QUARTERLY INFORMATION (UNAUDITED)

12 Months Ended

Sep. 30, 2025

Quarterly Financial Information Disclosure [Abstract]

The tables below present summarized unaudited quarterly results of operations for the years ended September 30, 2025 and 2024. Management believes that all necessary adjustments have been included in the amounts stated below for a fair presentation of the results of operations for the periods presented when read in conjunction with the consolidated financial statements for the years ended September 30, 2025 and 2024. Results of operations for a particular quarter are not necessarily indicative of results of operations for an annual period and are not predictive of future periods.


	Three Months Ended
	September 30,		June 30,		March 31,		December 31,
Fiscal Year 2025:
Revenue	$	54,901	$	51,901	$	54,135	$	52,221
Other costs of services	17,698		16,733		16,580		15,576
Income (loss) from operations	1,476		(4,813)		5,061		2,053

Net income (loss) from continuing operations attributable to i3 Verticals, Inc.	1,163		(410)		1,019		1,855
Net income (loss) from discontinued operations attributable to i3 Verticals, Inc.	1,926		13,292		(1,173)		201
Net income (loss) attributable to i3 Verticals, Inc.	$	3,089	$	12,882	$	(154)	$	2,056

Basic net income (loss) per share from continuing operations attributable to i3 Verticals, Inc	$	0.05	$	(0.02)	$	0.04	$	0.08
Diluted net income (loss) per share from continuing operations attributable to i3 Verticals, Inc.(1)(8)	$	0.04	$	(0.03)	$	0.04	$	0.08
Basic net income (loss) per share from discontinued operations attributable to i3 Verticals, Inc	$	0.08	$	0.55	$	(0.05)	$	0.01
Diluted net income (loss) per share from discontinued operations attributable to i3 Verticals, Inc.(2)(3)(8)	$	0.07	$	0.55	$	(0.05)	$	0.01

Fiscal Year 2024:
Revenue	$	51,323	$	46,183	$	48,504	$	45,222
Other costs of services	16,094		15,287		15,194		13,942
Income (loss) from operations	3,411		(1,310)		1,979		276

Net income (loss) from continuing operations attributable to i3 Verticals, Inc.	6,462		(11,799)		(1,982)		(3,535)
Net income from discontinued operations attributable to i3 Verticals, Inc.	111,448		4,254		3,860		4,633
Net income (loss) attributable to i3 Verticals, Inc.	$	117,910	$	(7,545)	$	1,878	$	1,098

Basic net income (loss) per share from continuing operations attributable to i3 Verticals, Inc.	$	0.27	$	(0.50)	$	(0.08)	$	(0.15)
Diluted net income (loss) per share from continuing operations attributable to i3 Verticals, Inc.(4)(5)(8)	$	0.19	$	(0.50)	$	(0.08)	$	(0.15)
Basic net income per share from discontinued operations attributable to i3 Verticals, Inc	$	4.71	$	0.18	$	0.17	$	0.20
Diluted net income per share from discontinued operations attributable to i3 Verticals, Inc.(6)(7)(8)	$	4.61	$	0.18	$	0.17	$	0.20

1.For the three months ended September 30, 2025; June 30, 2025; March 31, 2025; and December 31, 2024, the following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted net (loss) income per share of Class A common stock from continuing operations:

a.9,408,427 weighted average shares of Class B common stock for the three months ended March 31, 2025, along with the reallocation of net income assuming conversion of these shares, were excluded because the effect would have been anti-dilutive,

b.1,681,255, 4,362,416, 4,227,718 and 6,236,721 stock options for the three months ended September 30, 2025; June 30, 2025; March 31, 2025; and December 31, 2024, respectively, were excluded because the exercise price of these stock options exceeded the average market price of the Company's Class A common stock during the period (“out-of-the-money”) and the effect of including them would have been anti-dilutive.

c.952,796 shares for the three months ended June 30, 2025, resulting from estimated stock option exercises and restricted stock units vesting as calculated by the treasury stock method were excluded because of the effect of including them would have been anti-dilutive.

2.For the three months ended September 30, 2025, March 31, 2025 and December 31, 2024, the following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted net income per share of Class A common stock from discontinued operations:

a.9,408,427 and 10,026,180 weighted average shares of Class B common stock for the three months ended March 31, 2025, and December 31, 2024, respectively, along with the reallocation of net income assuming conversion of these shares, were excluded because the effect would have been anti-dilutive,

b.1,681,255, 4,227,718 and 6,236,721 stock options for the three months ended September 30, 2025, March 31, 2025, and December 31, 2024, were excluded because the exercise price of these stock options exceeded the average market price of the Company's Class A common stock during the period (“out-of-the-money”) and the effect of including them would have been anti-dilutive, and

c.299,505 shares for the three months ended March 31, 2025 resulting from estimated stock option exercises and restricted stock units vesting as calculated by the treasury stock method were excluded because of the effect of including them would have been anti-dilutive.

3.For the three months ended June 30, 2025, net income (loss) from continuing operations attributable to i3 Verticals, Inc. was in a loss position, so diluted net income per share of Class A common stock for discontinued operations is computed in the same manner as basic net income per share of Class A common stock for discontinued operations. The following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted net loss per share of Class A common stock from discontinued operations:

a.8,637,499 weighted average shares of Class B common stock, along with the reallocation of net income assuming conversion of these shares, were excluded,

b.4,362,416 stock options were excluded because the exercise price of these stock options exceeded the average market price of the Company's Class A common stock during the period (“out-of-the-money”) and the effect of including them would have been anti-dilutive, and

c.952,796 shares resulting from estimated stock option exercises and restricted stock units vesting as calculated by the treasury stock method were excluded.

4.For the three months ended September 30, 2024 the following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted net income per share of Class A common stock from continuing operations:

a.6,679,386 stock options were excluded because the exercise price of these stock options exceeded the average market price of the Company's Class A common stock during the period (“out-of-the-money”) and the effect of including them would have been anti-dilutive.

5.For the three months ended June 30, 2024; March 31, 2024; December 31, 2023, all potentially dilutive securities were anti-dilutive, so diluted net loss per share was equivalent to basic net loss per share. The following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted net loss per share of Class A common stock from continuing operations:

a.10,052,017, 10,091,604 and 10,093,394 weighted average shares of Class B common stock for the three months ended June 30, 2024; March 31, 2024; and December 31, 2023, respectively, along with the reallocation of net income assuming conversion of these shares, were excluded because the effect would have been anti-dilutive,

b.7,764,984, 7,852,595 and 7,496,394 stock options for the three months ended June 30, 2024; March 31, 2024; and December 31, 2023, respectively, were excluded because the exercise price of these stock options exceeded the average market price of the Company's Class A common stock during the period (“out-of-the-money”) and the effect of including them would have been anti-dilutive, and

c.234,503, 387,235 and 467,777 shares for the three months ended June 30, 2024; March 31, 2024; and December 31, 2023, respectively, resulting from estimated stock option exercises and restricted stock units vesting as calculated by the treasury stock method were excluded because of the effect of including them would have been anti-dilutive.

6.For the three months ended September 30, 2024 the following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted net income per share of Class A common stock from discontinued operations:

7.For the three months ended June 30, 2024; March 31, 2024; and December 31, 2023, net income (loss) from continuing operations attributable to i3 Verticals, Inc. was in a loss position, so diluted net income per share of Class A common stock for discontinued operations is computed in the same manner as basic net income per share of Class A common stock for discontinued operations. The following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted net loss per share of Class A common stock from discontinued operations:

a.10,052,017, 10,091,604, and 10,093,394 weighted average shares of Class B common stock for the three months ended June 30, 2024; March 31, 2024; and December 31, 2023, respectively, along with the reallocation of net income assuming conversion of these shares, were excluded,

b.7,764,984, 7,852,595, and 7,496,394 stock options for the three months ended June 30, 2024; March 31, 2024; and December 31, 2023, respectively, were excluded because the exercise price of these stock options exceeded the average market price of the Company's Class A common stock during the period (“out-of-the-money”) and the effect of including them would have been anti-dilutive, and

c.234,503, 387,235, and 467,777 shares for the three months ended June 30, 2024; March 31, 2024; and December 31, 2023, respectively, resulting from estimated stock option exercises and restricted stock units vesting as calculated by the treasury stock method were excluded.

8.The reallocation of net income assuming conversion of common units represents the tax effected net income attributable to non-controlling interest using the effective income tax rates described in Note 13 above and assuming all common units of i3 Verticals, LLC were exchanged for Class A common stock at the beginning of the period. The common units of i3 Verticals, LLC held by the Continuing Equity Owners are potentially dilutive securities, and the computations of diluted net income per share assume that all common units of i3 Verticals, LLC were exchanged for shares of Class A common stock at the beginning of the period.