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LOS ANGELES - On-demand transit solutions provider RideCo responded Monday to recent court rulings in its ongoing patent litigation with Via Transportation, Inc. (NYSE:VIA), a $3.99 billion market cap company that generated $380.77 million in revenue over the last twelve months. According to InvestingPro data, Via currently maintains a Fair financial health rating.
The company acknowledged the post-trial rulings issued Tuesday as intermediate steps in the District Court proceedings, stating it plans to pursue a full review by the Federal Circuit Court of Appeals. While Via maintains strong liquidity with a current ratio of 2.1, InvestingPro analysis indicates the company is not yet profitable, with significant operating losses in the last twelve months.
According to RideCo, Via’s damages claim has been reduced by more than 85% during the legal proceedings, with one asserted patent invalidated and the scope of Via’s remaining patents substantially narrowed.
The company emphasized that the litigation affects only a small segment of its microtransit business and does not impact its paratransit operations or other microtransit use-cases, which it says represent the majority of its overall business.
RideCo stated it has already removed the specific feature that was central to Via’s infringement claims at trial, with no impact to customers. The company plans to release an additional design change in the coming weeks that it says will eliminate additional functionality alleged to infringe. For deeper insights into Via’s financial position and additional ProTips, investors can access comprehensive analysis through InvestingPro.
"We are confident in our legal positions on appeal, and it is business as usual at RideCo," said Prem Gururajan, RideCo’s CEO, in the press release.
RideCo provides on-demand transit technology to several major U.S. cities, including Philadelphia and Houston. The company has been awarded five U.S. patents for its transit technology.
In other recent news, Via Transportation has announced the pricing of its initial public offering at $46.00 per share. The company is offering 7,142,857 shares of Class A common stock, with additional shares being offered by selling stockholders. This IPO marks a significant milestone as the shares are set to begin trading on the New York Stock Exchange. In a separate development, Via has been awarded a 10% ongoing royalty on RideCo’s U.S. sales of products that allegedly infringe on Via’s patents. This court ruling includes supplemental damages based on a previously established royalty rate for pretrial infringement. Additionally, Via and Waymo have partnered to integrate autonomous vehicles into public transit networks. Chandler, Arizona, will be the first city to implement this framework, incorporating Waymo vehicles into its Chandler Flex microtransit service. These developments highlight Via’s strategic moves in both legal and technological arenas.
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