What Via Transportation, Inc. told the SEC could break it.

Over 90% of Via's revenue comes from cities and government transit agencies (and resellers to them); growth depends on continued procurement of government contracts, concentrating revenue in public-sector budgets.

“cities and government agencies (including resellers to these entities) accounted for over 90% of our total revenues for each of the years ended December 31, 2025 and 2024. We believe that the success and growth of our business will continue to depend on our successful procurement of government contracts.”

Via concentrates engineering, R&D and product development in Israel (250+ employees, mostly Tel Aviv); the ongoing war and large-scale military-reservist call-ups create operational risk to that core development workforce.

“we have over 250 employees in Israel, mostly located in Tel Aviv, who primarily support the engineering, research and development and product development functions. In connection with the war, several hundred thousand Israeli military reservists were drafted to perform immediate military service”

Because Via's customers depend on federal transit funding, executive-order pauses on IRA/IIJA disbursements and broader government-spending evaluations in the transportation sector could reduce the budgets that fund Via's contracts.

“the Trump Administration has issued executive orders which, among other things, pause disbursement of funds appropriated through the Inflation Reduction Act and Infrastructure Investment and Jobs Act. Further, the Trump Administration has stated its intent to evaluate overall government spending, including in the transportation space.”