I was running my usual strong balance sheet stock screen for sub NTAV and net-nets lately and came across a company I found worth researching. They had a great recent quarter. They raised full year revenue guidance and are targeting more margin improvement. Via Transportation (VIA) is sort of like Uber but for larger commercial transit. They have been around since 2012. They build software that powers highly efficient operations that enable its customers to transform their legacy transportation systems into smart, data-driven, technology-enabled networks. They are a hybrid transit-tech company. They do cloud software and tech-enabled transit operations. It has nice SaaS-like recurring contracts, but it often performs or coordinates labor-intensive real-world services for its customers.They are using AI. Via allows its customers like cities, transit agencies, transport operators, school districts, universities, and corporations to manage public transportation. Via offers solutions for end-to-end transit networks, transit planning and scheduling, microtransit, paratransit, school bus transportation and integrated trip planning. Financial PictureThe majority of revenue is from recurring contracts which is very attractive. Revenue has grown right around 30% year over year the last couple years. Gross margins of around 40% have been maintained. They see revenue growth allowing for positive EBITDA with current gross margins. They do carry some operating costs and don’t have the gross margin of a pure SaaS. That’s the only potential near-term bear case I see with this type of strong revenue growth. They have proven consistent improvement in EBITDA though. EBIDTA loss was -$14 mil in Q3 2024 and last quarter had improvement to -$5.8 mil and next quarter they are targeting -$3 to -$4 mil. Last quarter, they re-iterated the goal to deliver the first quarter of profitability in Q4 2026 with positive adjusted EBITDA.I’m going to look into this stock more through conference calls and SEC filings, and I am going to share more research. When a company finally achieves profitability, it is very often a big catalyst for the stock price. The price to sales multiple looks somewhat attractive here at 3x sales with the new $500 mil revenue run rate. I’d prefer a 1-2x multiple ideally. Relative to industry peers, it may be cheap. I haven’t dug into it yet. It’s not pure SaaS so the comparison might be a little murky. A 1-2x multiple may not come if they hit the numbers though. Full Disclosure: no position in VIA