Koch, Inc.	$25.5 Mil	2.8%	8	Hold	13F

VIA Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Supporting Evidence:

Key KPI Watchlist

KPI	Status	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing VIA?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What VIA Makes & Who Pays

TTM figures based on

VIA Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Via Transportation — Investor Video Playlist

Products & Services

Cities are running transit on 3 disconnected systems. There's a better way.

Via · 2026-07-29

Products & Services

What "accessible transit" actually has to mean 👇 #microtransit #publictransportation

Via · 2026-07-27

Products & Services

Why your local bus is always empty 🚌 #transit #publictransportation #microtransit

Via · 2026-06-25

Leadership

Why Public Transit Is Broken — And How Via Is Fixing It | Inside the Ice House

Via · 2026-06-25

Products & Services

Bringing First/Last Mile to the Community (with Seth Hoffman) | Inside City Hall, Ep.2

Via · 2026-04-09

Products & Services

Via transforms paratransit in partnership with Trinity Metro

Via · 2025-06-12

Industry Resources

Information Technology Resources

TechCrunch

Wired

CIO

MIT Technology Review

Gartner Insights

Ars Technica

Application Software Resources

Capterra

Software Advice

InfoWorld

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 10/31/2026

Via Transportation (VIA)

Market Price (11/1/2026): $35.98 | Market Cap: $2.9 BilSector: Information Technology | Industry: Application Software

Via Transportation (VIA)

Market Price (11/1/2026): $35.98Market Cap: $2.9 BilSector: Information TechnologyIndustry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

VIA in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Via Transportation (VIA)

Interactive Breakdown

Better Bets vs. Via Transportation (VIA)

Peer Outperformance in Application Software

Latest Trefis Analyses

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Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

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FDIC Bank Data

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FDA Approved Drugs Data

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Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

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Earnings Returns History

SEC Filings

Recent Forward Guidance

Insider Activity

Investor Activity (13F)

VIA Trade Sentinel

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CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

Market Price (11/1/2026): $35.98
Market Cap: $2.9 Bil
Sector: Information Technology
Industry: Application Software