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i3 Verticals, Inc. provides enterprise software and services solutions to public sector entities in the United States and Canada. The company offers digital solutions for dynamic processes to plan, coordinate, evaluate, record, and provide up to date information within court systems; E-Filing and revenue cycle management solutions for courts; solutions for computer aided dispatch, records management, evidence management, jail management, mobile solutions, and livescan; and software solutions for vehicle title and registration, driver's license and permit management, and motor carrier compliance for departments of transportation. It also provides digital customer engagement platform, comprising web, mobile, chat, and voice options; billing and back-office management software solutions and services; solutions for school lunch programs, including meal account management, point of sale, menu planning, nutritional analysis, food inventory and free, and reduced meal applications, as well as school event solutions, such as ticketing and concessions. In addition, the company offers government fund accounting software; digital land records solutions, including AI indexing of information; computer assisted mass appraisal solutions; licensing and permitting solutions that include automation every step of the application, renewal, and payment process; and tax and revenue collection management solutions. i3 Verticals, Inc. was founded in 2012 and is based in Nashville, Tennessee.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $213M | $43M | $18M | $-4M | 4.6% | 11.5% | -84.2% |
| 2024 | $191M | $45M | $113M | $33M | 29.8% | 0.8% | -14075.5% |
| 2023 | $190M | $33M | $-1M | $21M | -0.3% | 1.0% | -95.3% |
| 2022 | $188M | $5M | $-17M | $31M | -7.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 187.75 | 189.68 | 191.23 | 213.16 |
| Operating Revenue | - | 177.48 | 180.91 | 181.99 | 203.10 |
| Cost Of Revenue | - | 12.83 | 54.81 | 60.52 | 66.59 |
| Gross Profit | - | 174.92 | 134.87 | 130.72 | 146.57 |
| Operating Expense | - | 176 | 129.30 | 126.34 | 142.56 |
| Selling General And Administration | - | 156.67 | 105.98 | 100.78 | 114.66 |
| Total Expenses | - | 188.83 | 184.11 | 186.86 | 209.15 |
| Operating Income | - | -1.08 | 5.57 | 4.38 | 4.01 |
| Total Operating Income As Reported | - | -23.14 | -4.41 | 4.36 | 3.78 |
| EBITDA | - | 5.29 | 33.27 | 45.20 | 43.02 |
| Normalized EBITDA | - | 27.36 | 43.25 | 45.22 | 43.26 |
| EBIT | - | -24.13 | -3.19 | 7.75 | 13.18 |
| Interest Expense | - | 14.78 | 25.13 | 29.26 | 2.30 |
| Net Interest Income | - | -14.78 | -25.13 | -29.26 | -2.30 |
| Other Non Operating Income Expenses | - | -0.99 | 1.22 | 3.40 | 9.41 |
| Other Income Expense | - | -23.05 | -8.76 | 3.37 | 9.17 |
| Interest Expense Non Operating | - | 14.78 | 25.13 | 29.26 | 2.30 |
| Net Non Operating Interest Income Expense | - | -14.78 | -25.13 | -29.26 | -2.30 |
| Pretax Income | - | -38.91 | -28.32 | -21.51 | 10.88 |
| Tax Provision | - | 0.15 | -3.51 | -5.47 | 5.27 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -4.63 | -1.38 | -0.01 | -0.05 |
| Net Income Continuous Operations | - | -39.06 | -24.81 | -16.05 | 5.62 |
| Net Income From Continuing And Discontinued Operation | - | -17.10 | -0.81 | 113.34 | 17.87 |
| Net Income From Continuing Operation Net Minority Interest | - | -32.94 | -22.97 | -77.83 | -3.01 |
| Net Income | - | -17.10 | -0.81 | 113.34 | 17.87 |
| Net Income Common Stockholders | - | -17.10 | -0.81 | 113.34 | 17.87 |
| Net Income Including Noncontrolling Interests | - | -23.22 | -2.65 | 175.13 | 26.50 |
| Normalized Income | - | -15.51 | -14.37 | -77.82 | -2.83 |
| Diluted NI Availto Com Stockholders | - | -17.10 | -0.81 | 113.34 | 17.87 |
| Basic Average Shares | - | 22.25 | 23.14 | 23.42 | 23.91 |
| Diluted Average Shares | - | 22.25 | 33.25 | 24.43 | 34.19 |
| Reconciled Depreciation | - | 29.42 | 36.46 | 37.44 | 29.84 |
| Reconciled Cost Of Revenue | - | 2.74 | 41.67 | 48.62 | 64.65 |
| Total Unusual Items | - | -22.06 | -9.98 | -0.02 | -0.23 |
| Total Unusual Items Excluding Goodwill | - | -22.06 | -9.98 | -0.02 | -0.23 |
| Minority Interests | - | 6.12 | 1.84 | -61.79 | -8.63 |
| Net Income Discontinuous Operations | - | 15.84 | 22.16 | 191.18 | 20.88 |
| Special Income Charges | - | -22.06 | -9.98 | -0.02 | -0.23 |
| Restructuring And Mergern Acquisition | - | 22.06 | 9.98 | 0.02 | 0.23 |
| Depreciation Amortization Depletion Income Statement | - | 19.33 | 23.32 | 25.55 | 27.90 |
| Depreciation And Amortization In Income Statement | - | 19.33 | 23.32 | 25.55 | 27.90 |
| Average Dilution Earnings | -2.56 | - | -1.39 | - | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| i3 Verticals, Inc.this co. | IIIV | $555M | 31.04↑ premium | 1.42 | 4.6% | 11.46 |
| Grid Dynamics Holdings, Inc. | GDYN | $583M | 60.29 | 1.08 | 1.8% | 11.11 |
| PowerFleet, Inc. | AIOT | $567M | - | 14.73 | -11.4% | 37.91 |
| Cerence Inc. | CRNC | $557M | - | 3.70 | -12.4% | 57.48 |
| PubMatic, Inc. | PUBM | $552M | -38.15 |
| - |
| - |
| - |
| - |
| - |
| 2.10 |
| -5.5% |
| 16.98 |
| OneSpan Inc. | OSPN | $546M | 7.49 | 2.01 | 26.8% | 8.00 |
| Ribbon Communications Inc. | RBBN | $541M | 13.64 | 1.20 | 8.8% | 13.99 |
| NVE Corporation | NVEC | $528M | 34.71 | 9.06 | 26.1% | 31.06 |
| Rapid7, Inc. | RPD | $521M | 22.27 | 3.36 | 15.1% | 11.79 |
| Peer Median | - | 17.96 | 2.73 | 5.3% | 15.48 | |