VERRA MOBILITY Corp

Verra Mobility Corporation reported a net loss of $(48.178) million for the second quarter of 2026, a significant decline from a net income of $38.575 million in the prior year. This loss was primarily driven by $104.391 million in goodwill and intangible asset impairment charges, triggered by a sustained decline in share price, loss of a significant customer, and executive leadership changes. The company also noted materially less favorable contract extensions with two significant Commercial Services customers. Total revenue for the quarter increased to $263.591 million.

Verra Mobility Corporation announced its second quarter 2026 financial results, reporting a total revenue of $263.6 million, a 12% increase year-over-year. Despite revenue growth, the company posted a net loss of $(48.2) million, primarily due to $64.0 million in goodwill impairment and $40.4 million in intangible asset impairment. The company also secured 7-year and 5-year contract extensions with Avis Budget Group and Hertz, respectively, and revised its full-year 2026 guidance. Jon Keyser was appointed Interim President and CEO during the quarter.

Verra Mobility Corporation announced it has reached an agreement with Avis Budget Group on the key commercial terms for a new seven-year tolling and violations services contract. While the parties are still finalizing operational terms, the new agreement is expected to be materially less favorable financially for Verra Mobility compared to their prior contract. This redefined commercial relationship will also give Avis Budget Group the option to selectively perform certain activities internally, extending a nearly two-decade partnership.

Verra Mobility Corporation announced the appointment of Stacey Moser as its new Chief Customer Officer, effective immediately. In this role, Ms. Moser will lead sales, account management, and marketing across the Commercial Services and Government Solutions segments. The company also approved equity awards totaling $500,000 in restricted stock units and a $500,000 cash retention award for Ms. Moser, vesting in two equal annual installments. These changes are part of broader organizational restructuring aimed at accelerating transformation and enhancing customer focus. Additionally, Jon Baldwin, Executive Vice President of Government Solutions, will depart the company on July 9, 2026.

Verra Mobility Corporation announced that Jonathan Baldwin, Executive Vice President of Government Solutions, will depart from the company on July 9, 2026. Mr. Baldwin is expected to remain in his current role until his departure. In connection with his separation, he will receive severance benefits as per his employment agreement, contingent upon his execution of a general release of claims.

Verra Mobility Corporation's Board of Directors formed a Transformation Committee on June 5, 2026. This committee is tasked with overseeing a transformation initiative designed to better position the company for long-term growth. Its responsibilities include supporting management in reviewing business and financial strategies, optimizing cost structure, identifying growth opportunities, and advising on capital allocation and expenditure plans. The committee comprises Raj Ratnakar (chairperson), Douglas Davis, and John Rexford.

Verra Mobility Corporation announced a leadership transition, appointing Jon Keyser as Interim President and Chief Executive Officer, effective May 31, 2026. This follows the departure of David Roberts, who stepped down as President and CEO and resigned from the Board on the same date. The Board stated the change is needed to realign the company's cost structure and position it for future success, and has initiated a search for a permanent CEO. In connection with his appointment, Mr. Keyser's compensation was adjusted, including an increased base salary, target bonus, and significant one-time equity and cash retention awards.

Verra Mobility Corporation announced it received a termination notice from Avis Budget Group, Inc. for their contract, effective September 2026. Avis Budget was a significant Commercial Services customer, accounting for over 10% of Verra Mobility's total revenue in Q1 2026 and FY 2025. As a result, Verra Mobility has revised its full-year 2026 financial guidance downwards and is taking immediate actions to reduce costs and adapt operations. The company also stated its intent to protect its contractual rights and business interests.

Verra Mobility reported a slight increase in total revenue to $223.6 million for Q1 2026, up from $223.3 million in Q1 2025. However, net income decreased to $26.7 million ($0.17 diluted EPS) compared to $32.3 million ($0.20 diluted EPS) in the prior year. The company also saw a significant increase in share repurchases to $50.7 million and an increase in total debt, while credit loss expense decreased.

Verra Mobility announced its first quarter 2026 financial results, reporting a slight revenue increase to $223.6 million, up 0.1% year-over-year. However, net income decreased to $26.7 million, or $0.17 diluted EPS, compared to $32.3 million, or $0.20 diluted EPS, in the prior year. The company reaffirmed its full-year 2026 guidance for total revenue, Adjusted EBITDA, Adjusted EPS, and Free Cash Flow, and repurchased $50.2 million in shares during the quarter.