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IIIV

i3 Verticals, Inc.

IIIV

i3 Verticals, Inc. • NASDAQ
$23.67 ▲ 0.42% (+0.10)
Market Cap $565.95 M
52w High $33.97
52w Low $22.00
Dividend Yield 0%
P/E 169.07
Volume 93.88K
Outstanding Shares 23.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $54.901M ▲ $28.881M ▼ $3.089M ▼ 5.626% ▼ $0.13 ▲ $10.914M ▲
Q3-2025 $51.901M ▼ $39.981M ▲ $12.882M ▲ 24.82% ▲ $-0.017 ▼ $7.052M ▼
Q2-2025 $63.059M ▲ $36.908M ▼ $-154K ▼ -0.244% ▼ $0.003 ▼ $12.435M ▲
Q1-2025 $61.691M ▲ $37.961M ▼ $2.056M ▼ 3.333% ▼ $0.096 ▼ $12.209M ▼
Q4-2024 $60.864M $52.277M $117.91M 193.727% $4.98 $12.545M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $66.672M ▲ $638.411M ▲ $120.688M ▲ $389.583M ▲
Q3-2025 $55.544M ▲ $623.274M ▼ $112.153M ▼ $383.295M ▼
Q2-2025 $7.749M ▼ $646.359M ▼ $132.7M ▼ $385.174M ▲
Q1-2025 $85.552M ▼ $726.229M ▼ $215.095M ▼ $374.988M ▼
Q4-2024 $86.541M $730.675M $215.316M $379.735M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $18.425M ▲ $7.351M ▲ $82.449M ▲ $-44.254M ▲ $47.795M ▲ $12.527M ▲
Q2-2025 $769K ▼ $-27.122M ▼ $-2.257M ▼ $-49.562M ▼ $-78.941M ▼ $-29.417M ▼
Q1-2025 $3.108M ▼ $11.495M ▼ $-1.418M ▼ $-10.467M ▲ $-390K ▼ $8.614M ▼
Q4-2024 $178.544M ▲ $15.143M ▲ $412.905M ▲ $-352.147M ▼ $75.901M ▲ $11.84M ▲
Q3-2024 $-13.846M $8.119M $-4.386M $2.67M $6.606M $4.105M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
License and Service
License and Service
 $50.00M ▲$50.00M ▲$40.00M ▼$20.00M ▼
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been somewhat uneven over the last few years, suggesting the business is still working through portfolio changes and growth investments. Profitability at the operating level has moved from roughly breakeven to modestly profitable, which is a positive sign of better cost control and integration of acquisitions. Net results have recently turned positive after earlier losses, but the earnings per share figures look noisy, likely influenced by accounting items or share count changes. Overall, the business appears to be shifting from a heavy investment phase toward more stable profitability, but the quality and repeatability of these profits still deserve close attention.

Balance Sheet

Balance Sheet The balance sheet shows a business that has gradually become financially sturdier. Total assets have grown over time, while shareholders’ equity has steadily increased, indicating retained value in the company. Debt has come down sharply most recently, and cash has improved, which together point to lower financial risk and more flexibility. The company now looks less leveraged than in prior years, which reduces vulnerability to interest costs or credit market stress, though continued monitoring of acquisition-related liabilities is still important.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been consistently positive, even during periods when accounting profits were thin. Free cash flow has stayed positive and relatively stable, helped by modest capital spending needs. This pattern suggests the business model converts revenue into cash reasonably well and does not rely heavily on external financing to fund basic growth. The steady cash profile is a key strength, though future acquisition activity could still cause swings in cash usage.

Competitive Edge

Competitive Edge i3 Verticals focuses on specialized software and integrated payments for government, courts, education, transportation, and healthcare. These are complex, highly regulated areas where deep domain expertise and tailored workflows matter more than generic software. Its systems often sit at the core of customers’ daily operations, making them difficult and costly to replace, which creates high switching costs and sticky relationships. The company has used acquisitions to deepen its presence in these niches, building a broad, vertical-specific product set. On the risk side, it operates in markets where public budgets, regulation, and long sales cycles can create uncertainty, and it competes with both specialist vendors and larger software and payment players that may target the same verticals.

Innovation and R&D

Innovation and R&D The company’s innovation centers on tightly integrating its own payment platform with industry-specific, cloud-based software. It is shifting more of its offerings to subscription-style, cloud services, which can improve reliability for clients and predictability for the business. Control over both software and payments lets i3 Verticals offer advanced reporting and analytics, and tailor solutions to the unique needs of public sector and healthcare customers. Product development appears to be a mix of in‑house work and technology gained through acquisitions, with an emphasis on rapid integration into a unified platform. Key watch points include continued modernization of the payment stack, security enhancements, expansion of SaaS offerings, and the company’s ability to innovate beyond what it acquires.

Summary

i3 Verticals looks like a vertical software and payments provider that has been maturing from an acquisition-heavy, investment phase into a more cash-generative and profitable business. Its main strengths are sticky, mission‑critical solutions in niche public and healthcare markets, a more conservative balance sheet with reduced debt, and solid, recurring cash flow. The main uncertainties are around how durable recent profitability improvements are, how well it can keep integrating acquisitions, and how it navigates competition and regulatory complexity in its chosen sectors. Overall, the story is one of a niche technology platform that has built meaningful competitive defenses but still needs to prove the consistency and scalability of its earnings over time.

NEWS

November 17, 2025 · 5:31 PM UTC

i3 Verticals Reports Fourth Quarter and Full Fiscal Year 2025 Financial Results

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November 3, 2025 · 11:00 AM UTC

i3 Verticals Announces Earnings Release and Conference Call Date for Fourth Quarter of Fiscal 2025

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October 20, 2025 · 9:00 AM UTC

i3 Verticals and West Virginia Supreme Court Expand Partnership

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