i3 Verticals Inc-A 2025年度报告

To Our Stockholders There is often a point when experience delivers clarity, and an answer is revealed. Fiscal 2025 was thatmoment for i3. During i3’s journey, we have explored software and payments opportunities across multiple verticals.We’ve built and acquired resilient software platforms, exceptional teams, and valuable businesses. Eachdecision along the way taught important lessons. Last May we divested our Healthcare RCM business, and from that i3 emerged in the form it was meantto be: a focused, pure-play public sector software company coupled with sophisticated integratedpayments tools.The Healthcare RCM transaction, along with 2024’s Merchant Services divestiture,simplifies our business model, reduces regulatory and operational complexity, and allows us toconcentrate on higher-margin, mission-critical software markets. Today, i3 is simpler, sharper, and wellpositioned to serve our customers and create long-term value for our stockholders.We have notdeparted from our original vision; instead, we found our intended lane in the public sector softwareworld. I thank each of you for your continued trust and partnership. This year was one of great clarity for i3,and we enter 2026 stronger than ever, and ready for the future. GREG DAILY Chairman & Chief Executive Officer Leadership Team Board of Directors Greg DailyChairman & Chief Executive Officer Clay WhitsonDirector Greg DailyChairman Clay WhitsonChief Strategy Officer Timothy McKenna David Wilds Former President of Fidelity CapitalMarkets Fidelity Investment Managing Partner, First AvenuePartners Rick StanfordPresident Decosta JenkinsFormer Chief Executive Officer,Nashville Electric Service John HarrisonDirector, Harbert ManagementCorporation Paul ChristiansChief Revenue Officer David Morgan Elizabeth Seigenthaler Courtney Managing Partner, Southeast, FinnPartners Inc. Chairman & Vice President, LBMCFinancial Services, LLC Paul MapleGeneral Counsel & Secretary Geoff SmithChief Financial Officer Chris LaisurePresident - Public Sector UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended September 30, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission file number: 001-38532i3 Verticals, Inc.(Exact name of registrant as specified in its charter)Delaware82-4052852(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)40 Burton Hills Blvd., Suite 415Nashville, TN37215(Address of principal executive offices)(Zip Code)Registrant’s telephone number, including area code: (615) 465-4487Securities registered pursuant to Section 12(b) of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredClass A Common Stock, $0.0001 Par ValueIIIVNasdaq Global Select MarketSecurities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yesx No oIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yeso No x Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days. YesxNoo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files). YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☒Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness ofits internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared o