Shares dropped 21.4% following earnings as investors reacted negatively to a cautious outlook and indications of margin pressure despite year-over-year revenue growth and customer expansion.

• Revenue increased 29% year-over-year to $127 million, surpassing the $0.5 billion run-rate milestone.
• Customer count grew 23% year-over-year to 838, reflecting ongoing platform adoption.
• Adjusted EBITDA margin remained negative at -4.6%, highlighting continued margin compression and distance from profitability.
• The company emphasized pipeline growth with a record $650 million in opportunities but flagged intensified competition and market challenges impacting outlook.
• Recent wins in full transit network management suggest potential but have yet to translate into meaningful margin improvement or commercial scale.