VIA

Via is a recurring-revenue software business growing fast and trading cheaply. Revenue has compounded $249M → $338M → $434M (+28.6% in FY2025) with 97% of it from multi-year, volume-based subscription contracts — the kind of sticky, predictable base the MD&A's 'flywheel' and regional-network-effect language is built on. Gross profit grew faster than revenue (+31.3%, margin 39.6%) and the operating loss narrowed 8.7% to -$76.6M even as revenue scaled, evidence of genuine operating leverage rather than growth-at-any-cost. At a $615M market cap that is just 1.4x sales — a discount valuation for a ~28% grower with improving unit economics.

The balance sheet is the clincher. The September 2025 IPO left $371M of cash (up 376%) against only $105M of total liabilities and $628M of equity (L/E 0.17x). With operating cash burn of just -$30.9M and improving 55.9%, that is well over a decade of runway — this company does not face the financing or dilution pressure that usually caps unprofitable names. Management can fund the R&D ($92.4M) and go-to-market investment it flags without a near-term capital raise.