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i3 Verticals, Inc.

i3 Verticals, Inc.

NASDAQ•IIIV
CEO: Mr. Gregory S. Daily
Sector: Technology
Industry: Software - Infrastructure
Listing Date: 2018-06-21
i3 Verticals, Inc. provides integrated payment and software solutions primarily to the public sector and healthcare markets in the United States. It operates in two segments, Software and Services, and Merchant Services. The company offers payment processing services that enables upper and lower court case management, collections, finance and accounting, motor vehicle and carrier registration, e-filing and taxation, license plate inventory, property tax management, utility billing, professional licensing, document workflow, and law enforcement software; assists public schools in completing payment processing functions, including accepting payments for online or at school lunches, and school activities. It also provides software platforms, such as electronic healthcare records and revenue cycle management solutions; insurance adjudication, patient engagement platforms, billing, scheduling, and integrated payments solutions; and workflow software and associated professional services to medical insurance payers. In addition, the company engages in software licenses and subscriptions, transaction-based fees, ongoing software maintenance and support, and other software-related solutions; and payment processing and gateway fees, as well as other related fixed transaction or service fees. Further, it sells equipment, and offers non-software related professional services. The company offers its solutions to clients through direct sales force; distribution partners comprising independent software vendors, independent sales organizations, and value-added resellers. i3 Verticals, Inc. was founded in 2012 and is headquartered in Nashville, Tennessee.
Contact Information
40 Burton Hills Boulevard, Suite 415, Nashville, TN, 37215, United States
615-465-4487
www.i3verticals.com
Market Cap
$656.33M
P/E (TTM)
36.7
63.7
Dividend Yield
--
52W High
$33.97
52W Low
$22.00
52W Range
46%
Rank65Top 87.9%
2.0
F-Score
Modified Piotroski Analysis
Based on 9-year fundamentals
Weak • 2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2017-2025

Financial Dashboard

Q4 2025 Data

Revenue

$54.90M-9.80%
4-Quarter Trend

EPS

$0.13-97.39%
4-Quarter Trend

FCF

$0.00+0.00%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Continuing Operations Revenue Growth Revenue from continuing operations grew 11.5% to $213.2M USD in FY2025, driven by recurring revenue increases.
Interest Expense Significantly Reduced Interest expense dropped 92.1% to $2.3M USD in FY2025, reflecting lower average outstanding debt balance post-sales.
Strong Recurring Revenue Momentum Q3 ARR for continuing operations reached $165.3M USD, showing 9.2% period-to-period growth rate.
Successful Business Divestitures Completed Completed sales of Merchant Services (2024) and Healthcare RCM (2025) businesses, focusing on Public Sector.

Risk Factors

Cybersecurity and Data Breach Exposure Unauthorized data disclosure or system disruption could lead to costly litigation, liability, and severe reputation damage.
Industry Pace and Technology Risk Failure to keep pace with rapid technological changes may cause product use decline and subsequent revenue reduction.
Reliance on Third-Party Suppliers Dependence on limited hardware suppliers creates risk of shortages, price increases, and potential business disruption.
Competitive Market Pressures Intense competition in enterprise software may adversely affect revenue received and compress operating margins.

Outlook

Focus on Public Sector Growth Strategy centers on providing mission-critical cloud-native software solutions to state, county, and local public entities.
Disciplined Acquisition Growth Strategy Maintain disciplined approach to acquiring companies and technology to augment existing platform capabilities and markets.
Continued Cloud Platform Investment Ongoing investment in improving existing platforms and strategically creating new cloud-native SaaS products remains essential.
Managing Capital Structure Needs Expect cash needs to increase for acquisitions and operations; liquidity relies on cash flow and credit facility.

Peer Comparison

Revenue (TTM)

Bakkt Holdings, Inc.BKKT
$3.85B
+102.0%
Priority Technology Holdings, Inc.PRTH
$932.95M
+9.5%
Riskified Ltd.RSKD
$338.84M
+6.5%

Gross Margin (Latest Quarter)

Docebo Inc.DCBO
80.9%
+0.3pp
VTEXVTEX
77.3%
+2.8pp
Red Violet, Inc.RDVT
71.8%
+2.4pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
RSKD$770.58M-20.9-10.7%6.1%
RDVT$745.39M85.99.5%2.8%
VTEX$664.73M41.36.6%1.0%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-3.8%
Flat Growth
4Q Net Income CAGR
14.5%
Profitability Improving
Cash Flow Stability
50%
Cash Flow Needs Attention

Research & Insights

Next earnings:Feb 5, 2026
|
EPS:$0.24
|
Revenue:$52.18M
Reports
All Years
  • Form 10-K - FY 2025

    Period End: Sep 30, 2025|Filed: Nov 21, 2025|
    Revenue: $213.16M-7.3%
    |
    EPS: $0.75-84.5%
    Beat
  • Form 10-Q - Q3 2025

    Period End: Jun 30, 2025|Filed: Aug 8, 2025|
    Revenue: $51.90M-7.4%
    |
    EPS: $0.53-265.6%
    Beat
  • Form 10-Q - Q2 2025

    Period End: Mar 31, 2025|Filed: May 9, 2025|
    Revenue: $63.06M-33.3%
    |
    EPS: $0.00-96.1%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Dec 31, 2024|Filed: Feb 7, 2025|
    Revenue: $61.69M+12.1%
    |
    EPS: $0.10+104.2%
    Miss
  • Form 10-K - FY 2024

    Period End: Sep 30, 2024|Filed: Nov 25, 2024|
    Revenue: $229.92M-37.9%
    |
    EPS: $-3.94-5031.2%
    Miss
  • Form 10-Q - Q3 2024

    Period End: Jun 30, 2024|Filed: Aug 9, 2024|
    Revenue: $56.04M-40.3%
    |
    EPS: $-0.32+45.5%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Mar 31, 2024|Filed: May 10, 2024|
    Revenue: $94.54M+0.7%
    |
    EPS: $0.08-1069.9%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Dec 31, 2023|Filed: Feb 9, 2024|
    Revenue: $55.05M-36.0%
    |
    EPS: $0.05+546.6%
    Miss