REVENUE

Contract Balances—The Company’s contract liabilities consist of deferred revenue. Deferred revenue includes amounts received from customers, but not recognized as revenue as service has not yet been rendered.

For the years ended December 31, 2025, 2024 and 2023, the Company recognized revenues of $20.6 million, $20.4 million and $9.5 million, that were included in deferred revenue as of December 31, 2024, 2023 and 2022, respectively.

For the year ended December 31, 2025, the amount of revenue recognized in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods was immaterial.

Remaining Performance Obligations as of December 31, 2025, were $294.4 million, of which approximately 60% and 27% is expected to be recognized as revenue in the years ended December 31, 2026 and 2027, respectively, and the remainder thereafter.

The Company had no material obligations related to refunds or warranties as of December 31, 2025.

Revenue by Geography—Revenue by geography is based on where the service was provided. The following table sets forth revenue by geographic area for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Revenue by geographic area:
United States	$	309,663	$	221,003	$	167,558
Germany	83,530		78,527		43,815
All other countries	41,144		38,100		37,481
Total	$	434,337	$	337,630	$	248,854

With the exception of the United States and Germany, no country had revenue in any period presented greater than 10% of total consolidated revenue.

Revenue by Customer Type—The following table sets forth revenue disaggregated by end-customer type between government entities (which include cities, transit agencies, and school districts) and commercial entities for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Revenue by customer type:
Government	$	406,425	$	311,039	$	222,266
Commercial	27,912		26,591		26,588
Total	$	434,337	$	337,630	$	248,854

The Company had no customers that accounted for greater than 10% of consolidated revenue in the years ended December 31, 2025, 2024 and 2023.

Capitalized Commissions—As of December 31, 2025 and 2024, capitalized commissions of $0.8 million and $0.9 million, respectively, are included in prepaid expenses and other current assets in the consolidated balance sheets. As of December 31, 2025 and 2024, the noncurrent portion of capitalized commissions of $0.7 million and $0.9 million, respectively, is included in other noncurrent assets in the consolidated balance sheets. Amortization of sales commission expenses included in sales and marketing was $3.0 million, $2.7 million and $3.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Via Transportation, Inc. Revenue Disclosure

About Revenue Disclosures

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