Via Transportation (VIA)

Bleecker Street Research published an update on Via Transportation (NYSE: VIA — $1.35 billion), a public transit technology company. Bleecker Street highlighted the company’s negative organic growth and upcoming stock lock-up expiration. In December 2025, Bleecker Street called Via “a low-margin services contractor in a brutal industry masquerading as a SaaS company” and highlighted that almost all the company’s revenue “is tied to service hours, driver hours, and vehicle utilization - not software licenses.”