I3 Verticals, Inc.
i3verticals.comWhat Do They Do?
Builds cloud-based software for state and local governments and related public agencies, including systems for courts, utilities and public administration.
10-K for FY2025, filed Nov 21, 2025i3 Verticals provides mission-critical enterprise software solutions to public sector entities. These comprehensive cloud-native solutions…View ↗
After giving effect to these developments, we have one operating segment and reportable segment. We provide mission-critical enterprise…View ↗
JusticeTech: Product categories include (1) fully integrated digital solutions offering dynamic processes to plan, coordinate, evaluate…View ↗
How Do They Make Money?
Customers pay over contract terms for hosted software and support, while one-time software licenses and equipment are billed when delivered; payment-processing fees are charged as transactions occur.
10-K for FY2025, filed Nov 21, 2025Revenues from the Company’s software are recognized when the related performance obligations are satisfied. Sales of software licenses are…View ↗
Discount fees represent a percentage of the dollar amount of each credit or debit transaction processed or a specified per transaction…View ↗
Revenues are also derived from a variety of transaction fees, which are charged for transacting on our proprietary payment facilitator…View ↗
Revenues from sales of the Company’s hardware and software elements are recognized when each performance obligation has been satisfied…View ↗
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10-K for FY2025, filed Nov 21, 2025
FY2025 revenue by product or service ↗
$213.2M
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10-K for FY2025, filed Nov 21, 2025
$213.2M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Software and related services revenue
Mix
10-K for FY2025, filed Nov 21, 2025 |
70%
FY2022: 75%
|
Software and related services revenue, FY2025
$149M Sources
|
Mix |
|
Proprietary payments revenue
Usage-based
10-K for FY2025, filed Nov 21, 2025 |
25%
FY2022: 19%
|
Proprietary payments revenue, FY2025
$54.1M Sources
|
Usage-based |
|
Other revenue
Mix
|
4.7%
FY2022: 5.5%
|
Other revenue, FY2025
$10.1M Sources
|
Mix |
Who Are Their Customers?
State, county and local public entities buy enterprise software and services for functions such as courts, utilities, schools and transportation.
10-K for FY2025, filed Nov 21, 2025After giving effect to these developments, we have one operating segment and reportable segment. We provide mission-critical enterprise…View ↗
We have products and solutions that create an efficient flow of information throughout a variety of public sector entities. We serve…View ↗
JusticeTech: Product categories include (1) fully integrated digital solutions offering dynamic processes to plan, coordinate, evaluate…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 2 cents into free cash flow.
10-K for FY2025, filed Nov 21, 2025
$3.8MView ↗
10-K for FY2025, filed Nov 21, 2025
$17.9MView ↗
10-K for FY2025, filed Nov 21, 2025
$3.8MView ↗
How Are They Changing?
10-Q for Q3 FY2026, filed Aug 7, 2026
Open tableView ↗
Flat. Revenue was $213.2M in FY2025, about the same as the $224.1M of FY2021.
Healthcare business sold
The older report described healthcare billing, coding and practice software; the latest says its healthcare billing and coding business was sold and only a limited number of healthcare-adjacent customers remain.
10-K for FY2022, filed Nov 18, 2022
Merchant services divested
The older report had a Merchant Services segment offering third-party integrated payments and traditional merchant processing; the latest says that business was sold, while payments remain integrated into public-sector software.
10-K for FY2022, filed Nov 18, 2022 10-K for FY2025, filed Nov 21, 2025Our Merchant Services segment provides comprehensive payment solutions to businesses and organizations. Our Merchant Services segment…View ↗
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