i3 Verticals, Inc. Class A (IIIV)

Over the past six months, i3 Verticals' stock has experienced various movements and been impacted by several events. In November 2025, the company reported its financial results for the fiscal fourth quarter and full fiscal year ended September 30, 2025, with revenue increases but a decline in Non-GAAP EBITDA and software license fees. Analyst ratings changed, with KeyBanc lowering its price target and Benchmark raising it following strong Q3 results. Insiders have sold more stock than they have bought, totaling $562,425.00. The company's strategic repositioning to a pure-play public sector software provider has been a significant move.

i3 Verticals experiences demand seasonality for its products and services. The company expects its revenue distribution for the remaining two quarters (Q3 and Q4 of its fiscal year) to approximate 48% and 52%, respectively. Public sector payments and software services revenues, along with education revenues, typically decline seasonally during Q3 when schools are out. Software license sales are also expected to be lower in the second half of the fiscal year compared to the first half.

i3 Verticals, Inc. is a U.S.-based company providing vertically focused software and integrated payment solutions, primarily serving public sector, education, healthcare, and non-profit customers. It operates in the Technology sector, specifically in the Software - Infrastructure industry, offering SaaS applications, workflow automation, and embedded payments. The company's major products and services include electronic payment processing, ACH transfers, online and mobile payment portals, and specialized software for government functions. i3 Verticals has transitioned to focus on being a pure-play software solutions provider for the public sector, divesting its Merchant Services and Healthcare Revenue Cycle Management businesses in fiscal year 2025.

i3 Verticals, Inc. primarily provides its enterprise software and services solutions to public sector entities in the United States and Canada. The company aims to be a leader in the public sector vertical, providing transformational solutions across all 50 states and Canada.

i3 Verticals' brand reputation appears generally positive among analysts, with a "Moderate Buy" consensus rating. Analysts have noted the company's "clean execution, sharpened focus, and enough operating momentum". However, concerns have been raised about rally sustainability, limited AI-driven growth, and heavy reliance on M&A for expansion. The company's Q4 2025 earnings also showed a decline in high-margin software license fees and non-recurring professional services revenue.

i3 Verticals, Inc. has a significant portion of its stock held by institutional shareholders, approximately 84.29%, and insiders, about 32.05%. Major institutional owners include T. Rowe Price Investment Management, Inc., Geneva Capital Management LLC, and Vanguard Group Inc. The largest individual shareholder is Gregory S. Daily, who owns 7.18 million shares, representing 22.20% of the company.