i3 Verticals (IIIV) Company Report

i3 Verticals reported Q4 2025 revenue growth of 7% to $54.9 million and fiscal year 2025 revenue growth of 11%, with 8% organic growth. The company has transitioned to a pure-play public sector software solutions provider after divesting its merchant services and healthcare RCM businesses.
For Q4 2025, Adjusted EBITDA was $14.4 million and Adjusted Diluted EPS from continuing operations was $0.27. The net dollar retention for fiscal 2025 was 104%.
The company provided fiscal year 2026 guidance for continuing operations, expecting revenues between $217 million and $232 million, Adjusted EBITDA between $58.5 million and $65 million, and Adjusted Diluted EPS between $1.06 and $1.16. Recurring revenues are anticipated to grow at 8%-10%.
As of September 30, 2025, i3 Verticals held $67 million in cash with no debt and has $400 million in borrowing capacity for acquisitions and opportunistic stock repurchases. The company recently refreshed its buyback approval to $50 million and anticipates meaningful M&A activity.

Nov 18, 2025, 1:30 PM

Transcript

i3 Verticals Reports Q4 and FY 2025 Results, Provides FY 2026 Guidance, and Details Strategic Focus

IIIV

Earnings

Guidance Update

M&A

i3 Verticals reported Q4 2025 revenue of $54.9 million, a 7% increase year-over-year, contributing to fiscal year 2025 revenue growth of 11% (8% organic). Recurring revenues, now 75% of total revenues, grew 9% in Q4 2025, with SaaS revenues up 25%.
For fiscal year 2025, Adjusted EBITDA margin was 27% and Adjusted diluted EPS was $1.05. The company's net dollar retention for fiscal 2025, including payments, was 104%.
The company maintains a strong balance sheet with $67 million in cash and no debt as of September 30, 2025. It has $400 million in borrowing capacity and a refreshed $50 million buyback approval, with plans to deploy capital for acquisitions and opportunistic repurchases.
i3 Verticals provided FY 2026 guidance, projecting revenues between $217 million and $232 million, Adjusted EBITDA between $58.5 million and $65 million, and Adjusted diluted EPS between $1.06 and $1.16. Recurring revenues are expected to grow 8%-10%, while non-recurring professional services are anticipated to decline.
Following the divestiture of its merchant services and healthcare RCM businesses, i3 Verticals is now a pure-play software solutions provider for the public sector, with Justice representing approximately 25% of revenues. The company continues to invest in justice products, which is expected to impact margins in 2026.

Nov 18, 2025, 1:30 PM

Transcript

i3 Verticals Reports Q4 and FY 2025 Results and Provides FY 2026 Guidance

IIIV

Earnings

Guidance Update

M&A

i3 Verticals reported Q4 2025 revenues of $54.9 million, a 7% increase year-over-year, with 4.5% organic growth, and recurring revenues growing 9% to $41.3 million.
For fiscal year 2025, total revenue grew 11% with 8% organic growth, and the net dollar retention was 104%.
The company ended Q4 2025 with a strong balance sheet, holding $67 million in cash and no debt, and has a refreshed $50 million share buyback approval.
i3 Verticals provided FY 2026 guidance for continuing operations, projecting revenues between $217 million and $232 million, and adjusted diluted EPS between $1.06 and $1.16.
The company expects recurring revenues to grow 8%-10% in FY 2026 but anticipates a decline in non-recurring professional services, particularly in Q1.

Nov 18, 2025, 1:30 PM

Transcript

IIIV Reports Q4 2025 Financial Results

IIIV

Earnings

Accounting Changes

Revenue Acceleration/Inflection

For Q4 2025, IIIV reported total revenue from continuing operations of $54,901 thousand, an increase of 7% year-over-year.
Adjusted EBITDA from continuing operations for Q4 2025 was $14,399 thousand, with an Adjusted EBITDA margin of 26%.
Adjusted diluted earnings per share from continuing operations reached $0.27 in Q4 2025, while GAAP diluted net income per share from continuing operations was $0.04.
The company's Annualized Recurring Revenue (ARR) grew 9% year-over-year to $165,260 thousand as of Q4 2025.
These results reflect continuing operations following the sale of the Merchant Services Business in September 2024 and the Healthcare RCM Business in May 2025, with prior periods recast.

Nov 18, 2025, 1:30 PM

Presentation

i3 Verticals Reports Q4 Fiscal 2025 Results and 2026 Guidance

IIIV

Earnings

Guidance Update

Demand Weakening

i3 Verticals reported Q4 fiscal 2025 revenue of $54.9 million, exceeding expectations, and non-GAAP EPS of $0.27, beating estimates, despite a 9.8% year-over-year revenue decline.
The company demonstrates strong financial stability with an Altman Z-Score of 4.57, a current ratio of 2.02, and a low debt-to-equity ratio of 0.01, but faces potential financial manipulation risks indicated by a Beneish M-Score of -1.31 and challenges in covering interest expenses with an interest coverage ratio of 0.97.
i3 Verticals forecasts fiscal 2026 revenue between $217 million and $232 million and adjusted EBITDA ranging from $58.5 million to $65 million.
Insider trading activity in the past six months included three sales by company insiders with no purchases, notably Paul Maple's sale of 2,500 shares for approximately $77,600.

Nov 18, 2025, 12:08 AM

Morningstar

i3 Verticals Reports Q4 and Full Fiscal Year 2025 Financial Results

IIIV

Earnings

Guidance Update

For the fiscal fourth quarter ended September 30, 2025, i3 Verticals reported revenue from continuing operations of $54.9 million, an increase of 7.0% over the prior year's fourth quarter. Full fiscal year 2025 revenue from continuing operations was $213.2 million, up 11.5% year-over-year.
Adjusted diluted earnings per share from continuing operations for Q4 2025 was $0.27, compared to $0.12 in Q4 2024. For the full fiscal year 2025, adjusted diluted EPS was $1.05, up from $0.30 in the prior year.
Adjusted EBITDA from continuing operations for Q4 2025 was $14.4 million, a decrease of 1.5% year-over-year, while the full fiscal year 2025 Adjusted EBITDA was $57.5 million, an increase of 14.0% over the prior year.
Annualized Recurring Revenue (ARR) from continuing operations for Q4 2025 was $165.3 million, representing a 9.2% period-to-period growth rate.
For the fiscal year ending September 30, 2026, the company provided an outlook with revenue between $217.0 million and $232.0 million, and Adjusted EBITDA between $58.5 million and $65.0 million.

Nov 17, 2025, 10:29 PM

8-K

i3 Verticals Expands Partnership with West Virginia Supreme Court

IIIV

New Projects/Investments

Guidance Update

i3 Verticals has secured a new contract with the Supreme Court of Appeals of West Virginia to deliver its i3 CourtOne™ Case Management Solution (CMS) to the state’s Circuit, Family, and Magistrate Courts.
This contract is estimated to represent eight figures in revenue over a six-year period.
The solution aims to enhance transparency and efficiency, unify the judicial system, and promote cost savings for West Virginia’s citizens.
i3 Verticals will also provide additional value-added services, including an expanded WVPASS platform and the i3 Fund Recovery Solution, Resolv 360™.

Oct 20, 2025, 1:00 PM

Press Release

AI in Medical Billing Market Projected for Significant Growth

IIIV

New Projects/Investments

M&A

The global AI in medical billing market was valued at USD 3.73 billion in 2024 and is predicted to reach USD 36.37 billion by 2034, growing at a 25.4% CAGR.
North America dominated the market in 2024, while Asia-Pacific is expected to experience the fastest growth during the forecast period.
By application, the revenue cycle management segment held the dominant share in 2024, and the fraud detection segment is anticipated to show the fastest growth.
In May 2025, Infinx acquired the Healthcare Revenue Cycle Management Business of i3 Verticals, Inc., including its proprietary technology, for $96 million.

Oct 15, 2025, 1:10 PM

Press Release

I3 Verticals Inc. Announces Q3 2025 Results

IIIV

Earnings

Revenue Acceleration/Inflection

M&A

For the third quarter ended June 30, 2025, I3 Verticals Inc. reported total revenue from continuing operations of $51,901 million, representing 13% year-over-year growth.
Recurring revenue for Q3 2025 was $40,201 million.
Adjusted EBITDA from continuing operations for Q3 2025 was $12,724 million, with an Adjusted EBITDA margin of 25%.
Adjusted diluted earnings per share from continuing operations was $0.23 for Q3 2025.
The company's results reflect continuing operations after the sale of its Merchant Services Business, completed on September 20, 2024, and its Healthcare RCM Business, completed on May 5, 2025.

Aug 8, 2025, 12:30 PM

Presentation

i3 Verticals Inc. Announces Q2 2025 Results and Strategic Shift to Public Sector Focus

IIIV

Earnings

M&A

Guidance Update

i3 Verticals Inc. has divested its Healthcare Revenue Cycle Management (RCM) business for $96,000,000, which had approximately $39,000,000 in revenues and $8,000,000 in adjusted EBITDA in its fiscal year 2025 guidance, to focus on the public sector vertical market.
For the second quarter of fiscal year 2025, "RemainCo" revenues increased 11.6% to $54,100,000, with organic growth of 9%, and adjusted EBITDA increased 17% to $15,800,000. Annual recurring revenues for RemainCo increased 9.2% to $164,500,000, driven by 23% SaaS revenue growth.
The company provided updated fiscal year 2025 guidance for "RemainCo," with revenues expected between $207,000,000 and $217,000,000 and adjusted EBITDA between $56,000,000 and $61,000,000. Following the divestiture, the company has a cash position of approximately $64,000,000 and intends to use cash and borrowing capacity for acquisitions and potential stock repurchases.
i3 Verticals acquired a utility billing software company for $9,000,000 on April 1, which is included in the updated guidance. The company is also introducing AI applications in its transportation and ERP markets to solve client pain points and enhance efficiency.

Jun 24, 2025, 5:12 PM

Earnings Transcripts

Quarterly earnings call transcripts for i3 Verticals.

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