IIIVNasdaqServices-Prepackaged SoftwareUS GAAP · USD

i3 Verticals, Inc.

i3 Verticals, Inc. provides mission-critical enterprise software for public sector organizations, with cloud-native applications used by courts, public safety agencies, utilities, transportation entities, schools, and local government offices. The company operates across the United States and Canada and combines software, implementation, support, and integrated payment technology within its public sector platform.

Revenue213m USD
+11.5 %y/y
Operating profit (EBIT)3.8m USD
−13.3 %y/y
EBIT margin1.8%
−0.5 ppy/y
Net income17.9m USD
−84.2 %y/y
Free cash flow3.8m USD
−91.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1000100200300400m USD2020: 150 m USD2020: EBIT 7.8 m USD20202021: 224 m USD2021: EBIT -0.01 m USD20212022: 318 m USD2022: EBIT -23 m USD20222023: 370 m USD2023: EBIT 23 m USD20232024: 191 m USD2024: EBIT 4.4 m USD20242025: 213 m USD2025: EBIT 3.8 m USD20252133.8
RevenueOperating profit (EBIT)

Business

Share of revenue
JusticeTech40 %

Software for courts, public safety, e-filing, records, jail, and dispatch workflows.

Public Administration30 %

Government software for fund accounting, land records, appraisal, licensing, and tax collection.

Utilities20 %

Customer engagement, billing, and back-office software for utility operators.

Payment Technology10 %

Integrated payment facilitation, ACH, card, and gateway services embedded in software.

Products

Reported · share of revenue
69.9%25.4%FY2025100 %
  • License and Service69.9 %
  • Proprietary Payments Revenue25.4 %
  • Other Revenue4.7 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company sells primarily to state and local government entities and related agencies that need software to run core public functions. Its customer base also includes utilities and other public-sector-adjacent organizations that require workflow, billing, records, and payment capabilities. Customers buy these systems to improve service delivery, automate compliance-heavy processes, and connect front-office and back-office operations.

State and local government agencies

Buy cloud-native systems for courts, administration, records, licensing, and tax workflows.

Courts and justice agencies

Buy e-filing, case management, dispatch, jail, and evidence management software.

Utilities

Buy customer engagement, billing, and back-office software to improve service and efficiency.

Public safety organizations

Buy CAD, RMS, mobile, and livescan tools for operational coordination and records.

Related agencies and public-sector service providers

Buy integrated payment and workflow tools tied to government service delivery.

Strategy

The company’s strategy centers on mission-critical public-sector software, recurring customer relationships, and embedded payment capabilities that deepen workflow integration. It also emphasizes acquisitions and cross-market selling, using shared services and market-focused support teams to expand within adjacent government and utility workflows. Maintaining implementation quality, renewals, and product breadth is important because customers tend to adopt systems that are difficult to replace.

Acquire and integrate complementary software businessesMedium term

Acquisitions broaden the product set and deepen public-sector coverage.

Increase cross-sell across public-sector verticalsShort term

Existing government relationships can support additional software adoption.

Strengthen platform integration and customer retentionShort term

Mission-critical systems are sticky when implementation and support are strong.

Geography

i3 Verticals serves customers across most of the United States and also has operations in Canada. Its footprint matters because public-sector software is typically sold and supported regionally, with implementations tied to local government rules, procurement processes, and agency workflows. Canada also creates some exposure to cross-border contract and trade-related sentiment.

Risks

The business is exposed to cybersecurity, data privacy, and service disruption risks because it handles sensitive government and public-safety information. It also faces procurement, budget, and political-cycle risk in public-sector markets, plus execution risk from acquisitions and software integrations. Broader macro pressure, AI governance uncertainty, and Canada-related trade sentiment can also affect contract renewals and customer spending.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cybersecurity breach or service disruption1Public-sector budget and procurement pressure2Acquisition and integration execution3AI, privacy, and intellectual property uncertainty4Canada-related trade and contract sentiment5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cybersecurity breach or service disruptionImpact: HighLikelihood: Medium

    The company stores and processes sensitive government and public-safety data.

    Exposure: Cloud-native public-sector systems and payment platforms

  2. Public-sector budget and procurement pressureImpact: HighLikelihood: Low

    Customers depend on government funding and formal procurement processes.

    ExposureCourtsAdministrationUtilitiesPublic safety contracts
  3. Acquisition and integration executionImpact: MediumLikelihood: Medium

    Growth strategy relies on buying and integrating software businesses.

    ExposureProduct integrationCustomer onboardingSupport
  4. AI, privacy, and intellectual property uncertaintyImpact: MediumLikelihood: Medium

    Use of AI in products can create legal, ethical, and regulatory exposure.

    Exposure: Product development and data handling

  5. Canada-related trade and contract sentimentImpact: LowLikelihood: Low

    Canadian customers may reduce business with U.S. vendors amid trade tensions.

    Exposure: Canadian public-sector and related agency contracts

Accounting

Judgemental items
Revenue recognition across mixed software and services contracts

Different deliverables recognize revenue at different times and can shift quarterly results.

Impact: SaaS, licenses, maintenance, and professional services

Goodwill and intangible asset impairment

Acquisitions create judgment-heavy assets that may be written down if forecasts weaken.

Impact: Reported earnings and balance sheet carrying values

Contingent consideration

Acquisition earn-outs can remeasure liabilities through earnings.

Impact: Operating results and balance sheet volatility

Tax receivable agreement

Future payments tied to tax savings affect cash flow and liabilities over many years.

Impact: Cash obligations and long-term balance sheet presentation

Discontinued operations

Sold businesses are separated from continuing operations, affecting comparability.

Impact: Revenue and profit trend analysis

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

i3 Verticals, Inc. (IIIV) Revenue, Earnings & Financials 2025 – Clarifo