On this page of StockholderLetter.com we present the latest annual shareholder letter from i3 Verticals, Inc. — ticker symbol IIIV. Reading current and past IIIV letters to shareholders can bring important insights into the investment thesis.
Annual Report 2025
To Our Stockholders There is often a point when experience delivers clarity, and an answer is revealed. Fiscal 2025 was that moment 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. Each decision along the way taught important lessons. Last May we divested our Healthcare RCM business, and from that i3 emerged in the form it was meant to be: a focused, pure-play public sector software company coupled with sophisticated integrated payments tools. The Healthcare RCM transaction, along with 2024 s Merchant Services divestiture, simplifies our business model, reduces regulatory and operational complexity, and allows us to concentrate on higher-margin, mission-critical software markets. Today, i3 is simpler, sharper, and well positioned to serve our customers and create long-term value for our stockholders. We have not departed from our original vision; instead, we found our intended lane in the public sector software world. 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 Daily Greg Daily Clay Whitson Chairman & Chief Executive Officer Chairman Director Clay Whitson David Wilds Timothy McKenna Chief Strategy Officer Managing Partner, First Avenue Partners Former President of Fidelity Capital Markets Fidelity Investment Rick Stanford President Paul Christians Chief Revenue Officer Paul Maple General Counsel & Secretary Geoff Smith Chief Financial Officer Chris Laisure President - Public Sector Decosta Jenkins John Harrison Former Chief Executive Officer, Nashville Electric Service Director, Harbert Management Corporation Elizabeth Seigenthaler Courtney David Morgan Managing Partner, Southeast, Finn Partners Inc. Chairman & Vice President, LBMC Financial Services, LLC
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IIIV Shareholder/Stockholder Letter Transcript:

Annual Report
2025

To Our Stockholders
There is often a point when experience delivers clarity, and an answer is revealed. Fiscal 2025 was that
moment 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. Each
decision along the way taught important lessons.
Last May we divested our Healthcare RCM business, and from that i3 emerged in the form it was meant
to be: a focused, pure-play public sector software company coupled with sophisticated integrated
payments tools. The Healthcare RCM transaction, along with 2024   s Merchant Services divestiture,
simplifies our business model, reduces regulatory and operational complexity, and allows us to
concentrate on higher-margin, mission-critical software markets. Today, i3 is simpler, sharper, and well
positioned to serve our customers and create long-term value for our stockholders. We have not
departed from our original vision; instead, we found our intended lane in the public sector software
world.
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 Daily
Greg Daily
Clay Whitson
Chairman & Chief Executive Officer
Chairman
Director
Clay Whitson
David Wilds
Timothy McKenna
Chief Strategy Officer
Managing Partner, First Avenue
Partners
Former President of Fidelity Capital
Markets Fidelity Investment
Rick Stanford
President
Paul Christians
Chief Revenue Officer
Paul Maple
General Counsel & Secretary
Geoff Smith
Chief Financial Officer
Chris Laisure
President - Public Sector
Decosta Jenkins
John Harrison
Former Chief Executive Officer,
Nashville Electric Service
Director, Harbert Management
Corporation
Elizabeth Seigenthaler Courtney
David Morgan
Managing Partner, Southeast, Finn
Partners Inc.
Chairman & Vice President, LBMC
Financial Services, LLC



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