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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
$704.21M
P/E (TTM)
6.0
65.8
Dividend Yield
--
52W High
$33.97
52W Low
$22.20
52W Range
62%
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: 2016-2024

Financial Dashboard

Q3 2025 Data

Revenue

$51.90M-7.38%
4-Quarter Trend

EPS

-$0.02-94.75%
4-Quarter Trend

FCF

$12.53M+205.16%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Strong Continuing Operations Revenue Revenue $51.9M USD, up 12.4% from $46.2M USD Q3 2024, driven by $2.9M USD increase in recurring revenues and software licenses.
Net Income Swings Positive Consolidated net income $18.4M USD, swinging from $8.3M USD net loss Q3 2024, reflecting $26.0M USD gain on RCM business sale.
Recurring Revenue Shows Strength Annualized Recurring Revenue $160.8M USD, up 12% period-to-period, confirming strong growth trajectory in public sector software solutions.
Interest Expense Drops Sharply Interest expense $0.8M USD, down 89.8% from $7.9M USD Q3 2024, reflecting lower average outstanding debt balance and zero borrowings.

Risk Factors

Global Economic Volatility Risk Inflation, high interest rates, and geopolitical instability create broad economic uncertainty, making accurate forecasting difficult and risky.
Government Budgetary Pressure Reductions in state and local government spending due to political pressures could adversely impact public sector revenue and financial results.
High Public Sector Dependence Following RCM business sale, the company is now highly dependent on the success and performance of the remaining Public Sector segment.
Operating Cash Flow Decline Net cash used in operations $8.3M USD (9M 2025), down $41.5M USD, driven primarily by $35.1M USD income tax payment.

Outlook

Growth Driven by Acquisitions Strategy focuses on disciplined acquisitions of companies and technology to expand platform capabilities and software solutions offerings.
New Share Repurchase Authorized Board approved new $50.0M USD share repurchase program for Class A common stock, replacing the prior program terminated August 8, 2025.
Strong Liquidity Position Expected Cash flow from operations, current cash, and $400.0M USD credit facility capacity expected to fund needs for foreseeable future.
Tax Receivable Agreement Liability TRA payments related to exchanges expected to range from $0 to $3.5M USD annually, payable over the next 26 years.

Peer Comparison

Revenue (TTM)

Bakkt Holdings, Inc.BKKT
$3.78B
+111.8%
Priority Technology Holdings, Inc.PRTH
$932.95M
+9.5%
Riskified Ltd.RSKD
$335.83M
+8.0%

Gross Margin (Latest Quarter)

Arqit Quantum Inc.ARQQ
100.0%
+952.9 pp
Bakkt Holdings, Inc.BKKT
95.3%
+91.7 pp
Docebo Inc.DCBO
80.9%
+0.3 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
RDVT$813.16M93.79.5%2.8%
RSKD$749.78M-19.4-10.7%6.0%
VTEX$713.54M44.56.6%1.0%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-5.2%
Growth Under Pressure
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Jun 30, 2025|Filed: Aug 8, 2025|
    Revenue: $51.90M-7.4%
    |
    EPS: $-0.02-94.8%
    Miss
  • 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
  • Form 10-K - FY 2023

    Period End: Sep 30, 2023|Filed: Nov 22, 2023|
    Revenue: $370.24M+97.2%
    |
    EPS: $0.08+110.4%
    Miss