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Dec 31, 2025
i3 Verticals Q1 2026 Earnings Report
i3 Verticals reported its financial results for the fiscal first quarter ended December 31, 2025, including a modest revenue increase and a significant acquisition.
Key Takeaways
i3 Verticals reported a modest 0.9% increase in revenue from continuing operations to $52.7 million for the first quarter of fiscal 2026. Net income from continuing operations decreased to $1.1 million from $2.8 million in the prior year's first quarter. The company also completed the acquisition of a motor vehicle insurance verification software company for $60.0 million in cash.
Revenue from continuing operations increased by 0.9% to $52.7 million compared to the prior year's first quarter.
Net income from continuing operations decreased to $1.1 million from $2.8 million in the prior year's first quarter.
Adjusted EBITDA from continuing operations was $13.6 million, down from $14.6 million in the prior year's first quarter.
The company completed the acquisition of a driver and motor vehicle insurance verification software company for $60.0 million in cash consideration, effective January 1, 2026.
Forward Guidance
i3 Verticals provided revised outlook for the fiscal year ending September 30, 2026, with expected revenue between $223.0 million and $234.0 million, and adjusted EBITDA between $61.0 million and $66.5 million.
Positive Outlook
- Revised revenue outlook for fiscal year 2026 is between $223.0 million and $234.0 million.
- Revised Adjusted EBITDA outlook for fiscal year 2026 is between $61.0 million and $66.5 million.
- Revised Adjusted diluted earnings per share outlook for fiscal year 2026 is between $1.08 and $1.16.
- The company's practice is to provide annual guidance, excluding the impact of future acquisitions and transaction-related costs.
- The company expects these adjustments may have a potentially significant impact on future GAAP financial results.
Challenges Ahead
- Reconciliations of adjusted EBITDA and adjusted diluted earnings per share guidance to GAAP measures are not available without unreasonable efforts.
- Inability to forecast and quantify certain projected amounts for reconciliations, such as changes in fair value of contingent consideration, income tax expense, and equity-based compensation expense.
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