Overview
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- TickerIIIV on Nasdaq1
- IndustryServices-Prepackaged Software1
- HeadquartersNashville, Tennessee1
- Incorporated inDE3
- Business address40 Burton Hills Blvd., Suite 415, Nashville, Tn 372153
- Filer categoryAccelerated filer3
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On September 20, 2024, i3 Verticals, LLC, and i3 Holdings Sub, Inc., a wholly-owned subsidiary of i3 Verticals, LLC (“Corporation Seller,” and collectively with i3 Verticals, LLC, the “Sellers”) completed the transactions (such closing, the “Closing”) contemplated by that certain Securities Purchase Agreement dated as of June 26, 2024 (the “Merchant Services Purchase Agreement”), by and among i3 Verticals, LLC, Corporation Seller, the Company (solely for the purpose of providing a guaranty of the obligations of Sellers as set forth in the Purchase Agreement), Payroc Buyer, LLC (“Buyer”), and Payroc WorldAccess, LLC (solely for the purpose of providing a guaranty of the obligations of Buyer as set forth in the Merchant Services Purchase Agreement), the entry into which Merchant Services Purchase Agreement was previously disclosed in a Current Report on Form 8-K filed by the Company on Jun…5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
1.8%Operating margin2
8.4%Net margin2
11.5%Revenue growth, 20252
4.6%Return on equity2
0.00×Debt to equity2
$3.8MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
License and Service brought in 70% of the revenue i3 Verticals, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| License and Service | $134.4M | $131.9M | $149.0M |
| Proprietary Payments Revenue | $46.5M | $50.1M | $54.1M |
| Other Revenue | $8.8M | $9.2M | $10.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Selling, general and admin54¢$114.7M
- Other costs35¢$75.4M
- Income tax2¢$5.3M
- Profit8¢$17.9M
Out of $213.2M in revenue.2
Where each dollar of operating cash went, fiscal 2025
- Capital spending5¢$1.9M
- Share buybacks95¢$37.6M
Out of $5.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2
Financial statements
Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.2
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 |
|---|---|---|---|
| Revenue | $213.2M | $191.2M | $189.7M |
| Other costs of services (excluding depreciation and amortization) | $66.6M | $60.5M | $54.8M |
| Selling, general and administrative | $114.7M | $100.8M | $106.0M |
| Depreciation and amortization | $27.9M | $25.6M | $23.3M |
| Change in fair value of contingent consideration | $234.0K | $22.0K | $10.0M |
| Total operating expenses | $209.4M | $186.9M | $194.1M |
| Income (loss) from operations | $3.8M | $4.4M | -$4.4M |
| Interest expense | $2.3M | $29.3M | $25.1M |
| Other income | -$9.4M | -$3.4M | -$1.2M |
| Total other expenses | -$7.1M | $25.9M | $23.9M |
| Income (loss) before income taxes | $10.9M | -$21.5M | -$28.3M |
| (Benefit from) provision for income taxes | $5.3M | -$5.5M | -$3.5M |
| Net income (loss) from continuing operations | $5.6M | -$16.0M | -$24.8M |
| Net income from discontinued operations, net of income taxes | $20.9M | $191.2M | $22.2M |
| Net income (loss) | $26.5M | $175.1M | -$2.7M |
| Net income (loss) from continuing operations attributable to non-controlling interest | $2.0M | -$5.2M | -$8.2M |
| Net income from discontinued operations attributable to non-controlling interest | $6.6M | $67.0M | $6.4M |
| Net income (loss) attributable to non-controlling interest | $8.6M | $61.8M | -$1.8M |
| Net income (loss) from continuing operations attributable to i3 Verticals, Inc. | $3.6M | -$10.9M | -$16.6M |
| Net income from discontinued operations attributable to i3 Verticals, Inc. | $14.2M | $124.2M | $15.8M |
| Net income (loss) attributable to i3 Verticals, Inc. | $17.9M | $113.3M | -$811.0K |
| Basic (in USD per share) | $0 | -$0 | -$1 |
| Diluted (in USD per share) | $0 | -$0 | -$1 |
| Basic (in USD per share) | $1 | $5 | $1 |
| Diluted (in USD per share) | $1 | $5 | $1 |
| Basic for continuing and discontinued operations (in shares) | 23.9M shares | 23.4M shares | 23.1M shares |
| Diluted for continuing and discontinued operations (in shares) diluted (in shares) | 34.2M shares | 33.9M shares | 33.2M shares |
| Period ending | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 |
|---|---|---|---|---|---|---|---|---|
| Other costs of services (excluding depreciation and amortization) | $17.7M | $16.7M | $16.6M | $15.6M | $16.1M | $15.3M | $15.2M | $13.9M |
| Income (loss) from operations | $1.5M | -$4.8M | $5.1M | $2.1M | $3.4M | -$1.3M | $2.0M | $276.0K |
| Net income (loss) from continuing operations attributable to i3 Verticals, Inc. | $1.2M | -$410.0K | $1.0M | $1.9M | $6.5M | -$11.8M | -$2.0M | -$3.5M |
| Net income from discontinued operations attributable to i3 Verticals, Inc. | $1.9M | $13.3M | -$1.2M | $201.0K | $111.4M | $4.3M | $3.9M | $4.6M |
| Net income (loss) attributable to i3 Verticals, Inc. | $3.1M | $12.9M | -$154.0K | $2.1M | $117.9M | -$7.5M | $1.9M | $1.1M |
| Basic (in USD per share) | $0 | -$0 | $0 | $0 | $0 | -$0 | -$0 | -$0 |
| Diluted (in USD per share) | $0 | -$0 | $0 | $0 | $0 | -$0 | -$0 | -$0 |
| Basic (in USD per share) | $0 | $1 | -$0 | $0 | $5 | $0 | $0 | $0 |
| Diluted (in USD per share) | $0 | $1 | -$0 | $0 | $5 | $0 | $0 | $0 |
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.2
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 |
|---|---|---|---|---|
| Cash and cash equivalents | $66.7M | $86.5M | ||
| Accounts receivable, net | $58.5M | $50.8M | ||
| Settlement assets | $411.0K | $632.0K | $4.9M | $7.5M |
| Prepaid expenses and other current assets | $12.1M | $10.0M | ||
| Current assets held for sale | $0 | $5.5M | ||
| Total current assets | $137.6M | $153.4M | ||
| Property and equipment, net | $7.2M | $8.3M | ||
| Restricted cash | $250.0K | $2.4M | ||
| Capitalized software, net | $48.3M | $54.0M | ||
| Goodwill | $248.5M | $243.0M | $230.3M | |
| Intangible assets, net | $135.8M | $140.7M | ||
| Deferred tax asset | $49.1M | $48.4M | ||
| Operating lease right-of-use assets | $4.6M | $6.3M | ||
| Other assets | $7.1M | $6.7M | ||
| Long-term assets held for sale | $0 | $67.4M | ||
| Total assets | $638.4M | $730.7M | ||
| Accounts payable | $6.2M | $4.9M | ||
| Current portion of long-term debt | $0 | $26.2M | ||
| Accrued expenses and other current liabilities | $24.5M | $88.3M | ||
| Settlement obligations | $411.0K | $632.0K | ||
| Deferred revenue | $37.7M | $38.4M | ||
| Current portion of operating lease liabilities | $1.8M | $2.3M | ||
| Current liabilities held for sale | $0 | $4.1M | ||
| Total current liabilities | $70.7M | $164.7M | ||
| Long-term tax receivable agreement obligations | $32.2M | $29.3M | ||
| Operating lease liabilities, less current portion | $3.0M | $4.9M | ||
| Other long-term liabilities | $14.8M | $14.9M | ||
| Long-term liabilities held for sale | $0 | $1.4M | ||
| Total liabilities | $120.7M | $215.3M | ||
| Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2025 and 2024 | $0 | $0 | ||
| Additional paid-in-capital | $271.3M | $279.3M | ||
| Accumulated earnings | $118.3M | $100.4M | ||
| Total stockholders' equity | $389.6M | $379.7M | ||
| Non-controlling interest | $128.1M | $135.6M | ||
| Total equity | $517.7M | $515.4M | $328.3M | $307.7M |
| Total liabilities and equity | $638.4M | $730.7M | ||
| Preferred stock, par value (in USD per share) | $0.00 | $0.00 | ||
| Preferred stock, authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock, issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, outstanding (in shares) | 0 shares | 0 shares |
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 |
|---|---|---|---|---|
| Cash and cash equivalents | $66.7M | $86.5M | ||
| Accounts receivable, net | $58.5M | $50.8M | ||
| Settlement assets | $411.0K | $632.0K | $4.9M | $7.5M |
| Prepaid expenses and other current assets | $12.1M | $10.0M | ||
| Current assets held for sale | $0 | $5.5M | ||
| Total current assets | $137.6M | $153.4M | ||
| Property and equipment, net | $7.2M | $8.3M | ||
| Restricted cash | $250.0K | $2.4M | ||
| Capitalized software, net | $48.3M | $54.0M | ||
| Goodwill | $248.5M | $243.0M | $230.3M | |
| Intangible assets, net | $135.8M | $140.7M | ||
| Deferred tax asset | $49.1M | $48.4M | ||
| Operating lease right-of-use assets | $4.6M | $6.3M | ||
| Other assets | $7.1M | $6.7M | ||
| Long-term assets held for sale | $0 | $67.4M | ||
| Total assets | $638.4M | $730.7M | ||
| Accounts payable | $6.2M | $4.9M | ||
| Current portion of long-term debt | $0 | $26.2M | ||
| Accrued expenses and other current liabilities | $24.5M | $88.3M | ||
| Settlement obligations | $411.0K | $632.0K | ||
| Deferred revenue | $37.7M | $38.4M | ||
| Current portion of operating lease liabilities | $1.8M | $2.3M | ||
| Current liabilities held for sale | $0 | $4.1M | ||
| Total current liabilities | $70.7M | $164.7M | ||
| Long-term tax receivable agreement obligations | $32.2M | $29.3M | ||
| Operating lease liabilities, less current portion | $3.0M | $4.9M | ||
| Other long-term liabilities | $14.8M | $14.9M | ||
| Long-term liabilities held for sale | $0 | $1.4M | ||
| Total liabilities | $120.7M | $215.3M | ||
| Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2025 and 2024 | $0 | $0 | ||
| Additional paid-in-capital | $271.3M | $279.3M | ||
| Accumulated earnings | $118.3M | $100.4M | ||
| Total stockholders' equity | $389.6M | $379.7M | ||
| Non-controlling interest | $128.1M | $135.6M | ||
| Total equity | $517.7M | $515.4M | $328.3M | $307.7M |
| Total liabilities and equity | $638.4M | $730.7M | ||
| Preferred stock, par value (in USD per share) | $0.00 | $0.00 | ||
| Preferred stock, authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock, issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, outstanding (in shares) | 0 shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 |
|---|---|---|---|
| Net income (loss) | $26.5M | $175.1M | -$2.7M |
| Depreciation and amortization | $29.8M | $37.4M | $36.5M |
| Equity-based compensation | $18.3M | $26.3M | $27.9M |
| Amortization of debt discount and issuance costs | $961.0K | $1.2M | $1.5M |
| Gain on repurchase of exchangeable notes | $0 | -$2.4M | $0 |
| Loss on sale of exchangeable senior note hedges | $0 | $245.0K | $0 |
| Gain on repurchases of warrants | $0 | -$105.0K | $0 |
| Net gain on sale of investments | $0 | $0 | -$295.0K |
| Gain on sale of businesses | -$26.0M | -$205.6M | $0 |
| Write down of intangible asset | $0 | $0 | $2.7M |
| Provision for (Benefit from) deferred income taxes | $5.0M | $434.0K | -$5.9M |
| Non-cash lease expense | $2.5M | $4.5M | $4.7M |
| Other non-cash adjustments to net income (loss) | $437.0K | $1.3M | $1.5M |
| Increase (Decrease) in non-cash contingent consideration expense from original estimate | $1.5M | -$690.0K | $10.8M |
| Accounts receivable | -$7.4M | $9.6M | -$7.7M |
| Prepaid expenses and other current assets | -$2.2M | -$603.0K | $1.5M |
| Other assets | -$2.0M | -$1.7M | -$1.9M |
| Accounts payable | $1.0M | -$3.2M | $1.7M |
| Accrued expenses and other current liabilities | -$32.1M | $28.0M | $318.0K |
| Acquisition escrow obligations | -$2.2M | -$1.8M | -$8.3M |
| Deferred revenue | -$1.8M | $2.0M | -$1.3M |
| Operating lease liabilities | -$3.2M | -$4.6M | -$4.5M |
| Other long-term liabilities | -$2.9M | -$10.5M | $0 |
| Contingent consideration paid in excess of original estimates | -$760.0K | -$6.6M | -$19.3M |
| Net cash provided by operating activities | $5.7M | $48.4M | $37.2M |
| Expenditures for property and equipment | -$1.9M | -$3.0M | -$4.2M |
| Proceeds from sale of property and equipment | $1.5M | $618.0K | $0 |
| Expenditures for capitalized software | -$8.2M | -$12.0M | -$12.2M |
| Purchases of merchant portfolios and residual buyouts | -$12.0K | -$5.4M | -$2.2M |
| Acquisitions of businesses, net of cash acquired | -$11.0M | -$19.1M | -$102.0M |
| Payments for other investing activities | $0 | -$94.0K | -$1.3M |
| Proceeds from investments | $0 | $0 | $295.0K |
| Net cash provided by (used in) investing activities | $76.5M | $396.1M | -$121.5M |
| Proceeds from revolving credit facility | $58.4M | $387.0M | $365.0M |
| Payments on revolving credit facility | -$58.4M | -$659.5M | -$281.5M |
| Payments to extinguish exchangeable notes | -$26.2M | $0 | $0 |
| Payments for repurchase of exchangeable notes | $0 | -$87.8M | $0 |
| Proceeds from sale of exchangeable senior note hedges | $0 | $1.2M | $0 |
| Payments for repurchases of warrants | $0 | -$552.0K | $0 |
| Payments of debt issuance costs | -$256.0K | -$930.0K | -$694.0K |
| Payments for repurchases of Class A common stock | -$37.6M | $0 | $0 |
| Net payments for settlement obligations | -$221.0K | -$4.2M | -$2.7M |
| Cash paid for contingent consideration | -$817.0K | -$760.0K | -$6.8M |
| Payments for required distributions to members or on behalf of members for tax obligations | -$25.3M | -$1.1M | $0 |
| Payments for required distributions to members under the Tax Receivable Agreement | -$10.0M | $0 | $0 |
| Proceeds from stock option exercises | $300.0K | $25.0K | $180.0K |
| Payments for employee's tax withholdings from net settled stock option exercises and RSU releases | -$4.3M | -$708.0K | -$490.0K |
| Net cash (used in) provided by financing activities | -$104.4M | -$367.4M | $73.0M |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | -$22.3M | $77.2M | -$11.4M |
| Cash paid for interest | $931.0K | $29.5M | $21.5M |
| Cash paid for income taxes, net of refunds | $34.9M | $7.3M | $3.2M |
No quarter-by-quarter statement was filed.
Corporate structure
i3 Verticals, Inc. sits at the top of its group. 19 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of i3 Verticals, Inc.
- Forager Capital Management, LLC Filed SCHEDULE 13G on i3 Verticals, Inc., latest Sep 30, 2026
- CROSSLINK CAPITAL INC Filed SCHEDULE 13G on i3 Verticals, Inc., latest Aug 14, 2026 (3 filings since May 15, 2025)
- North Reef Capital Management LP Filed SCHEDULE 13G on i3 Verticals, Inc., latest Aug 14, 2026
- PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. Filed SCHEDULE 13G on i3 Verticals, Inc., latest Aug 14, 2026
- WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Filed SCHEDULE 13G/A on i3 Verticals, Inc., latest Aug 11, 2026 (2 filings since May 7, 2026)
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G/A on i3 Verticals, Inc., latest Jul 31, 2026 (2 filings since Apr 30, 2026)
- BlackRock Filed SCHEDULE 13G/A on i3 Verticals, Inc., latest Jul 28, 2026 (4 filings since Feb 3, 2022)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on i3 Verticals, Inc., latest Mar 27, 2026 (4 filings since Feb 9, 2023)
- T. Rowe Price Investment Management, Inc. Filed SCHEDULE 13G/A on i3 Verticals, Inc., latest Mar 6, 2026 (2 filings since Jun 6, 2025)
- GENEVA CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G/A on i3 Verticals, Inc., latest Jan 6, 2026 (4 filings since Feb 11, 2022)
- Hood River Capital Management LLC Filed SCHEDULE 13G/A on i3 Verticals, Inc., latest Feb 14, 2025 (2 filings since Nov 14, 2024)
- Gregory S. Daily Filed SC 13G/A on i3 Verticals, Inc., latest Feb 14, 2024 (2 filings since Feb 9, 2022)
- i3 Verticals, Inc. Nashville, Tennessee
- 3V ImageSoft (CAN) B.C. Ltd. Subsidiary · Canada
- AccuFund, Inc. Subsidiary · Colorado, United States
- Ad Valorem Records, Inc. Subsidiary · Texas, United States
- Celtic Cross Holdings, Inc. Subsidiary · Arizona, United States
- Celtic Nominee Holdings, LLC Subsidiary · Delaware, United States
- Celtic Systems Private Limited Subsidiary · India
- CP-DBS, LLC Subsidiary · Delaware, United States
- Eduloka Limited Subsidiary · Nevada, United States
- i3 Healthcare Solutions, LLC Subsidiary · Delaware, United States
- i3 Holdings Sub, Inc. Subsidiary · Delaware, United States
- i3 Verticals Management Services, Inc. Subsidiary · Delaware, United States
- i3-ImageSoft, LLC Subsidiary · Delaware, United States
- i3-Milestone, LLC Subsidiary · Delaware, United States
- i3-MSI Consulting, LLC Subsidiary · Arkansas, United States
- i3-Software & Services, LLC Subsidiary · Delaware, United States
- Kiriworks, LLC Subsidiary · Delaware, United States
- Mentis Technology, Inc. Subsidiary · Delaware, United States
- On-Line Information Services, Inc Subsidiary · Alabama, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What i3 Verticals, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Accumulated depreciation | $5.6M2 Sep 30, 2025 | $6.2M2 Sep 30, 2024 | −8.8% |
| Property and equipment, net | $7.2M2 Sep 30, 2025 | $8.3M2 Sep 30, 2024 | −13.4% |
| Operating-lease assets (leased space) | $4.6M2 Sep 30, 2025 | $6.3M2 Sep 30, 2024 | −27.7% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $66.7M2 Sep 30, 2025 | $86.5M2 Sep 30, 2024 | −22.9% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $248.5M2 Sep 30, 2025 | $243.0M2 Sep 30, 2024 | +2.3% |
| Intangible assets, net (excluding goodwill) | $135.8M2 Sep 30, 2025 | $140.7M2 Sep 30, 2024 | −3.5% |
| Finite-lived intangibles, gross | $183.7M2 Sep 30, 2025 | $177.3M2 Sep 30, 2024 | +3.6% |
| Accumulated amortization | $47.9M2 Sep 30, 2025 | $36.6M2 Sep 30, 2024 | +31.1% |
| Finite-lived intangibles, net | $135.8M2 Sep 30, 2025 | $140.7M2 Sep 30, 2024 | −3.5% |
Inventory
Properties, in its own words
Our corporate headquarters is in Nashville, Tennessee where we lease approximately 16,000 square feet of office space under a lease that expires in 2027. We also lease approximately 34,000 square feet of office space in Piney Flats, Tennessee; 18,000 square feet of office space in Sulphur Springs, Texas and 15,000 square feet of office space in Houston, Texas. We own approximately 15,000 square feet of office space in Vadodara, India which is used to support our employees and business operations, including technology development. We also lease properties located within various geographic regions in which we conduct business, including Alabama, Colorado, Georgia, Kentucky, Michigan, Nevada, Ohio, South Carolina and Wisconsin. Additionally, we own property in Arizona. Our properties include office spaces used for support, operational, sales, management and administrative purposes.
For leases that are scheduled to expire during the next 12 months, we may negotiate new lease agreements, renew existing lease agreements, exercise any respective options to extend the existing lease agreements, or use alternate facilities. We believe our facilities are adequate for our needs and believe that we should be able to renew any of our existing leases or secure similar property without an adverse impact on our operations.
Item 2 of the 10-K filed Nov 21, 2025.5
Leadership
Who has led i3 Verticals, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
20202025
- Chief executive officerGregory S. Daily Jun 20, 2018 to now15
- PresidentChristopher Laisure Nov 17, 2022 to now16
- PresidentFrederick Stanford Jun 20, 2018 to Nov 17, 202217
- Chief financial officerClay M. Whitson Jun 20, 2018 to Feb 14, 202418
- Chief operating officerPaul Christians Nov 17, 2022 to Feb 14, 202419
- Chief operating officerDavid Scott Meriwether Nov 26, 2019 to Feb 12, 202120
Board members and other officers (12)
- Chief Strategy OfficerClay M. Whitson Jan 24, 2025 to now21
- Chief Revenue OfficerPaul Christians Feb 12, 2025 to now22
- Chief Technology OfficerPete Panagakis Aug 30, 2022 to Feb 14, 202423
- SVP - FinanceDavid Scott Meriwether Jun 20, 2018 to Feb 20, 201924
- Chief Technology OfficerRobert Bertke Jun 20, 2018 to Jun 9, 202225
- Board memberDecosta Jenkins Nov 24, 2021 to now26
- Board memberClay M. Whitson Jun 20, 2018 to now18
- Board memberDavid K. Morgan Jun 20, 2018 to now27
- Board memberDavid M. Wilds Jun 20, 2018 to now28
- Board memberElizabeth S. Courtney Jun 20, 2018 to now29
- Board memberGregory S. Daily Jun 20, 2018 to now15
- General counselPaul Maple Jun 20, 2018 to now30
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- 3V ImageSoft (CAN) B.C. Ltd. Canada4
- AccuFund, Inc. Colorado4
- Ad Valorem Records, Inc. Texas4
- CP-DBS, LLC Delaware4
- Celtic Cross Holdings, Inc. Arizona4
- Celtic Nominee Holdings, LLC Delaware4
- Celtic Systems Private Limited India4
- Eduloka Limited Nevada4
- Kiriworks, LLC Delaware4
- Mentis Technology, Inc. Delaware4
- On-Line Information Services, Inc Alabama4
- i3 Healthcare Solutions, LLC Delaware4
- i3 Holdings Sub, Inc. Delaware4
- i3 Verticals Management Services, Inc. Delaware4
- i3 Verticals, LLC Delaware4
- i3-ImageSoft, LLC Delaware4
- i3-MSI Consulting, LLC Arkansas4
- i3-Milestone, LLC Delaware4
- i3-Software & Services, LLC Delaware4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Oct 9, 20268-K Entered a material agreement; New debt or obligation31
- Aug 6, 20268-K Results of operations; Regulation FD disclosure32
- Jun 2, 20268-K Regulation FD disclosure33
- May 12, 20268-K Other events34
- May 7, 20268-K Results of operations; Regulation FD disclosure35
- Mar 3, 20268-K Shareholder vote36
- Feb 5, 20268-K Results of operations; Regulation FD disclosure; Other events37
- Nov 17, 20258-K Results of operations; Executive or director change; Regulation FD disclosure38
- Aug 7, 20258-K Results of operations; Regulation FD disclosure; Other events39
- May 8, 20258-K Results of operations; Regulation FD disclosure40
- May 6, 20258-K Entered a material agreement; Regulation FD disclosure41
- Feb 25, 20258-K Shareholder vote42
- Jun 20, 2018New chief executive Gregory S. Daily becomes CEO15
Calendar
Coming up
- Nov 16, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.20 a share, on Nov 17, 2025.43
When it reported results
- Aug 6, 2026Reported quarterly or annual results32
- May 7, 2026Reported quarterly or annual results35
- Feb 5, 2026Reported quarterly or annual results37
- Nov 17, 2025Reported quarterly or annual results38
- Aug 7, 2025Reported quarterly or annual results39
- May 8, 2025Reported quarterly or annual results40
- Feb 6, 2025Reported quarterly or annual results44
- Nov 25, 2024Reported quarterly or annual results45
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
252 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 38 major events, 119 insider forms, 36 large holders, 39 other. The latest 20:
- Oct 9, 20268-K EDGAR
- Sep 30, 2026SCHEDULE 13G EDGAR
- Sep 22, 20264 EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 11, 2026SCHEDULE 13G/A EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jul 31, 2026SCHEDULE 13G/A EDGAR
- Jul 28, 2026SCHEDULE 13G/A EDGAR
- Jun 2, 20268-K EDGAR
- May 14, 20264 EDGAR
- May 12, 20268-K EDGAR
- May 8, 202610-Q EDGAR
- May 7, 20268-K EDGAR
- May 7, 2026SCHEDULE 13G EDGAR
- Apr 30, 2026SCHEDULE 13G EDGAR
- Mar 27, 2026SCHEDULE 13G/A EDGAR
- Mar 9, 20264 EDGAR
The 252 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
24 open-market trades by officers, directors and large owners since October 2021: 9 buys and 15 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 14, 2026 | DAILY GREGORY SChief Executive Officer | Buy | 50,000 | $19.23 | $961.5K | Form 4 |
| Mar 6, 2026 | CHRISTIANS PAULChief Revenue Officer | Sale | 6,122 | $23.23 | $142.2K | Form 4 |
| Dec 3, 2025 | CHRISTIANS PAULChief Revenue Officer | Sale | 9,000 | $23.27 | $209.4K | Form 4 |
| Nov 26, 2025 | CHRISTIANS PAULChief Revenue Officer | Sale | 3,292 | $23.78 | $78.3K | Form 4 |
| Nov 21, 2025 | STANFORD FREDERICKPresident | Sale | 11,347 | $24.21 | $274.7K | Form 4 |
| Sep 11, 2025 | MAPLE PAULGeneral Counsel and Secretary | Sale | 2,500 | $31.04 | $77.6K | Form 4 |
| Aug 29, 2025 | CHRISTIANS PAULChief Revenue Officer | Sale | 1,890 | $31.40 | $59.3K | Form 4 |
| Aug 12, 2025 | MCKENNA TIMOTHYDirector | Sale | 6,882 | $31.81 | $218.9K | Form 4 |
| May 15, 2025 | SMITH GEOFFREY C.Chief Financial Officer | Sale | 8,404 | $26.56 | $223.2K | Form 4 |
| May 13, 2025 | WILDS DAVID MDirector | Sale | 218,400 | $24.81 | $5.4M | Form 4 |
| May 13, 2025 | HARRISON JOHN C.Director | Sale | 78,597 | $24.81 | $1.9M | Form 4 |
| May 13, 2025 | HARVEY ROBERT BURTONDirector | Sale | 71,860 | $24.81 | $1.8M | Form 4 |
| Nov 27, 2024 | STANFORD FREDERICKPresident | Sale | 17,577 | $25.28 | $444.3K | Form 4 |
| Nov 25, 2024 | DAILY GREGORY SChief Executive Officer | Buy | 40,000 | $24.06 | $962.4K | Form 4 |
| Nov 22, 2024 | DAILY GREGORY SChief Executive Officer | Buy | 48,544 | $23.51 | $1.1M | Form 4 |
| Aug 18, 2023 | MCKENNA TIMOTHYDirector | Sale | 2,687 | $22.27 | $59.8K | Form 4 |
| May 15, 2023 | DAILY GREGORY SChief Executive Officer | Buy | 22,377 | $21.90 | $490.1K | Form 4 |
| May 12, 2023 | DAILY GREGORY SChief Executive Officer | Buy | 27,623 | $21.28 | $587.8K | Form 4 |
| Nov 23, 2022 | MORGAN DAVID K.Director | Buy | 2,000 | $24.80 | $49.6K | Form 4 |
| Nov 22, 2022 | MORGAN DAVID K.Director | Buy | 1,000 | $23.73 | $23.7K | Form 4 |
All 24 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Forager Capital Management, LLCSCHEDULE 13G, 1 filing Sep 30, 202646
- CROSSLINK CAPITAL INCSCHEDULE 13G, 3 filings May 15, 2025 to Aug 14, 202647
- North Reef Capital Management LPSCHEDULE 13G, 1 filing Aug 14, 202648
- PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.SCHEDULE 13G, 1 filing Aug 14, 202649
- WILLIAM BLAIR INVESTMENT MANAGEMENT, LLCSCHEDULE 13G/A, 2 filings May 7, 2026 to Aug 11, 202650
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G/A, 2 filings Apr 30, 2026 to Jul 31, 202651
- BlackRockSCHEDULE 13G/A, 4 filings Feb 3, 2022 to Jul 28, 202652
- VANGUARD GROUP INCSCHEDULE 13G/A, 4 filings Feb 9, 2023 to Mar 27, 202653
- T. Rowe Price Investment Management, Inc.SCHEDULE 13G/A, 2 filings Jun 6, 2025 to Mar 6, 202654
- GENEVA CAPITAL MANAGEMENT LLCSCHEDULE 13G/A, 4 filings Feb 11, 2022 to Jan 6, 202655
- Hood River Capital Management LLCSCHEDULE 13G/A, 2 filings Nov 14, 2024 to Feb 14, 202556
- Gregory S. DailySC 13G/A, 2 filings Feb 9, 2022 to Feb 14, 202457
- PRICE T ROWE ASSOCIATES INC /MD/SC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202358
- INTEGRATED CORE STRATEGIES (US) LLCSC 13G/A, 2 filings Dec 17, 2021 to Feb 14, 202259
- TimesSquare Capital Management, LLCSC 13G/A, 1 filing Feb 11, 202260
- WELLINGTON TRUST Co N ASC 13G/A, 1 filing Feb 4, 202261
- Wellington Management CompanySC 13G/A, 1 filing Feb 4, 202262
- JPMorgan ChaseSC 13G/A, 1 filing Dec 7, 202163
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Paul Christians | 67 | $360.5K | $1.5M64 |
| 2025 | Rick Stanford | 64 | $331.8K | $1.5M64 |
| 2025 | Clay Whitson | 68 | $270.4K | $1.5M64 |
| 2025 | Geoff Smith | 39 | $260.5K | $1.5M64 |
| 2025 | Gregory Daily | 66 | $341.2K | $351.2K64 |
| 2024 | President | $322.1K | $1.4M64 | |
| 2024 | Chief Financial Officer | $235.8K | $1.4M64 | |
| 2024 | Chief Strategy Officer | $268.4K | $1.3M64 | |
| 2024 | Chief Revenue Officer | $357.7K | $1.2M64 | |
| 2024 | Chief Executive Officer | $341.2K | $350.2K64 | |
| 2023 | President | $311.2K | $1.9M64 | |
| 2023 | Chief Strategy Officer | $259.4K | $1.8M64 | |
| 2023 | Chief Revenue Officer | $350.0K | $1.6M64 | |
| 2023 | Chief Executive Officer | $337.2K | $345.6K64 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How i3 Verticals, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARi3 Verticals, Inc.1
- CIK0001728688
- Employer ID (EIN)82-40528525
- Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsSeptember 301
- Industry code (SIC)7372 Services-Prepackaged Software1
- SEC reviewing officeOffice of Technology, Division of Corporation Finance1
- Business address40 Burton Hills Blvd., Suite 415, Nashville, TN 372151
- Phone800-203-79811
- Shares outstanding23,972,102 Common Class A shares; 8,381,681 Common Class B shares as of Nov 20, 20255
- Public float$577.6M as of Mar 31, 20255
- AuditorDeloitte & Touche LLP, Nashville, Tennessee PCAOB ID 34; it also attests to the company’s internal control over financial reporting5
- On EDGAR sinceFeb 12, 20181
- Filings477 in all: 4 (183), 8-K (68), SC 13G/A (27), 10-Q (25), 3 (18), SC 13G (18), 144 (16), 4/A (12)1
All 35 form types
CORRESP (12), UPLOAD (12), SCHEDULE 13G/A (10), S-8 (9), 10-K (8), DEF 14A (8), SCHEDULE 13G (8), 8-K/A (5), DEFA14A (5), EFFECT (5), ARS (4), 424B4 (2), DRS (2), DRS/A (2), DRSLTR (2), POS AM (2), S-1 (2), S-1/A (2), S-3 (2), 424B2 (1), 424B3 (1), 424B5 (1), 8-A12B (1), CERT (1), FWP (1), S-3/A (1), S-3ASR (1)
- Latest filingsAnnual report (10-K) Nov 21, 2025
Quarterly report (10-Q) Aug 7, 2026
Proxy statement (DEF 14A) Jan 15, 2026
Latest 8-K (8-K) Oct 9, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A Common Stock, $0.0001 Par Value | IIIV | Nasdaq Global Select Market |
From the cover page of the 10-K filed Nov 21, 2025 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks i3 Verticals, Inc. names in Item 1A of its 10-K filed Nov 21, 2025: 51 risks under these headings, as written.5
- Our business faces significant risks and uncertainties. If any of the following risks are realized, our business, financial condition and results of operations could be materially and adversely affected. The following risk factors, some of which contain statements that constitute forward-looking statements, should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes.
- Risks Related to Our Business and Industry
- Unauthorized disclosure, destruction or modification of data or disruption of our services or other cybersecurity or technological risks, including as a result of a cybersecurity incident, could expose us to liability, protracted and costly litigation and damage our reputation.
- Our software and systems and our third-party providers’ software and systems may fail, or our third-party providers may discontinue providing their services or technology generally or to us specifically, which in either case could interrupt our business, cause us to lose business and increase our costs.
- Some of our solutions contain "open-source" software, and any failure to comply with the terms of one or more of applicable open-source licenses could negatively affect our business.
- We have a history of operating losses and will need to generate significant revenues to attain and maintain profitability and positive cash flow and continue our acquisition program.
- The enterprise software industry is competitive. Such competition could adversely affect the revenue we receive, and as a result, our margins, business, financial condition and results of operations.
- If we cannot keep pace with rapid developments and changes in our industry, the use of our products and services could decline, causing a reduction in our revenues.
- If we fail to comply with the applicable requirements of the Visa and Mastercard payment networks, those payment networks could seek to fine us, suspend us or terminate our registrations through our bank sponsor.
- If our bank sponsorship is terminated and we are not able to secure or successfully migrate customer portfolios to a new bank sponsor, we will not be able to conduct our business.
- If our processing services agreement with Payroc is terminated and we are not able to enter into replacement processing relationship with another party, our ability to provide payment processing services to our affected software customers may be adversely impacted.
- Consolidation in the banking and financial services industry could adversely affect our business, results of operations and financial condition.
The other 40 risks
- We have faced, and may in the future face, chargeback liabilities if our customers refuse or cannot reimburse chargebacks resolved in favor of their customers, and we may not accurately anticipate these liabilities.
- On occasion, we experience increases in interchange and sponsorship fees; if we cannot pass these increases along to our customers, our profit margins will be reduced.
- Third-party hardware that we sell to our customers is generally procured from a limited number of suppliers. Thus, we are at risk of shortages, price increases, changes, delays or discontinuations of hardware, which could disrupt our business.
- We are subject to risks associated with general economic and geopolitical conditions, the business cycles of our customers and changes in the overall level of consumer and commercial spending, which could negatively impact our business, financial condition and results of operations.
- A decline in the use of cards and ACH as payment mechanisms for consumers and businesses or adverse developments in the electronic payment industry in general could adversely affect our business, financial condition and operating results.
- We may not be able to successfully execute our strategy of growth through acquisitions.
- There are certain risks associated with the sale of our Merchant Services Business which was completed in September 2024 and the sale of our Healthcare RCM Business which was completed in May 2025.
- Revenues and profits generated via acquisition may be less than anticipated, the integration process could experience delays or difficulties, and we may fail to uncover all liabilities of acquisition targets through the due diligence process prior to an acquisition, resulting in unanticipated costs, losses or a decline in profits, as well as potential impairment charges.
- We may not be able to successfully manage our intellectual property.
- We may be subject to infringement claims.
- If we lose key personnel, or if their reputations are damaged, our business, financial condition and results of operations may be adversely affected, and proprietary information of our company could be shared with our competitors.
- In a dynamic industry like ours, our success and growth depend on our ability to attract, recruit, retain and develop qualified employees.
- Our operating results and operating metrics are subject to seasonality and volatility, which could result in fluctuations in our quarterly revenues and operating results or in perceptions of our business prospects.
- We are the subject of various claims and legal proceedings and may become the subject of claims, litigation or investigations which could have a material adverse effect on our business, financial condition or results of operations.
- We are exposed to fluctuations in foreign currency exchange rates, which could negatively affect our financial condition and operating results.
- Our international operations subject us to additional risks which could have an adverse effect on our business, operating results, and financial condition.
- Risks Related to Regulation
- We are subject to extensive laws and government regulation, the costs of compliance with which can be significant, and our actual or perceived failure to comply with such obligations may subject us to penalties and otherwise have an unfavorable impact on our business, financial condition and results of operations.
- Compliance with the Dodd-Frank Act and other federal and state regulations applicable to our business may increase our compliance costs, limit our revenues and otherwise negatively affect our business.
- If we violate the Family Educational Rights and Privacy Act ("FERPA") or Protection of Pupil Rights Amendment ("PPRA"), it could result in a material breach of contract with one or more of our Education customers and could harm our reputation. Further, if we disclose student information in violation of FERPA or PPRA, our access to student information could be suspended.
- We could be adversely affected by violations of laws and regulations governing participants in the healthcare industry with respect to conduct prior to the sale of our Healthcare RCM Business.
- We must comply with laws and regulations prohibiting unfair or deceptive acts or practices, and any failure to do so could materially and adversely affect our business.
- We could be adversely affected by violations of the FCPA and similar anti-bribery laws of other countries in which we provide services or have employees.
- Numerous other laws affect our business, and any failure to comply with those laws could harm our business.
- Changes in tax laws or their interpretations, or becoming subject to additional U.S., state or local taxes that cannot be passed through to our customers, could negatively affect our business, financial condition and results of operations.
- Changing laws and governmental rules and regulations designed to protect or limit access to or use of personal information could adversely affect our ability to effectively provide our products and services, and actual or perceived failure to comply with such legal and regulatory obligations may negatively impact our business, financial condition and results of operations.
- The evolving legal, ethical and regulatory landscape over AI technologies creates uncertainties.
- The ongoing focus on environmental, social and governance (“ESG”) practices could increase our costs, harm our reputation and adversely impact our financial results.
- Risks Related to Our Indebtedness
- Our indebtedness could adversely affect our financial health and competitive position.
- We may not be able to secure additional financing on favorable terms, or at all, to meet our future capital needs.
- Risks Related to Our Organizational Structure and Our Company
- We are a holding company with no operations of our own, and our principal asset is our controlling membership interest in i3 Verticals, LLC. Accordingly, we depend on distributions from i3 Verticals, LLC to pay our taxes and other expenses.
- The interests of the other Continuing Equity Owners in our business may conflict with the interests of holders of shares of our Class A common stock.
- We may not be able to realize all or a portion of the tax benefits that are expected to result from future redemptions or exchanges of common units by holders.
- In certain cases, payments under the Tax Receivable Agreement to the Continuing Equity Owners may be accelerated or significantly exceed the actual benefits we realize in respect of the tax attributes subject to the Tax Receivable Agreement.
- In certain circumstances, i3 Verticals, LLC will be required to make distributions to us and the Continuing Equity Owners, and the distributions that i3 Verticals, LLC will be required to make may be substantial.
- Our failure to maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act could have a significant and adverse effect on our business, financial condition, results of operations and reputation.
- Certain provisions of Delaware law and anti-takeover provisions in our organizational documents could delay or prevent a change of control.
- We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our Class A common stock, which could depress the price of our Class A common stock.
- Risks Related to Ownership of Our Class A Common Stock
- The Continuing Equity Owners own common units in i3 Verticals, LLC, and the Continuing Equity Owners have the right to redeem their common units in i3 Verticals, LLC pursuant to the terms of the limited liability company agreement of i3 Verticals, LLC (the "LLC Agreement") for shares of Class A common stock or cash.
- Holders of our Class A common stock may be diluted by future issuances of preferred stock or additional Class A common stock or common units in connection with our incentive plans, acquisitions or otherwise; future sales of such shares in the public market, or the expectations that such sales may occur, could lower our stock price.
- Sales of shares of our Class A common stock in connection with the Registration Rights Agreement, or the prospect of any such sales, could materially affect the market price of our Class A common stock and could impair our ability to raise capital through future sales of equity securities.
Legal proceedings
The information required with respect to this item can be found in Note 17 to the accompanying audited consolidated financial statements contained in this report and is incorporated by reference into this Part I, Item 3.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 16SEC EDGARChristopher Laisure, President
- 17SEC EDGARFrederick Stanford, President
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- 26SEC EDGARDecosta Jenkins, Board member
- 27SEC EDGARDavid K. Morgan, Board member
- 28SEC EDGARDavid M. Wilds, Board member
- 29SEC EDGARElizabeth S. Courtney, Board member
- 30SEC EDGARPaul Maple, General counsel
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- 33SEC EDGARRegulation FD disclosure
- 34SEC EDGAROther events
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- 36SEC EDGARShareholder vote
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- 42SEC EDGARShareholder vote
- 43NasdaqNasdaq calendar
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