i3 Verticals, Inc.

Listed Company

IIIVCIK 0001728688NasdaqAcceleratedServices-Prepackaged SoftwareDelawareFY ends Sep 30

Period

FY 2025

Revenue

$213.16M

Net Income

$17.87M

Total Assets

$638.41M

Equity

$389.58M

Shares Out

—

Op. Cash Flow

$5.69M

Business

i3 Verticals, Inc. provides mission-critical enterprise software solutions to public sector entities, enabling digital transformation for government functions. The company offers cloud-native software and related services, including court and public safety systems, utilities billing, public administration tools, education meal and event systems, transportation licensing, and a proprietary payment facilitator platform integrated across products. It operates as a single reportable operating segment focused on delivering end-to-end software and payments solutions for public sector customers. i3 Verticals serves state, county and local government markets across most of the United States and some of Canada through market-embedded sales, direct sales, and integrated payment channels.

Summary from filing dated 2025-11-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Revenue	213	191	190	188	224
Other costs of services (excluding depreciation and amortization)	67	61	55	13	58
Selling, general and administrative	115	101	106	157	135
Depreciation and amortization	28	26	23	19	24
Change in fair value of contingent consideration	234,000	22,000	10	22	—
Total operating expenses	209	187	194	211	224
Income (loss) from operations	4	4	−4	−23	−12,000
Interest expense	2	29	25	15	—
Other income	−9	−3	−1	991,000	−3
Total other expenses	−7	26	24	16	7
Income (loss) before income taxes	11	−22	−28	−39	−7
(Benefit from) provision for income taxes	5	−5	−4	152,000	623,000
Net income (loss) from continuing operations	6	−16	−25	−39	—
Net income from discontinued operations, net of income taxes	21	191	22	16	—
Net income (loss)	27	175	−3	−23	−8
Net income (loss) from continuing operations attributable to non-controlling interest	2	−5	−8	−12	—
Net income from discontinued operations attributable to non-controlling interest	7	67	6	6	—
Net income (loss) attributable to non-controlling interest	9	62	−2	−6	−3
Net income (loss) from continuing operations attributable to i3 Verticals, Inc.	4	−11	−17	−27	—
Net income from discontinued operations attributable to i3 Verticals, Inc.	14	124	16	10	—
Net income (loss) attributable to i3 Verticals, Inc.	18	113	−811,000	−17	−4
Basic (in USD per share)	0.15	−0.46	−0.72	−1.22	—
Diluted (in USD per share)	0.14	−0.46	−0.72	−1.22	—
Basic (in USD per share)	0.6	5.3	0.68	0.46	—
Diluted (in USD per share)	0.56	5.3	0.68	0.44	—
Basic for continuing and discontinued operations (in shares)	24	23	23	22	21
Diluted for continuing and discontinued operations (in shares) diluted (in shares)	34	34	33	22	32

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	67	87	3	3	4
Accounts receivable, net	58	51	51	53	39
Settlement assets	411,000	632,000	5	8	5
Prepaid expenses and other current assets	12	10	10	19	11
Current assets held for sale	0	5	17	—	—
Total current assets	138	153	86	84	58
Property and equipment, net	7	8	10	6	6
Restricted cash	250,000	2	4	13	10
Capitalized software, net	48	54	58	52	41
Goodwill	248	243	230	215	292
Intangible assets, net	136	141	163	196	172
Deferred tax asset	49	48	53	43	50
Operating lease right-of-use assets	5	6	12	18	14
Other assets	7	7	12	5	8
Long-term assets held for sale	0	67	219	—	—
Total assets	638	731	884	770	652
Accounts payable	6	5	6	9	8
Current portion of long-term debt	0	26	0	—	—
Accrued expenses and other current liabilities	25	88	34	58	51
Settlement obligations	411,000	632,000	5	8	5
Deferred revenue	38	38	33	32	30
Current portion of operating lease liabilities	2	2	4	5	3
Current liabilities held for sale	0	4	12	—	—
Total current liabilities	71	165	93	111	97
Long-term tax receivable agreement obligations	32	29	40	41	39
Operating lease liabilities, less current portion	3	5	9	14	12
Other long-term liabilities	15	15	23	10	14
Long-term liabilities held for sale	0	1	3	—	—
Total liabilities	121	215	556	463	362
Commitments and contingencies (see Note 17)	—	—	—	—	—
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2025 and 2024	0	0	0	0	0
Additional paid-in-capital	271	279	250	242	211
Accumulated earnings	118	100	−13	−24	−6
Total stockholders' equity	390	380	237	218	205
Non-controlling interest	128	136	92	89	85
Total equity	518	515	328	308	290
Total liabilities and equity	638	731	884	770	652

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization	30	37	36	29	—
Equity-based compensation	18	26	28	26	21
Amortization of debt discount and issuance costs	961,000	1	2	6	5
Gain on repurchase of exchangeable notes	0	−2	0	0	0
Loss on sale of exchangeable senior note hedges	0	245,000	0	0	—
Gain on repurchases of warrants	0	−105,000	0	0	—
Net gain on sale of investments	0	0	−295,000	0	−2
Gain on sale of businesses	−26	−206	0	0	—
Write down of intangible asset	0	0	3	0	0
Provision for (Benefit from) deferred income taxes	5	434,000	−6	3	−287,000
Non-cash lease expense	3	4	5	5	3
Other non-cash adjustments to net income (loss)	437,000	1	2	1	555,000
Increase (Decrease) in non-cash contingent consideration expense from original estimate	2	−690,000	11	24	—
Accounts receivable	−7	10	−8	−16	−11
Prepaid expenses and other current assets	−2	−603,000	2	−4	−2
Other assets	−2	−2	−2	−1	−4
Accounts payable	1	−3	2	2	4
Accrued expenses and other current liabilities	−32	28	318,000	10	6
Acquisition escrow obligations	−2	−2	−8	3	5
Deferred revenue	−2	2	−1	2	5
Operating lease liabilities	−3	−5	−5	−5	−3
Other long-term liabilities	−3	−11	0	−25,000	−782,000
Contingent consideration paid in excess of original estimates	−760,000	−7	−19	−18	−4
Net cash provided by operating activities	6	48	37	44	45
Expenditures for property and equipment	−2	−3	−4	−2	−2
Proceeds from sale of property and equipment	2	618,000	0	0	—
Expenditures for capitalized software	−8	−12	−12	−10	−6
Purchases of merchant portfolios and residual buyouts	−12,000	−5	−2	−52,000	−2
Acquisitions of businesses, net of cash acquired	−11	−19	−102	−101	−142
Payments for other investing activities	0	−94,000	−1	−443,000	—
Proceeds from investments	0	0	295,000	600,000	—
Net cash provided by (used in) investing activities	76	396	−122	−113	−149
Proceeds from revolving credit facility	58	387	365	336	303
Payments on revolving credit facility	−58	−659	−282	−255	−198
Payments to extinguish exchangeable notes	−26	0	0	—	—
Payments for repurchase of exchangeable notes	0	−88	0	0	0
Proceeds from sale of exchangeable senior note hedges	0	1	0	0	0
Payments for repurchases of warrants	0	−552,000	0	0	—
Payments of debt issuance costs	−256,000	−930,000	−694,000	0	0
Payments for repurchases of Class A common stock	−38	0	0	—	—
Net payments for settlement obligations	−221,000	−4	−3	2	—
Cash paid for contingent consideration	−817,000	−760,000	−7	−25	−3
Payments for required distributions to members or on behalf of members for tax obligations	−25	−1	0	0	—
Payments for required distributions to members under the Tax Receivable Agreement	−10	0	0	—	—
Proceeds from stock option exercises	300,000	25,000	180,000	694,000	2
Payments for employee's tax withholdings from net settled stock option exercises and RSU releases	−4	−708,000	−490,000	−643,000	−731,000
Net cash (used in) provided by financing activities	−104	−367	73	75	102
Net (decrease) increase in cash, cash equivalents, and restricted cash	−22	77	−11	—	—
Cash paid for interest	931,000	29	21	9	4
Cash paid for income taxes, net of refunds	35	7	3	—	—

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