NASDAQ: VRRM

We have long-standing relationships with, among others, the three largest RACs in the United States, Avis Budget Group, Enterprise Mobility, and The Hertz Corporation. We also have relationships with key European RACs and leading FMCs in the United States. Through our established relationships with more than 50 individual tolling authorities throughout the United States, we provide an automated and outsourced administrative solution for our customers while also providing convenience for vehicle drivers and benefits to tolling and issuing authorities. Toll management solutions accounted for approximately 39% of our 2025 total revenues.

Our violations management solution processes violations incurred by the drivers of RAC, Direct Fleet, and FMC vehicles by working with domestic violation-issuing authorities to pay fines on behalf of vehicle owners, for which we are able to bill individual drivers or transfer liability directly to vehicle drivers. Vehicle-issued violations include parking and photo enforcement violations. In Europe, we specialize in the identification, notification, and collection of unpaid traffic, parking, and public transport-related fees, charges, and penalties issued to foreign-registered vehicles and individuals on behalf of issuing authorities in 20 European countries, as of December 31, 2025. Violation management solutions accounted for approximately 4% of our 2025 total revenues.

Our title and registration solutions provide RAC, Direct Fleet, and FMC customers with an integrated, end-to-end solution for managing vehicle title, registration, and annual renewals. We provide automated title and registration solutions by working with individual departments of motor vehicles in 17 states, as of December 31, 2025. Title and registration solutions accounted for approximately 2% of our 2025 total revenues.

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Government Solutions

Our Government Solutions segment generated approximately $460.7 million in revenue for 2025, or approximately 47% of our 2025 total revenue. Our Government Solutions segment provides photo enforcement automated safety solutions to states, municipalities, counties, school districts, and law enforcement agencies of all sizes, primarily in the United States, Canada, and Australia. These programs are designed to reduce traffic violations and resulting collisions, injuries, and fatalities. Our proprietary technologies are designed to provide government agencies with the information, data, and automated end-to-end administrative capabilities to enforce traffic violations through photo enforcement. We install, maintain, and manage hardware and software automated safety solutions to process event data, apply customer-specific rules, and connect traffic violations to responsible drivers or vehicle owners on behalf of our customers. We also offer an end-to-end solution, in which we automatically send captured events to our customer’s designated enforcement agency, and, once a violation is confirmed, we manage citation mailing, billing, and other administrative tasks on behalf of the customer.

In the United States, we provide government agencies with road safety cameras to detect and process traffic violations for red-light, speed, school bus, and city bus lanes. For many international customers, we design, engineer, and maintain roadside photo enforcement technology, including both hardware and software, which is sold or licensed to government agencies and often maintained with maintenance contracts to support the technology. Service revenue from speed, red-light, school bus cameras, and city bus lane cameras typically have initial terms of three to five years with renewal options and accounted for approximately 42% of our 2025 total revenues. Product sales to customers are not recurring and are dependent on our customers’ needs, and account for approximately 5% of total revenue for 2025.

Parking Solutions

Our Parking Solutions segment generated approximately $82.6 million in revenue for 2025, or approximately 8% of our 2025 total revenue. Parking Solutions provides end-to-end commercial parking management solutions to approximately 1,775 customers in the university, municipal, healthcare, and commercial operator markets, as of December 31, 2025. Our proprietary software, transaction processing, and hardware technologies provide customers with solutions to manage and monetize parking and enforcement operations. In 2025, we processed approximately 180 million transactions using our various parking solutions systems, including parking access and revenue control (“PARC”), single- and multi-space pay stations, integrated physical and mobile payments, back-office parking rate management, permit issuance and management, online citation payment, event parking, and back-office management of violations.

Markets and Competition

The primary sectors in which we operate are automated safety, tolling, commercial fleet management, and parking. We face competition in each of the sectors in which we operate, but there is no single company that provides a similarly broad suite of solutions and competes across all of our business segments. However, the markets for our solutions are increasingly competitive, rapidly evolving, and fragmented, and are subject to changing technology, shifting customer needs, contract renewals, and new laws and policies. A number of sector participants develop and market products and services that compete to varying extents with our offerings, and we expect this competition to intensify. The rapid rate of technological change in our industry could increase the likelihood that we will face competition from new products or services designed by companies with whom we do not currently compete. This includes advancements in self-driving cars, which may significantly reduce the frequency of vehicles illegally running red lights, exceeding posted speed limits, or committing other violations. Moreover, we face competition from our own customers as they may choose to invest in developing internal solutions.

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In our Commercial Services segment, we face competition from our own customers, who may choose to invest in internal solutions, and vendors offering or seeking to offer new technologies or financial models. In our Government Solutions segment, we face competition with respect to certain automated safety solutions from other vendors in red-light, speed, school bus, and bus lane photo enforcement. In Parking Solutions, we face competition from a variety of competitors.

Seasonality

Our Commercial Services business segment experiences seasonal fluctuations in usage and revenue. Historically, Commercial Services sees higher volumes in the second and third quarters of each fiscal year, driven by increases in travel demand during the summer driving season. Additionally, seasonal fluctuations can be influenced by travel trends, weather conditions, economic conditions, and shifts in consumer preferences. Seasonality has not historically resulted in material fluctuations in our overall financial performance.

Technology

We deliver our services through a combination of software and hardware. Our business unit teams have expertise in hardware, software, and firmware development and testing, database design and data analytics, and product and project management. In addition, we engage external contractors to supplement our team in software and firmware development, digital design, test development, and product-level testing. Generally, our research and development efforts are focused on expanding the capabilities of our products, differentiating our offerings, simplifying implementation, support and utilization of our solutions, reducing the cost of our solutions, increasing the reliability of our solutions, expanding the functionality of our solutions to meet customer and market requirements, applying new advances in technology to enhance existing solutions, and building further competitive advantages through our intellectual property portfolio. We increasingly apply AI to enhance and support certain aspects of our offerings and business processes. Given the evolving and complex nature of AI, its use involves inherent operational and legal risks. For more details, refer to Item 1A, “Risk Factors” including “Risks related to the development, deployment, and use of AI, together with an evolving and uncertain regulatory environment, may increase costs, create liability, and adversely affect our business, financial condition, results of operations, and reputation.” See also Item 1C, “Cybersecurity,” for our risk management and governance disclosures.

Intellectual Property

We rely on a combination of patents, trademarks, trade secrets, copyrights, and confidentiality agreements to protect our intellectual property. We take steps to protect new intellectual property to safeguard our ongoing technological innovations and strengthen our brand and believe we take appropriate action against infringement or misappropriation of our intellectual property rights by others. We regularly review third-party intellectual property rights to help avoid infringement and to identify strategic opportunities.

Our general policy is to seek patent protection for our inventions likely to be incorporated into our products and services or where obtaining such proprietary rights will improve our competitive position. As of December 31, 2025, we owned approximately 78 U.S.-issued and foreign-issued patents and pending patent applications, including patents and rights to patent applications acquired through strategic transactions, relating to various aspects of our products and technology. Our patent portfolio evolves as new patents are awarded to us and as older patents expire. Patents generally expire 20 years after their priority filing date. While we believe that our portfolio of patents and applications has value, generally no single patent is essential to our business or any individual segment. In addition, our proprietary rights could be challenged, invalidated, circumvented, or may not provide significant competitive advantages.

Our business relies on a combination of internally developed and externally licensed software, as well as internally-developed, externally-sourced, and co-developed hardware, to operate our systems and deliver our services. We claim copyright on all internally-developed software. We generally rely on common law protection for our copyrighted works. In addition, we rely on maintaining the confidentiality of our source code to protect our competitive position. With respect to externally-sourced software and hardware, we rely on contractual arrangements to maintain continued access for business use. From time to time, these agreements may expire or be subject to renegotiation.

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We have approximately 205 registrations and pending applications in the United States and foreign jurisdictions for trademarks and service marks as of December 31, 2025, reflecting our many products and services. These registrations and applications include our historic and acquired brands, as well as the “Verra Mobility” house mark. These marks may have a perpetual life, subject to periodic renewal and may be subject to cancellation or invalidation based on certain use requirements and third-party challenges, or on other grounds. We vigorously enforce and protect our marks.

Government Regulation

We are subject to various local, state, and national laws, regulations, and administrative practices regulating matters such as photo enforcement, data privacy, consumer protection, procurement, licensing requirements, anti-corruption, equal employment, minimum wages, workplace health and safety, and human rights and the environment, among others. Our operations are subject to regulation by various U.S. federal and state agencies, including but not limited to the U.S. Department of Transportation (“USDOT”), the Federal Trade Commission (“FTC”), the Federal Communications Commission, the Consumer Product Safety Commission, the Consumer Financial Protection Bureau, and the Environmental Protection Agency, as well as the various state agencies that regulate similar areas. We are also subject to laws, regulations, and administrative practices addressing many of these same matters in the European Union (the “E.U.”), the United Kingdom, Australia, Canada, and New Zealand, including those specifically relating to access to and use of information obtained from vehicle licensing authorities, traffic enforcement and collections, and financial and banking regulations.

Privacy and Data Security

As part of our business, we collect, receive, process, use, transmit, disclose, and retain information relating to identifiable individuals (“personal information”) and, therefore, are subject to various laws protecting privacy and security of personal information, including but not limited to the U.S. Driver Privacy Protection Act, the General Data Protection Regulation (the “GDPR”) in the E.U., the Data Protection Act of 2018 and the GDPR in the United Kingdom, the Canadian Personal Information Protection and Electronic Documents Act, the Australia Privacy Act of 1988, New Zealand’s Privacy Act of 2020, the California Consumer Privacy Act (the “CCPA”), and other national and state privacy laws. We are also subject to similar restrictions and audit requirements pursuant to our contracts with the organizations from which we gain access to personal information, such as departments of motor vehicles and the National Law Enforcement Telecommunications System. Privacy and data security laws and regulations continue to evolve, are subject to differing interpretations, and may be inconsistent among countries and state and local jurisdictions or conflict with other rules.

As we expand our operations in foreign jurisdictions, or as U.S. federal or state laws change, our liability exposure and the complexity and cost of compliance with data and privacy requirements may increase. In addition, laws and practices regarding handling and use of personal and other information by companies have also come under increased public scrutiny, and government authorities, consumer agencies, and advocacy groups have called for increased regulation, enforcement, and changes in industry practices.

Photo Enforcement

Automated photo enforcement programs in the United States are typically regulated at the state and local level, under either state enabling legislation or under home rule authority established under the relevant state constitution. Where enabling legislation is not required, local ordinances impose further restrictions within a given jurisdiction.

In connection with the installation of photo enforcement systems, we or our customers obtain permits from various permitting authorities as necessary. As a government contractor providing photo enforcement services directly or through subcontractors in various locations throughout the United States and internationally, we are at times required to obtain licenses regarding general contracting, performance of engineering services, performance of electrical work, performance of private investigative work, and processing license plate and related personal information. We periodically receive inquiries from regulatory authorities regarding our compliance with applicable state, local, and foreign laws and regulations. In addition, our foreign photo enforcement programs are subject to regulation in the various countries in which we operate.

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Tolling

We are also subject to state and local regulations with respect to tolling. Over the past several years, bills have been introduced in multiple states to limit whether and how much RACs may charge their customers for the use of toll transponders, to limit the administrative penalties and fees that may be assessed for toll processing, and/or to impose additional disclosure requirements on RACs with respect to tolling or violation processing fees. In addition, there has been an increased interest in, and greater focus on, RAC tolling programs by state attorneys general from a consumer protection perspective.

Government Contracting

Our Government Solutions customers are typically government agencies, and our operations within this segment are therefore subject to various laws and regulations pertaining to procurement, gifts and entertainment, payments of commissions and contingency fees, conflicts of interest, licensing and permitting requirements, and other matters. These laws are overseen by different government agencies depending on the jurisdiction, including departments of procurement services, contracting offices, and offices of inspectors general.

To successfully navigate this complex statutory and regulatory landscape, we have a dedicated government relations team that works with national, state, and local policymakers, often with the help of lobbyists and consultants, to track and help support favorable photo-enforcement safety and toll-related legislative outcomes. Through this network, we have a presence in most states in which our Government Solutions and Commercial Services segments do business. These lobbying activities are subject to state and local regulations and registration requirements.

We believe we are in substantial compliance with the laws and regulations that regulate our business. There are, however, significant uncertainties involving the application of various legal requirements, the violation of which could result in, among other things, fines, penalties, revocation of permits or licenses, cessation of operations in a given jurisdiction, and other adverse consequences. See Item 1A, “Risk Factors,” for a discussion of our regulatory risks.

Human Capital Management

Our employees are critical to our success as a leading provider of smart mobility solutions. Our continued ability to deliver high-quality solutions and compete in a dynamic market depends, in part, on attracting, retaining, and developing talented individuals at all levels of our organization.

As of December 31, 2025, we had 1,901 employees, comprised of 1,888 full-time employees and 13 part-time employees. Of our full-time employees, 1,286 were located in the United States and 602 were located internationally. None of our employees are represented by a labor union or covered by a collective bargaining agreement, except for our 43 employees in Staten Island, New York. We believe our relations with our employees are good, and we have not experienced a strike or other significant work stoppage.

Talent Acquisition and Development

Our success depends, in part, on our ability to attract, retain, and develop a diverse group of talented individuals with the knowledge and skills necessary to support our business objectives and strategic goals. We have implemented purposeful hiring strategies that include internal mobility and promotion opportunities and an employee referral program to support workplace growth and retention. We have a multifaceted talent development framework that includes functional training, management training, and targeted development programs. We also develop our employees through an annual performance review and assessment process that incorporates a dual-performance rating system and provides each employee with concrete, actionable feedback to support professional development and performance improvement.

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Compensation and Benefits

Our compensation programs are designed to align the compensation of our employees with the performance of the Company and the individual employee, and to provide a compensation package that will attract, retain, motivate, and reward employees to achieve superior results. The structure of our compensation programs balances incentives for both short-term and long-term performance. In addition to cash compensation, we offer employees benefits such as health insurance, health savings accounts, flexible spending accounts, life insurance, accident insurance, paid time off, paid parental leave, and a company-sponsored 401(k) plan, and related benefits for non-U.S. employees. For key leadership positions, we also provide compensation packages that include annual incentive bonuses and long-term equity awards.

Employee Engagement

We seek employees who collaborate and value differences, think and act globally, foster an engaging climate, and recognize and develop others. We survey employees to gather insight, feedback, and data about employee engagement, workplace experience, and manager effectiveness. Survey results inform and support corporate, business unit, department, and team action plans, with the goal of enhancing workplace satisfaction and overall employee well-being and effectiveness.

Corporate Information

Our principal executive office is located at 1150 North Alma School Road, Mesa, Arizona 85201. Our telephone number is (480) 443-7000. Our website address is www.verramobility.com. The information on, or accessible through, our website does not constitute part of, and is not incorporated into, this Annual Report.

The trade names, trademarks, and service marks appearing in this Annual Report include registered marks and marks in which we claim common law rights, such as “Verra Mobility” and the Verra Mobility logo, all of which are our intellectual property. This Annual Report contains additional trade names, trademarks, and service marks of other companies that are the property of their respective owners. We do not intend our use or display of other companies’ trade names, trademarks, or service marks to imply a relationship with, or endorsement or sponsorship of us, by these companies. We have omitted the ® and ™ designations, as applicable, for the trademarks used in this Annual Report.

We make available free of charge on our website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after those reports are electronically filed with or furnished to the SEC. We also make available through our website other reports filed with or furnished to the SEC under the Exchange Act, including our proxy statements and reports filed by officers and directors under Section 16(a) of the Exchange Act. You may access these filings by visiting “SEC Filings” under the “Financial Information” section of the “Investors” portion of our website. In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information for issuers, such as us, that file electronically with the SEC at https://www.sec.gov.

We use our investor relations website, ir.verramobility.com, as a channel of distribution of material information to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media. In addition, you may enroll to automatically receive e-mail alerts and other information about our Company by visiting “Email Alerts” under the “Investor Resources” section of the “Investors” portion of our website.

The information contained on the websites referenced in this Annual Report is not incorporated by reference into this filing. Further, references to website URLs are intended to be inactive textual references only.

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