Company: IIIV
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001728688-25-000108
Chunk: 10

Company: i3 Verticals, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
Chunk 10
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,274 n/mNet income (loss) attributable to non-controlling interest5,543 (753)6,296 n/mNet loss from continuing operations attributable to i3 Verticals, Inc.(410)(11,799)11,389 (96.5)%Net income from discontinued operations attributable to i3 Verticals, Inc.13,292 4,254 9,038 n/mNet income (loss) attributable to i3 Verticals, Inc.$12,882 $(7,545)$20,427 n/m

n/m = not meaningful

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1.Refer to Note 3 for discussion of the change in the current and prior period presentation. 

62

Revenue

Revenue increased $5.7 million, or 12.4%, to $51.9 million for the three months ended June 30, 2025 from $46.2 million for the three months ended June 30, 2024. This increase included incremental revenue from current and prior year acquisitions of $2.2 million. The remaining increase was primarily driven by an increase of $2.9 million in recurring revenues and an increase of $0.4 million software license revenue.

Other Costs of Services

Other costs of services increased $1.4 million, or 9.5%, to $16.7 million for the three months ended June 30, 2025 from $15.3 million for the three months ended June 30, 2024. The increase was primarily driven by an increase in internal and external personnel costs of $0.9 million an increase in software costs of $0.7 million for the three months ended June 30, 2025 from the three months ended June 30, 2024.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased $7.0 million, or 26.8%, to $33.0 million for the three months ended June 30, 2025 from $26.0 million for the three months ended June 30, 2024. The increase was driven by an increase in M&A-related expenses of $3.4 million, which increased primarily due to activity that is for non-recurring expenses for which we are reimbursed through the transition services agreements, employee leasing arrangement, and processing services agreement with Infinx and Payroc, and for which revenue is recognized in other income. Additional increases were driven by an increase in internal and external personnel