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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 | 3.5% | 11.5% | -84.2% |
| 2024 | $191M | $45M | $113M | $33M | 22.0% | 0.8% | - |
| 2023 | $190M | $33M | $-1M | $21M | -0.2% | 1.0% | - |
| 2022 | $188M | $5M | $-17M | $31M | -5.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 187.75 | 189.68 | 191.23 | 213.16 |
| 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 |
| Operating Income | -1.08 | 5.57 | 4.38 | 4.01 |
| EBITDA | 5.29 | 33.27 | 45.20 | 43.02 |
| EBIT | -24.13 | -3.19 | 7.75 | 13.18 |
| Pretax Income | -38.91 | -28.32 | -21.51 | 10.88 |
| Tax Provision | 0.15 | -3.51 | -5.47 | 5.27 |
| Net Income | -17.10 | -0.81 | 113.34 | 17.87 |
| Net Income Common Stockholders | -17.10 | -0.81 | 113.34 | 17.87 |
| Total Expenses | 188.83 | 184.11 | 186.85 | 209.15 |
| Interest Expense | 14.78 | 25.13 | 29.26 | 2.30 |
| Selling General And Administration | 156.67 | 105.98 | 100.78 | 114.66 |
| Normalized EBITDA | 27.36 | 43.25 | 45.22 | 43.26 |
| Normalized Income | -15.51 | -14.37 | -77.82 | -2.83 |
| Basic EPS | -0.77 | -0.04 | 4.84 | 0.75 |
| Diluted EPS | -0.77 | -0.07 | 4.64 | 0.70 |
| Tax Effect Of Unusual Items | -4.63 | -1.38 | -0.01 | -0.05 |
| Tax Rate For Calcs | 0.21 | 0.14 | 0.25 | 0.21 |
| Total Unusual Items | -22.06 | -9.98 | -0.02 | -0.23 |
| Total Unusual Items Excluding Goodwill | -22.06 | -9.98 | -0.02 | -0.23 |
| Net Income From Continuing Operation Net Minority Interest | -32.94 | -22.97 | -77.83 | -3.01 |
| Reconciled Depreciation | 29.42 | 36.46 | 37.45 | 29.84 |
| Reconciled Cost Of Revenue | 2.74 | 41.67 | 48.62 | 64.65 |
| Net Interest Income | -14.78 | -25.13 | -29.26 | -2.30 |
| Net Income From Continuing And Discontinued Operation | -17.10 | -0.81 | 113.34 | 17.87 |
| Total Operating Income As Reported | -23.14 | -4.41 | 4.36 | 3.78 |
| Diluted Average Shares | 22.25 | 33.25 | 24.43 | 25.07 |
| Basic Average Shares | 22.25 | 23.14 | 23.42 | 23.91 |
| Diluted NI Availto Com Stockholders | -17.10 | -0.81 | 113.34 | 17.87 |
| Average Dilution Earnings | 0 | -1.39 | 0 | 0 |
| Minority Interests | 6.12 | 1.84 | -61.79 | -8.63 |
| Net Income Including Noncontrolling Interests | -23.22 | -2.65 | 175.13 | 26.50 |
| Net Income Discontinuous Operations | 15.84 | 22.16 | 191.18 | 20.89 |
| Net Income Continuous Operations | -39.06 | -24.81 | -16.05 | 5.62 |
| Other Income Expense | -23.05 | -8.76 | 3.37 | 9.17 |
| Other Non Operating Income Expenses | -0.99 | 1.22 | 3.40 | 9.41 |
| Special Income Charges | -22.06 | -9.98 | -0.02 | -0.23 |
| Restructuring And Mergern Acquisition | 22.06 | 9.98 | 0.02 | 0.23 |
| Net Non Operating Interest Income Expense | -14.78 | -25.13 | -29.26 | -2.30 |
| Interest Expense Non Operating | 14.78 | 25.13 | 29.26 | 2.30 |
| 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 |
| Operating Revenue | 177.48 | 180.91 | 181.99 | 203.10 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| i3 Verticals, Inc.this co. | IIIV | $682M | 279.88↑ premium | 1.41 | 3.5% | 25.50 |
| AMBQ | AMBQ | $742M | - | 3.92 | -22.4% | -18.54 |
| Daily Journal Corporation | DJCO | $730M | 7.82 | 1.90 | 28.7% | 21.31 |
| NETGEAR, Inc. | NTGR | $708M | - | 1.45 | -3.6% | -25.07 |
| Sabre Corporation | SABR | $707M | 1.37 | -0.68 |
| -49.9% |
| 13.74 |
| Kopin Corporation | KOPN | $700M | 393.00 | 10.86 | 3.6% | -47.38 |
| Viant Technology Inc. | DSP | $678M | 29.47 | 2.27 | 2.9% | 7.33 |
| VTEX | VTEX | $656M | 35.00 | 2.85 | 8.6% | 22.32 |
| Mitek Systems, Inc. | MITK | $617M | 38.89 | 2.64 | 3.7% | 14.70 |
| Peer Median | - | 32.24 | 2.46 | 3.3% | 10.54 | |