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i3 Verticals vs C3.ai: IIIV and AI compared
i3 Verticals is the larger company: $53.1M of revenue in its latest quarter (Q3 FY26) against $52.4M for C3.ai (Q1 FY27). i3 Verticals is growing faster (+2% against -26% a year earlier). i3 Verticals is more profitable, with an operating margin of -1.7% against -187.6%.
Where the money goes: IIIV and AI
i3 Verticals (IIIV) · Q3 FY26
i3 Verticals, Q3 FY26: revenue $53.1M (+2% year over year), operating margin -1.7%, net earnings $5.7M, operating cash flow $14.3M. The chart follows the revenue to costs, profit and cash.
C3.ai (AI) · Q1 FY27
C3.ai, Q1 FY27: revenue $52.4M (-26% year over year), operating margin -187.6%, net loss $92.8M, operating cash flow $2.1M. The chart follows the revenue to costs, profit and cash.
| i3 Verticals (IIIV) | C3.ai (AI) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q1 FY27 |
| Revenue | $53.1M | $52.4M |
| Revenue growth, Y/Y | +2% | -26% |
| Operating margin | -1.7% | -187.6% |
| Net earnings | $5.7M | −$92.8M |
| Net margin | 10.7% | -177.2% |
| Operating cash flow | $14.3M | $2.1M |
| Free cash flow | $13.0M | $2.1M |
| Market value | $312M | $1.8B |
| P/E | 36.7× | — |
| Analysts’ mean target | $25.50 | $8.90 |
Where the revenue comes from
i3 Verticals
- Software and other related revenue: $39.8M (75%)
- Proprietary payments revenue: $13.3M (25%)
C3.ai
- Subscription: $49.2M (94%)
- Professional services: $3.2M (6%)
Questions
Which is bigger, i3 Verticals or C3.ai?
i3 Verticals is the larger company: $53.1M of revenue in its latest quarter (Q3 FY26) against $52.4M for C3.ai (Q1 FY27).
Is i3 Verticals or C3.ai growing faster?
i3 Verticals is growing faster (+2% against -26% a year earlier).
Which is more profitable, i3 Verticals or C3.ai?
i3 Verticals is more profitable, with an operating margin of -1.7% against -187.6%.
More: i3 Verticals earnings · how i3 Verticals makes money · C3.ai earnings · how C3.ai makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 7, 2026; 10-Q filed Sep 9, 2026). Fiscal quarters can end on different dates. Not investment advice.