i3 Verticals Inc (STU:V1K)

Q4 2025 I3 Verticals Inc Earnings Call Transcript

Nov 18, 2025 / 01:30 PM GMT

Release Date Price: €22 (-11.29%)

Transcript 10-K8-K

Key Points

Positve

i3 Verticals Inc (IIIV) reported strong revenue growth of 7% in Q4 2025 and 11% for the fiscal year, with 8% of that growth being organic.
The company has successfully transitioned to a pure-play software solutions provider for the public sector, focusing on transformational solutions in government functions.
Recurring revenues increased by 9% in Q4 2025, indicating a strong predictor of long-term growth prospects.
i3 Verticals Inc (IIIV) has a strong balance sheet with $67 million in cash and no debt, providing flexibility for future investments.
The company has a robust acquisition pipeline and plans to continue deploying capital in ways that enhance customer solutions, including internal development and M&A.

Negative

Adjusted EBITDA declined slightly in Q4 2025, reflecting a decrease in high-margin non-recurring software license sales and an increase in lower-margin professional services.
The company expects a decline in non-recurring professional services revenue in fiscal 2026 due to the timing of revenue recognition on certain projects.
Adjusted EBITDA as a percentage of revenues decreased to 26.2% in Q4 2025 from 28.5% in Q4 2024, indicating margin pressure.
The shift from traditional licensing to SaaS models introduces a new budgeting paradigm for government clients, which may pose challenges.
Despite a strong cash position, the company faces a transition year with potential revenue fluctuations, particularly in the utilities and transportation markets.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

IIIV.OQ - i3 Verticals Inc
Q4 2025 I3 Verticals Inc Earnings Call
Nov 18, 2025 / 01:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good day everyone and welcome to the I3 verticals 4th quarter 2025 earnings conference call. Today's call is being recorded and a replay will be available starting today through November 25th. The number for the replay is 855-669-9658, and the code is 8,288,708. The replay may also be accessed for 30 days at the company's website.

At this time for opening remarks, I would like to turn the call over to Clay Whitson, Chief Strategy Officer. Please go ahead, sir.

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Unidentified_2 [2]
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Good morning and welcome to the 4th quarter 2025 conference call for I3

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