Via: No Progress As Growth Slows And Lockup Expiration Approaches
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Gary Alexander33.04K FollowersFollow5ShareSavePlay(9min)CommentsSummaryVia Transportation remains a "Sell" despite its post-IPO price halving and seemingly attractive valuation multiples.VIA's low ~40% gross margins, driven by custom builds for public sector clients, justify discounted multiples versus software peers.Over-reliance on public funding and limited land-and-expand potential constrain VIA's growth and create risk in choppy budget environments.Persistently negative adjusted EBITDA margins and an upcoming IPO lockup expiration further undermine the investment case for VIA. Luis Alvarez/DigitalVision via Getty Images With the stock market having rallied in 2025, many private companies took the leap to complete their IPOs in 2025. But though splashy debuts abounded last year, few stocks have managed to sustain their IPO highs. Via Transportation (VIAThis article was written byGary Alexander33.04K FollowersFollowWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a regular contributor on Seeking Alpha since 2017. He has been quoted in many web publications and his articles are syndicated to company pages in popular trading apps like Robinhood.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.