Filing Flows › i3 Verticals (IIIV) › Q3 FY25
i3 Verticals (IIIV) Q3 FY25 earnings results (third quarter fiscal 2025)
10-Q filed Aug 8, 2025
i3 Verticals (IIIV) reported revenue of $51.9M for the third quarter fiscal 2025 (Q3 FY25), -7% from a year earlier and -4% from the quarter before. Operating margin was -9.3%, net earnings $18.4M (35.5% of revenue).
i3 Verticals, Q3 FY25: revenue $51.9M (-7% year over year), operating margin -9.3%, net earnings $18.4M, operating cash flow $7.4M. The chart follows the revenue to costs, profit and cash.
| Q3 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $51.9M | -4% | -7% |
| Operating profit | −$4.8M | -221% | — |
| Net earnings | $18.4M | 24× | — |
| Operating cash flow | $7.4M | — | -9% |
| Free cash flow | $6.8M | — | -6% |
What changed
Revenue was $51.9M in Q3 FY25, down 7% year over year and down 4% from the previous quarter. Software and related services revenue was the largest line at 70% of revenue.
Operating costs exceeded revenue by $4.8M, an operating margin of -9.3%. Total costs fell 1% while revenue fell 7%. The fastest-growing cost line was SG&A (+27%). Net earnings were $12.9M. The effective tax rate was -0.1%. Non-operating items added $23.2M, 126% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $7.4M (down 9% year over year), 40% of net income including minority interests. Non-cash charges added back $7.0M of depreciation and amortization and $7.4M of share-based compensation. Working capital and other items used $25.5M. Capital expenditures of $544K left free cash flow of $6.8M.
Questions
What was i3 Verticals' revenue in the third quarter fiscal 2025?
i3 Verticals (IIIV) reported revenue of $51.9M for the third quarter fiscal 2025 (Q3 FY25), -7% from a year earlier and -4% from the quarter before.
Was i3 Verticals profitable in the third quarter fiscal 2025?
Operating loss was $4.8M (-9.3% of revenue) and net earnings $18.4M.
Source: i3 Verticals 10-Q on SEC EDGAR.