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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
$527.68M
P/E (TTM)
32.0
40.5
Dividend Yield
--
52W High
$33.97
52W Low
$19.89
52W Range
15%
Rank60Top 89.2%
2.1
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.1 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q1 2026 Data

Revenue

$52.67M+0.00%
4-Quarter Trend

EPS

$0.02+0.00%
4-Quarter Trend

FCF

$13.81M+0.00%
4-Quarter Trend

2026 Q1 Earnings Highlights

Key Highlights

Revenue Edges Higher Continuing operations revenue reached $52.7M, showing 0.9% growth driven by recurring revenue increases this quarter.
Strong Operating Cash Flow Net cash provided by operating activities totaled $14.1M, an increase of $2.6M compared to prior period results.
Share Repurchase Completion August 2025 Share Repurchase Program expended $38.3M buying 1.52M Class A shares during the quarter.
Liquidity Position Maintained Zero borrowings outstanding on the $400.0M revolving credit facility as of December 31, 2025.

Risk Factors

Net Income Declines Sharply Total net income attributable to i3 Verticals, Inc. fell 76.5% to $484K compared to $2.06M last year.
Operating Costs Increased Other costs of services rose $2.0M, or 12.9%, driven primarily by higher software costs this period.
Contingent Consideration Valuation Level 3 contingent consideration liabilities require management estimates based on unobservable market inputs and Monte Carlo simulation.
Discontinued Operations Impact Net loss from discontinued operations was $(92K) attributable to i3 Verticals, Inc., reversing prior period income.

Outlook

New Transportation Acquisition Completed January 1, 2026 acquisition of transportation market business for $60.0M cash plus contingent consideration.
New Share Buyback Program New Share Repurchase Program authorized February 5, 2026, for up to $60.0M of Class A common stock.
Healthcare RCM Divestiture Closed Healthcare RCM Business sale closed May 5, 2025; results reclassified as discontinued operations for all periods shown.
Evaluating New Accounting Rules Management currently evaluating future impact of recently issued ASUs regarding income tax and expense disaggregation disclosures.

Peer Comparison

Revenue (TTM)

Bakkt Holdings, Inc.BKKT
$3.85B
+102.0%
Priority Technology Holdings, Inc.PRTH
$932.95M
+9.5%
Grid Dynamics Holdings, Inc.GDYN
$405.96M
+23.6%

Gross Margin (Latest Quarter)

Red Violet, Inc.RDVT
84.3%
+1.7pp
Docebo Inc.DCBO
79.1%
-2.0pp
VTEXVTEX
77.3%
+2.8pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
RSKD$736.61M-18.7-10.7%6.1%
CINT$651.53M43.912.1%26.2%
RDVT$595.34M53.411.9%2.6%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-5.8%
Growth Under Pressure
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Next earnings:May 6, 2026
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EPS:-
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Revenue:-
Reports
Financials
News
All Years
  • Form 10-Q - Q1 2026

    Period End: Dec 31, 2025|Filed: Feb 6, 2026|
    Revenue: $52.67M+0.0%
    |
    EPS: $0.02+0.0%
    Miss
  • Form 10-K - FY 2025

    Period End: Sep 30, 2025|Filed: Nov 21, 2025|
    Revenue: $213.16M-7.3%
    |
    EPS: $-0.34-107.0%
    Miss
  • 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+8.8%
    |
    EPS: $-0.01-112.5%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Dec 31, 2024|Filed: Feb 7, 2025|
    Revenue: $61.69M+12.1%
    |
    EPS: $0.08+60.0%
    Miss
  • Form 10-K - FY 2024

    Period End: Sep 30, 2024|Filed: Nov 25, 2024|
    Revenue: $229.92M+21.2%
    |
    EPS: $4.84+12200.0%
    Beat
  • Form 10-Q - Q3 2024

    Period End: Jun 30, 2024|Filed: Aug 9, 2024|
    Revenue: $56.04M-2.1%
    |
    EPS: $-0.32+45.5%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Mar 31, 2024|Filed: May 10, 2024|
    Revenue: $57.97M-38.2%
    |
    EPS: $0.08+4900.0%
    Miss