管理層發言
Good morning, and welcome, everyone, to Via's Second Quarter 2026 Earnings Call. I'm Noah Silver, Via's Head of Investor Relations and Corporate Development. With me today are Daniel Ramot, Via's Co-Founder and CEO; and Clara Fain, Via's Chief Financial Officer. During today's call, Daniel will review our second quarter 2026 business update before handing it off to Clara to discuss financial results and our guidance for the rest of the year. We will then open the call to Q&A. In addition to prepared remarks on this call, additional information can be found in our investor presentation, press release and SEC filings on our Investor Relations website at investors.ridewithvia.com. Before we get started, we want to draw your attention to the safe harbor statement included in our press release and investor presentation. Items we discuss today will include forward-looking statements about topics, including, but not limited to, our future financial performance, projections and management's plans and objectives for future operations. Actual results may differ materially from those presented in the forward-looking statements and are subject to risks and uncertainties described more fully in our SEC filings, including our quarterly report on Form 10-Q. Any forward-looking statements that we make on this call are based on assumptions as of today, August 6, 2026. Unless required by law, we undertake no obligation to update or revise these statements as a result of new information or future events. We would also like to point out that our discussion today will include certain non-GAAP financial measures in addition to, not as a substitute for financial measures calculated in accordance with generally accepted accounting principles. Definitions of these non-GAAP financial measures, along with reconciliations of non-GAAP to GAAP financial measures are provided in our press release and our investor presentation. And now I'll hand it over to Daniel.
Thanks, Noah, and thank you, everyone, for joining us today. We're delighted to report another outstanding quarter for Via. In Q2, our revenue grew 27% year-over-year to $136 million. The number of customers on our platform grew to 847, up 23% year-over-year. Q2 adjusted EBITDA was negative $3.4 million and adjusted net loss per share was negative $0.01, a major step towards our target of Q4 adjusted EBITDA profitability. Furthermore, our pipeline doubled year-over-year for the second quarter in a row, laying the foundation for accelerating revenue growth in the coming quarters. The public transit market is at a moment of inflection, and Via is perfectly positioned to capitalize on the moment and capture this enormous market. The need for transit has never been greater. For many households, the rising cost of car ownership has become untenable. Aging populations are increasingly dependent on transit for their mobility. In the United States, our transportation infrastructure is falling further behind that of our economic peers. Nearly 40% of roads in the country are graded as being in poor or mediocre condition. At the same time, public transit budgets are not growing fast enough. There is tremendous demand for transit, but also powerful pressure to provide it ever more efficiently. There is a growing recognition that America can no longer afford the status quo. Historically, transportation investment has been measured by inputs, such as dollars spent, miles of track built, buses deployed rather than outcomes. That accountability gap is real and has seeded legitimate skepticism about the value of public transit spending. But today, the technology exists to build public transit systems that are not only smart, data-driven and efficient, but also deliver outcomes that can be clearly measured and tracked. AI is accelerating that development, allowing for the creation of systems that work proactively to optimize the delivery of transportation. Via is leading the charge to build efficient outcomes-based public transit. We are both the catalyst of this transit revolution and the ones powering it at scale. We have achieved this position through relentless focus on the execution of a simple strategy, to build the world's most intelligent and most complete end-to-end platform for public transit. At the core of our platform is our purpose-built AI-powered software, which leverages proprietary data and expertise we've amassed over more than a decade. And while we have built the most advanced software platform for public transit, we are not solely a software company. We offer a full stack transit solution with a broad suite of technology-enabled services that allow us to directly participate in the delivery of transit services to end customers. Importantly, our software is embedded in every aspect of our services, driving significant efficiency over legacy transit providers who make limited use of technology in their operations. And our services create a powerful data feedback loop that supports continuous improvement of our software and AI models. Via's rapid and durable revenue growth is a testament to the success of our strategy. As we look ahead to the second half of the year and to 2027, we're encouraged by the fact that our pipeline doubled year-over-year for the second quarter in a row. Our pipeline is measured in growth annual contract value. This is the annual contract value of opportunities with both new and existing customers that is incremental to our current revenue. The rapid expansion of our pipeline is a strong indication that we're just getting started on unlocking our huge market and that we have an exciting opportunity to accelerate revenue growth in the coming quarters. A significant portion of our pipeline growth is driven by network opportunities, where we leverage our end-to-end platform to take over entire transit networks. Network deals are incredibly energizing for our team as they allow us to drive greatly improved outcomes for customers. In Q2, we continue to see strong progress with network deals at all stages of the pipeline, and these deals continue to represent the key opportunity for growth for the company. For example, a city in Alabama that started with Via's microtransit solution is now leveraging our full network solution to completely transform their entire transit system. Prior to Via, the city's transit network ran on a piecemeal system of legacy software, making it difficult for agency staff to perform their jobs and providing a lack of visibility into performance. A combination of driver staffing shortages and lack of transparency led to 20% of scheduled buses failing to run as planned. For residents across much of the city, fewer than one sixth of the city's jobs were reachable by transit in an hour or less. Now leveraging Via technology, the city was able to digitize and automate driver recruitment, vetting and onboarding processes, reducing the costs associated with workforce management and closing the staffing shortages. A redesign of the entire network is rolling out that for the same annual budget will extend transit access to 20% of the city's population that previously had no transit access at all, connecting residents to vital economic, health care and educational opportunities. I also could not be more excited by the growth of our schools vertical. In Q3 2025, our first quarter as a public company, we identified school transit as a vertical that we believe had tremendous opportunity for growth. Now as we approach the new school year, we're seeing a large number of new projects slated to launch this summer and fall. Our schools product is primarily focused on providing alternative transportation services. These programs transport students who are poorly served by traditional yellow school buses, students in foster or shelter housing, students with complex custody arrangements and students with disabilities. For a school district in the Midwest that implemented Via student transit solution, the results were transformative. While we may take it for granted that we can track our pizza from the moment it leaves the oven, for the parents and caregivers who rely on these programs, there was previously no way to track pickups, drop-offs or view their child's upcoming ride schedule. For the district, the ability to monitor these trips and ensure reliable on-time performance has completely transformed their ability to guarantee students arrive at school safely, on time and ready to focus on learning. AI is at the core of our strategy and is transforming our business. We are embedding AI throughout our platform to deliver better outcomes for our customers. We are deploying new AI-native products at an accelerating pace from our voice AI system, which now automates passenger calls in dozens of cities to AI-powered dispatch, planning copilots and proactive network optimization. These products drive immediate ROI for our customers and increase the stickiness of our platform. We are also leveraging AI to drive internal efficiency. With 95% of our code now written by and with AI, our engineering team is able to ship new features and products at a pace we could not have imagined two years ago. AI is also accelerating our operations from how we respond to RFPs to how we manage fleets and dispatch rides. These efficiencies are directly contributing to our operating leverage and our path to profitability. Lastly, but certainly not least, we're delighted to report we've successfully launched our first projects with AI Labs. The power of Via's platform is in the ability to intelligently join troves of local disparate and in many cases, analog data sources scattered across different verticals and leverage AI to generate actionable insights. We've seen strong demand from our municipal customers for AI solutions that can similarly unlock powerful optimization across the siloed data and cumbersome operational practices of local governments. Our goal is to amplify the capacity and capabilities of the employees who are tasked with performing critical government services, democratizing access to the models and agentic capabilities that are becoming ubiquitous while ensuring that critical government data remains protected. The AI Labs projects we've launched range from agentic workflows to informed citation decisions to snow removal optimization to automated permitting. One customer was able to reduce the manual time spent on the processing of public records requests by 92% with the agentic solution developed by our AI Labs engineers. We're incredibly excited about the potential for AI Labs as we scale it across cities and government functions. And with that, I'll pass it over to Clara to review the financial highlights for the quarter and our guidance for the year.
Thank you, Daniel. I'm happy to report that Q2 was another very strong quarter for revenue and profitability. This is our fourth quarter as a public company. And for the fourth consecutive quarter, we demonstrated our commitment to consistent execution and durable growth. Over the past quarter, we not only achieved robust revenue growth and record pipeline, we also continue to make significant progress on our path to profitability with adjusted net loss under $1 million or about $0.01 per share. Let's start with the top line. In Q2 2026, our annual run rate revenue, which is defined as our quarterly revenue multiplied by 4, was $543 million, representing a year-over-year increase of 27%. Our growth was once again fueled by strong momentum in the United States, which represents 76% of our total revenue and where revenue was up 35% year-over-year. Pipeline continued to grow very rapidly and surpassed $700 million in gross annual contract value. We closed the quarter with 847 customers, representing a year-over-year increase of 23%. We continue to benefit from flywheel effects where the success of existing customers drives referenceability and allows us to rapidly grow revenue without a corresponding increase in sales and marketing investment. We continue to benefit from flywheel effects where the success of existing customers drives referenceability and allows us to rapidly grow revenue without a corresponding increase in sales and marketing investment. Our largest customers continue to drive strong growth. We ended the quarter with 114 customers with annual run rate revenue over $1 million, a 36% year-over-year growth. This growth in large customers contributed to higher annualized revenue per customer, which now stands at $641,000, its highest point in Via's history. Our significant momentum with network opportunities gives us confidence in our ability to continue growing our base of large customers. Now let's dive into our margins and expenses presented on an adjusted basis. Our adjusted gross margin was 41% this quarter, up from 40% in Q2 2025, thanks to a more favorable revenue mix. In particular, non-subscription revenue came in at the high end of our typical range and contributed favorably to the higher gross margin. We expect gross margin in Q3 to be more consistent with prior quarters and non-subscription revenue to revert to a lower level within our typical range. In Q2 2026, we spent 13% of our revenue on sales and marketing compared to 14% in Q2 2025. We continue to benefit from flywheel effects and AI-driven initiatives that are enabling sales and yielding measurable efficiency gains. We also spent 15% of revenue on G&A, which was consistent year-over-year. R&D expenses represented 16% of revenue compared to 20% in Q2 2025, demonstrating effective leverage in the business despite the continued strength of the Israeli shekel, which is the currency of our largest R&D center. The shekel had a negative impact of approximately $2.2 million on adjusted R&D expenses when compared to Q2 2025. We wrapped up Q2 2026 with a negative 2.5% adjusted EBITDA margin, our narrowest loss on record. This is a meaningful improvement over negative 8.5% in Q2 2025 and demonstrates significant progress on our path to profitability. Finally, our balance sheet remains robust with $336 million of cash and no outstanding debt. It is also worth noting that adjusted net losses per share was on the edge of profitability this quarter at negative $0.01 per share compared to negative $0.72 per share in Q2 2025. Over the past few years, we have been able to drive significant operating leverage while generating rapid revenue growth. Quarterly platform revenue has grown from $53 million in Q1 2023 to $136 million in Q2 2026, while over the same period, non-GAAP quarterly operating expenses grew from $47 million to $60 million. We believe that we can continue to execute with the same level of discipline for the remainder of the year. Now let's turn to guidance. For the third quarter of 2026, we expect revenue to be between $137.6 million and $138.2 million, representing a 25.5% to 26% year-over-year growth. We expect adjusted EBITDA to be between negative $4.5 million and negative $3.5 million. Our Q3 adjusted EBITDA guidance reflects typical seasonal patterns as many of our customers operate at lower volumes during the summer months as well as deliberate investment in launching new network and school transportation customers that we expect to contribute meaningful revenue growth in Q4 and beyond. For the full year 2026, we are raising our revenue guidance to $550 million to $553 million, representing a 26.6% to 27.3% year-over-year growth. We are maintaining our adjusted EBITDA guidance of negative $12.5 million to negative $7.5 million. Additionally, we reiterate our goal to deliver our first quarter of profitability in Q4 2026 with positive adjusted EBITDA, which will be a major milestone for Via. Looking through the end of 2026 and beyond, we feel very good about our trajectory heading into 2027. Our pipeline is at record levels. Our sales team is executing and the pace of launches ramping into next year is paving the way for accelerating our durable growth trajectory. With that, I'd like to thank you all again and turn it back to the operator so we can take some questions.
分析師問答
Your first question comes from the line of Michael Turrin from Wells Fargo.
Nice job with the 2Q results. I think just to start, maybe if you can go back, Daniel, Clara, and maybe just expand on the drivers of pipeline expansion. We certainly appreciate you quantifying pipeline. Just what you're seeing there, how it's evolved since Via became a public company? And maybe just if you could expand around the visibility that gives you the forward growth — if we're thinking about how far into the future some of that near-term engagement could extend and what it means for durability of growth from your perspective, I think that's all useful.
Michael, thanks for the question. I think it's a great question. If I take a step back and look at where we are since we've gone public and what's driving the growth, in particular in the pipeline, I think there are a few factors that as I think about the near term and then looking further out. In the near term, what we're seeing, if you think of, say, today and near-term growth, this is driven by the traditional growth vectors that we have: microtransit, paratransit, planning, all of our usual products. But really, where you're seeing some of this really strong growth that's coming through in the pipeline, this doubling of the pipeline, a lot of that is coming from our increasing ability to sell the entire platform, which we talked about over the last few quarters as well. It is what we're referring to as network opportunities or network deals where we're able to approach agencies and cities with the proposition that we will be able to take over their entire transit network and really transform it in a meaningful way. That's something that we've been working towards for several years — building out the entire product suite of services and, through the sales process, developing the credibility that's so critical because these sales are so dependent on references. As we have put together that program, that's starting to translate into real results. You're seeing that in the pipeline. We're starting to see that come through in the revenue, some of the wins, the network wins that we've been driving. So that's sort of where a lot of the growth is coming from. That's the core of the growth today and tomorrow. As we look a bit further, if we're layering S-curves of growth, I think that's what's driving the current S-curve. The next S-curve is coming from schools in our view. That's where we believe it's coming from — the schools vertical. That's where we have a huge opportunity. We're seeing really nice traction, some new launches coming up. Obviously, it's tied to the school year. So that's going to come up over the summer and in the fall. Very excited about the opportunity there in schools. And then if you look further out, and that's obviously very early stage still, but exciting, we're starting to see some real traction. That's where we're expanding beyond transit and schools into the broader GovTech space with Via AI Labs, starting to sell solutions at the municipal level that span a broad range. And there, we see a remarkable opportunity in the long term.
Just as a follow-up, if I may, Clara, Daniel touched on a little bit with schools, but maybe just also if you could remind us on seasonality, if there's anything to be mindful within some of the key subsegments, specifically on the bigger network decisions or within schools, if there are seasonal buying patterns for us to be mindful of at all?
Thanks, Michael. Yes, that's a good point. There's some seasonality for the school business where the school contracts tend to launch at the end of Q3 in September. So for next quarter, we expect some school adds on the customer count, and that tends to drive a little bit of seasonality on the revenue per customer as they only have one month for the quarter. Other than that, as a whole, we believe that it will continue to help drive growth.
Your next question comes from the line of John DiFucci with Guggenheim Securities.
I think Michael asked, I think, the most important question, but I'm going to expand on it a little bit. So, Daniel, on that pipeline and Clara, to be clear, Daniel, you talked about network deals. I just want to — is that pipeline going to change your mix of product and services? Because as you know, there's a keen eye on your gross margins and the services are lower gross margin. And if you're selling these network deals that are everything, is that going to change your mix going forward and pressure gross margins?
John, thanks for the question. Good to see you. Listen, what we're doing right now is that we are in the process of transforming this legacy industry with our technology and our tech-enabled services, and we're seeing tremendous results with the growth in the pipeline and the growth in the revenue. As of today, we do not see any change in our overall mix that would derail our gross margin plan. We're confident in continuing to be able to execute on our gross margin plan. As a reminder, we laid out a plan to expand our gross margins. Obviously, this quarter was a step in the right direction. The plan relies on launching new solutions that are accretive. So, obviously, the full network solutions can have different margin profiles; some of them are accretive, some of them less so. It really depends on the exact deal. Schools tend to be quite accretive. And of course, AI Labs is very accretive. So I think going forward, there's definitely an opportunity to continue to expand gross margins, and we're very much focused on that.
That's great. That's great to hear, Clara. And I guess on a similar path here, that pipeline increased $50 million sequentially year-over-year doubling. I just want to make sure that's all new ARR. Does that include renewals at all? I think I know the answer to that, but I want to be clear that everybody does.
Yes. To be clear, it does not include renewals. It's all net new ARR, so annual contract value from existing or new customers that is incremental to our current revenue.
And then just one last one on this, a little one. But usually, most companies want to see a one-to-three ratio of pipeline to closed deals. And if I'm right, I think yours is actually typically a higher ratio of close, which is a good thing. And I think that has to do with sort of what we call the intimate relationship you have with your customers. But forget about that for just a second. I just want to make sure that because I know your sales cycle can be up to nine months and then it could be two or three quarters before it's implemented. Is this pipeline typically — is this about a year pipeline? I mean, of course, things can expand out and they can come back in. Because when I look at your rate, when I look at that pipeline relative to what's implied in new ARR coming online this year, it's just — it's a very different ratio. It's like half that. It's like one-to-six versus one-to-three. And of course, numbers are going to go up a little bit after this quarter. It's a nice job on that. But am I thinking about all this right?
I think you're thinking about it right, John. For us, this is a leading indicator of a step function increase in revenue and a potential acceleration of our revenue. We're very excited about it. As you said, we have to execute on it at the right win rate, which we're confident we can do, but that's definitely a leading indicator for acceleration of growth.
Your next question comes from the line of Chris Quintero with Morgan Stanley.
I wanted to ask another question on the pipeline that you called out. Can you remind us again what's the typical conversion timeline from when you sign that — when you have that pipeline to when that actually translates to your contracted revenue?
Chris, we typically see from a sales cycle about 9 to 10 months, as John mentioned, that's pretty typical and has been very consistent for us for quite a long time. And then the implementation on average is two to three months. So you're looking at about a year from when a deal enters our pipeline until typically we start to recognize revenue. Chris, it's worth mentioning that those are the averages, so you have a distribution. Some deals are going to start to contribute revenue sooner and other deals are going to take longer. Those are the averages we're talking about here.
Got it. That's very helpful. And then we saw some regulatory developments over the past few months, the U.S. Conference of Mayors passed the resolution. There was also some funding from the Federal Transit Administration that got approved. So just curious what you're seeing from maybe some of those recent regulatory and government changes in terms of your pipeline and what you're seeing there?
Yes, that's a great question. Our feeling is that the overall climate for public transit continues to be very positive with bipartisan support, certainly in the U.S., with bipartisan support across the country, both at the federal level and at the local level. You're absolutely right that there are some encouraging signs. Certainly, the Conference of Mayors was very encouraging. I think particularly at the mayor level, if you're speaking with mayors, there is real need — affordability is such a huge issue these days politically. And there's a real need for elected officials to show that they are doing things that support affordability. While housing and groceries are certainly key, transportation is often underestimated in how much it contributes to affordability for folks. As that becomes a bigger political issue across the country, especially at the local level, we're seeing transportation elevated in priority and an understanding that we need to put money into affordable means of transportation. Of course, that's a very big positive for us.
Your next question comes from the line of Brad Zelnick with Deutsche Bank.
It's great to hear the update on student transportation. Can you expand more on the incremental TAM that you see here, the pipeline and anatomy of these deals? And just maybe how the funding of these initiatives compares and contrasts with securing funds for transit modernization.
Brad, thanks for the question. I'll try to go through this in order. On the TAM side, we believe the schools opportunity is very large. In the U.S., if you look at the number of buses, there are more school buses than any other kind of bus combined. So from an opportunity size perspective, we feel this is a very large market. Within this opportunity, we're particularly focused at the moment on a specific kind of transportation, which is specialized transportation serving students for whom traditional yellow school buses are not very effective and serve them poorly. That turns out to be a very large opportunity and also quite accretive, as Clara mentioned, to our business. As far as the pipeline, the pipeline looks very strong. We're pretty excited about where this is going. This work requires a very high level of execution, particularly since we're transporting vulnerable populations; the level of execution required is very high. We believe we're in a good position to provide excellent service here and grow that part of the business.
Your next question comes from the line of Brian Peterson with Raymond James.
So, Clara, the RPO number was up a decent amount sequentially. I'd love to understand from your perspective how good of a leading indicator that number is. Any significant drivers in the quarter to call out that drove the sequential increase?
Brian, thanks for the question. The RPO number is an important metric, but for Via it does not fully track the business as most of our contracts get federal funding and then they include a termination for convenience clause that in practice is never utilized, which makes them not includable in this metric. So the RPO metric is trending in the right direction, but it does not reflect the entirety of our book; it is actually a small subset of our book. However, I will say that we are seeing a significant increase in pipeline and had very strong execution from the sales team last quarter, which is giving us high confidence into this year, as you can see in our guidance and the potential acceleration of growth.
And maybe just a follow-up. I know it's been a couple of quarters since Downtowner, but anything you guys would call out in terms of synergies and the ability to cross-sell there?
Yes, that's fully integrated into all the numbers and the operations that we have. We're very pleased with that acquisition. We're continuing to look at M&A very selectively and remain disciplined, but overall, super pleased with the acquisition and its integration.
Your next question comes from the line of Scott Berg with Needham & Company.
I have a couple. One more on the sales pipeline. It's a pretty big number. As you look at the pipeline today, does the mix of deals between new customers and expansions differ maybe from what you've seen over the last 6, 12 or 18 months?
Thanks, Scott. That's a really good question. Historically, growth has been driven with roughly one third from new customers and two thirds from expansion with existing customers. We're continuing to see a similar pattern in the pipeline with maybe a slightly higher weight for new customers. As we continue to land new logos, we are seeing the flywheel impact of our results and the referenceability of the platform, and that's attracting new customers into the pipeline.
Helpful. And then on the AI Labs side, a question I fielded a couple of times this last quarter since you've announced that product: with all the use cases that you're looking at for your customers and your technology to potentially leverage and work with, how many of those projects are relatively repeatable? Are the use cases or the applications you're helping develop customizable software or more off-the-shelf, and how do you think about long-term margins for that model?
Scott, thanks. What we're seeing at the moment is extremely exciting, though it's still early. There is a broad range of applications and we can deliver them quickly and efficiently. We're building them in a way to create a platform that's agentic — you can take one application and the platform and deploy it to another city very quickly and have it adapt to that operating environment and the requirements of that city. We believe that once we build a specific application, the initial indications on how quickly you can scale that across cities are very good.
Your next question comes from the line of Jonathan Ho with William Blair.
Congratulations on the strong results. One thing I wanted to better understand is how should we think about the average ARR uplift provided by network solutions relative to some of these more piecemeal type deals? And does this maybe put you into competition with a different group of vendors out there?
Jonathan, yes, what we're seeing — you can see it in the revenue per customer — revenue per customer is trending up. In our pipeline, the large whole network opportunities are definitely quite large. As we disclosed last quarter, we had four opportunities totaling about $40 million, so about $10 million each on average. Those tend to be multimillion-dollar deals, over $1 million, and they drive up revenue per customer. As we continue to execute, we hope to get to an average of $1 million per customer, which is an internal target we're focused on. On the competitive landscape, nothing has changed from what we shared before. There are three types of competitors: some new innovative tech-forward companies, some legacy software companies with a lot of market share, and then the transit operators. They sometimes partner with one another for whole network opportunities, and we tend to displace or disrupt those arrangements.
That makes a ton of sense. Daniel, in your prepared remarks, you referenced some pressure on transit agency budgets, which is causing them to look for more efficient solutions. Can you talk a bit more about this pressure dynamic? Does it end up being a double-edged sword if it pressures existing projects as well? Just want to get more clarity around how to think about that.
Thanks, Jon. I think that's an important point. Overall, if you look at public transit budgets, there hasn't been a major change versus historical patterns; budgets are still growing fairly slowly at low-single-digit percent year-over-year overall. You have local dynamics where budgets may be under more pressure in some areas and growing faster in others. What we are seeing is much more focus on outcomes: what these systems are delivering, where taxpayer money is going, and whether it's having the impact expected. You're seeing populations aging, which increases demand for paratransit — those are expensive services — and that can create pressure on available budgets for general public transportation. There is also a real desire to address affordability from elected officials, which is pushing them to rethink what they're providing. All of this combines into what I refer to as the beginning of a public transit revolution. We are well positioned to help solve this problem where budgets exist but there's strong focus on efficiency, accountability, and measurable results, and we believe Via is uniquely positioned to tackle that.
Your next question comes from the line of Alex Zukin with Wolfe Research.
Sorry, I apologize if this question was asked — I jumped on a little late. But maybe can you guys talk about — was there anything that pushed any deals? I think the pipeline commentary is fantastic, but anything about linearity in the quarter relative to previous periods? And then I've got a quick follow-up for Clara.
This quarter was exactly as we previewed last quarter, Alex — very strong. We continue to see really strong growth in the U.S., up 35% year-over-year. The U.K. and the rest of Europe are also doing extremely well. So nothing new there. We are raising the guidance for the year considering the pipeline and consistent execution.
Perfect. And Clara, nice to see gross profit dollar acceleration and better gross margins this quarter. Maybe help us on the shape of that for the second half of the year. Was there anything one-time in nature from a mix perspective that drove that? Anything we should bear in mind for the second half?
Great question. Overall, we're pleased with the progress on gross margin; it's a step in the right direction. The improvement was driven by a more favorable revenue mix with slightly higher one-time revenue. We expect that to revert to a slightly lower level next quarter. But overall, we remain committed to expanding our gross margin and view this quarter as positive progress.
Your final question comes from the line of Patrick Walravens with Citizens.
Great. This is Kincaid on for Pat. Daniel, Clara, congratulations on four quarters public at this point. I just wanted to ask, how has being public changed the business and how you operate? And what opportunities has it brought or taken away?
First of all, it's been really fun. As we expected and previewed at the IPO, being public has given us credibility in the market we operate in. It has been helpful when selling to risk-averse customers who want to know that they're buying from a company that will be around for a long time and that has financial stability. That position as a public company has been particularly helpful as we pursue larger opportunities where we could be the sole vendor providing an entire public transit network. Customers want to know they have a reliable partner on the other side of that deal, and being a public company has helped with that.
Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.