0001728688-26-000032 | 10-Q | XBRL Viewer

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FAIR VALUE MEASUREMENTS - Changes in Level 3 Financial Instruments Measured on Recurring Basis (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2024
Healthcare RCM Business
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Accrued contingent consideration, long-term assets held for sale			$ 198
Accrued contingent consideration		$ 1,490
Accrued Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration accrued at time of business combination	$ 7,600	0
Change in fair value of contingent consideration included in operating expenses	$ (498)	$ 466
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Costs and Expenses	Costs and Expenses
Contingent consideration paid	$ 0	$ (60)
Accrued Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	3,571	2,154
Balance, ending	$ 10,673	$ 2,560

EARNINGS PER SHARE - Narrative (Details) - Class A Common Stock - $ / shares	Mar. 31, 2026	Feb. 13, 2020
Equity [Line Items]
Exchangeable notes, exchange price per share (in USD per share)	$ 40.87
Warrants sold in connection with the issuance of the exchangeable notes (in USD per share)		$ 62.88

EQUITY-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2025	May 31, 2021	Sep. 30, 2020	May 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 4,619	$ 3,545	$ 9,797	$ 7,151
Income tax benefit (expense) related to equity-based compensation	$ 472	(1,165)	$ 1,202	(588)
Weighted-average grant date fair value (in USD per share)			$ 12.41
Outstanding at end of period (in shares)	8,850,572		8,850,572		7,881,236
Options exercisable at end of period (in shares)	6,800,178		6,800,178
Unrecognized compensation expense related to unvested options at end of period	$ 19,895		$ 19,895
Fair value of stock options that vested	$ 4,163		$ 4,837
2018 Equity Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under the plan (in shares)	2,303,073		2,303,073					3,500,000
Additional Class A common shares added at the beginning of calendar year as percentage of common stock outstanding at end of previous year (percent)								4.00%
2020 Equity Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under the plan (in shares)	2,021,344		2,021,344			3,000,000	1,500,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 1,855	1,502	$ 3,201	3,825
Period for recognition of unrecognized compensation cost (in years)			3 years 6 months
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 2,764	2,043	$ 6,596	3,326
Period for recognition of unrecognized compensation cost (in years)			2 years 7 months 6 days
Granted (in USD per share)	$ 24.06		$ 24.06
Cost not yet recognized, amount	$ 21,096		$ 21,096
Vested in period, fair value	$ 5,449		$ 9,693
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Merchant Services Business
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		$ 387		$ 595

LEASES (Tables)

6 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Maturities of Lease Liabilities

As of March 31, 2026, maturities of lease liabilities for continuing operations are as follows:


Fiscal Years ending September 30:
2026 (six months remaining)	$	1,156
2027	1,903
2028	1,002
2029	724
2030	645
Thereafter	154
Total future minimum lease payments (undiscounted)(1)	5,584
Less: present value discount	(972)
Present value of lease liability	$	4,612

__________________________

1.Total future minimum lease payments excludes payments of $58 for leases designated as short-term leases, which are excluded from the Company's right-of-use assets. These payments will be made within the next twelve months.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

The tables below present a disaggregation of the Company's revenue from contracts with customers for continuing operations by product. The Company's products are defined as follows:

•Software and related services — Includes SaaS, transaction-based fees, ongoing software maintenance and support, software licenses and other professional services related to the Company's software offerings;

•Proprietary payments — Includes discount fees and other related fixed transaction or service fees; and

•Other — Includes sales of equipment, non-software related professional services, bundled performance obligations for software sales and equipment leasing and other revenues.


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Software and related services revenue	$	40,677	$	37,679	$	76,359	$	74,283
Proprietary payments revenue	14,523		14,058		28,998		27,493
Other revenue	2,318		2,398		4,832		4,580
Total revenue	$	57,518	$	54,135	$	110,189	$	106,356

The tables below present a disaggregation of the Company's revenue from contracts with customers from continuing operations by timing of transfer of goods or services. The Company's revenue included in each category are defined as follows:

•Revenue earned over time — Includes SaaS, sales of software sold as symbolic intellectual property, professional services, ongoing support, discount fees or other stand-ready obligations; and

•Revenue earned at a point in time — Includes software licenses sold as functional intellectual property, equipment, or point in time service fees that are not stand-ready obligations.


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Revenue earned over time	$	49,649	$	47,514	$	97,297	$	94,914
Revenue earned at a point in time	7,869		6,621		12,892		11,442
Total revenue	$	57,518	$	54,135	$	110,189	$	106,356

Schedule of Contract with Customer, Asset and Liability

The following tables present the changes in deferred revenue as of and for the six months ended March 31, 2026 and 2025, respectively:


Balance at September 30, 2025	$	38,486
Deferral of revenue	15,133
Recognition of unearned revenue	(15,999)
Balance at December 31, 2025	37,620
Deferral of revenue	12,921
Recognition of unearned revenue	(14,408)
Balance at March 31, 2026	$	36,133


Balance at September 30, 2024	$	39,156
Deferral of revenue	16,881
Recognition of unearned revenue	(13,645)
Balance at December 31, 2024	42,392
Deferral of revenue	9,841
Recognition of unearned revenue	(14,973)
Balance at March 31, 2025	$	37,260

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 7,142	$ 66,672	$ 7,749	$ 86,541
Settlement assets	220	411	67	632
Restricted cash	2,755	250	2,450	2,424
Total cash, cash equivalents, and restricted cash	$ 10,117	$ 67,333	$ 10,266	$ 89,597

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Contract with Customer, Liability [Roll Forward]
Deferred revenue, beginning	$ 37,620	$ 38,486	$ 42,392	$ 39,156
Deferral of revenue	12,921	15,133	9,841	16,881
Recognition of unearned revenue	(14,408)	(15,999)	(14,973)	(13,645)
Deferred revenue, ending	$ 36,133	$ 37,620	$ 37,260	$ 42,392

EQUITY-BASED COMPENSATION - RSU Activity (Details) - Restricted stock units - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2026	Mar. 31, 2026
Restricted Stock Units
Outstanding at beginning of period (in shares)		1,160,641
Granted (in shares)		401,826
Vested (in shares)		(391,916)
Forfeited and cancelled (in shares)		(34,547)
Outstanding at end of period (in shares)	1,136,004	1,136,004
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in USD per share)		$ 24.89
Granted (in USD per share)	$ 24.06	24.06
Vested (in USD per share)		24.73
Forfeited and cancelled (in USD per share)		23.64
Outstanding at end of period (in USD per share)	$ 24.69	$ 24.69

NON-CONTROLLING INTEREST (Tables)

6 Months Ended

Mar. 31, 2026

Noncontrolling Interest [Abstract]

Schedule of Ownership Interest

The following table summarizes the impact on equity due to changes in the Company's ownership interest in i3 Verticals, LLC:


	Six Months Ended March 31,
	2026		2025
Net income attributable to non-controlling interest	$	1,193	$	1,975
Transfers from non-controlling interests:
Distributions to non-controlling interest holders	122		283
Redemption of common units in i3 Verticals, LLC	—		(11,730)
Recapitalization from contribution to i3 Verticals, LLC	—		5,689
Allocation of equity from non-controlling interests	(8,600)		(3,356)
Net transfers from non-controlling interests	(8,478)		(9,114)
Change from net income attributable to non-controlling interests and net transfers from non-controlling interests	$	(7,285)	$	(7,139)

EQUITY-BASED COMPENSATION - Stock Option Activity (Details) - $ / shares	6 Months Ended
	Mar. 31, 2026
Stock Options
Outstanding at beginning of period (in shares)	7,881,236
Granted (in shares)	1,245,000
Exercised (in shares)	(181,032)
Forfeited and cancelled (in shares)	(94,632)
Outstanding at end of period (in shares)	8,850,572
Options exercisable at end of period (in shares)	6,800,178
Weighted Average Exercise Price
Outstanding at beginning of period (in USD per share)	$ 24.61
Granted (in USD per share)	23.61
Exercised (in USD per share)	23.42
Forfeited and cancelled (in USD per share)	26.60
Outstanding at end of period (in USD per share)	24.48
Exercisable, weighted average exercise price (in USD per share)	$ 24.95

ACCRUED EXPENSES AND OTHER LIABILITIES - Schedule Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Sep. 30, 2025
Payables and Accruals [Abstract]
Accrued wages, bonuses, commissions and vacation	$ 5,061	$ 6,587
Accrued interest	354	155
Accrued contingent consideration — current portion	1,023	82
Escrow liabilities — current portion	1,255	0
Accrued tax distributions	268	2,147
Accrued income tax expense	150	2,760
Tax receivable agreement liability — current portion	0	2,720
Customer deposits	991	461
Employee health self-insurance liability	0	13
Accrued third-party software expenses	3,742	2,674
Accrued interchange	3,951	3,139
Accrued excise taxes	883	376
Other accrued expenses	2,347	3,411
Accrued expenses and other current liabilities	$ 20,025	$ 24,525

DISCONTINUED OPERATIONS - Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ 7,703	$ 6,998	$ 14,568	$ 13,859
Equity-based compensation			9,797	7,746
Non-cash lease expense			1,065	1,162
Increase in non-cash contingent consideration expense from original estimate			(498)	1,758
Expenditures for capitalized software			(4,384)	(4,204)
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Healthcare RCM Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization				1,665
Equity-based compensation				595
Non-cash lease expense				523
Increase in non-cash contingent consideration expense from original estimate	$ 0	$ 1,167	$ 0	1,292
Expenditures for capitalized software				$ (218)

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Concentration Risk [Line Items]
Total revenue	$ 57,518	$ 54,135	$ 110,189	$ 106,356
Revenue earned over time
Concentration Risk [Line Items]
Total revenue	49,649	47,514	97,297	94,914
Revenue earned at a point in time
Concentration Risk [Line Items]
Total revenue	7,869	6,621	12,892	11,442
Software and related services revenue
Concentration Risk [Line Items]
Total revenue	40,677	37,679	76,359	74,283
Proprietary payments revenue
Concentration Risk [Line Items]
Total revenue	14,523	14,058	28,998	27,493
Other revenue
Concentration Risk [Line Items]
Total revenue	$ 2,318	$ 2,398	$ 4,832	$ 4,580

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

ACQUISITIONS (Tables)

6 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Preliminary Purchase Consideration of the Acquired Assets and Assumed Liabilities

The preliminary fair values assigned to certain assets and liabilities assumed, as of the acquisition date, were as follows:


Accounts receivable, net	$	1,252
Prepaid expenses and other current assets	85
Property and equipment, net	75
Capitalized software, net	6,600
Customer relationships	26,900
Trade name	210
Goodwill	33,815
Total assets acquired	68,937

Accrued expenses and other current liabilities	1,301
Deferred revenue	36
Net assets acquired	$	67,600

The preliminary fair values assigned to certain assets and liabilities assumed, as of the acquisition date, were as follows:


Accounts receivable	$	792
Property and equipment	200
Capitalized software	380
Customer relationships	4,610
Trade name	100
Goodwill	5,129
Total assets acquired	11,211

Deferred revenue, current	951
Net assets acquired	$	10,260

Schedule of Pro Forma Information

This supplemental pro forma information does not purport to be indicative of the results of operations that would have been attained had the acquisitions been made on these dates, or of results of operations that may occur in the future.


	Six Months Ended March 31,
	2026		2025
Revenue	$	112,276	$	109,908
Net income from continuing operations	$	3,699	$	4,810


	Six Months Ended March 31,
	2025
Revenue	$	107,793
Net income from continuing operations	$	5,244

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2026	Sep. 30, 2025
Preferred Stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred Stock authorized (in shares)	10,000,000	10,000,000
Preferred Stock issued (in shares)	0	0
Preferred Stock outstanding (in shares)	0	0
Class A Common Stock
Common Stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common Stock authorized (in shares)	150,000,000	150,000,000
Common Stock issued (in shares)	20,541,392	23,983,125
Common Stock, outstanding (in shares)	20,541,392	23,983,125
Class B Common Stock
Common Stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common Stock authorized (in shares)	40,000,000	40,000,000
Common Stock issued (in shares)	8,381,681	8,381,681
Common Stock, outstanding (in shares)	8,381,681	8,381,681

EARNINGS PER SHARE - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2026	Mar. 31, 2025
Basic net income per share:
Net income	$ 2,194	$ 947	$ 769	$ 3,108	$ 3,141	$ 3,877
Less: Net income attributable to non-controlling interest	730		923		1,193	1,975
Net income (loss) attributable to Class A common stockholders	$ 1,464		$ (154)		$ 1,948	$ 1,902
Weighted average shares of Class A common stock outstanding - basic (in shares)	21,798,840		23,834,233		22,747,267	23,691,648
Basic net income per share (in USD per share)	$ 0.07		$ (0.01)		$ 0.09	$ 0.08
Diluted net income per share:
Net income (loss) attributable to Class A common stockholders	$ 1,464		$ (154)		$ 1,948	$ 1,902
Reallocation of net loss assuming conversion of common units	557				0	0
Net income attributable to Class A common stockholders – diluted	$ 2,021				$ 1,948	$ 1,902
Weighted average shares of Class A common stock outstanding - basic (in shares)	21,798,840		23,834,233		22,747,267	23,691,648
Weighted average effect of dilutive securities (in shares)	8,783,747				909,373	389,584
Weighted average shares of Class A common stock outstanding - diluted (in shares)	30,582,587				23,656,640	24,081,232
Diluted net income per share (in USD per share)	$ 0.07				$ 0.08	$ 0.08
Class B Common Stock
Diluted net income per share:
Antidilutive securities excluded from computation of earnings per share (in shares)			9,408,427		8,381,681	9,720,698
Out-of-the-money Options
Diluted net income per share:
Antidilutive securities excluded from computation of earnings per share (in shares)	4,812,850		4,227,718		3,381,943	4,660,034
Employee Stock Options And Restricted Stock Units (RSUs)
Diluted net income per share:
Antidilutive securities excluded from computation of earnings per share (in shares)			299,505

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Inventory	$ 2,617	$ 2,516
Prepaid licenses	9,020	5,874
Prepaid insurance	1,017	222
Notes receivable — current portion	195	195
Other current assets	2,715	3,268
Prepaid expenses and other current assets	$ 15,564	$ 12,075

STOCKHOLDERS' EQUITY (Details) - Class A Common Stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2026	Mar. 31, 2026	Mar. 31, 2025	Feb. 05, 2026	Aug. 07, 2025	Aug. 08, 2024
Share Repurchase Program [Line Items]
Authorized amount				$ 60,000	$ 50,000	$ 50,000
Shares repurchased (in shares)	2,220,736	3,743,574
Average cost per share (in usd per share)	$ 22.70	$ 23.59
Excise taxes and commissions	$ 50,979	$ 89,296
August 2024 Repurchase Program
Share Repurchase Program [Line Items]
Shares repurchased (in shares)			510,155
Average cost per share (in usd per share)			$ 22.51
Value of shares repurchased			$ 11,613
New Share Repurchase Program
Share Repurchase Program [Line Items]
Shares repurchased (in shares)	1,703,682	1,703,682
Average cost per share (in usd per share)	$ 22.48	$ 22.48
Excise taxes and commissions	$ 38,735	$ 38,735
August 2025 Share Repurchase Program
Share Repurchase Program [Line Items]
Shares repurchased (in shares)	517,054	2,039,892
Average cost per share (in usd per share)	$ 23.42	$ 24.51
Excise taxes and commissions		$ 50,561

EARNINGS PER SHARE - Continuing Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Basic net income per share:
Net income	$ 2,194	$ 2,323	$ 3,279	$ 5,113
Less: Net income attributable to non-controlling interest	$ 730	$ 1,304	$ 1,239	$ 2,239
Weighted average shares of Class A common stock outstanding - basic (in shares)	21,798,840	23,834,233	22,747,267	23,691,648
Basic net income per share (in USD per share)	$ 0.07	$ 0.04	$ 0.09	$ 0.12
Diluted net income per share:
Reallocation of net loss assuming conversion of common units	$ 557		$ 0	$ 0
Weighted average shares of Class A common stock outstanding - basic (in shares)	21,798,840	23,834,233	22,747,267	23,691,648
Weighted average effect of dilutive securities (in shares)	8,783,747		909,373	389,584
Weighted average shares of Class A common stock outstanding - diluted (in shares)	30,582,587		23,656,640	24,081,232
Diluted net income per share (in USD per share)	$ 0.07	$ 0.04	$ 0.09	$ 0.12
Class B Common Stock
Diluted net income per share:
Antidilutive securities excluded from computation of earnings per share (in shares)		9,408,427	8,381,681	9,720,698
Out-of-the-money Options
Diluted net income per share:
Antidilutive securities excluded from computation of earnings per share (in shares)	4,812,850	4,227,718	3,381,943	4,660,034
Continuing Operations \| Class B Common Stock
Diluted net income per share:
Antidilutive securities excluded from computation of earnings per share (in shares)		9,408,427	8,381,681	9,720,698
Continuing Operations \| Out-of-the-money Options
Diluted net income per share:
Antidilutive securities excluded from computation of earnings per share (in shares)	4,812,850	4,227,718	3,381,943	4,660,034
Class A Common Stock \| Continuing Operations
Basic net income per share:
Net income	$ 2,194	$ 2,323	$ 3,279	$ 5,113
Less: Net income attributable to non-controlling interest	730	1,304	1,239	2,239
Net income attributable to Class A common stockholders	$ 1,464	$ 1,019	$ 2,040	$ 2,874
Weighted average shares of Class A common stock outstanding - basic (in shares)	21,798,840	23,834,233	22,747,267	23,691,648
Basic net income per share (in USD per share)	$ 0.07	$ 0.04	$ 0.09	$ 0.12
Diluted net income per share:
Net income attributable to Class A common stockholders	$ 1,464	$ 1,019	$ 2,040	$ 2,874
Reallocation of net loss assuming conversion of common units	557	0	0	0
Net income attributable to Class A common stockholders – diluted	$ 2,021	$ 1,019	$ 2,040	$ 2,874
Weighted average shares of Class A common stock outstanding - basic (in shares)	21,798,840	23,834,233	22,747,267	23,691,648
Weighted average effect of dilutive securities (in shares)	8,783,747	299,505	909,373	389,584
Weighted average shares of Class A common stock outstanding - diluted (in shares)	30,582,587	24,133,738	23,656,640	24,081,232
Diluted net income per share (in USD per share)	$ 0.07	$ 0.04	$ 0.09	$ 0.12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the reporting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for fair presentation of the unaudited condensed consolidated financial statements of the Company and its subsidiaries as of March 31, 2026 and for the three and six months ended March 31, 2026 and 2025. The results of operations for the three and six months ended March 31, 2026 and 2025 are not necessarily indicative of the operating results for the full year. As permitted by the rules and regulations of the SEC, certain information and disclosures otherwise included in the notes to the consolidated financial statements have been condensed or omitted from the summary of significant accounting policies. The Company believes the disclosures are adequate to make the information presented not misleading. It is recommended that these interim condensed consolidated financial statements be read in conjunction with the Company's consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2025 filed with the SEC on November 21, 2025.
Principles of Consolidation	Principles of Consolidation These interim condensed consolidated financial statements include the accounts of the Company and its subsidiary companies. All intercompany accounts and transactions have been eliminated in consolidation.
Restricted Cash	Restricted Cash Restricted cash represents funds held in escrow related to acquisitions or held-on-deposit with the processing bank pursuant to agreements to cover potential merchant losses. It is presented as long-term assets on the accompanying condensed consolidated balance sheets since the initial terms of the related agreements extend beyond the next twelve months. Following the adoption of Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows: Restricted Cash (Topic 230), the Company includes restricted cash along with the cash and cash equivalents balance for presentation in the consolidated statements of cash flows.
Settlement Assets and Obligations	Settlement Assets and Obligations Settlement assets and obligations result when funds are temporarily held or owed by the Company on behalf of merchants, consumers, schools, and other institutions. Timing differences, interchange expenses, merchant reserves and exceptional items cause differences between the amount received from the card networks and the amount funded to counterparties. These balances arising in the settlement process are reflected as settlement assets and obligations on the accompanying consolidated balance sheets. Settlement assets or settlement obligations are generally collected and paid within two weeks.
Discontinued operations	Discontinued operations The results of operations for the Company's Merchant Services Business and Healthcare RCM Business have been reclassified as discontinued operations for all periods presented in the condensed consolidated statements of operations.
Inventories	Inventories Inventories consist of point-of-sale equipment to be sold to customers and are stated at the lower of cost, determined on a weighted average or specific basis, or net realizable value.
Acquisitions	Acquisitions Business acquisitions have been recorded using the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”), and, accordingly, the purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair value as of the date of acquisition. Where relevant, the fair value of contingent consideration included in an acquisition is calculated using a Monte Carlo simulation as well as a discounted cash flows analysis. The fair value of customer relationships and non-compete assets acquired is identified using the Income Approach. The fair values of trade names and internally-developed software acquired are identified using the Relief from Royalty Method. After the purchase price has been allocated, goodwill is recorded to the extent the total consideration paid for the acquisition, including the acquisition date fair value of contingent consideration, if any, exceeds the sum of the fair values of the separately identifiable acquired assets and assumed liabilities. Acquisition costs for business combinations are expensed when incurred and recorded in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. Acquisitions not meeting the accounting criteria to be accounted for as a business combination are accounted for as an asset acquisition. An asset acquisition is recorded at its purchase price, inclusive of acquisition costs, which is allocated among the acquired assets and assumed liabilities based upon their relative fair values at the date of acquisition.
Lease Expense	Lease Expense Leases are recorded in accordance with ASC 842, Leases ("ASC 842"). The Company elected the accounting policy practical expedients for all classes of underlying assets to (i) combine associated lease and non-lease components in a lease arrangement as a combined lease component and (ii) exclude recording short-term leases as right-of-use assets on the condensed consolidated balance sheets. At contract inception the Company determines whether an arrangement is, or contains a lease, and for each identified lease, evaluates the classification as operating or financing. Leased assets and obligations are recognized at the lease commencement date based on the present value of fixed lease payments to be made over the term of the lease. Renewal and termination options are factored into determination of the lease term only if the option is reasonably certain to be exercised. The Company’s leases do not provide a readily determinable implicit interest rate and the Company uses its incremental borrowing rate to measure the lease liability and corresponding right-of-use asset. The incremental borrowing rate is a fully collateralized rate that considers the Company’s credit rating, market conditions and the term of the lease. The Company accounts for all components in a lease arrangement as a single combined lease component. Operating lease cost is recognized on a straight-line basis over the lease term. Total lease costs include variable lease costs, which are primarily comprised of the consumer price index adjustments and other changes based on rates, such as costs of insurance and property taxes. Variable payments are expensed in the period incurred and not included in the measurement of lease assets and obligations.
Revenue Recognition and Deferred Revenue	Revenue Recognition and Deferred Revenue Revenue is recognized as each performance obligation is satisfied, in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company accrues for rights of refund, processing errors or penalties, or other related allowances based on historical experience. The Company utilized the portfolio approach practical expedient within ASC 606-10-10-4 Revenue from Contracts with Customers—Objectives and the significant financing component practical expedient within ASC 606-10-32-18 Revenue from Contracts with Customers—The Existence of a Significant Financing Component in the Contract in performing the analysis. The Company's revenue from continuing operations for the three and six months ended March 31, 2026 and 2025 is derived from the following sources: •Software and related services — Includes software as a service ("SaaS"), transaction-based fees, ongoing software maintenance and support, software licenses and other professional services related to the Company's software offerings; •Proprietary payments — Includes volume-based payment processing fees (“discount fees”) and other related fixed transaction or service fees; and •Other — Includes sales of equipment, non-software related professional services, bundled performance obligations for software sales and equipment leasing and other revenues. Revenues from the Company’s software are recognized when the related performance obligations are satisfied. Sales of software licenses are categorized into one of two categories of intellectual property in accordance with ASC 606, functional or symbolic. The key distinction is whether the license represents a right to use (functional) or a right to access (symbolic) intellectual property. The Company generates sales of one-time software licenses, which is functional intellectual property, and right to access license sales, which are symbolic intellectual property. Revenue from functional intellectual property is recognized at a point in time, when control of the software license transfers to the customer, while revenue from symbolic intellectual property is recognized over time, as control transfers to the customer. The Company also generates revenue from maintenance services related to these software licenses, which is recognized over the term of the agreement. The Company also offers access to its software under software-as-a-service (“SaaS”) arrangements, which represent services arrangements, and under which customers do not have the right to take possession of the software. Revenue from SaaS arrangements is recognized over time, over the term of the agreement. Contracts with professional services, such as training or installation, are evaluated to determine if the customer can benefit from these services independently, whether they can be provided by other available resources, or whether they are separately identifiable from other contract promises. Discount fees represent a percentage of the dollar amount of each credit or debit transaction processed or a specified per transaction amount, depending on the card type. The Company frequently enters into agreements with customers under which the customer engages the Company to provide both payment authorization services and transaction settlement services for all of the cardholder transactions of the customer, regardless of which issuing bank and card network to which the transaction relates. The Company’s core performance obligations are to stand ready to provide continuous access to the Company’s payment authorization services and transaction settlement services in order to be able to process as many transactions as its customers require on a daily basis over the contract term. These services are stand ready obligations, as the nature of the promise is to stand ready to process an undetermined quantity of transactions. Under a stand-ready obligation, the Company’s performance obligation is defined by each time increment rather than by the underlying activities satisfied over time based on days elapsed. Because the service of standing ready is substantially the same each day and has the same pattern of transfer to the customer, the Company has determined that its stand-ready performance obligation comprises a series of distinct days of service. Discount fees are recognized each day based on the volume or transaction count at the time the merchants’ transactions are processed. The Company follows the requirements of ASC 606-10-55 Revenue from Contracts with Customers—Principal versus Agent Considerations, which states that the determination of whether a company should recognize revenue based on the gross amount billed to a customer or the net amount retained is a matter of judgment that depends on the facts and circumstances of the arrangement. The determination of gross versus net recognition of revenue requires judgment that depends on whether the Company controls the good or service before it is transferred to the merchant or whether the Company is acting as an agent of a third party. The assessment is provided separately for each performance obligation identified. Under its agreements, the Company incurs interchange and network pass-through charges from the third-party card issuers and card networks, respectively, related to the provision of payment authorization services. The Company has determined that it is acting as an agent with respect to these payment authorization services, based on the following factors: (1) the Company has no discretion over which card issuing bank will be used to process a transaction and is unable to direct the activity of the merchant to another card issuing bank, and (2) interchange and card network rates are pre-established by the card issuers or card networks, and the Company has no latitude in determining these fees. Therefore, revenue allocated to the payment authorization performance obligation is presented net of interchange and card network fees paid to the card issuing bank and card network, respectively, for the six months ended March 31, 2026 and 2025. With regards to the Company's discount fees, generally, where the Company has control over merchant pricing, merchant portability, credit risk and ultimate responsibility for the merchant relationship, revenues are reported at the time of sale equal to the full amount of the discount charged to the merchant, less interchange and network fees. Revenues are also derived from a variety of transaction fees, which are charged for transacting on our proprietary payment facilitator platform and software solutions, and fees for other miscellaneous services. Revenues derived from such fees are recognized in the time the transactions occur and when there are no further performance obligations remaining to be satisfied. Revenue from the sale of equipment, is recognized upon transfer of ownership to the customer, after which there are no further performance obligations remaining to be satisfied. Arrangements may contain multiple performance obligations, such as payment authorization services, transaction settlement services, hardware, software products, SaaS, maintenance, and professional installation and training services. Revenues are allocated to each performance obligation based on the standalone selling price of each good or service. The selling price for a deliverable is based on standalone selling price, if available, the adjusted market assessment approach, estimated cost plus margin approach, or residual approach. The Company establishes estimated selling price, based on the judgment of the Company's management, considering internal factors such as margin objectives, pricing practices and controls, customer segment pricing strategies and the product life cycle. In arrangements with multiple performance obligations, the Company applies significant judgment in determining the allocation of the transaction price at inception of the arrangement and uses the standalone selling prices for the majority of the Company's revenue recognition. Revenues from sales of the Company’s hardware and software elements are recognized when each performance obligation has been satisfied which has been determined to be upon the delivery of the product. Revenues derived from service fees are recognized over time in accordance with our satisfaction of our performance obligations. Revenue from bundled performance obligations for software sales and equipment leasing is recognized over time as a single performance obligation. Lease income is recognized in accordance with ASC 842, and the leased equipment is classified as fixed assets and depreciated over its useful life. The Company’s professional services, including training, installation, and repair services are recognized as revenue as these services are performed. Contract Assets The Company bills for certain software and related services sales and fixed fee professional services upon pre-determined milestones in the contracts. Therefore, the Company may have contract assets other than trade accounts receivable for performance obligations that are partially completed, which would typically represent consulting services provided before a milestone is completed in a contract. Additionally, contract assets also include software licenses sold as a right to use license but paid for under a non-cancellable subscription model. Under this structure, the license revenue is recognized upfront while a portion of the revenue is unbilled. Unbilled amounts associated with these professional services and software licenses sold under the subscription model are presented as accounts receivable as the Company has an unconditional right to payment for services performed. As of March 31, 2026 and September 30, 2025, the Company’s contract assets from contracts with customers was $10,564 and $9,211, respectively. Contract Liabilities Deferred revenue represents amounts billed to customers by the Company for services contracts. Payment is typically collected at the start of the contract term. The initial prepaid contract agreement balance is deferred. The balance is then recognized as the services are provided over the contract term. Deferred revenue that is expected to be recognized as revenue within one year is recorded as short-term deferred revenue and the remaining portion is recorded as other long-term liabilities in the condensed consolidated balance sheets. The terms for most of the Company's contracts with a deferred revenue component are one year. Substantially all of the Company's deferred revenue is anticipated to be recognized within the next year. Costs to Obtain and Fulfill a Contract The Company capitalizes incremental costs to obtain new contracts and contract renewals and amortizes these costs on a straight-line basis as an expense over the benefit period, which is generally the expected customer life, unless a commensurate payment is not expected at renewal. As of March 31, 2026 and September 30, 2025, the Company had $1,727 and $1,412, respectively, of capitalized contract costs, which relate to commissions paid to employees as well as other incentives given to customers to obtain new sales, included within “Other assets" on the condensed consolidated balance sheets. The Company recorded expense from continuing operations related to these costs of $63 and $121 for the three and six months ended March 31, 2026, respectively, and $180 and $212 for the three and six months ended March 31, 2025, respectively. The Company expenses sales commissions as incurred for the Company's sales commission plans that are paid on recurring monthly revenues, portfolios of existing customers, or have a substantive stay requirement prior to payment. Costs of Services Costs of services include costs directly related to the Company's software and related services, including personnel costs related to installation of the Company's software, conversion of client data, training client personnel, customer support activities and various other services provided directly to customers and hosting and related software costs for directly supporting the Company's customers. Additionally, costs of services include costs directly attributable to payment processing services such as processing and bank sponsorship. Losses resulting from chargebacks against a customer are included in costs of services. Residual payments to the Company's distribution partners and the cost of equipment sold is also included in cost of services. Amortization arising from capitalized software development is not included in costs of services. Costs of services are recognized at the time the related revenue is recognized. The Company accounts for all governmental taxes associated with revenue transactions on a net basis.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, the value of purchase consideration paid and identifiable assets acquired and assumed in acquisitions, goodwill and intangible asset impairment review, determination of performance obligations for revenue recognition, loss reserves, assumptions used in the calculation of equity-based compensation and in the calculation of income taxes, and certain tax assets and liabilities as well as the related valuation allowances. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Segment Information	Segment Information The Company has identified its Chief Executive Officer as the Company's Chief Operating Decision Maker ("CODM"). The Company’s CODM reviews discrete financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance which is based on consolidated information about our revenues, income from operations, and other key financial data. All significant operating decisions are made by analyzing the Company as a single operating segment and as a result, the Company determined that it operates as a single reportable segment as of June 30, 2025. See Note 16 to our condensed consolidated financial statements for additional information.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 will provide improvements to the income tax disclosures primarily related to the income taxes paid and rate reconciliation, and how legislation changes may affect future capital allocation and cash flow forecasts. The amendment will improve the consistency in which companies provide tax information, and will further increase the transparency of related tax risks and operational opportunities. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company will not be required to present the effects of adoption of ASU 2023-09 until the Form 10-K filed for the annual period ending September 30, 2026. The Company is currently evaluating the impact of the adoption of ASU 2023-09 on the Company’s financial statement disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). ASU 2024-03 will require companies to disaggregate, within the notes to the financial statements, certain expenses presented on the face of the financial statements to enhance transparency and help investors better understand an entity's performance. The amendment will specifically require that an entity disclose the amounts related to purchases of inventory, employee compensation, depreciation and intangible asset amortization. Entities will also be required to provide a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, disclose the total amount of selling expenses and, in annual reporting periods, provide a definition of what constitutes selling expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company will not be required to adopt ASU 2024-03 until the annual period ending September 30, 2028. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on the Company’s financial statement disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use-Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). ASU 2025 removes the prescriptive software development “project stages” and requires capitalization of software costs once (1) management authorizes and commits funding and (2) completion and use are probable. Entities must evaluate significant development uncertainty related to technological innovations or performance requirements. The amendments also require Subtopic 360-10 disclosures for all capitalized internal-use software costs and clarify that intangible asset disclosures under Subtopic 350-30 are not required. The standard is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The Company will not be required to adopt ASU 2025-06 until the annual period ending September 30, 2029. The Company is currently evaluating the impact of the adoption of ASU 2025-06 on the Company’s financial statement disclosures. In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements ("ASU 2025-11"). ASU 2025-11 provides clarity on current interim reporting requirements. The amendments improve the navigability of required interim disclosures and enhance consistency for all entities by clarifying the form and content of interim financial statements in accordance with GAAP. Additionally, the standard introduces a disclosure principle requiring entities to report all events since the end of the last annual reporting period that have a material impact on the Company. The standard is effective for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company will not be required to adopt ASU 2025-11 until the annual period ending September 30, 2029. The Company is currently evaluating the impact of the adoption of ASU 2025-11 on the Company’s financial statement disclosures.
Fair Value Measurement	The Company applies the provisions of ASC 820, Fair Value Measurement, which defines fair value, establishes a framework for its measurement and expands disclosures about fair value measurements. Fair value is the price that would be received to sell an asset or the price paid to transfer a liability as of the measurement date. A three-tier, fair-value reporting hierarchy exists for disclosure of fair value measurements based on the observability of the inputs to the valuation of financial assets and liabilities. The three levels are: Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets.

ORGANIZATION AND OPERATIONS	6 Months Ended
ORGANIZATION AND OPERATIONS	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	ORGANIZATION AND OPERATIONS i3 Verticals, Inc. (the “Company”) was formed as a Delaware corporation on January 17, 2018. The Company was formed for the purpose of completing an initial public offering (“IPO”) of its Class A common stock and other related transactions in order to carry on the business of i3 Verticals, LLC and its subsidiaries. i3 Verticals, LLC was founded in 2012 and delivers software solutions seamlessly integrated with our proprietary payment facilitator platform to customers in strategic vertical markets. The Company’s headquarters are located in Nashville, Tennessee, with operations throughout the United States. Unless the context otherwise requires, references to “we,” “us,” “our,” “i3 Verticals” and the “Company” refer to i3 Verticals, Inc. and its subsidiaries, including i3 Verticals, LLC. In connection with the IPO, the Company completed certain reorganization transactions, which, among other things, resulted in i3 Verticals, Inc. being the sole managing member of i3 Verticals, LLC (the “Reorganization Transactions”). Following the completion of the IPO and Reorganization Transactions, the Company is a holding company and the principal asset that it owns are the common units of i3 Verticals, LLC. i3 Verticals, Inc. operates and controls all of i3 Verticals, LLC's operations and, through i3 Verticals, LLC and its subsidiaries, conducts i3 Verticals, LLC's business. i3 Verticals, Inc. has a majority economic interest in i3 Verticals, LLC. As the sole managing member of i3 Verticals, LLC, i3 Verticals, Inc. consolidates the financial results of i3 Verticals, LLC and reports a non-controlling interest representing the Common Units of i3 Verticals, LLC held by owners other than i3 Verticals, Inc. (the “Continuing Equity Owners”).

LEASES - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
LEASES - Additional Information (Details) $ in Thousands	Mar. 31, 2026 USD ($) lease	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) lease	Mar. 31, 2025 USD ($)
Leases [Abstract]
Number of finance leases \| lease	0		0
Weighted-average remaining lease term (in years)	4 years	4 years	4 years	4 years
Weighted-average discount rate of operating leases (as a percent)	6.30%	7.10%	6.30%	7.10%
Operating lease costs \| $	$ 617	$ 119	$ 1,236	$ 807

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	May 05, 2025	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2025	Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other income		$ 70	$ 593	$ 631	$ 2,419
Infinx TSA and Infinx ELA \| Related Party
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other income		26		160
Payroc TSA and Payroc PSA \| Related Party
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other income		$ 34	$ 461	$ 65	$ 956
Discontinued Operations, Disposed of by Sale \| Healthcare RCM Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price	$ 96,252
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Healthcare RCM Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transaction costs incurred						$ 1,332
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Merchant Services Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price							$ 439,516

EQUITY-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 4,619	$ 3,545	$ 9,797	$ 7,151
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	1,855	1,502	3,201	3,825
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 2,764	$ 2,043	$ 6,596	$ 3,326

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Sep. 30, 2025
Accrued Expenses and Other Current Liabilities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	$ 1,023	$ 82
Other Long-term Liabilities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	$ 9,650	$ 3,489

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2025	Jun. 25, 2018
Class of Stock [Line Items]
Provision for income taxes	$ 478	$ 2,885	$ 1,182	$ 3,294
Tax benefits payable to continuing equity owners (as a percent)						85.00%
Tax benefits retained (percent)						15.00%
Accrued expenses and other current liabilities	20,025		20,025		$ 24,525
Long-term tax receivable agreement obligations	32,379		$ 32,379		$ 32,191
Period of payment to continuing equity owners			22 years
Minimum
Class of Stock [Line Items]
Expected payments for repurchase of redeemable noncontrolling interest	0		$ 0
Maximum
Class of Stock [Line Items]
Expected payments for repurchase of redeemable noncontrolling interest	5,364		5,364
Continuing Equity Owners \| Class B Common Stock
Class of Stock [Line Items]
Deferred tax asset recognized	36,222		36,222
Tax benefits due to continuing equity owners	$ 32,379		$ 32,379

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying amount of goodwill are as follows:


	Total
Balance at September 30, 2025	$	248,469
Goodwill attributable to the preliminary purchase price of the acquisition completed during the six months ended March 31, 2026	33,815
Balance at March 31, 2026	$	282,284

Intangible assets consisted of the following as of March 31, 2026:


	Cost		Accumulated Amortization		Carrying Value		Amortization Life and Method
Finite-lived intangible assets:
Customer relationships	$	206,550	$	(50,342)	$	156,208	9 to 20 years – straight-line
Trade names	2,101		(1,597)		504		1 to 5 years – straight-line
Non-compete agreements and other intangible assets	175		(98)		77		1 to 8 years – straight-line
Total finite-lived intangible assets	208,826		(52,037)		156,789

Indefinite-lived intangible assets:
Trademarks	16		—		16
Total identifiable intangible assets	$	208,842	$	(52,037)	$	156,805

Amortization expense from continuing operations for intangible assets amounted to $3,243 and $6,101 for the three and six months ended March 31, 2026, respectively, and $2,792 and $5,585 for the three and six months ended March 31, 2025, respectively.

Based on net carrying amounts at March 31, 2026, the Company's estimate of future amortization expense for continuing operations for intangible assets are presented in the table below for fiscal years ending September 30:


2026 (six months remaining)	$	6,399
2027	12,501
2028	12,260
2029	12,233
2030	12,188
Thereafter	101,208
	$	156,789

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2026
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In connection with the Company’s IPO, the Company and i3 Verticals, LLC entered into a Tax Receivable Agreement with the Continuing Equity Owners that provides for the payment by the Company to the Continuing Equity Owners of 85% of the amount of certain tax benefits, if any, that it actually realizes, or in some circumstances, is deemed to realize in its tax reporting, as a result of (i) future redemptions funded by the Company or exchanges, or deemed exchanges in certain circumstances, of Common Units of i3 Verticals, LLC for Class A common stock of i3 Verticals, Inc. or cash, and (ii) certain additional tax benefits attributable to payments made under the Tax Receivable Agreement. See Note 10 for further information. As of March 31, 2026, the total amount due under the Tax Receivable Agreement was $32,379. On January 23, 2025, the Company and i3 Verticals, LLC effected certain recapitalization actions in order to reduce excess cash held at the Company as a result of its “Up-C” structure following a tax distribution received by the Company and the Continuing Equity Owners earlier in January 2025 (the “LLC Tax Distribution”) related to the taxable income associated with the gain on the sale of the Merchant Services Business completed in September 2024 that was anticipated to be recognized for 2024 federal income tax purposes by members of the Company. As a result of differences in the amount of net taxable income allocable to the Company and to the Continuing Equity Owners and the higher assumed tax rate of the Continuing Equity Owners than the tax rate of the Company, this LLC Tax Distribution resulted in the Company holding cash in excess of the Company’s tax liabilities, its obligation to make payments under the Tax Receivable Agreement, and any other expected liabilities of the Company. Accordingly, in order to make such cash held by the Company accessible in connection with our operations, on January 23, 2025, the Company contributed approximately $21,396 in cash (the “Capital Contribution”) held by the Company to i3 LLC in exchange for 896,763 newly-issued common units of i3 Verticals, LLC (“Common Units”) at a price per Common Unit of $23.86, such price being equal to the 50-day volume-weighted average price of the Company’s Class A common stock for the period ended January 22, 2025. Immediately following the Capital Contribution, the Common Units were recapitalized through a reverse unit split of the Common Units at a ratio of approximately 0.9631 to 1 (the “Reverse Unit Split”) which caused the number of Common Units held by the Company immediately following the Reverse Unit Split to equal to the number of Common Units held by the Company immediately prior to the Contribution, thereby maintaining a one-to-one ratio between the number of Common Units owned by the Company and the number of outstanding shares of Class A Common Stock. Upon the effectiveness of the Reverse Unit Split, 369,256 outstanding shares of Class B common stock of the Company were retired without consideration, thereby maintaining a one-to-one ratio between the number of Common Units owned by the Continuing Equity Owners after giving to the Reverse Unit Split and the number of outstanding shares of Class B Common Stock. After giving effect to these recapitalization actions, as of January 23, 2025, the Company held approximately 70.83% of the outstanding Common Units (an increase of approximately 0.78% compared to the Company’s ownership of approximately 70.05% of the outstanding Common Units immediately prior to giving effect to these recapitalization actions) and the Continuing Equity Owners held approximately 29.17% of the outstanding Common Units (a decrease of approximately 0.78% compared to the Continuing Equity Owners’ ownership of approximately 29.95% of the outstanding Common Units immediately prior to giving effect to these recapitalization actions).

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

SIGNIFICANT NON-CASH TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Acquisition date fair value of contingent consideration in connection with business combinations			$ 7,600	$ 0
Right-of-use assets obtained in exchange for operating lease obligations	$ 974	$ 451
Excise taxes accrued on share repurchases	$ 883	$ 115

SEGMENTS REPORTING (Tables)

6 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Reportable Segment Operating Performance

The following is a summary of reportable segment operating performance and significant expenses, reconciled to the Company's consolidated net income for continuing operations for the three and six months ended March 31, 2026 and 2025:


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Revenue	$	57,518	$	54,135	$	110,189	$	106,356
Less:
Costs of services (excluding depreciation and amortization)	16,866		16,403		34,211		31,817
People operating expenses	16,062		15,895		31,334		31,169
Technology operating expenses	2,205		2,211		4,320		4,759
Other operating expenses(1)	5,796		3,785		10,120		8,199
Other segment expenses(2)	14,395		13,518		26,925		25,299
Net income from continuing operations	$	2,194	$	2,323	$	3,279	$	5,113

____________________

1.Other operating expenses includes rent expense, travel and entertainment, office expense, professional services expense, advertising and trade shows expense and immaterial miscellaneous other operating expenses.

2.Other segment expenses includes stock compensation expense, M&A-related expenses, other taxes and one-time expenses, depreciation and amortization, change in fair value of contingent consideration, interest expense, other (income) expense, and income tax expense.

RELATED PARTY TRANSACTIONS (Details) $ / shares in Units, $ in Thousands	Jan. 23, 2025 USD ($) $ / shares shares	Mar. 31, 2026 USD ($)	Mar. 31, 2025	Jan. 22, 2025	Jun. 25, 2018
Related Party Transaction [Line Items]
Tax benefits payable to continuing equity owners (as a percent)					85.00%
i3Verticals, LLC
Related Party Transaction [Line Items]
Non-controlling interest, ownership interest	70.83%	71.00%	73.40%	70.05%
Non-controlling interest, ownership interest increase	0.78%
i3Verticals, LLC
Related Party Transaction [Line Items]
Common units issued (in shares) \| shares	896,763
Common unit price (in USD per share) \| $ / shares	$ 23.86
Reverse unit split	0.9631
i3Verticals, LLC
Related Party Transaction [Line Items]
Capital contribution \| $	$ 21,396
Class B Common Stock
Related Party Transaction [Line Items]
Stock split, conversion ratio	1
Reverse recapitalization, shares retired (in shares) \| shares	369,256
Class A Common Stock
Related Party Transaction [Line Items]
Volume-weighted average price period				50 days
Stock split, conversion ratio	1
Continuing Equity Owners \| i3Verticals, LLC
Related Party Transaction [Line Items]
Ownership percentage	29.17%			29.95%
Ownership percentage decrease	0.78%
Continuing Equity Owners \| Class B Common Stock
Related Party Transaction [Line Items]
Tax benefits due to continuing equity owners \| $		$ 32,379

EARNINGS PER SHARE - Discontinuing Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Numerator
Net loss	$ 0	$ (1,554)	$ (138)	$ (1,236)
Less: Net loss attributable to non-controlling interest	$ 0	$ (381)	$ (46)	$ (264)
Weighted average shares of Class A common stock outstanding - basic (in shares)	21,798,840	23,834,233	22,747,267	23,691,648
Basic net (loss) income per share (in USD per share)	$ 0	$ (0.05)	$ 0.00	$ (0.04)
Diluted net loss per share:
Reallocation of net loss assuming conversion of common units	$ 557		$ 0	$ 0
Weighted average shares of Class A common stock outstanding - basic (in shares)	21,798,840	23,834,233	22,747,267	23,691,648
Weighted average effect of dilutive securities (in shares)	8,783,747		909,373	389,584
Weighted average shares of Class A common stock outstanding - diluted (in shares)	30,582,587		23,656,640	24,081,232
Diluted net (loss) income per share (in USD per share)	$ 0	$ (0.05)	$ 0.00	$ (0.04)
Class B Common Stock
Diluted net loss per share:
Antidilutive securities excluded from computation of earnings per share (in shares)		9,408,427	8,381,681	9,720,698
Out-of-the-money Options
Diluted net loss per share:
Antidilutive securities excluded from computation of earnings per share (in shares)	4,812,850	4,227,718	3,381,943	4,660,034
Employee Stock Options And Restricted Stock Units (RSUs)
Diluted net loss per share:
Antidilutive securities excluded from computation of earnings per share (in shares)		299,505
Discontinued Operations \| Class A Common Stock
Numerator
Net loss		$ (1,554)	$ (138)	$ (1,236)
Less: Net loss attributable to non-controlling interest		(381)	(46)	(264)
Net loss attributable to Class A common stockholders		$ (1,173)	$ (92)	$ (972)
Weighted average shares of Class A common stock outstanding - basic (in shares)		23,834,233	22,747,267	23,691,648
Basic net (loss) income per share (in USD per share)		$ (0.05)	$ 0.00	$ (0.04)
Diluted net loss per share:
Net loss attributable to Class A common stockholders		$ (1,173)	$ (92)	$ (972)
Reallocation of net loss assuming conversion of common units		0	(35)	0
Net loss attributable to Class A common stockholders – diluted		$ (1,173)	$ (127)	$ (972)
Weighted average shares of Class A common stock outstanding - basic (in shares)		23,834,233	22,747,267	23,691,648
Weighted average effect of dilutive securities (in shares)		0	8,381,681	0
Weighted average shares of Class A common stock outstanding - diluted (in shares)		23,834,233	31,128,948	23,691,648
Diluted net (loss) income per share (in USD per share)		$ (0.05)	$ 0.00	$ (0.04)
Discontinued Operations \| Class B Common Stock
Diluted net loss per share:
Antidilutive securities excluded from computation of earnings per share (in shares)		9,408,427		9,720,698
Discontinued Operations \| Out-of-the-money Options
Diluted net loss per share:
Antidilutive securities excluded from computation of earnings per share (in shares)		4,227,718	3,381,943	4,660,034
Discontinued Operations \| Employee Stock Options And Restricted Stock Units (RSUs)
Diluted net loss per share:
Antidilutive securities excluded from computation of earnings per share (in shares)		299,505	909,373	389,584

NON-CONTROLLING INTEREST

6 Months Ended

Mar. 31, 2026

Noncontrolling Interest [Abstract]

NON-CONTROLLING INTEREST

i3 Verticals, Inc. is the sole managing member of i3 Verticals, LLC, and as a result, consolidates the financial results of i3 Verticals, LLC and reports a non-controlling interest representing the Common Units of i3 Verticals, LLC held by the Continuing Equity Owners. Changes in i3 Verticals, Inc.’s ownership interest in i3 Verticals, LLC while i3 Verticals, Inc. retains its controlling interest in i3 Verticals, LLC will be accounted for as equity transactions. As such, future redemptions or direct exchanges of Common Units of i3 Verticals, LLC by the Continuing Equity Owners will result in a change in ownership and reduce or increase the amount recorded as non-controlling interest and increase or decrease additional paid-in capital when i3 Verticals, LLC has positive or negative net assets, respectively.

As of March 31, 2026 and 2025, respectively, i3 Verticals, Inc. owned 20,541,392 and 24,386,990 of i3 Verticals, LLC's Common Units, representing a 71.0% and 73.4% economic ownership interest in i3 Verticals, LLC.

The following table summarizes the impact on equity due to changes in the Company's ownership interest in i3 Verticals, LLC:


	Six Months Ended March 31,
	2026		2025
Net income attributable to non-controlling interest	$	1,193	$	1,975
Transfers from non-controlling interests:
Distributions to non-controlling interest holders	122		283
Redemption of common units in i3 Verticals, LLC	—		(11,730)
Recapitalization from contribution to i3 Verticals, LLC	—		5,689
Allocation of equity from non-controlling interests	(8,600)		(3,356)
Net transfers from non-controlling interests	(8,478)		(9,114)
Change from net income attributable to non-controlling interests and net transfers from non-controlling interests	$	(7,285)	$	(7,139)

See Note 15 for information regarding certain recapitalization actions the Company and i3 Verticals, LLC effected during the six months ended March 31, 2025 in order to reduce excess cash held at the Company as a result of its “Up-C” structure, which adjusted the Company’s and the Continuing Equity Owners’ respective ownership interests in i3 Verticals, LLC.

GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) $ in Thousands	6 Months Ended
	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Balance at September 30, 2025	$ 248,469
Goodwill attributable to the preliminary purchase price of the acquisition completed during the six months ended March 31, 2026	33,815
Balance at March 31, 2026	$ 282,284

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

COMMITMENTS AND CONTINGENCIES- Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 689	$ 145	$ 1,391	$ 857
Purchase obligation	$ 18,268		$ 18,268

DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

The following table presents financial results of Healthcare RCM Business for the three and six months ended March 31, 2026 and 2025:


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025

Revenue	$	—	$	9,126	$	—	$	18,862

Operating expenses
Costs of services (excluding depreciation and amortization)	—		5,809		—		11,530
Selling, general and administrative	—		2,405		—		4,826
Depreciation and amortization	—		842		—		1,665
Change in fair value of contingent consideration	—		1,167		—		1,292
Total operating expenses	—		10,223		—		19,313

Loss from operations	—		(1,097)		—		(451)

Other (income) expenses	—		(38)		169		(38)

Loss before income taxes from discontinued operations	—		(1,059)		(169)		(413)

Provision for (benefit from) income taxes	—		169		(31)		283

Net loss from discontinued operations	—		(1,228)		(138)		(696)

Net loss from discontinued operations attributed to non-controlling interest	—		(282)		(46)		(89)
Net loss from discontinued operations attributable to i3 Verticals, Inc.	$	—	$	(946)	$	(92)	$	(607)

The Company has elected to not separately disclose discontinued operations on its condensed consolidated statement of cash flows. The following table presents cash flows from discontinued operations for major captions on the condensed consolidated financial statements:


	Six Months Ended March 31, 2025
Depreciation and amortization	$	1,665
Equity-based compensation	$	595
Non-cash lease expense	$	523
Increase in non-cash contingent consideration expense from original estimate	$	1,292
Expenditures for capitalized software	$	(218)

The following table presents significant non-cash investing and financing activities for major captions on the consolidated financial statements:


	Six Months Ended March 31, 2025
Right-of-use assets obtained in exchange for operating lease obligations	$	266

The following table presents financial results of Merchant Services Business for the three and six months ended March 31, 2025:



	Three Months Ended March 31, 2025		Six Months Ended March 31, 2025

Revenue	$	—	$	—

Operating expenses
Costs of services (excluding depreciation and amortization)	—		—
Selling, general and administrative	—		—
Depreciation and amortization	—		—
Total operating expenses	—		—

Income from operations	—		—

Other expenses	404		657

Loss before income taxes from discontinued operations	(404)		(657)

Benefit from income taxes	(78)		(117)

Net loss from discontinued operations	(326)		(540)

Net loss from discontinued operations attributed to non-controlling interest	(99)		(175)
Net loss from discontinued operations attributable to i3 Verticals, Inc.	$	(227)	$	(365)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

ACQUISITIONS

6 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

ACQUISITIONS

During the six months ended March 31, 2026 and the year ended September 30, 2025, the Company acquired the following businesses:

Business Combinations during the six months ended March 31, 2026

Purchase of Transportation Market Business

On January 1, 2026, the Company completed the acquisition of a business that operates in the transportation market at the state level. The acquired business provides driver and motor vehicle insurance verification solutions. Total purchase consideration was $60,000 in cash payable at closing funded by proceeds from the Company's revolving credit facility and cash on hand, plus an additional amount of cash contingent consideration payable following the closing in an amount of up to $20,000, dependent upon the achievement of specified financial performance targets, as defined in the purchase agreement, for performance periods extending through May 2028. The acquisition date estimated fair value of such cash contingent consideration is $7,600.

The Company determines the acquisition date fair values of the liabilities for the contingent consideration using a Monte Carlo simulation as well as a discounted cash flow analysis. In each subsequent reporting period, the Company will reassess its current estimates of performance relative to the targets and adjust the contingent liabilities to their fair values through earnings. See additional disclosures in Note 12.

The goodwill associated with the business acquisition is deductible for tax purposes. The acquired customer relationships intangible asset has an estimated amortization period of eighteen years. The acquired trade name has an amortization period of one year. The acquired capitalized software has an amortization period of seven years.

Acquisition-related costs for this acquisition amounted to approximately $142 and were included in selling, general and administrative on the consolidated statement of operations and were expensed as incurred.

Summary of the Transportation Market Business

The preliminary fair values assigned to certain assets and liabilities assumed, as of the acquisition date, were as follows:


Accounts receivable, net	$	1,252
Prepaid expenses and other current assets	85
Property and equipment, net	75
Capitalized software, net	6,600
Customer relationships	26,900
Trade name	210
Goodwill	33,815
Total assets acquired	68,937

Accrued expenses and other current liabilities	1,301
Deferred revenue	36
Net assets acquired	$	67,600

Pro Forma Results of Operations for 2026 Business Combinations

The following supplemental pro forma results of operations have been prepared as though each of the acquired businesses in the six months ended March 31, 2026 had occurred on October 1, 2024. Pro forma adjustments were made to reflect the impact of depreciation and amortization, changes to executive compensation and the revised debt load, all in accordance with ASC 805. This supplemental pro forma information does not purport to be indicative of the results of operations that would have been attained had the acquisitions been made on these dates, or of results of operations that may occur in the future.


	Six Months Ended March 31,
	2026		2025
Revenue	$	112,276	$	109,908
Net income from continuing operations	$	3,699	$	4,810

Business Combinations during the year ended September 30, 2025

Purchase of Utility Billing Software Company

On April 1, 2025, the Company completed the acquisition of substantially all of the assets of a business (the "Utility Billing Software Company") to expand the Company’s public sector utility billing software offerings. Total purchase consideration was $10,260, including $9,000 in cash funded by proceeds from the Company's revolving credit facility, and $1,260 in the acquisition date estimated fair value of contingent cash consideration (the final amount of such contingent cash payment of up to $5,000 is dependent upon achievement of specified financial performance targets, as defined in the purchase agreement).

The additional cash consideration of up to $5,000, in the aggregate, is to be paid based upon the achievement of specified financial performance targets, as defined in the purchase agreement, for performance periods extending through September 2027. The Company determines the acquisition date fair values of the liabilities for the contingent consideration using a Monte Carlo simulation as well as a discounted cash flow analysis. In each subsequent reporting period, the Company will reassess its current estimates of performance relative to the targets and adjust the contingent liabilities to their fair values through earnings. See additional disclosures in Note 12.

The goodwill associated with the business acquisition is deductible for tax purposes. The acquired customer relationships intangible asset has an estimated amortization period of fifteen years. The acquired trade name has an amortization period of two years. The acquired capitalized software has an amortization period of seven years.

Acquisition-related costs for this acquisition amounted to approximately $96 and were included in selling, general and administrative on our consolidated statement of operations and were expensed as incurred.

Summary of the Utility Billing Software Company

The preliminary fair values assigned to certain assets and liabilities assumed, as of the acquisition date, were as follows:


Accounts receivable	$	792
Property and equipment	200
Capitalized software	380
Customer relationships	4,610
Trade name	100
Goodwill	5,129
Total assets acquired	11,211

Deferred revenue, current	951
Net assets acquired	$	10,260

Other Business Combinations during the year ended September 30, 2025

During the year ended September 30, 2025, the Company purchased certain assets of a business to expand the Company’s customer footprint. Total purchase consideration was $2,000 in cash funded from cash on hand. In connection with this purchase, the Company allocated preliminary fair values of approximately $83 to property and equipment, approximately $1,700 to customer relationships, $141 to deferred revenue, $5 to non-compete agreements and the remainder, approximately $352, to goodwill, all of which is deductible for tax purposes. The acquired customer relationships intangible asset has an estimated amortization period of fifteen years.

Pro Forma Results of Operations for 2025 Business Combinations

The following unaudited supplemental pro forma results of operations have been prepared as though each of the acquired businesses in the year ended September 30, 2025 had occurred on October 1, 2024. Pro forma adjustments were made to reflect the impact of depreciation and amortization, changes to executive compensation and the revised debt load, all in accordance with ASC 805. This supplemental pro forma information does not purport to be indicative of the results of operations that would have been attained had the acquisitions been made on these dates, or of results of operations that may occur in the future.


	Six Months Ended March 31,
	2025
Revenue	$	107,793
Net income from continuing operations	$	5,244

- Definition

The entire disclosure for business combination.

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+ Details

LEASES

6 Months Ended

Mar. 31, 2026

Leases [Abstract]

LEASES

The Company’s leases consist primarily of real estate leases throughout the markets in which the Company operates. At contract inception, the Company determines whether an arrangement is or contains a lease, and for each identified lease, evaluates the classification as operating or financing. The Company had no finance leases as of March 31, 2026. Leased assets and obligations are recognized at the lease commencement date based on the present value of fixed lease payments to be made over the term of the lease. Renewal and termination options are factored into determination of the lease term only if the option is reasonably certain to be exercised. The weighted-average remaining lease term was 4 years at both March 31, 2026 and 2025. The Company had no significant short-term leases during the three and six months ended March 31, 2026 and 2025.

The Company’s leases do not provide a readily determinable implicit interest rate and the Company uses its incremental borrowing rate to measure the lease liability and corresponding right-of-use asset. The incremental borrowing rates were determined based on a portfolio approach considering the Company’s current secured borrowing rate adjusted for market conditions and the length of the lease term. The weighted-average discount rate used in the measurement of our lease liabilities was 6.3% and 7.1% as of March 31, 2026 and 2025, respectively.

Operating lease cost is recognized on a straight-line basis over the lease term. Operating lease costs for continuing operations were $617 and $1,236 for the three and six months ended March 31, 2026, respectively, and $119 and $807 for the three and six months ended March 31, 2025, respectively, which are included in selling, general and administrative expenses in the condensed consolidated statements of operations.

Total variable lease costs within operating lease costs from continuing operations were not significant for the three and six months ended March 31, 2026 and 2025. The variable lease costs are primarily comprised of costs of maintenance and utilities and changes in rates, and are determined based on the actual costs incurred during the period. Variable payments are expensed in the period incurred and not included in the measurement of lease assets and liabilities.

Short-term rent expense from continuing operations were not significant for the three and six months ended March 31, 2026 and 2025. Short-term rent expense is included in selling, general and administrative expenses in the condensed consolidated statements of operations.

As of March 31, 2026, maturities of lease liabilities for continuing operations are as follows:


Fiscal Years ending September 30:
2026 (six months remaining)	$	1,156
2027	1,903
2028	1,002
2029	724
2030	645
Thereafter	154
Total future minimum lease payments (undiscounted)(1)	5,584
Less: present value discount	(972)
Present value of lease liability	$	4,612

__________________________

LONG-TERM DEBT (Tables)

6 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

A summary of long-term debt as of March 31, 2026 and September 30, 2025 is as follows:


		March 31,		September 30,
	Maturity	2026		2025
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility	May 8, 2028	$	81,000	$	—

Schedule of Consolidated Total Net Leverage Ratio

The applicable margin is based upon the Borrower’s consolidated total net leverage ratio (as defined in the 2023 Senior Secured Credit Facility), as reflected in the schedule below:


Consolidated Total Net Leverage Ratio	Commitment Fee		Letter of Credit Fee		Term Benchmark Loans		Base Rate Loans
> 3.0 to 1.0	0.30	%	3.00	%	3.00	%	2.00	%
> 2.5 to 1.0 but < 3.00 to 1.0	0.25	%	2.50	%	2.50	%	1.50	%
> 2.0 to 1.0 but < 2.50 to 1.0	0.20	%	2.25	%	2.25	%	1.25	%
< 2.0 to 1.0	0.15	%	2.00	%	2.00	%	1.00	%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

NON-CONTROLLING INTEREST - Ownership Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Noncontrolling Interest [Abstract]
Net income attributable to non-controlling interest	$ 730	$ 923	$ 1,193	$ 1,975
Transfers from non-controlling interests:
Distributions to non-controlling interest holders		$ 283	122	283
Redemption of common units in i3 Verticals, LLC			0	(11,730)
Recapitalization from contribution to i3 Verticals, LLC			0	5,689
Allocation of equity from non-controlling interests			(8,600)	(3,356)
Net transfers from non-controlling interests			(8,478)	(9,114)
Change from net income attributable to non-controlling interests and net transfers from non-controlling interests			$ (7,285)	$ (7,139)

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

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+ Details

LONG-TERM DEBT

6 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

LONG-TERM DEBT

A summary of long-term debt as of March 31, 2026 and September 30, 2025 is as follows:


		March 31,		September 30,
	Maturity	2026		2025
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility	May 8, 2028	$	81,000	$	—

2020 Exchangeable Notes Offering

On February 18, 2020, i3 Verticals, LLC issued $138,000 aggregate principal amount of 1.0% Exchangeable Senior Notes due 2025 (the “Exchangeable Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company

received approximately $132,762 in net proceeds from the sale of the Exchangeable Notes, as determined by deducting estimated offering expenses paid to third-parties from the aggregate principal amount.

i3 Verticals, LLC issued the Exchangeable Notes pursuant to an Indenture, dated as of February 18, 2020, among i3 Verticals, LLC, the Company and U.S. Bank Trust Company National Association, as trustee (the “Indenture”).

The Exchangeable Notes bore interest at a fixed rate of 1.00% per year, payable semiannually in arrears on February 15 and August 15 of each year, beginning on August 15, 2020. In accordance with the terms of the Indenture, as of August 15, 2024, the Exchangeable Notes became exchangeable at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Exchangeable Notes matured and the remaining principal balance was repaid in full on February 15, 2025, as further described below.

During the fiscal year ended September 30, 2020, we repurchased $21,000 in aggregate principal amount of Exchangeable Notes in open market purchases. In addition, on December 21, 2023, i3 Verticals, LLC entered into agreements to repurchase an additional portion of its Exchangeable Notes pursuant to privately negotiated transactions with a limited number of holders of the Exchangeable Notes (the "Exchangeable Note Repurchases"). The repurchase payments were determined by the Company’s average stock price over the 15 trading-day measurement period ended January 16, 2024. The closing of the Exchangeable Note Repurchases occurred on January 18, 2024, and the Company paid $87,391 to repurchase $90,777 in aggregate principal amount of its Exchangeable Notes and to repay approximately $386 in accrued interest on the repurchased portion of the Exchangeable Notes. The Company wrote off $926 of debt issuance costs in connection with the repurchase transactions. These repurchases resulted in a decrease in the Company's total leverage ratio, and following the completion of the repurchases of these Exchangeable Notes, approximately $26,223 in aggregate principal amount of the Exchangeable Notes remained outstanding, with terms unchanged. The Company recorded a gain on retirement of debt of $2,397 due to the estimated acquisition price exceeding the net carrying amount of the repurchased portion of the Exchangeable Notes, adjusted for unamortized debt issuance costs and costs and third-party fees related to the transaction.

Upon maturity of the Exchangeable Notes in February 2025, we paid $26,223 for the remaining principal balance and $131 in accrued interest.

Exchangeable Note Hedge Transactions

On February 12, 2020, concurrently with the pricing of the Exchangeable Notes, and on February 13, 2020, concurrently with the exercise by the initial purchasers of their right to purchase additional Exchangeable Notes, i3 Verticals, LLC entered into exchangeable note hedge transactions with respect to Class A common stock (the “Note Hedge Transactions”) with certain financial institutions (collectively, the “Counterparties”). The Note Hedge Transactions covered, subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes, the same number of shares of Class A common stock that initially underlaid the Exchangeable Notes in the aggregate and were exercisable upon exchange of the Exchangeable Notes. The Note Hedge Transactions were intended to reduce potential dilution to the Class A common stock upon any exchange of the Exchangeable Notes. The Note Hedge Transactions expired upon the maturity of the Exchangeable Notes. The Note Hedge Transactions were separate transactions, entered into by i3 Verticals, LLC with the Counterparties, and were not part of the terms of the Exchangeable Notes. Holders of the Exchangeable Notes did not have any rights with respect to the Note Hedge Transactions. i3 Verticals, LLC used approximately $28,676 of the net proceeds from the offering of the Exchangeable Notes (net of the premiums received for the warrant transactions described below) to pay the cost of the Note Hedge Transactions.

The Note Hedge Transactions did not require separate accounting as a derivative as they meet a scope exception for certain contracts involving an entity's own equity. The premiums paid for the Note Hedge Transactions have been included as a net reduction to additional paid-in capital within stockholders' equity.

In December 2023, i3 Verticals, LLC received $250 from the Counterparties to terminate the portion of the Note Hedge Transactions corresponding to the Exchangeable Notes that were repurchased in fiscal year 2020. Also in December 2023, i3 Verticals, LLC entered into agreements with the Counterparties to terminate the portion of the Note Hedge Transactions corresponding to the Exchangeable Note Repurchases. On January 18, 2024, in connection with the Exchangeable Note Repurchases, the Company and i3 Verticals, LLC terminated the corresponding portions of the Note Hedge Transactions ("Note Hedge Unwinds"), and i3 Verticals, LLC received $987 for the sale of the Note Hedge Unwinds and recorded a loss on the sale of the Note Hedge Unwinds of $245.

The Note Hedge Transactions expired in February 2025 upon the maturity and payment in full of the Exchangeable Notes.

Warrant Transactions

On February 12, 2020, concurrently with the pricing of the Exchangeable Notes, and on February 13, 2020, concurrently with the exercise by the initial purchasers of their right to purchase additional Exchangeable Notes, the Company entered into warrant transactions to sell to the Counterparties warrants (the “Warrants”) to acquire, subject to customary adjustments, up to initially 3,376,391 shares of Class A common stock in the aggregate at an initial exercise price of $62.88 per share. The Company offered and sold the Warrants in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act. The Warrants expired over a ninety trading day period that began on May 15, 2025.

The Warrants are separate transactions, entered into by the Company with the Counterparties, and are not part of the terms of the Exchangeable Notes. Holders of the Exchangeable Notes did not have any rights with respect to the Warrants. The Company received approximately $14,669 from the offering and sale of the Warrants. The Warrants do not require separate accounting as a derivative as they meet a scope exception for certain contracts involving an entity's own equity. The premiums paid for the Warrants have been included as a net increase to additional paid-in capital within stockholders' equity.

In December 2023, the Company paid $119 to the Counterparties to terminate the portion of the Warrants corresponding to the Exchangeable Notes that were repurchased in fiscal year 2020. Also in December 2023, i3 Verticals, LLC entered into agreements with the Counterparties to terminate the portion of the Warrants corresponding to the Exchangeable Note Repurchases. On January 18, 2024, in connection with the Exchangeable Note Repurchases, the Company and i3 Verticals, LLC terminated the corresponding portions of the Warrants ("Warrant Unwinds"), and the Company paid $433 for the repurchase of the Warrant Unwinds and recorded a gain on the repurchase of the Warrant Unwinds of $105.

2023 Senior Secured Credit Facility

On May 8, 2023, i3 Verticals, LLC (the “Borrower”), entered into that certain Credit Agreement (as amended, the “2023 Senior Secured Credit Facility”) with the guarantors and lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (“JPMorgan”). The 2023 Senior Secured Credit Facility replaced the prior senior secured credit facility of the Company which was entered into on May 9, 2019 (the "Prior Senior Secured Credit Facility"). Following an amendment to the Credit Facility entered into on May 5, 2025, as described below, the 2023 Senior Secured Credit Facility provides for aggregate commitments of $400,000 in the form of a senior secured revolving credit facility (the “Revolver”).

The 2023 Senior Secured Credit Facility provides that the Borrower has the right to seek additional commitments to provide additional term loan facilities or additional revolving credit commitments in an aggregate principal amount up to, as of any date of determination, the sum of (i) the greater of $100,000 and 100% of the Borrower’s consolidated EBITDA (as defined in the 2023 Senior Secured Credit Facility) for the most recently completed four quarter period, plus (ii) the amount of certain prepayments of certain indebtedness, so long as, among other things, after giving pro forma effect to the incurrence of such additional borrowings and any related transactions, the Borrower’s consolidated interest coverage ratio (as defined in the 2023 Senior Secured Credit

Facility) would not be less than 3.0 to 1.0 and the Borrower’s consolidated total net leverage ratio (as defined in the 2023 Senior Secured Credit Facility) would not exceed 5.0 to 1.0. As of March 31, 2026, the Borrower's consolidated interest coverage ratio was 16.2x and total leverage ratio was 1.2x.

The provision of any such additional amounts under the additional term loan facilities or additional revolving credit commitments are subject to certain additional conditions and the receipt of certain additional commitments by existing or additional lenders. The lenders under the 2023 Senior Secured Credit Facility are not under any obligation to provide any such additional term loan facilities or revolving credit commitments.

The proceeds of the Revolver, together with proceeds from any additional amounts under the additional term loan facilities or additional revolving credit commitments, may only be used by the Borrower to (i) finance working capital, capital expenditures and other lawful corporate purposes, (ii) finance permitted acquisitions (as defined in the 2023 Senior Secured Credit Facility) and (iii) to refinance certain existing indebtedness.

Borrowings under the Revolver will be made, at the Borrower’s option, at the Adjusted Term SOFR rate or the base rate, plus, in each case, an applicable margin.

The Adjusted Term SOFR rate will be the rate of interest per annum equal to the Term SOFR rate (based upon an interest period of one, three or six months), plus 0.10%, plus an applicable margin of 2.00% to 3.00% (2.00% at March 31, 2026). The Adjusted Term SOFR rate shall not be less than 0% in any event.

The base rate is a fluctuating rate of interest per annum equal to the highest of (a) the greater of the federal funds rate or the overnight bank funding rate, plus ½ of 1%, (b) Wall Street Journal prime rate and (c) the Adjusted Term SOFR rate for an interest period of one month, plus 1%, plus an applicable margin of 1.00% to 2.00% (1.00% at March 31, 2026). The base rate shall not be less than 1% in any event.

The applicable margin is based upon the Borrower’s consolidated total net leverage ratio (as defined in the 2023 Senior Secured Credit Facility), as reflected in the schedule below:


Consolidated Total Net Leverage Ratio	Commitment Fee		Letter of Credit Fee		Term Benchmark Loans		Base Rate Loans
> 3.0 to 1.0	0.30	%	3.00	%	3.00	%	2.00	%
> 2.5 to 1.0 but < 3.00 to 1.0	0.25	%	2.50	%	2.50	%	1.50	%
> 2.0 to 1.0 but < 2.50 to 1.0	0.20	%	2.25	%	2.25	%	1.25	%
< 2.0 to 1.0	0.15	%	2.00	%	2.00	%	1.00	%

In addition to paying interest on outstanding principal under the Revolver, the Borrower will be required to pay a commitment fee equal to the product of between 0.15% and 0.30% (the applicable percentage depending on the Borrower’s consolidated total net leverage ratio as reflected in the schedule above, 0.15% at March 31, 2026) times the actual daily amount by which $400,000 exceeds the total amount outstanding under the Revolver and available to be drawn under all outstanding letters of credit.

The Borrower will be permitted to voluntarily reduce the unutilized portion of the commitment amount and repay outstanding loans under the 2023 Senior Secured Credit Facility, whether such amounts are issued under the Revolver or under the additional term loan facilities or additional revolving credit facilities, at any time without premium or penalty.

In addition, if the total amount borrowed under the Revolver exceeds $400,000 at any time, the 2023 Senior Secured Credit Facility requires the Borrower to prepay such excess outstanding amounts.

All obligations under the 2023 Senior Secured Credit Facility are unconditionally guaranteed by the Company, and each of the Company’s existing and future direct and indirect material, wholly owned domestic subsidiaries, subject to certain exceptions. The obligations are secured by first-priority security interests in substantially all tangible and intangible assets of the Borrower, the Company and each subsidiary guarantor, in each case whether owned on the date of the initial borrowings or thereafter acquired.

The 2023 Senior Secured Credit Facility places certain restrictions on the ability of the Borrower, the Company and their subsidiaries to, among other things, incur debt and liens; merge, consolidate or liquidate; dispose of assets; enter into hedging arrangements; make certain restricted payments; undertake transactions with affiliates; enter into sale-leaseback transactions; make certain investments; prepay or modify the terms of certain indebtedness; and modify the terms of certain organizational agreements.

The 2023 Senior Secured Credit Facility contains customary events of default, including payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to other material indebtedness, certain events of bankruptcy and insolvency, material judgments, certain events with respect to employee benefit plans, invalidity of loan documents and certain changes in control.

On May 5, 2025, i3 Verticals, LLC entered into that certain Second Amendment to Credit Agreement (the “Amendment”), which amended the 2023 Senior Secured Credit Facility, with the guarantors and the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent.

The Amendment provided for certain amendments to the 2023 Senior Secured Credit Facility, including amendments that permitted and accommodated the execution of the Healthcare RCM Purchase Agreement and the consummation of the Healthcare RCM Transactions. The Amendment also permanently reduced the aggregate lender commitments under the Company’s revolving line of credit from $450,000 to $400,000.

Debt issuance costs

The Company did not incur any debt issuance costs during the three and six months ended March 31, 2026 and 2025. The Company's debt issuance costs are being amortized over the related term of the debt using the straight-line method, which is not materially different than the effective interest rate method, and are presented within other assets in the condensed consolidated balance sheets. The amortization of deferred debt issuance costs is included in interest expense and amounted to approximately $215 and $431 during the three and six months ended March 31, 2026, respectively, and $250 and $530 during the three and six months ended March 31, 2025, respectively.

EQUITY-BASED COMPENSATION

6 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

A summary of equity-based compensation expense for continuing operations recognized during the three and six months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Stock options	$	1,855	$	1,502	$	3,201	$	3,825
Restricted stock units	2,764		2,043		6,596		3,326
Equity-based compensation expense	$	4,619	$	3,545	$	9,797	$	7,151

In connection with the sale of the Healthcare RCM Business, $387 and $595 of the Company's equity-based compensation expense was classified within "net income from discontinued operations" in the accompanying condensed consolidated statements of operations during three and six months ended March 31, 2025, respectively.

Amounts are included in costs of services and in selling, general and administrative expense on the condensed consolidated statements of operations. Current and deferred income tax benefits for continuing operations of $472 and $1,202 were recognized during the three and six months ended March 31, 2026, respectively, and current and deferred income tax expense of $1,165 and $588 during the three and six months ended March 31, 2025, respectively.

Stock Options

In May 2018, the Company adopted the 2018 Equity Incentive Plan (the “2018 Plan”) under which the Company may grant up to 3,500,000 stock options and other equity-based awards to employees, directors and officers. The number of shares of Class A common stock available for issuance under the 2018 Plan includes an annual increase on the first day of each calendar year equal to 4.0% of the outstanding shares of all classes of the Company's common stock as of the last day of the immediately preceding calendar year, unless the Company’s board of directors determines prior to the last trading day of December of the immediately preceding calendar year that the increase shall be less than 4.0%. As of March 31, 2026, equity awards with respect to 2,303,073 shares of the Company's Class A common stock were available for grant under the 2018 Plan.

In September 2020, the Company adopted the 2020 Acquisition Equity Incentive Plan (the “2020 Inducement Plan”) under which the Company may grant up to 1,500,000 stock options and other equity-based awards to individuals that were not previously employees of the Company or its subsidiaries in connection with acquisitions, as a material inducement to the individual's entry into employment with the Company or its subsidiaries within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. In May 2021, the Company amended the 2020 Inducement Plan to increase the number of shares of the Company's Class A common stock available for issuance from 1,500,000 to 3,000,000 shares. As of March 31, 2026, equity awards with respect to 2,021,344 shares of the Company's Class A common stock were available for grant under the 2020 Inducement Plan.

Share-based compensation expense includes the estimated effects of forfeitures, which will be adjusted over the requisite service period to the extent actual forfeitures differ or are expected to differ from such estimates.

A summary of stock option activity for the six months ended March 31, 2026 is as follows:


	Stock Options	Weighted Average Exercise Price
Outstanding at September 30, 2025	7,881,236	$	24.61
Granted	1,245,000	23.61
Exercised	(181,032)	23.42
Forfeited and cancelled	(94,632)	26.60
Outstanding at March 31, 2026	8,850,572	$	24.48

Exercisable at March 31, 2026	6,800,178	$	24.95

The weighted-average grant date fair value of stock options granted during the six months ended March 31, 2026 was $12.41.

As of March 31, 2026, there were 8,850,572 stock options outstanding, of which 6,800,178 were exercisable. As of March 31, 2026, total unrecognized compensation expense related to unvested stock options, including an estimate for pre-vesting forfeitures, was $19,895, which is expected to be recognized over a weighted-average period of 3.5 years.

The total fair value of stock options that vested during the three and six months ended March 31, 2026 was $4,163 and $4,837, respectively.

Restricted Stock Units

The Company has issued Class A common stock in the form of restricted stock units ("RSUs") under the 2018 Plan.

A summary of activity related to restricted stock units for the six months ended March 31, 2026 is as follows:


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding at September 30, 2025	1,160,641	$	24.89
Granted	401,826	24.06
Vested	(391,916)	24.73
Forfeited and cancelled	(34,547)	23.64
Outstanding at March 31, 2026	1,136,004	$	24.69

The weighted-average grant date fair value of RSUs granted during three and six months ended March 31, 2026 was $24.06.

As of March 31, 2026, total unrecognized compensation expense related to unvested RSUs, including an estimate for pre-vesting forfeitures, was $21,096, which is expected to be recognized over a weighted average period of 2.6 years.

The total fair value of RSUs that vested during the three and six months ended March 31, 2026 was $5,449 and $9,693, respectively.

EQUITY-BASED COMPENSATION (Tables)

6 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Equity-Based Compensation Expense

A summary of equity-based compensation expense for continuing operations recognized during the three and six months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Stock options	$	1,855	$	1,502	$	3,201	$	3,825
Restricted stock units	2,764		2,043		6,596		3,326
Equity-based compensation expense	$	4,619	$	3,545	$	9,797	$	7,151

Schedule of Stock Option Activity

A summary of stock option activity for the six months ended March 31, 2026 is as follows:


	Stock Options	Weighted Average Exercise Price
Outstanding at September 30, 2025	7,881,236	$	24.61
Granted	1,245,000	23.61
Exercised	(181,032)	23.42
Forfeited and cancelled	(94,632)	26.60
Outstanding at March 31, 2026	8,850,572	$	24.48

Exercisable at March 31, 2026	6,800,178	$	24.95

Schedule of Activity Related to Restricted Stock Unit

A summary of activity related to restricted stock units for the six months ended March 31, 2026 is as follows:


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding at September 30, 2025	1,160,641	$	24.89
Granted	401,826	24.06
Vested	(391,916)	24.73
Forfeited and cancelled	(34,547)	23.64
Outstanding at March 31, 2026	1,136,004	$	24.69

SIGNIFICANT NON-CASH TRANSACTIONS

6 Months Ended

Mar. 31, 2026

Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]

SIGNIFICANT NON-CASH TRANSACTIONS

The Company engaged in the following significant non-cash investing and financing activities during the six months ended March 31, 2026 and 2025 which are reported on a consolidated basis. See Note 2 for significant non-cash investing and financing activities from discontinued operations for major captions on the condensed consolidated financial statements.


	Six months ended March 31,
	2026		2025
Acquisition date fair value of contingent consideration in connection with business combinations	$	7,600	$	—
Right-of-use assets obtained in exchange for operating lease obligations	$	974	$	451
Excise taxes accrued on share repurchases	$	883	$	115

DISCONTINUED OPERATIONS - Significant Non-cash Transactions (Details) $ in Thousands	6 Months Ended
	Mar. 31, 2025 USD ($)
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Healthcare RCM Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Right-of-use assets obtained in exchange for operating lease obligations	$ 266

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Leases

The Company utilizes office space and equipment under operating leases. Rent expense from continuing operations under these leases amounted to $689 and $1,391 during the three and six months ended March 31, 2026 and 2025, respectively, and $145 and $857 during the three and six months ended March 31, 2025, respectively. Refer to Note 11 for further discussion and a table of the future minimum payments under these leases.

Contract Commitments

We have contractual obligations primarily for third-party technology services and licenses. Certain agreements are fixed for the duration of the contracts and may require us to pay minimum fees. As of March 31, 2026, the remaining aggregate minimum contractual commitment under these arrangements was approximately $18,268, which exclude contract commitments that have been prepaid. Future minimum payments, including contracts with a remaining term of less than one year, based on these contractual agreements are as follows:


Fiscal Years ending September 30:
2026 (six months remaining)	$	3,395
2027	10,205
2028	3,342
2029	794
2030	532
Thereafter	—
Total	$	18,268

Litigation

With respect to all legal, regulatory and governmental proceedings, and in accordance with ASC 450-20, Contingencies—Loss Contingencies, the Company considers the likelihood of a negative outcome. If the Company determines the likelihood of a negative outcome with respect to any such matter is probable and the amount of the loss can be reasonably estimated, the Company records an accrual for the estimated amount of loss for the expected outcome of the matter. If the likelihood of a negative outcome with respect to material matters is reasonably possible and the Company is able to determine an estimate of the amount of possible loss or a range of loss, whether in excess of a related accrued liability or where there is no accrued liability, the Company discloses the estimate of the amount of possible loss or range of loss. However, the Company in some instances may be unable to estimate an amount of possible loss or range of loss based on the significant uncertainties involved in, or the preliminary nature of, any such material matter, and in these instances the Company will disclose the nature of the contingency and describe why the Company is unable to determine an estimate of possible loss or range of loss.

The Company is involved in ordinary course legal proceedings, which include all claims, lawsuits, investigations and proceedings, including unasserted claims, which are probable of being asserted, arising in the ordinary course of business. The Company has considered all such ordinary course legal proceedings in formulating its disclosures and assessments. After taking into consideration the evaluation of such legal matters by the Company's legal counsel, while the Company does not believe at this time that these matters will have a material effect on its business or financial condition, the Company cannot give assurance that these matters will not have a material effect on its consolidated balance sheets, results of operations or cash flows for any particular reporting period.

PaySchools Litigation

On May 16, 2025, Suzanne Hess, individually and on behalf of a putative class of citizens of the State of New York, filed a Class Action Complaint and Demand for Jury Trial (the “Complaint”), in the Supreme Court of the State of New York, Nassau County, against i3 Verticals, LLC and CP-DBS, LLC d/b/a “PaySchools”, a subsidiary of i3 Verticals, LLC. The claimed damages relate to services offered by PaySchools that enable parents, guardians and caregivers to fund lunches for students in certain New York school districts, and allegedly unlawful practices by PaySchools related to the fees charged for these school lunch services. The plaintiff seeks unspecified monetary damages, restitution, disgorgement, and attorneys’ fees and costs, as well as injunctive relief prohibiting PaySchools from charging transaction-based fees.

On June 20, 2025, the matter was removed to the United States District Court for the Eastern District of New York, where a motion to dismiss the Complaint, filed by PaySchools, remains pending.

The Company is unable to predict the outcome of this litigation. While the Company does not believe that this matter will have a material effect on its business or financial condition, the Company cannot give assurance that this matter will not have a material effect on its consolidated balance sheets, results of operations or cash flows for any particular reporting period.

S&S Litigation

On June 2, 2021, the State of Louisiana, Division of Administration (the “State”) and a putative class of Louisiana sheriffs ("Sheriffs") and law enforcement districts ("Districts") (collectively "Plaintiffs") filed a Petition (as amended on October 4, 2021, the “Petition”), in the 19th Judicial District Court for the Parish of East Baton Rouge against i3-Software & Services, LLC (“S&S”), a subsidiary of the Company located in Shreveport, Louisiana, the Company, i3 Verticals, LLC, the current leader of the S&S business, the former leader of the S&S business, and 1120 South Pointe Properties, LLC (“South Pointe”), the former owner of the assets of the S&S business (collectively "Defendants"). See State of Louisiana, by and through its Division of Administration, East Baton Rouge Parish Law Enforcement District, by and through the duly elected East Baton Rouge Parish Sheriff, Sid J. Gautreaux, III, et. al., individually and as class representatives vs. i3-Software & Services, LLC; 1120 South Pointe Properties, LLC, formerly known as Software and Services of Louisiana, L.L.C.; i3 Verticals, Inc.; i3 Verticals, LLC; Gregory R. Teeters; and Scott Carrington.

The Petition was amended on October 4, 2021 to amend and expand the putative class and subsequently removed to federal court. The Petition seeks monetary damages for the cost of network remediation of $15,000 purportedly spent by the State and $7,000 purportedly spent by the Sheriffs and Districts, return of purchase prices, potential additional expenses related to remediation and any obligation to notify parties of an alleged data breach as and if required by applicable law, and reasonable attorneys’ fees. The claimed damages relate to a third-party remote access software product used in connection with services provided by S&S to certain Louisiana law enforcement districts and alleged inadequacies in the Company’s cybersecurity practices. On February 22, 2024, the case was remanded to the 19th Judicial District Court for the Parish of East Baton Rouge, where the case remains pending.

All Defendants filed pleading-stage motions to dismiss, some of which were granted. The Court allowed plaintiffs to re-plead certain claims and has severed the claims brought by the Division of Administration from the claims brought by the parish Sheriffs and Districts. The State chose not to re-plead their claims, which leaves some of their claims now dismissed with prejudice. The Sheriffs and Districts re-plead their claims. Certain Defendants filed renewed pleading-stage motions to dismiss that the Court denied on April 14, 2025. The case is now in the discovery phase. Class certification fact and expert discovery, including third-party subpoenas and motion practice, is also underway, and the Court originally scheduled a March 31, 2026 hearing principally on the issue of class certification. That hearing has been continued until June 8, 2026.

The assets of the S&S business were acquired from South Pointe by the Company in 2018 for $17,000, including upfront cash consideration and contingent consideration, and provides software and payments services to local government agencies almost exclusively in Louisiana.

The Company is unable to predict the outcome of this litigation. While the Company does not believe that this matter will have a material effect on its business or financial condition, the Company cannot give assurance that this matter will not have a material effect on its consolidated balance sheets,results of operations or cash flows for any particular reporting period.

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Minimum Fee Commitments

Future minimum payments, including contracts with a remaining term of less than one year, based on these contractual agreements are as follows:


Fiscal Years ending September 30:
2026 (six months remaining)	$	3,395
2027	10,205
2028	3,342
2029	794
2030	532
Thereafter	—
Total	$	18,268

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)

6 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

A summary of the Company's accrued expenses and other current liabilities as of March 31, 2026 and September 30, 2025 is as follows:


	March 31,		September 30,
	2026		2025
Accrued wages, bonuses, commissions and vacation	$	5,061	$	6,587
Accrued interest	354		155
Accrued contingent consideration — current portion	1,023		82
Escrow liabilities — current portion	1,255		—
Accrued tax distributions	268		2,147
Accrued income tax expense	150		2,760
Tax receivable agreement liability — current portion	—		2,720
Customer deposits	991		461
Employee health self-insurance liability	—		13
Accrued third-party software expenses	3,742		2,674
Accrued interchange	3,951		3,139
Accrued excise taxes	883		376
Other accrued expenses	2,347		3,411
Accrued expenses and other current liabilities	$	20,025	$	24,525

Schedule of Long-term Liabilities

A summary of the Company's long-term liabilities as of March 31, 2026 and September 30, 2025 is as follows:


	March 31,		September 30,
	2026		2025
Escrow liabilities — long-term	$	1,250	$	—
Accrued contingent consideration — long-term portion	9,650		3,489
Deferred tax liability — long-term	8,504		8,994
Deferred revenue — long-term	3,224		808
Other long-term liabilities	781		1,553
Total other long-term liabilities	$	23,409	$	14,844

EARNINGS PER SHARE (Tables)

6 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Reconciliations of the Numerators and Denominators Used to Compute Basic and Diluted Earnings Per Share

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock from continuing operations for the three and six months ended March 31, 2026 and 2025:


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Basic net income per share:
Numerator
Net income	$	2,194	$	2,323	$	3,279	$	5,113
Less: Net income attributable to non-controlling interest	730		1,304		1,239		2,239
Net income attributable to Class A common stockholders	$	1,464	$	1,019	$	2,040	$	2,874
Denominator
Weighted average shares of Class A common stock outstanding	21,798,840		23,834,233		22,747,267		23,691,648
Basic net income per share	$	0.07	$	0.04	$	0.09	$	0.12

Diluted net income per share:
Numerator
Net income attributable to Class A common stockholders	$	1,464	$	1,019	$	2,040	$	2,874
Reallocation of net income assuming conversion of common units(1)(2)	557		—		—		—
Net income attributable to Class A common stockholders – diluted	$	2,021	$	1,019	$	2,040	$	2,874

Denominator
Weighted average shares of Class A common stock outstanding	21,798,840		23,834,233		22,747,267		23,691,648
Weighted average effect of dilutive securities(2)	8,783,747		299,505		909,373		389,584
Weighted average shares of Class A common stock outstanding – diluted	30,582,587		24,133,738		23,656,640		24,081,232
Diluted net income per share	$	0.07	$	0.04	$	0.09	$	0.12

__________________________

1.The reallocation of net income assuming conversion of common units represents the tax effected net income attributable to non-controlling interest using the effective income tax rates described in Note 10 above and assuming all common units of i3 Verticals, LLC were exchanged for Class A common stock at the beginning of the period. The common units of i3 Verticals, LLC held by the Continuing Equity Owners are potentially dilutive securities, and the computations of diluted net income per share assume that all common units of i3 Verticals, LLC were exchanged for shares of Class A common stock at the beginning of the period.

2.For the three and six months ended March 31, 2026 and 2025, the following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted net income per share of Class A common stock for continuing operations:

a.9,408,427, 8,381,681 and 9,720,698 weighted average shares of Class B common stock for the three months ended March 31, 2025 and the six months ended March 31, 2026 and 2025, respectively, along with the reallocation of associated net income assuming conversion of these shares (which represents the tax effected net income attributable to non-controlling interest using the effective income tax rates described in Note 10 above and assuming all common units of i3 Verticals, LLC were exchanged for Class A common stock at the beginning of the period), were excluded because the effect would have been anti-dilutive and

b.4,812,850, 4,227,718, 3,381,943 and 4,660,034 stock options for the three months ended March 31, 2026 and 2025 and for the six months ended March 31, 2026 and 2025, respectively, were excluded because the exercise price of these stock options exceeded the average market price of our Class A common stock during the period (“out-of-the-money”) and the effect of including them would have been anti-dilutive.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock from discontinued operations for the three and six months ended March 31, 2026 and 2025:


	Three Months Ended March 31,			Six Months Ended March 31,
	2026(1)	2025		2026		2025
Basic net loss per share:
Numerator
Net loss		$	(1,554)	$	(138)	$	(1,236)
Less: Net loss attributable to non-controlling interest		(381)		(46)		(264)
Net loss attributable to Class A common stockholders		$	(1,173)	$	(92)	$	(972)
Denominator
Weighted average shares of Class A common stock outstanding		23,834,233		22,747,267		23,691,648
Basic net loss per share		$	(0.05)	$	0.00	$	(0.04)

Diluted net loss per share:
Numerator
Net loss attributable to Class A common stockholders		$	(1,173)	$	(92)	$	(972)
Reallocation of net loss assuming conversion of common units(2)(3)		—		(35)		—
Net loss attributable to Class A common stockholders – diluted		$	(1,173)	$	(127)	$	(972)

Denominator
Weighted average shares of Class A common stock outstanding		23,834,233		22,747,267		23,691,648
Weighted average effect of dilutive securities(3)		—		8,381,681		—
Weighted average shares of Class A common stock outstanding – diluted		23,834,233		31,128,948		23,691,648
Diluted net loss per share		$	(0.05)	$	0.00	$	(0.04)

__________________________

1.There was no net income from discontinued operations during the three months ended March 31, 2026.

2.The reallocation of net income assuming conversion of common units represents the tax effected net income attributable to non-controlling interest using the effective income tax rates described in Note 10 above and assuming all common units of i3 Verticals, LLC were exchanged for Class A common stock at the beginning of the period. The common units of i3 Verticals, LLC held by the Continuing Equity Owners are potentially dilutive securities, and the computations of diluted net income per share assume that all common units of i3 Verticals, LLC were exchanged for shares of Class A common stock at the beginning of the period.

3.For the three months ended March 31, 2025 and the six months ended March 31, 2026 and 2025, the following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted earnings per share of Class A common stock from discontinued operations:

a.9,408,427 and 9,720,698 weighted average shares of Class B common stock for the three and six months ended March 31, 2025, respectively, along with the reallocation of associated net income assuming conversion of these shares (which represents the tax effected net income attributable to non-controlling interest using the effective income tax rates described in Note 10 above and assuming all common units of i3 Verticals, LLC were exchanged for Class A common stock at the beginning of the period), were excluded because the effect would have been anti-dilutive,

b.4,227,718, 3,381,943 and 4,660,034 options to purchase shares of Class A common stock for the three months ended March 31, 2025 and the six months ended March 31, 2026 and 2025, respectively, were excluded because the exercise price of these options

exceeded the average market price of the Company's Class A common stock during the period (“out-of-the-money”) and the effect of including them would have been anti-dilutive, and

c.299,505, 909,373 and 389,584 shares of Class A common stock for the three months ended March 31, 2025 and the six months ended March 31, 2026 and 2025, respectively, resulting from estimated stock option exercises and restricted stock units vesting as calculated by the treasury stock method were excluded because the effect of including them would have been anti-dilutive.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock from consolidated operations for three and six months ended March 31, 2026 and 2025:


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Basic net income (loss) per share:
Numerator
Net income	$	2,194	$	769	$	3,141	$	3,877
Less: Net income attributable to non-controlling interest	730		923		1,193		1,975
Net income (loss) attributable to Class A common stockholders	$	1,464	$	(154)	$	1,948	$	1,902
Denominator
Weighted average shares of Class A common stock outstanding	21,798,840		23,834,233		22,747,267		23,691,648
Basic net income (loss) per share(1)	$	0.07	$	(0.01)	$	0.09	$	0.08

Diluted net income per share:
Numerator
Net income attributable to Class A common stockholders	$	1,464			$	1,948	$	1,902
Reallocation of net income assuming conversion of common units(2)(3)	557				—		—
Net income attributable to Class A common stockholders – diluted	$	2,021			$	1,948	$	1,902

Denominator
Weighted average shares of Class A common stock outstanding	21,798,840				22,747,267		23,691,648
Weighted average effect of dilutive securities(3)	8,783,747				909,373		389,584
Weighted average shares of Class A common stock outstanding – diluted	30,582,587				23,656,640		24,081,232
Diluted net income per share	$	0.07			$	0.08	$	0.08

__________________________

1.For the three months ended March 31, 2025, all potentially dilutive securities were anti-dilutive, so diluted net loss per share was equivalent to basic net loss per share. The following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted net loss per share of Class A common stock from consolidated operations:

a.9,408,427 weighted average shares of Class B common stock for the three months ended March 31, 2025, along with the reallocation of associated net income assuming conversion of these shares (which represents the tax effected net income attributable to non-controlling interest using the effective income tax rates described in Note 10 above and assuming all common units of i3 Verticals, LLC were exchanged for Class A common stock at the beginning of the period), were excluded because the effect would have been anti-dilutive, and

b.4,227,718 stock options for the three months ended March 31, 2025 were excluded because the exercise price of these stock options exceeded the average market price of our Class A common stock during the period (“out-of-the-money”) and the effect of including them would have been anti-dilutive, and

c.299,505 shares of Class A common stock for the three months ended March 31, 2025 resulting from estimated stock option exercises and restricted stock units vesting as calculated by the treasury stock method were excluded because the effect of including them would have been anti-dilutive.

3.For the three months ended March 31, 2026 and the six months ended March 31, 2026 and 2025, the following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted net income per share of Class A common stock from consolidated operations:

a.8,381,681 and 9,720,698 weighted average shares of Class B common stock for the six months ended March 31, 2026 and 2025, respectively, along with the reallocation of associated net income assuming conversion of these shares (which represents the tax effected net income attributable to non-controlling interest using the effective income tax rates described in Note 10 above and assuming all common units of i3 Verticals, LLC were exchanged for Class A common stock at the beginning of the period), were excluded because the effect would have been anti-dilutive, and

b.4,812,850, 3,381,943 and 4,660,034 stock options for the three months ended March 31, 2026 and the six months ended March 31, 2026 and 2025, respectively, were excluded because the exercise price of these stock options exceeded the average market price of our Class A common stock during the period (“out-of-the-money”) and the effect of including them would have been anti-dilutive.

SUBSEQUENT EVENTS (Details) - Class A Common Stock - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	May 07, 2026	Mar. 31, 2026	Mar. 31, 2026
Subsequent Event [Line Items]
Shares repurchased (in shares)		2,220,736	3,743,574
Average cost per share (in usd per share)		$ 22.70	$ 23.59
New Share Repurchase Program
Subsequent Event [Line Items]
Shares repurchased (in shares)		1,703,682	1,703,682
Average cost per share (in usd per share)		$ 22.48	$ 22.48
New Share Repurchase Program \| Subsequent Event
Subsequent Event [Line Items]
Shares repurchased (in shares)	992,058
Average cost per share (in usd per share)	$ 21.87
Value of shares repurchased	$ 21,946

LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Sep. 30, 2025
Line of Credit \| Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 81,000	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maturity period of settlement assets and obligations (in days)			14 days
Settlement assets	$ 220	$ 67	$ 220	$ 67	$ 411	$ 632
Settlement obligations	220		220		411
Inventories	2,617		2,617		2,516
Business combination, acquiree's revenue since acquisition date, actual			2,242
Business combination, acquiree's earnings (loss) since acquisition date, actual			304
Contract assets from contracts with customer	10,564		10,564		9,211
Capitalized contract costs	1,727		1,727		$ 1,412
Commissions related to capitalized contract costs	$ 63	$ 180	$ 121	$ 212
Number of reportable segments \| segment			1

ACQUISITIONS - Preliminary Purchase Consideration of the Acquired Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Jan. 01, 2026	Sep. 30, 2025	Apr. 01, 2025
Business Combination [Line Items]
Goodwill	$ 282,284		$ 248,469
Transportation Market Acquisition
Business Combination [Line Items]
Accounts receivable, net		$ 1,252
Prepaid expenses and other current assets		85
Property and equipment, net		75
Goodwill		33,815
Total assets acquired		68,937
Accrued expenses and other current liabilities		1,301
Deferred revenue, current		36
Net assets acquired		67,600
Transportation Market Acquisition \| Capitalized software
Business Combination [Line Items]
Intangible assets		6,600
Transportation Market Acquisition \| Customer relationships
Business Combination [Line Items]
Intangible assets		26,900
Transportation Market Acquisition \| Trade name
Business Combination [Line Items]
Intangible assets		$ 210
Utility Billing Software Company
Business Combination [Line Items]
Accounts receivable, net				$ 792
Property and equipment, net				200
Goodwill				5,129
Total assets acquired				11,211
Deferred revenue, current				951
Net assets acquired				10,260
Utility Billing Software Company \| Capitalized software
Business Combination [Line Items]
Intangible assets				380
Utility Billing Software Company \| Customer relationships
Business Combination [Line Items]
Intangible assets				4,610
Utility Billing Software Company \| Trade name
Business Combination [Line Items]
Intangible assets				$ 100

GOODWILL AND INTANGIBLE ASSETS - Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026 (six months remaining)	$ 6,399
2027	12,501
2028	12,260
2029	12,233
2030	12,188
Thereafter	101,208
Carrying Value	$ 156,789

ACCRUED EXPENSES AND OTHER LIABILITIES - Schedule Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Sep. 30, 2025
Payables and Accruals [Abstract]
Escrow liabilities — long-term	$ 1,250	$ 0
Accrued contingent consideration — long-term portion	9,650	3,489
Deferred tax liability — long-term	8,504	8,994
Deferred revenue — long-term	3,224	808
Other long-term liabilities	781	1,553
Other long-term liabilities	$ 23,409	$ 14,844

LEASES - Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
2026 (six months remaining)	$ 1,156
2027	1,903
2028	1,002
2029	724
2030	645
Thereafter	154
Total future minimum lease payments (undiscounted)	5,584
Less: present value discount	(972)
Present value of lease liability	4,612
Short-term leases	$ 58

LONG-TERM DEBT - Additional Information (Details)						1 Months Ended		3 Months Ended		6 Months Ended
LONG-TERM DEBT - Additional Information (Details)	Mar. 31, 2026 USD ($)	Jan. 18, 2024 USD ($)	May 08, 2023 USD ($)	Feb. 18, 2020 USD ($)	Feb. 13, 2020 USD ($) $ / shares shares	Feb. 28, 2025 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	May 15, 2025	Sep. 30, 2020 USD ($)	May 09, 2019 USD ($)
Debt Instrument [Line Items]
Payments for note hedge transactions		$ 433,000			$ 28,676,000
Sale of note hedge warrants		987,000					$ 250,000
Loss on sale of derivatives		245,000
Gain on repurchase of warrants		105,000
Debt issuance costs, gross	$ 0							$ 0	$ 0	$ 0	$ 0
Amortization of deferred debt issuance costs								$ 215,000	$ 250,000	$ 431,000	$ 530,000
Warrants term												90 days
Class A Common Stock
Debt Instrument [Line Items]
Warrants outstanding ( in shares) \| shares					3,376,391
Warrants sold in connection with the issuance of the exchangeable notes (in USD per share) \| $ / shares					$ 62.88
Proceeds from issuance of warrants					$ 14,669,000
1% Exchangeable Senior Notes due 2025 \| Exchangeable Notes
Debt Instrument [Line Items]
Aggregate principal amount		26,223,000		$ 138,000,000
Stated interest rate (percent)				1.00%
Proceeds from convertible debt				$ 132,762,000
Debt aggregate repurchase amount		90,777,000											$ 21,000,000
Repayments of convertible debt		87,391,000				$ 26,223,000
Debt interest, repurchase amount		386,000
Debt issuance costs written off		926,000
Gain on retirement of debt		$ 2,397,000
Interest expense, debt						$ 131,000
Payments for repurchase of warrants							$ 119,000
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Commitment fee	0.15%
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit \| One, Two, Three or Six-month SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit \| One, Two, Three or Six-month SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit \| One, Two, Three or Six-month SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			3.00%
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit \| SOFR plus 1%
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit \| SOFR plus 1% \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit \| SOFR plus 1% \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving line of credit borrowing capacity			$ 400,000,000											$ 450,000
Optional addition to borrowing capacity			$ 100,000
Consolidation basis (as a percent)			1
Minimum consolidated interest coverage ratio	16.2		3.0					16.2		16.2
Maximum total leverage ratio	1.2		5.0					1.2		1.2
Commitment fee multiplier			$ 400,000
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee			0.15%
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee			0.30%
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit \| Revolving Credit Facility \| One, Two, Three or Six-month SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit \| Revolving Credit Facility \| Adjusted Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			0.00%
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility \| Line of Credit \| Revolving Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Sep. 30, 2025
Finite-lived intangible assets:
Cost	$ 208,826
Accumulated Amortization	(52,037)
Carrying Value	156,789
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Cost	208,842
Accumulated Amortization	(52,037)
Carrying Value	156,805	$ 135,797
Trademarks
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	16
Customer relationships
Finite-lived intangible assets:
Cost	206,550
Accumulated Amortization	(50,342)
Carrying Value	156,208
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (50,342)
Customer relationships \| Minimum
Finite-lived intangible assets:
Amortization life	9 years
Customer relationships \| Maximum
Finite-lived intangible assets:
Amortization life	20 years
Trade names
Finite-lived intangible assets:
Cost	$ 2,101
Accumulated Amortization	(1,597)
Carrying Value	504
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (1,597)
Trade names \| Minimum
Finite-lived intangible assets:
Amortization life	1 year
Trade names \| Maximum
Finite-lived intangible assets:
Amortization life	5 years
Non-compete agreements and other intangible assets
Finite-lived intangible assets:
Cost	$ 175
Accumulated Amortization	(98)
Carrying Value	77
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (98)
Non-compete agreements and other intangible assets \| Minimum
Finite-lived intangible assets:
Amortization life	1 year
Non-compete agreements and other intangible assets \| Maximum
Finite-lived intangible assets:
Amortization life	8 years

COVER - shares	6 Months Ended
COVER - shares	Mar. 31, 2026	May 07, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-38532
Entity Registrant Name	i3 Verticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4052852
Entity Address, Address Line One	40 Burton Hills Blvd.
Entity Address, Address Line Two	Suite 415
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37215
City Area Code	615
Local Phone Number	465-4487
Title of 12(b) Security	Class A Common Stock, $0.0001 Par Value
Trading Symbol	IIIV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001728688
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,549,833
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,381,681

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2026
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Share Repurchase Programs On August 7, 2025, the Company announced that our Board of Directors had approved a share repurchase program (the "August 2025 Share Repurchase Program") for the Company's Class A common stock, under which the Company was authorized to repurchase up to $50,000 of outstanding shares of Class A common stock (exclusive of fees, commissions or other expenses related to such repurchases). This August 2025 Share Repurchase Program replaced a prior share repurchase program entered into by the Company on August 8, 2024 (the “August 2024 Share Repurchase Program”), under which the Company was authorized to repurchase up to $50,000 of outstanding shares of the Company’s Class A common stock (exclusive of fees, commissions or other expenses related to such repurchases), which the August 2024 Share Repurchase Program terminated on August 8, 2025. During the six months ended March 31, 2025 the Company repurchased 510,155 shares of Class A Common Stock under the August 2024 Share Repurchase Program at an average price of $22.51 per share for a total cost of $11,613. The repurchased shares were cancelled and retired, resulting in a reduction in both the number of shares outstanding and the Company's total stockholders' equity. The terms of August 2025 Share Repurchase Program provided that such program would terminate on the earlier of September 30, 2026, or when the maximum dollar amount under the authorization was expended. Pursuant to the August 2025 Share Repurchase Program, the Company was authorized to make repurchases of its Class A Common Stock in the open market, through privately negotiated transactions, or otherwise, including under Rule 10b5-1 plans. The maximum dollar amount under the August 2025 Share Repurchase Program was expended during the three months ended March 31, 2026, and the August 2025 Share Repurchase Program is no longer in effect. On February 5, 2026, the Company entered into a new share repurchase program (the "New Share Repurchase Program") for the Company's Class A common stock, under which the Company is authorized to repurchase up to $60,000 of outstanding shares of our Class A common stock (exclusive of fees, commissions or other expenses related to such repurchases). This New Share Repurchase Program replaced the August 2025 Share Repurchase Program. This New Share Repurchase Program will terminate on the earlier of February 4, 2027, or when the maximum dollar amount under the authorization has been expended. Pursuant to this New Share Repurchase Program, the Company is authorized to make repurchases of our Class A Common Stock in the open market, through privately negotiated transactions, or otherwise, including under Rule 10b5-1 plans. In addition, repurchases under this New Share Repurchase Program will be subject to prevailing market conditions, liquidity and cash flow considerations, applicable securities laws requirements (including under Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as applicable), compliance with contractual restrictions under the 2023 Senior Secured Credit Facility and other factors. This New Share Repurchase Program does not require the Company to acquire any particular amount of shares of Class A common stock, and may be extended, modified, suspended or discontinued at any time at the Company’s discretion. During the three months ended March 31, 2026 the Company repurchased 2,220,736 shares of Class A Common Stock at an average price of $22.70 per share for a total cost inclusive of commissions and excise taxes of $50,979. These repurchases consisted of 1,703,682 shares repurchased under the New Share Repurchase Program at an average price of $22.48 per share for a total cost inclusive of commissions and excise taxes of $38,735, and 517,054 shares repurchased under the August 2025 Share Repurchase Program at an average price of $23.42 per share for a total cost inclusive of commissions and excise taxes of $12,244. During the six months ended March 31, 2026 the Company repurchased 3,743,574 shares of Class A Common Stock at an average price of $23.59 per share for a total cost inclusive of commissions and excise taxes of $89,296. These repurchases consisted of 1,703,682 shares repurchased under the New Share Repurchase Program at an average price of $22.48 per share for a total cost inclusive of commissions and excise taxes of $38,735, and 2,039,892 shares repurchased under the August 2025 Share Repurchase Program at an average price of $24.51 per share for a total cost inclusive of commissions and excise taxes of $50,561. The repurchased shares were cancelled and retired, resulting in a reduction in both the number of shares outstanding and the Company's total stockholders' equity. Since March 31, 2026, the maximum dollar amount under the New Share Repurchase Program has been expended, and the New Share Repurchase Program is no longer in effect. For additional information regarding the Company’s new share purchase program, see Note 20. When the Company repurchases shares of Common Stock, the amount paid to repurchase the shares in excess of the par or stated value is allocated to additional paid-in-capital unless subject to limitation or the balance in additional paid-in-capital is exhausted. Remaining amounts are recognized as a reduction in retained earnings.

- Definition

The entire disclosure for equity.

+ References

+ Details

FAIR VALUE MEASUREMENTS

6 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The Company applies the provisions of ASC 820, Fair Value Measurement, which defines fair value, establishes a framework for its measurement and expands disclosures about fair value measurements. Fair value is the price that would be received to sell an asset or the price paid to transfer a liability as of the measurement date. A three-tier, fair-value reporting hierarchy exists for disclosure of fair value measurements based on the observability of the inputs to the valuation of financial assets and liabilities. The three levels are:

Level 1 — Quoted prices for identical instruments in active markets.

Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets.

The carrying value of the Company’s financial instruments, including cash and cash equivalents, restricted cash, settlement assets and obligations, accounts receivable, other assets, accounts payable, and accrued expenses, approximated their fair values as of March 31, 2026 and 2025, because of the relatively short maturity dates on these instruments. The carrying amount of debt approximates fair value as of March 31, 2026 and 2025, because interest rates on these instruments approximate market interest rates.

The Company has no Level 1 or Level 2 financial instruments measured at fair value on a recurring basis. The following tables present the changes in the Company's Level 3 financial instruments that are measured at fair value on a recurring basis.


	Accrued Contingent Consideration
Balance at September 30, 2025	$	3,571
Contingent consideration accrued at time of business combination	7,600
Change in fair value of contingent consideration included in operating expenses	(498)
Contingent consideration paid	—
Balance at March 31, 2026	$	10,673


	Accrued Contingent Consideration
Balance at September 30, 2024(1)	$	2,154
Contingent consideration accrued at time of business combination	—
Change in fair value of contingent consideration included in operating expenses	466
Contingent consideration paid	(60)
Balance at March 31, 2025(2)	$	2,560

__________________________

1.In connection with the sale of the Healthcare RCM Business, $198 of the Company's accrued contingent consideration (as of September 30, 2024) were classified as "Current liabilities held for sale" in the accompanying condensed consolidated balance sheets and were not included in these amounts.

2.In connection with the sale of the Healthcare RCM Business, $1,490 of the Company's accrued contingent consideration was classified as "Current assets held for sale" as of March 31, 2025 in the accompanying condensed consolidated balance sheets and was not included in this amount.

The fair value of contingent consideration obligations includes inputs not observable in the market and thus represents a Level 3 measurement. The amount to be paid under these obligations is contingent upon the achievement of certain growth metrics related to the financial performance of the entities subsequent to acquisition. The fair value of material contingent consideration included in an acquisition is calculated using a Monte Carlo simulation as well as a discounted cash flows analysis. The contingent consideration is revalued each period until it is settled. Management reviews the historical and projected performance of each acquisition with contingent consideration and uses an income probability method to revalue the contingent consideration. The revaluation requires management to make certain assumptions and represents management's best estimate at the valuation date. The probabilities are determined based on a management review of the expected likelihood of triggering events that would cause a change in the contingent consideration paid. The Company develops the projected future financial results based on an analysis of historical results, market conditions, and the expected impact of anticipated changes in the Company's overall business and/or product strategies.

Approximately $1,023 and $82 of contingent consideration was recorded in accrued expenses and other current liabilities as of March 31, 2026 and September 30, 2025, respectively. Approximately $9,650 and $3,489 of contingent consideration was recorded in other long-term liabilities as of March 31, 2026 and September 30, 2025, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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+ Details

ACCRUED EXPENSES AND OTHER LIABILITIES

6 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER LIABILITIES

A summary of the Company's accrued expenses and other current liabilities as of March 31, 2026 and September 30, 2025 is as follows:


	March 31,		September 30,
	2026		2025
Accrued wages, bonuses, commissions and vacation	$	5,061	$	6,587
Accrued interest	354		155
Accrued contingent consideration — current portion	1,023		82
Escrow liabilities — current portion	1,255		—
Accrued tax distributions	268		2,147
Accrued income tax expense	150		2,760
Tax receivable agreement liability — current portion	—		2,720
Customer deposits	991		461
Employee health self-insurance liability	—		13
Accrued third-party software expenses	3,742		2,674
Accrued interchange	3,951		3,139
Accrued excise taxes	883		376
Other accrued expenses	2,347		3,411
Accrued expenses and other current liabilities	$	20,025	$	24,525

A summary of the Company's long-term liabilities as of March 31, 2026 and September 30, 2025 is as follows:


	March 31,		September 30,
	2026		2025
Escrow liabilities — long-term	$	1,250	$	—
Accrued contingent consideration — long-term portion	9,650		3,489
Deferred tax liability — long-term	8,504		8,994
Deferred revenue — long-term	3,224		808
Other long-term liabilities	781		1,553
Total other long-term liabilities	$	23,409	$	14,844

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Recent Share Repurchases Since March 31, 2026 and as of May 7, 2026, the Company repurchased 992,058 shares of Class A Common Stock under the New Share Repurchase Program at an average price of $21.87 per share for a total cost inclusive of commissions and excise taxes of $21,946. The repurchased shares were cancelled and retired, resulting in a reduction in both the number of shares outstanding and the Company's total stockholders' equity. The maximum dollar amount under the New Share Repurchase Program has been expended, and the New Share Repurchase Program is no longer in effect.

SEGMENTS REPORTING - Reportable Segment Operating Performance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 57,518	$ 54,135	$ 110,189	$ 106,356
Less:
Costs of services (excluding depreciation and amortization)	17,138	16,580	34,720	32,156
Net income from continuing operations	2,194	2,323	3,279	5,113
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	57,518	54,135	110,189	106,356
Less:
Costs of services (excluding depreciation and amortization)	16,866	16,403	34,211	31,817
People operating expenses	16,062	15,895	31,334	31,169
Technology operating expenses	2,205	2,211	4,320	4,759
Other operating expenses	5,796	3,785	10,120	8,199
Other segment expenses	14,395	13,518	26,925	25,299
Net income from continuing operations	$ 2,194	$ 2,323	$ 3,279	$ 5,113

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

Changes in the carrying amount of goodwill are as follows:


	Total
Balance at September 30, 2025	$	248,469
Goodwill attributable to the preliminary purchase price of the acquisition completed during the six months ended March 31, 2026	33,815
Balance at March 31, 2026	$	282,284

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following as of March 31, 2026:


	Cost		Accumulated Amortization		Carrying Value		Amortization Life and Method
Finite-lived intangible assets:
Customer relationships	$	206,550	$	(50,342)	$	156,208	9 to 20 years – straight-line
Trade names	2,101		(1,597)		504		1 to 5 years – straight-line
Non-compete agreements and other intangible assets	175		(98)		77		1 to 8 years – straight-line
Total finite-lived intangible assets	208,826		(52,037)		156,789

Indefinite-lived intangible assets:
Trademarks	16		—		16
Total identifiable intangible assets	$	208,842	$	(52,037)	$	156,805

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consisted of the following as of March 31, 2026:


	Cost		Accumulated Amortization		Carrying Value		Amortization Life and Method
Finite-lived intangible assets:
Customer relationships	$	206,550	$	(50,342)	$	156,208	9 to 20 years – straight-line
Trade names	2,101		(1,597)		504		1 to 5 years – straight-line
Non-compete agreements and other intangible assets	175		(98)		77		1 to 8 years – straight-line
Total finite-lived intangible assets	208,826		(52,037)		156,789

Indefinite-lived intangible assets:
Trademarks	16		—		16
Total identifiable intangible assets	$	208,842	$	(52,037)	$	156,805

Schedule of Future Amortization Expense for Intangible Assets


2026 (six months remaining)	$	6,399
2027	12,501
2028	12,260
2029	12,233
2030	12,188
Thereafter	101,208
	$	156,789

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

EARNINGS PER SHARE

6 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic earnings per share of Class A common stock is computed by dividing net income available to i3 Verticals, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing net income available to i3 Verticals, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Basic net income per share:
Numerator
Net income	$	2,194	$	2,323	$	3,279	$	5,113
Less: Net income attributable to non-controlling interest	730		1,304		1,239		2,239
Net income attributable to Class A common stockholders	$	1,464	$	1,019	$	2,040	$	2,874
Denominator
Weighted average shares of Class A common stock outstanding	21,798,840		23,834,233		22,747,267		23,691,648
Basic net income per share	$	0.07	$	0.04	$	0.09	$	0.12

Diluted net income per share:
Numerator
Net income attributable to Class A common stockholders	$	1,464	$	1,019	$	2,040	$	2,874
Reallocation of net income assuming conversion of common units(1)(2)	557		—		—		—
Net income attributable to Class A common stockholders – diluted	$	2,021	$	1,019	$	2,040	$	2,874

Denominator
Weighted average shares of Class A common stock outstanding	21,798,840		23,834,233		22,747,267		23,691,648
Weighted average effect of dilutive securities(2)	8,783,747		299,505		909,373		389,584
Weighted average shares of Class A common stock outstanding – diluted	30,582,587		24,133,738		23,656,640		24,081,232
Diluted net income per share	$	0.07	$	0.04	$	0.09	$	0.12

__________________________


	Three Months Ended March 31,			Six Months Ended March 31,
	2026(1)	2025		2026		2025
Basic net loss per share:
Numerator
Net loss		$	(1,554)	$	(138)	$	(1,236)
Less: Net loss attributable to non-controlling interest		(381)		(46)		(264)
Net loss attributable to Class A common stockholders		$	(1,173)	$	(92)	$	(972)
Denominator
Weighted average shares of Class A common stock outstanding		23,834,233		22,747,267		23,691,648
Basic net loss per share		$	(0.05)	$	0.00	$	(0.04)

Diluted net loss per share:
Numerator
Net loss attributable to Class A common stockholders		$	(1,173)	$	(92)	$	(972)
Reallocation of net loss assuming conversion of common units(2)(3)		—		(35)		—
Net loss attributable to Class A common stockholders – diluted		$	(1,173)	$	(127)	$	(972)

Denominator
Weighted average shares of Class A common stock outstanding		23,834,233		22,747,267		23,691,648
Weighted average effect of dilutive securities(3)		—		8,381,681		—
Weighted average shares of Class A common stock outstanding – diluted		23,834,233		31,128,948		23,691,648
Diluted net loss per share		$	(0.05)	$	0.00	$	(0.04)

__________________________

1.There was no net income from discontinued operations during the three months ended March 31, 2026.

exceeded the average market price of the Company's Class A common stock during the period (“out-of-the-money”) and the effect of including them would have been anti-dilutive, and


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Basic net income (loss) per share:
Numerator
Net income	$	2,194	$	769	$	3,141	$	3,877
Less: Net income attributable to non-controlling interest	730		923		1,193		1,975
Net income (loss) attributable to Class A common stockholders	$	1,464	$	(154)	$	1,948	$	1,902
Denominator
Weighted average shares of Class A common stock outstanding	21,798,840		23,834,233		22,747,267		23,691,648
Basic net income (loss) per share(1)	$	0.07	$	(0.01)	$	0.09	$	0.08

Diluted net income per share:
Numerator
Net income attributable to Class A common stockholders	$	1,464			$	1,948	$	1,902
Reallocation of net income assuming conversion of common units(2)(3)	557				—		—
Net income attributable to Class A common stockholders – diluted	$	2,021			$	1,948	$	1,902

Denominator
Weighted average shares of Class A common stock outstanding	21,798,840				22,747,267		23,691,648
Weighted average effect of dilutive securities(3)	8,783,747				909,373		389,584
Weighted average shares of Class A common stock outstanding – diluted	30,582,587				23,656,640		24,081,232
Diluted net income per share	$	0.07			$	0.08	$	0.08

__________________________

In September 2022 the Company made the irrevocable election to settle the principal portion of its Exchangeable Notes only in cash, the Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net loss per share, if applicable. The conversion spread had a dilutive impact on diluted net loss per share of common stock when the average market price of the Company's Class A common stock for a given period exceeded the exchange price of $40.87 per share for the Exchangeable Notes. The Exchangeable Notes matured in February 2025 and the Company paid the entire remaining principal balance.

The Warrants sold in connection with the issuance of the Exchangeable Notes are considered to be dilutive when the average price of the Company's Class A common stock during the period exceeds the Warrants' stock price of $62.88 per share. The effect of the additional shares that may be issued upon exercise of the Warrants will be included in the weighted average shares of Class A common stock outstanding—diluted using the treasury stock method. The Warrants expired over a ninety trading day period that began on May 15, 2025. The Note Hedge Transactions purchased in connection with the issuance of the Exchangeable Notes are considered to be anti-dilutive and therefore do not impact our calculation of diluted net income per share. The Note Hedge Transactions expired in February 2025 upon the maturity and payment in full of the Exchangeable Notes. Refer to Note 8 for further discussion regarding the Exchangeable Notes.

Shares of the Company's Class B common stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been presented.

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 3,243	$ 2,792	$ 6,101	$ 5,585

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Changes in Level 3 Financial Instruments Measured on a Recurring Basis

The following tables present the changes in the Company's Level 3 financial instruments that are measured at fair value on a recurring basis.


	Accrued Contingent Consideration
Balance at September 30, 2025	$	3,571
Contingent consideration accrued at time of business combination	7,600
Change in fair value of contingent consideration included in operating expenses	(498)
Contingent consideration paid	—
Balance at March 31, 2026	$	10,673


	Accrued Contingent Consideration
Balance at September 30, 2024(1)	$	2,154
Contingent consideration accrued at time of business combination	—
Change in fair value of contingent consideration included in operating expenses	466
Contingent consideration paid	(60)
Balance at March 31, 2025(2)	$	2,560

__________________________

SIGNIFICANT NON-CASH TRANSACTIONS (Tables)

6 Months Ended

Mar. 31, 2026

Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]

Schedule of Significant Noncash Transactions


	Six months ended March 31,
	2026		2025
Acquisition date fair value of contingent consideration in connection with business combinations	$	7,600	$	—
Right-of-use assets obtained in exchange for operating lease obligations	$	974	$	451
Excise taxes accrued on share repurchases	$	883	$	115

NON-CONTROLLING INTEREST - Additional Information (Details) - i3Verticals, LLC - shares	Mar. 31, 2026	Mar. 31, 2025	Jan. 23, 2025	Jan. 22, 2025
Noncontrolling Interest [Line Items]
Non-controlling interest, common units (in shares)	20,541,392	24,386,990
Non-controlling interest, ownership interest (as a percent)	71.00%	73.40%	70.83%	70.05%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Revenue	$ 57,518	$ 54,135	$ 110,189	$ 106,356
Operating expenses
Costs of services (excluding depreciation and amortization)	17,138	16,580	34,720	32,156
Selling, general and administrative	29,058	26,282	56,047	52,761
Depreciation and amortization	7,703	6,998	14,568	13,859
Change in fair value of contingent consideration	(124)	(786)	(498)	466
Total operating expenses	53,775	49,074	104,837	99,242
Income from operations	3,743	5,061	5,352	7,114
Other expenses (income)
Interest expense	1,141	446	1,522	1,126
Other income	(70)	(593)	(631)	(2,419)
Total other expenses (income)	1,071	(147)	891	(1,293)
Income before income taxes	2,672	5,208	4,461	8,407
Provision for income taxes	478	2,885	1,182	3,294
Net income from continuing operations	2,194	2,323	3,279	5,113
Net loss from discontinued operations, net of income taxes	0	(1,554)	(138)	(1,236)
Net income	2,194	769	3,141	3,877
Net income from continuing operations attributable to non-controlling interest	730	1,304	1,239	2,239
Net loss from discontinued operations attributable to non-controlling interest	0	(381)	(46)	(264)
Net income attributable to non-controlling interest	730	923	1,193	1,975
Net income from continuing operations attributable to i3 Verticals, Inc.	1,464	1,019	2,040	2,874
Net loss from discontinued operations attributable to i3 Verticals, Inc.	0	(1,173)	(92)	(972)
Net income (loss) attributable to Class A common stockholders	$ 1,464	$ (154)	$ 1,948	$ 1,902
Net income per share attributable to Class A common stockholders from continuing operations:
Basic (in USD per share)	$ 0.07	$ 0.04	$ 0.09	$ 0.12
Diluted (in USD per share)	0.07	0.04	0.09	0.12
Net loss per share attributable to Class A common stockholders from discontinued operations:
Basic (in USD per share)	0	(0.05)	0.00	(0.04)
Diluted (in USD per share)	$ 0	$ (0.05)	$ 0.00	$ (0.04)
Denominator
Basic (in shares)	21,798,840	23,834,233	22,747,267	23,691,648
Diluted (in shares)	30,582,587		23,656,640	24,081,232
Continuing Operations \| Class A Common Stock
Other expenses (income)
Net income from continuing operations	$ 2,194	$ 2,323	$ 3,279	$ 5,113
Net income from continuing operations attributable to non-controlling interest	$ 730	$ 1,304	$ 1,239	$ 2,239
Net income per share attributable to Class A common stockholders from continuing operations:
Basic (in USD per share)	$ 0.07	$ 0.04	$ 0.09	$ 0.12
Diluted (in USD per share)	$ 0.07	$ 0.04	$ 0.09	$ 0.12
Denominator
Basic (in shares)	21,798,840	23,834,233	22,747,267	23,691,648
Diluted (in shares)	30,582,587	24,133,738	23,656,640	24,081,232
Discontinued Operations \| Class A Common Stock
Other expenses (income)
Net loss from discontinued operations, net of income taxes		$ (1,554)	$ (138)	$ (1,236)
Net loss from discontinued operations attributable to non-controlling interest		$ (381)	$ (46)	$ (264)
Net loss per share attributable to Class A common stockholders from discontinued operations:
Basic (in USD per share)		$ (0.05)	$ 0.00	$ (0.04)
Diluted (in USD per share)		$ (0.05)	$ 0.00	$ (0.04)
Denominator
Basic (in shares)		23,834,233	22,747,267	23,691,648
Diluted (in shares)		23,834,233	31,128,948	23,691,648

ACQUISITIONS - Pro Forma Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Business Combination, Pro Forma Information [Line Items]
Revenue		$ 107,793
Net income from continuing operations		5,244
Transportation Market Acquisition
Business Combination, Pro Forma Information [Line Items]
Revenue	$ 112,276	109,908
Net income from continuing operations	$ 3,699	$ 4,810

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

6 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

A summary of the Company's prepaid expenses and other current assets as of March 31, 2026 and September 30, 2025 is as follows:


	March 31,		September 30,
	2026		2025
Inventory	$	2,617	$	2,516
Prepaid licenses	9,020		5,874
Prepaid insurance	1,017		222
Notes receivable — current portion	195		195
Other current assets	2,715		3,268
Prepaid expenses and other current assets	$	15,564	$	12,075

PREPAID EXPENSES AND OTHER CURRENT ASSETS

6 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

A summary of the Company's prepaid expenses and other current assets as of March 31, 2026 and September 30, 2025 is as follows:


	March 31,		September 30,
	2026		2025
Inventory	$	2,617	$	2,516
Prepaid licenses	9,020		5,874
Prepaid insurance	1,017		222
Notes receivable — current portion	195		195
Other current assets	2,715		3,268
Prepaid expenses and other current assets	$	15,564	$	12,075

LONG-TERM DEBT - Consolidated Total Net Leverage Ratio (Details) - Revolving lines of credit to banks under the 2023 Senior Secured Credit Facility	Mar. 31, 2026	May 08, 2023
Line of Credit
Debt Instrument [Line Items]
Commitment Fee	0.15%
Revolving Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Commitment Fee		0.15%
Revolving Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Commitment Fee		0.30%
Greater than 3.00 to 1.0 \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Net leverage ratio		3.0
Commitment Fee		0.30%
Basis spread on variable rate		2.00%
Greater than 3.00 to 1.0 \| Revolving Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Letter of Credit Fee		3.00%
Greater than 3.00 to 1.0 \| Revolving Credit Facility \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Greater than 2.50 to 1.0 but less than 3.00 to 1.00 \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Commitment Fee		0.25%
Basis spread on variable rate		1.50%
Greater than 2.50 to 1.0 but less than 3.00 to 1.00 \| Revolving Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Net leverage ratio		2.5
Greater than 2.50 to 1.0 but less than 3.00 to 1.00 \| Revolving Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Net leverage ratio		3.00
Greater than 2.50 to 1.0 but less than 3.00 to 1.00 \| Revolving Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Letter of Credit Fee		2.50%
Greater than 2.50 to 1.0 but less than 3.00 to 1.00 \| Revolving Credit Facility \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Greater than 2.00 to 1.00 but less than 2.50 to 1.0 \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Commitment Fee		0.20%
Basis spread on variable rate		1.25%
Greater than 2.00 to 1.00 but less than 2.50 to 1.0 \| Revolving Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Net leverage ratio		2.0
Greater than 2.00 to 1.00 but less than 2.50 to 1.0 \| Revolving Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Net leverage ratio		2.50
Greater than 2.00 to 1.00 but less than 2.50 to 1.0 \| Revolving Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Letter of Credit Fee		2.25%
Greater than 2.00 to 1.00 but less than 2.50 to 1.0 \| Revolving Credit Facility \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Greater than 2.00 to 1.00 \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Net leverage ratio		2.0
Commitment Fee		0.15%
Basis spread on variable rate		1.00%
Greater than 2.00 to 1.00 \| Revolving Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Letter of Credit Fee		2.00%
Greater than 2.00 to 1.00 \| Revolving Credit Facility \| Secured Debt
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%

INCOME TAXES	6 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES i3 Verticals, Inc. is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it from i3 Verticals, LLC based on i3 Verticals, Inc.’s economic interest in i3 Verticals, LLC. i3 Verticals, LLC's members, including the Company, are liable for federal, state and local income taxes based on their share of i3 Verticals, LLC's pass-through taxable income. i3 Verticals, LLC is not a taxable entity for federal income tax purposes but is subject to and reports entity level tax in both Tennessee and Texas. In addition, certain subsidiaries of i3 Verticals, LLC are corporations that are subject to state and federal income taxes. On July 4, 2025, the U.S. enacted the tax legislation known as the One Big Beautiful Bill Act which includes, among other provisions, changes to federal income tax provisions including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. The legislation has multiple effective dates, with certain provisions effective in 2025 and others taking effect in later years. The Company is evaluating the future impact of these changes on its condensed consolidated financial statements. The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. When the estimate of the annual effective tax rate is unreliable, the Company records its income tax expense or benefit based upon a period to date effective tax rate. Each quarter, the Company updates its estimate of the annual effective tax rate, and if the Company’s estimated tax rate changes, it makes a cumulative adjustment in that period. The Company’s provision for income taxes for continuing operations was a provision of $478 and $1,182 for the three and six months ended March 31, 2026, respectively, and a provision of $2,885 and $3,294 three and six months ended March 31, 2025, respectively. Tax Receivable Agreement On June 25, 2018, the Company entered into a Tax Receivable Agreement with i3 Verticals, LLC and each of the Continuing Equity Owners (the “Tax Receivable Agreement”) that provides for the payment by the Company to the Continuing Equity Owners of 85% of the amount of certain tax benefits, if any, that it actually realizes, or in some circumstances, is deemed to realize in its tax reporting, as a result of (i) future redemptions funded by the Company or exchanges, or deemed exchanges in certain circumstances, of Common Units of i3 Verticals, LLC for Class A common stock of i3 Verticals, Inc. or cash, and (ii) certain additional tax benefits attributable to payments made under the Tax Receivable Agreement. These tax benefit payments are not conditioned upon one or more of the Continuing Equity Owners maintaining a continued ownership interest in i3 Verticals, LLC. If a Continuing Equity Owner transfers Common Units but does not assign to the transferee of such units its rights under the Tax Receivable Agreement, such Continuing Equity Owner generally will continue to be entitled to receive payments under the Tax Receivable Agreement arising in respect of a subsequent exchange of such Common Units. In general, the Continuing Equity Owners’ rights under the Tax Receivable Agreement may not be assigned, sold, pledged or otherwise alienated to any person, other than certain permitted transferees, without (a) the Company's prior written consent, which may not be unreasonably withheld, conditioned or delayed, and (b) such persons becoming a party to the Tax Receivable Agreement and agreeing to succeed to the applicable Continuing Equity Owner’s interest therein. The Company expects to benefit from the remaining 15% of the tax benefits, if any, that the Company may realize. During the six months ended March 31, 2026, the Company did not acquire any common units of i3 Verticals, LLC in connection with the redemption of common units. The deferred tax asset balance was $36,222 as of March 31, 2026. The Company also has a corresponding Tax Receivable Agreement liability of $32,379, which was recorded in long-term tax receivable agreement obligations as of March 31, 2026. Payments to the Continuing Equity Owners related to exchanges through March 31, 2026 will range from $0 to $5,364 per year and are expected to be paid over the next 22 years. The amounts recorded as of March 31, 2026, approximate the current estimate of expected tax savings and are subject to change after the filing of the Company’s U.S. federal and state income tax returns. Future payments under the Tax Receivable Agreement with respect to subsequent exchanges would be in addition to these amounts.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

COMMITMENTS AND CONTINGENCIES - Minimum Fee Commitments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026 (six months remaining)	$ 3,395
2027	10,205
2028	3,342
2029	794
2030	532
Thereafter	0
Total	$ 18,268

DISCONTINUED OPERATIONS

6 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

Healthcare RCM Business Divestiture

During the three months ended June 30, 2025, i3 Verticals, LLC and i3 Healthcare Solutions, LLC, a wholly-owned subsidiary of i3 Verticals, LLC (“Healthcare RCM Seller,” and collectively with i3 Verticals, LLC, the “Healthcare RCM Seller Parties”), completed the sale of the equity interests of certain wholly-owned subsidiaries of the Healthcare RCM Seller (the “Healthcare RCM Acquired Entities”) which owned and operated the Company's healthcare revenue cycle management business, including its associated proprietary technology (the “Healthcare RCM Business”), to Infinx, Inc. (“Healthcare RCM Buyer” or "Infinx"), a Texas corporation, pursuant to the terms of that certain Securities Purchase Agreement dated as of May 5, 2025, by and among Healthcare RCM Buyer and the Healthcare RCM Seller Parties (the “Healthcare RCM Purchase Agreement;” the transactions contemplated by the Healthcare RCM Purchase Agreement, the “Healthcare RCM Transactions”). In addition, immediately prior to the sale of the equity interests of the Healthcare RCM Acquired Entities pursuant to the Healthcare RCM Purchase Agreement, i3 Verticals, LLC and certain of its subsidiaries contributed and/or assigned certain assets and certain liabilities related to the Healthcare RCM Business to the Healthcare RCM Acquired Entities. The purchase price payable by Healthcare RCM Buyer to Healthcare RCM Seller for the equity interests of the Healthcare RCM Acquired Entities was $96,252, paid in cash at closing, after giving effect to post-closing net working capital, indebtedness and cash adjustments. The Healthcare RCM Business comprised the majority of the Company's former Healthcare segment.

At the closing of the transactions contemplated by the Healthcare RCM Purchase Agreement, the Company entered into a transition services agreement with Infinx ("Infinx TSA"), pursuant to which, among other things, the Company or affiliates thereof are providing certain information technology and operational transition services to Infinx for a period of time after the closing, and an employee leasing agreement with Infinx ("Infinx ELA"), pursuant to which the Company leased employees of the Healthcare RCM Business to Infinx for a limited period of time following the closing in accordance with the terms thereof. The obligations under the Infinx TSA were substantially completed in the first quarter of fiscal 2026. The Infinx ELA completed on July 31, 2025. Revenue earned under the Infinx TSA and Infinx ELA are reported in other income and expenses incurred for which the Company is reimbursed through the Infinx TSA and Infinx ELA are reported in selling, general and administrative expenses within the Company's condensed consolidated statements of operations. Income under the Infinx TSA during the three and six months ended March 31, 2026 was $26 and $160, respectively.

Aggregate costs incurred related to the sale of the Healthcare RCM Business during the year ended September 30, 2025 that were not considered incremental direct costs to transact the sale, were approximately $1,332 and were expensed as incurred. These costs were primarily incurred during the third fiscal quarter of the fiscal year ended September 30, 2025 and include fees for third-party advisory, consulting, legal and professional services, as well as other items associated with the sale of the Healthcare RCM Business. The expenses are reflected within selling, general and administrative expenses within the Company's condensed consolidated statements of operations.

The financial results of the Healthcare RCM Business are included in income from discontinued operations, net of income taxes on the Company’s condensed consolidated statements of operations. The following table presents financial results of Healthcare RCM Business for the three and six months ended March 31, 2026 and 2025:


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025

Revenue	$	—	$	9,126	$	—	$	18,862

Operating expenses
Costs of services (excluding depreciation and amortization)	—		5,809		—		11,530
Selling, general and administrative	—		2,405		—		4,826
Depreciation and amortization	—		842		—		1,665
Change in fair value of contingent consideration	—		1,167		—		1,292
Total operating expenses	—		10,223		—		19,313

Loss from operations	—		(1,097)		—		(451)

Other (income) expenses	—		(38)		169		(38)

Loss before income taxes from discontinued operations	—		(1,059)		(169)		(413)

Provision for (benefit from) income taxes	—		169		(31)		283

Net loss from discontinued operations	—		(1,228)		(138)		(696)

Net loss from discontinued operations attributed to non-controlling interest	—		(282)		(46)		(89)
Net loss from discontinued operations attributable to i3 Verticals, Inc.	$	—	$	(946)	$	(92)	$	(607)


	Six Months Ended March 31, 2025
Depreciation and amortization	$	1,665
Equity-based compensation	$	595
Non-cash lease expense	$	523
Increase in non-cash contingent consideration expense from original estimate	$	1,292
Expenditures for capitalized software	$	(218)

The following table presents significant non-cash investing and financing activities for major captions on the consolidated financial statements:


	Six Months Ended March 31, 2025
Right-of-use assets obtained in exchange for operating lease obligations	$	266

Merchant Services Business Divestiture

During the year ended September 30, 2024, the Company made the strategic decision to discontinue a significant segment of its operations constituting its Merchant Services Business (as defined below). In this regard, on September 20, 2024, i3 Verticals, LLC, and i3 Holdings Sub, Inc., a wholly-owned subsidiary of i3 Verticals, LLC (“Corporation Seller,” and collectively with i3 Verticals, LLC, the “Merchant Services Sellers”) completed the transactions (such closing, the “Closing”) contemplated by that certain Securities Purchase Agreement dated as of June 26, 2024 (the “Merchant Services Purchase Agreement”), by and among i3 Verticals, LLC, Corporation Seller, the Company (solely for the purpose of providing a guaranty of the obligations of Merchant Services Sellers as set forth in the Merchant Services Purchase Agreement), Payroc Buyer, LLC (“Merchant Services Buyer” or "Payroc"), and Payroc WorldAccess, LLC (solely for the purpose of providing a guaranty of the obligations of Merchant Services Buyer as set forth in the Merchant Services Purchase Agreement). Pursuant to the terms of the Merchant Services Purchase Agreement, the Merchant Services Sellers sold to Merchant Services Buyer the equity interests of certain direct and indirect wholly-owned subsidiaries of the Merchant Services Sellers (the “Merchant Services Acquired Entities”) primarily comprising the Company’s merchant services business, including its associated proprietary technology (the “Merchant Services Business”), after giving effect to the contribution of certain assets and the assignment of certain liabilities associated with the Merchant Services Business from i3 Verticals, LLC and certain affiliates to the Merchant Services Acquired Entities pursuant to a contribution agreement which was entered into immediately prior to the Closing (collectively, the "Merchant Services Transactions"). Pursuant to the terms of the Merchant Services Purchase Agreement, Merchant Services Buyer paid to the Merchant Services Sellers an aggregate purchase price of approximately $439,516 paid in cash at closing, after giving effect to post-closing net working capital, indebtedness and cash adjustments. The Merchant Services Business comprised the Company's entire former Merchant Services segment and a small portion of the Company's former Software and Services segment.

In connection with the closing of the Merchant Services Transactions, the Company entered into a transition services agreement with Payroc ("Payroc TSA"), pursuant to which, among other things, the Company or affiliates thereof provides certain information technology and operational transition services to Payroc for a period of time after the closing, and a processing services agreement with Payroc ("Payroc PSA"), pursuant to which the parties provide certain payment processing services to customers of each party following the closing in accordance with the terms thereof. The obligations under the Payroc TSA were substantially complete as of December 31, 2025. The obligations under the Payroc PSA are planned to be complete in the first quarter of fiscal 2029. Revenue earned under the Payroc TSA and Payroc PSA are reported in other income, and expenses incurred for which the Company is reimbursed through the Payroc TSA and Payroc PSA are reported in selling, general and

administrative expenses within the Company's condensed consolidated statements of operations. Income under the Payroc TSA and Payroc PSA was $34 and $65 during the three and six months ended March 31, 2026 respectively, and was $461 and $956 during the three and six months ended March 31, 2025, respectively.

The financial results of the Merchant Services Business are included in income from discontinued operations, net of income taxes on the Company’s consolidated statements of operations. The following table presents financial results of Merchant Services Business for the three and six months ended March 31, 2025:



	Three Months Ended March 31, 2025		Six Months Ended March 31, 2025

Revenue	$	—	$	—

Operating expenses
Costs of services (excluding depreciation and amortization)	—		—
Selling, general and administrative	—		—
Depreciation and amortization	—		—
Total operating expenses	—		—

Income from operations	—		—

Other expenses	404		657

Loss before income taxes from discontinued operations	(404)		(657)

Benefit from income taxes	(78)		(117)

Net loss from discontinued operations	(326)		(540)

Net loss from discontinued operations attributed to non-controlling interest	(99)		(175)
Net loss from discontinued operations attributable to i3 Verticals, Inc.	$	(227)	$	(365)

SEGMENTS REPORTING

6 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENTS REPORTING

The Company determines its operating segments based on ASC 280, Segment Reporting, in alignment with how the CODM monitors and manages the performance of the business as well as the level at which financial information is reviewed. The accounting policies of the Company’s one reportable segment are the same as those described in the summary of significant accounting policies in Note 3.

The Company's core business for continuing operations is providing mission-critical enterprise software solutions to its public sector customers. The Company determined that it had one operating segment and one reportable segment. This is consistent with how the chief operating decision maker ("CODM"), the Company's Chief Executive Officer, reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance (which is based on consolidated information) as further noted below.

The Company's business has products and solutions that create an efficient flow of information. The Company's public sector software solutions help its customers provide more responsive and efficient services to their citizens and stakeholders. The Company's revenue is primarily derived from enterprise software solutions, which can include SaaS, transaction-based fees, ongoing software maintenance and support, software licenses, and other professional services related to the Company's software offerings. Additional revenue is derived from enabling payments within the Company's software platforms.

As the Company has a single operating segment and single reportable segment and is managed on a consolidated basis, the measure of segment profit or loss that the CODM uses to allocate resources and assess performance is consolidated net income as reported in the condensed consolidated statements of operations. The CODM uses this key measure to evaluate operating performance and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to the segment.


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Revenue	$	57,518	$	54,135	$	110,189	$	106,356
Less:
Costs of services (excluding depreciation and amortization)	16,866		16,403		34,211		31,817
People operating expenses	16,062		15,895		31,334		31,169
Technology operating expenses	2,205		2,211		4,320		4,759
Other operating expenses(1)	5,796		3,785		10,120		8,199
Other segment expenses(2)	14,395		13,518		26,925		25,299
Net income from continuing operations	$	2,194	$	2,323	$	3,279	$	5,113

____________________

Revenues from external customers are attributed to geographic areas based on the location of the customer. For the six months ended March 31, 2026 and 2025, the majority of the Company’s revenues were derived from customers located in the United States, the Company’s country of domicile. Revenues from foreign countries, primarily Canada, were not considered significant for separate disclosure. The basis for attributing revenues to geographic areas is the location of the customer receiving the goods or services.

The Company has not disclosed expenditures on long-lived assets as such expenditures are not reviewed by or provided to the chief operating decision maker.

The measure of segment assets is reported on the balance sheet as total consolidated assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DISCONTINUED OPERATIONS - Income (Loss) From Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Operating expenses
Change in fair value of contingent consideration			$ (498)	$ 1,758
Net loss from discontinued operations attributed to non-controlling interest	$ 0	$ (381)	(46)	(264)
Net loss from discontinued operations attributable to i3 Verticals, Inc.	0	(1,173)	(92)	(972)
Healthcare RCM Business \| Discontinued Operations, Held-for-Sale or Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	0	9,126	0	18,862
Operating expenses
Costs of services (excluding depreciation and amortization)	0	5,809	0	11,530
Selling, general and administrative	0	2,405	0	4,826
Depreciation and amortization	0	842	0	1,665
Change in fair value of contingent consideration	0	1,167	0	1,292
Total operating expenses	0	10,223	0	19,313
Loss from operations	0	(1,097)	0	(451)
Other (income) expenses	0	(38)	169	(38)
Loss before income taxes from discontinued operations	0	(1,059)	(169)	(413)
Provision for (benefit from) income taxes	0	169	(31)	283
Net loss from discontinued operations	0	(1,228)	(138)	(696)
Net loss from discontinued operations attributed to non-controlling interest	0	(282)	(46)	(89)
Net loss from discontinued operations attributable to i3 Verticals, Inc.	$ 0	(946)	$ (92)	(607)
Merchant Services Business \| Discontinued Operations, Held-for-Sale or Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		0		0
Operating expenses
Costs of services (excluding depreciation and amortization)		0		0
Selling, general and administrative		0		0
Depreciation and amortization		0		0
Total operating expenses		0		0
Loss from operations		0		0
Other (income) expenses		404		657
Loss before income taxes from discontinued operations		(404)		(657)
Provision for (benefit from) income taxes		(78)		(117)
Net loss from discontinued operations		(326)		(540)
Net loss from discontinued operations attributed to non-controlling interest		(99)		(175)
Net loss from discontinued operations attributable to i3 Verticals, Inc.		$ (227)		$ (365)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Retained Earnings (Deficit)	Non-Controlling Interest	Class A Common Stock	Class A Common Stock Common Stock	Class B Common Stock	Class B Common Stock Common Stock
Beginning balance, outstanding (in shares) at Sep. 30, 2024						23,882,035		10,032,676
Beginning balance, outstanding at Sep. 30, 2024	$ 515,359	$ 279,335	$ 100,397	$ 135,624		$ 2		$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	3,814	3,814
Net income (loss)	3,108		2,056	1,052
Redemption of common units in i3 Verticals, LLC (in shares)						17,577		(17,577)
Redemption of common units in i3 Verticals, LLC	0	237		(237)
Establishment of liabilities under a tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis	14	14
Exercise or release of equity-based awards (in shares)						34,423
Exercise or release of equity-based awards	29	29
Repurchases of Class A common stock (in shares)						(496,785)
Repurchases of Class A common stock	(11,190)	(11,190)
Allocation of equity to non-controlling interests	0	293		(293)
Ending balance, outstanding (in shares) at Dec. 31, 2024						23,437,250		10,015,099
Ending balance, outstanding at Dec. 31, 2024	511,134	272,532	102,453	136,146		$ 2		$ 1
Beginning balance, outstanding (in shares) at Sep. 30, 2024						23,882,035		10,032,676
Beginning balance, outstanding at Sep. 30, 2024	515,359	279,335	100,397	135,624		$ 2		$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,877
Distributions to non-controlling interest holders	283
Ending balance, outstanding (in shares) at Mar. 31, 2025						24,386,990		8,832,061
Ending balance, outstanding at Mar. 31, 2025	513,659	282,872	102,299	128,485		$ 2		$ 1
Beginning balance, outstanding (in shares) at Dec. 31, 2024						23,437,250		10,015,099
Beginning balance, outstanding at Dec. 31, 2024	511,134	272,532	102,453	136,146		$ 2		$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	3,932	3,932
Net income (loss)	769		(154)	923
Redemption of common units in i3 Verticals, LLC (in shares)						813,782		(813,782)
Redemption of common units in i3 Verticals, LLC	0	11,493		(11,493)
Recapitalization from contribution to i3 Verticals, LLC (in shares)								(369,256)
Recapitalization from contribution to i3 Verticals, LLC	0	(5,689)		5,689
Establishment of liabilities under a tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis	143	143
Distributions to non-controlling interest holders	283			283
Exercise or release of equity-based awards (in shares)						149,328
Exercise or release of equity-based awards	(2,179)	(2,179)
Repurchases of Class A common stock (in shares)						(13,370)
Repurchases of Class A common stock	(423)	(423)
Allocation of equity to non-controlling interests	0	3,063		(3,063)
Ending balance, outstanding (in shares) at Mar. 31, 2025						24,386,990		8,832,061
Ending balance, outstanding at Mar. 31, 2025	513,659	282,872	102,299	128,485		$ 2		$ 1
Beginning balance, outstanding (in shares) at Sep. 30, 2025					23,983,125	23,983,125	8,381,681	8,381,681
Beginning balance, outstanding at Sep. 30, 2025	517,723	271,310	118,270	128,140		$ 2		$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	5,178	5,178
Net income (loss)	947		484	463
Distributions to non-controlling interest holders	93			93
Exercise or release of equity-based awards (in shares)						149,250
Exercise or release of equity-based awards	(2,283)	(2,283)
Repurchases of Class A common stock (in shares)						(1,522,838)
Repurchases of Class A common stock	(38,317)	(38,317)
Allocation of equity to non-controlling interests	0	3,861		(3,861)
Ending balance, outstanding (in shares) at Dec. 31, 2025						22,609,537		8,381,681
Ending balance, outstanding at Dec. 31, 2025	483,341	239,749	118,754	124,835		$ 2		$ 1
Beginning balance, outstanding (in shares) at Sep. 30, 2025					23,983,125	23,983,125	8,381,681	8,381,681
Beginning balance, outstanding at Sep. 30, 2025	517,723	271,310	118,270	128,140		$ 2		$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,141
Distributions to non-controlling interest holders	$ 122
Exercise or release of equity-based awards (in shares)	181,032
Ending balance, outstanding (in shares) at Mar. 31, 2026					20,541,392	20,541,392	8,381,681	8,381,681
Ending balance, outstanding at Mar. 31, 2026	$ 438,236	197,160	120,218	120,855		$ 2		$ 1
Beginning balance, outstanding (in shares) at Dec. 31, 2025						22,609,537		8,381,681
Beginning balance, outstanding at Dec. 31, 2025	483,341	239,749	118,754	124,835		$ 2		$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity-based compensation	4,619	4,619
Net income (loss)	2,194		1,464	730
Distributions to non-controlling interest holders	29			29
Exercise or release of equity-based awards (in shares)						152,591
Exercise or release of equity-based awards	(968)	(968)
Repurchases of Class A common stock (in shares)						(2,220,736)
Repurchases of Class A common stock	(50,979)	(50,979)
Allocation of equity to non-controlling interests	0	4,739		(4,739)
Ending balance, outstanding (in shares) at Mar. 31, 2026					20,541,392	20,541,392	8,381,681	8,381,681
Ending balance, outstanding at Mar. 31, 2026	$ 438,236	$ 197,160	$ 120,218	$ 120,855		$ 2		$ 1

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2026	Sep. 30, 2025
Current assets
Cash and cash equivalents	$ 7,142	$ 66,672
Accounts receivable, net	55,284	58,467
Settlement assets	220	411
Prepaid expenses and other current assets	15,564	12,075
Total current assets	78,210	137,625
Property and equipment, net	6,023	7,181
Restricted cash	2,755	250
Capitalized software, net	52,267	48,314
Goodwill	282,284	248,469
Intangible assets, net	156,805	135,797
Deferred tax asset	47,842	49,058
Operating lease right-of-use assets	4,485	4,577
Other assets	5,749	7,140
Total assets	636,420	638,411
Current liabilities
Accounts payable	3,630	6,248
Accrued expenses and other current liabilities	20,025	24,525
Settlement obligations	220	411
Deferred revenue	32,909	37,678
Current portion of operating lease liabilities	1,786	1,827
Total current liabilities	58,570	70,689
Long-term debt, less current portion	81,000	0
Long-term tax receivable agreement obligations	32,379	32,191
Operating lease liabilities, less current portion	2,826	2,964
Other long-term liabilities	23,409	14,844
Total liabilities	198,184	120,688
Commitments and contingencies (see Note 14)
Stockholders' equity
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2026 and September 30, 2025	0	0
Additional paid-in capital	197,160	271,310
Accumulated earnings	120,218	118,270
Total stockholders' equity	317,381	389,583
Non-controlling interest	120,855	128,140
Total equity	438,236	517,723
Total liabilities and equity	636,420	638,411
Class A Common Stock
Stockholders' equity
Common stock	2	2
Class B Common Stock
Stockholders' equity
Common stock	$ 1	$ 1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income	$ 3,141	$ 3,877
Adjustments to reconcile net income from operating activities:
Depreciation and amortization	14,568	15,524
Equity-based compensation	9,797	7,746
Amortization of debt issuance costs	431	530
Provision for deferred income taxes	725	1,859
Adjustments to gain on sale of Merchant Services Business	0	657
Non-cash lease expense	1,065	1,162
Changes in non-cash contingent consideration expense from original estimate	(498)	1,758
Other non-cash adjustments to net income	1,821	(366)
Changes in operating assets:
Accounts receivable	2,802	25
Prepaid expenses and other current assets	(3,411)	(3,145)
Other assets	841	(454)
Changes in operating liabilities:
Accounts payable	(2,618)	(1,020)
Accrued expenses and other current liabilities	(2,905)	(40,839)
Acquisition escrow obligations	2,505	26
Deferred revenue	(2,385)	(1,030)
Operating lease liabilities	(1,145)	(1,776)
Other long-term liabilities	(584)	(101)
Contingent consideration paid in excess of original estimates	0	(60)
Net cash provided by (used in) operating activities	24,150	(15,627)
Cash flows from investing activities:
Expenditures for property and equipment	(722)	(972)
Proceeds from sale of property and equipment	448	1,501
Expenditures for capitalized software	(4,384)	(4,204)
Acquisitions of businesses, net of cash acquired	(60,000)	0
Net cash used in investing activities	(64,658)	(3,675)
Cash flows from financing activities:
Proceeds from revolving credit facility	140,071	36,052
Payments on revolving credit facility	(59,071)	(24,052)
Payments to extinguish exchangeable notes	0	(26,223)
Payments for repurchases of Class A common stock, including related excise taxes	(88,788)	(11,498)
Net payments for settlement obligations	(191)	(565)
Payments for required distributions to members or on behalf of members for tax obligations	(1,762)	(23,939)
Payments for required distributions to members under the Tax Receivable Agreement	(2,524)	(9,954)
Proceeds from stock option exercises	129	150
Payments for employees' tax withholdings from net settled stock option exercises and RSU releases	(4,572)	0
Net cash used in financing activities	(16,708)	(60,029)
Net decrease in cash, cash equivalents and restricted cash	(57,216)	(79,331)
Cash, cash equivalents and restricted cash at beginning of period	67,333	89,597
Cash, cash equivalents and restricted cash at end of period	10,117	10,266
Supplemental disclosure of cash flow information:
Cash paid for interest	892	440
Cash paid for income taxes, net of refunds	$ 3,009	$ 34,157

ACQUISITIONS - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 01, 2026	Apr. 01, 2025	Sep. 30, 2025	Mar. 31, 2026
Finite-lived intangible assets:
Goodwill			$ 248,469	$ 282,284
Transportation Market Acquisition
Finite-lived intangible assets:
Payment to acquire business	$ 60,000
Potential additional consideration	20,000
Contingent consideration	7,600
Acquisition related cost, expense	142
Property and equipment	75
Deferred revenue, current	36
Goodwill	33,815
Transportation Market Acquisition \| Customer relationships
Finite-lived intangible assets:
Estimated amortization period		18 years
Intangible assets	26,900
Transportation Market Acquisition \| Trade name
Finite-lived intangible assets:
Estimated amortization period		1 year
Intangible assets	210
Transportation Market Acquisition \| Capitalized software
Finite-lived intangible assets:
Estimated amortization period		7 years
Intangible assets	$ 6,600
Utility Billing Software Company
Finite-lived intangible assets:
Payment to acquire business		$ 9,000
Potential additional consideration		5,000
Contingent consideration		1,260
Acquisition related cost, expense		96
Total purchase consideration		10,260
Property and equipment		200
Deferred revenue, current		951
Goodwill		$ 5,129
Utility Billing Software Company \| Customer relationships
Finite-lived intangible assets:
Estimated amortization period		15 years
Intangible assets		$ 4,610
Utility Billing Software Company \| Trade name
Finite-lived intangible assets:
Estimated amortization period		2 years
Intangible assets		$ 100
Utility Billing Software Company \| Capitalized software
Finite-lived intangible assets:
Estimated amortization period		7 years
Intangible assets		$ 380
Other Business Combinations
Finite-lived intangible assets:
Payment to acquire business			2,000
Property and equipment		83
Intangible assets			5
Deferred revenue, current		$ 141
Goodwill			$ 352
Other Business Combinations \| Customer relationships
Finite-lived intangible assets:
Estimated amortization period			15 years
Intangible assets			$ 1,700

COMMITMENTS AND CONTINGENCIES - S&S Litigation (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 04, 2021	Sep. 30, 2018
Software & Services, LLC ("S&S")
Loss Contingencies [Line Items]
Total purchase consideration		$ 17,000
S & S Vs. State
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 15,000
S & S Vs. Sheriffs
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 7,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the reporting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for fair presentation of the unaudited condensed consolidated financial statements of the Company and its subsidiaries as of March 31, 2026 and for the three and six months ended March 31, 2026 and 2025. The results of operations for the three and six months ended March 31, 2026 and 2025 are not necessarily indicative of the operating results for the full year.

As permitted by the rules and regulations of the SEC, certain information and disclosures otherwise included in the notes to the consolidated financial statements have been condensed or omitted from the summary of significant accounting policies. The Company believes the disclosures are adequate to make the information presented not misleading. It is recommended that these interim condensed consolidated financial statements be read in conjunction with the Company's consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2025 filed with the SEC on November 21, 2025.

Principles of Consolidation

These interim condensed consolidated financial statements include the accounts of the Company and its subsidiary companies. All intercompany accounts and transactions have been eliminated in consolidation.

Restricted Cash

Restricted cash represents funds held in escrow related to acquisitions or held-on-deposit with the processing bank pursuant to agreements to cover potential merchant losses. It is presented as long-term assets on the accompanying condensed consolidated balance sheets since the initial terms of the related agreements extend beyond the next twelve months. Following the adoption of Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows: Restricted Cash (Topic 230), the Company includes restricted cash along with the cash and cash equivalents balance for presentation in the consolidated statements of cash flows.

Settlement Assets and Obligations

Settlement assets and obligations result when funds are temporarily held or owed by the Company on behalf of merchants, consumers, schools, and other institutions. Timing differences, interchange expenses, merchant reserves and exceptional items cause differences between the amount received from the card networks and the amount funded to counterparties. These balances arising in the settlement process are reflected as settlement assets and obligations on the accompanying consolidated balance sheets. Settlement assets or settlement obligations are generally collected and paid within two weeks. Settlement assets and settlement obligations were $220 as of March 31, 2026 and $411 as of September 30, 2025, respectively.

Reclassifications

Discontinued operations

The results of operations for the Company's Merchant Services Business and Healthcare RCM Business have been reclassified as discontinued operations for all periods presented in the condensed consolidated statements of operations. Refer to Note 2 for additional information.

Inventories

Inventories consist of point-of-sale equipment to be sold to customers and are stated at the lower of cost, determined on a weighted average or specific basis, or net realizable value. Inventories were $2,617 and $2,516 at March 31, 2026 and September 30, 2025, respectively, and are included within prepaid expenses and other current assets on the accompanying condensed consolidated balance sheets.

Acquisitions

Business acquisitions have been recorded using the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”), and, accordingly, the purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair value as of the date of acquisition. Where relevant, the fair value of contingent consideration included in an acquisition is calculated using a Monte Carlo simulation as well as a discounted cash flows analysis. The fair value of customer relationships and non-compete assets acquired is identified using the Income Approach. The fair values of trade names and internally-developed software acquired are identified using the Relief from Royalty Method. After the purchase price has been allocated, goodwill is recorded to the extent the total consideration paid for the acquisition, including the acquisition date fair value of

contingent consideration, if any, exceeds the sum of the fair values of the separately identifiable acquired assets and assumed liabilities. Acquisition costs for business combinations are expensed when incurred and recorded in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations.

Acquisitions not meeting the accounting criteria to be accounted for as a business combination are accounted for as an asset acquisition. An asset acquisition is recorded at its purchase price, inclusive of acquisition costs, which is allocated among the acquired assets and assumed liabilities based upon their relative fair values at the date of acquisition.

The operating results of an acquisition are included in the consolidated statements of operations from the date of such acquisition. Acquisitions completed during the six months ended March 31, 2026 contributed $2,242 and $304 of revenue and net income, respectively, to the results in the Company's condensed consolidated statements of operations for the six months ended March 31, 2026.

Lease Expense

Leases are recorded in accordance with ASC 842, Leases ("ASC 842"). The Company elected the accounting policy practical expedients for all classes of underlying assets to (i) combine associated lease and non-lease components in a lease arrangement as a combined lease component and (ii) exclude recording short-term leases as right-of-use assets on the condensed consolidated balance sheets.

At contract inception the Company determines whether an arrangement is, or contains a lease, and for each identified lease, evaluates the classification as operating or financing. Leased assets and obligations are recognized at the lease commencement date based on the present value of fixed lease payments to be made over the term of the lease. Renewal and termination options are factored into determination of the lease term only if the option is reasonably certain to be exercised. The Company’s leases do not provide a readily determinable implicit interest rate and the Company uses its incremental borrowing rate to measure the lease liability and corresponding right-of-use asset. The incremental borrowing rate is a fully collateralized rate that considers the Company’s credit rating, market conditions and the term of the lease. The Company accounts for all components in a lease arrangement as a single combined lease component.

Operating lease cost is recognized on a straight-line basis over the lease term. Total lease costs include variable lease costs, which are primarily comprised of the consumer price index adjustments and other changes based on rates, such as costs of insurance and property taxes. Variable payments are expensed in the period incurred and not included in the measurement of lease assets and obligations.

Revenue Recognition and Deferred Revenue

Revenue is recognized as each performance obligation is satisfied, in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company accrues for rights of refund, processing errors or penalties, or other related allowances based on historical experience. The Company utilized the portfolio approach practical expedient within ASC 606-10-10-4 Revenue from Contracts with Customers—Objectives and the significant financing component practical expedient within ASC 606-10-32-18 Revenue from Contracts with Customers—The Existence of a Significant Financing Component in the Contract in performing the analysis.

The Company's revenue from continuing operations for the three and six months ended March 31, 2026 and 2025 is derived from the following sources:

•Software and related services — Includes software as a service ("SaaS"), transaction-based fees, ongoing software maintenance and support, software licenses and other professional services related to the Company's software offerings;

•Proprietary payments — Includes volume-based payment processing fees (“discount fees”) and other related fixed transaction or service fees; and

•Other — Includes sales of equipment, non-software related professional services, bundled performance obligations for software sales and equipment leasing and other revenues.

Revenues from the Company’s software are recognized when the related performance obligations are satisfied. Sales of software licenses are categorized into one of two categories of intellectual property in accordance with ASC 606, functional or symbolic. The key distinction is whether the license represents a right to use (functional) or a right to access (symbolic) intellectual property. The Company generates sales of one-time software licenses, which is functional intellectual property, and right to access license sales, which are symbolic intellectual property. Revenue from functional intellectual property is recognized at a point in time, when control of the software license transfers to the customer, while revenue from symbolic intellectual property is recognized over time, as control transfers to the customer. The Company also generates revenue from maintenance services related to these software licenses, which is recognized over the term of the agreement. The Company also offers access to its software under software-as-a-service (“SaaS”) arrangements, which represent services arrangements, and under which customers do not have the right to take possession of the software. Revenue from SaaS arrangements is recognized over time, over the term of the agreement. Contracts with professional services, such as training or installation, are evaluated to determine if the customer can benefit from these services independently, whether they can be provided by other available resources, or whether they are separately identifiable from other contract promises.

Discount fees represent a percentage of the dollar amount of each credit or debit transaction processed or a specified per transaction amount, depending on the card type. The Company frequently enters into agreements with customers under which the customer engages the Company to provide both payment authorization services and transaction settlement services for all of the cardholder transactions of the customer, regardless of which issuing bank and card network to which the transaction relates. The Company’s core performance obligations are to stand ready to provide continuous access to the Company’s payment authorization services and transaction settlement services in order to be able to process as many transactions as its customers require on a daily basis over the contract term. These services are stand ready obligations, as the nature of the promise is to stand ready to process an undetermined quantity of transactions. Under a stand-ready obligation, the Company’s performance obligation is defined by each time increment rather than by the underlying activities satisfied over time based on days elapsed. Because the service of standing ready is substantially the same each day and has the same pattern of transfer to the customer, the Company has determined that its stand-ready performance obligation comprises a series of distinct days of service. Discount fees are recognized each day based on the volume or transaction count at the time the merchants’ transactions are processed.

The Company follows the requirements of ASC 606-10-55 Revenue from Contracts with Customers—Principal versus Agent Considerations, which states that the determination of whether a company should recognize revenue based on the gross amount billed to a customer or the net amount retained is a matter of judgment that depends on the facts and circumstances of the arrangement. The determination of gross versus net recognition of revenue requires judgment that depends on whether the Company controls the good or service before it is transferred to the merchant or whether the Company is acting as an agent of a third party. The assessment is provided separately for each performance obligation identified. Under its agreements, the Company incurs interchange and network pass-through charges from the third-party card issuers and card networks, respectively, related to the provision of payment authorization services. The Company has determined that it is acting as an agent with respect to these payment authorization services, based on the following factors: (1) the Company has no discretion over which card issuing bank will be used to process a transaction and is unable to direct the activity of the merchant to another card issuing bank, and (2) interchange and card network rates are pre-established by the card issuers or card networks, and the Company has no latitude in determining these fees. Therefore, revenue allocated to the payment authorization performance obligation is presented net of interchange and card network fees paid to the card issuing bank and card network, respectively, for the six months ended March 31, 2026 and 2025.

With regards to the Company's discount fees, generally, where the Company has control over merchant pricing, merchant portability, credit risk and ultimate responsibility for the merchant relationship, revenues are reported at the time of sale equal to the full amount of the discount charged to the merchant, less interchange and network fees.

Revenues are also derived from a variety of transaction fees, which are charged for transacting on our proprietary payment facilitator platform and software solutions, and fees for other miscellaneous services. Revenues derived from such fees are recognized in the time the transactions occur and when there are no further performance obligations remaining to be satisfied. Revenue from the sale of equipment, is recognized upon transfer of ownership to the customer, after which there are no further performance obligations remaining to be satisfied.

Arrangements may contain multiple performance obligations, such as payment authorization services, transaction settlement services, hardware, software products, SaaS, maintenance, and professional installation and training services. Revenues are allocated to each performance obligation based on the standalone selling price of each good or service. The selling price for a deliverable is based on standalone selling price, if available, the adjusted market assessment approach, estimated cost plus margin approach, or residual approach. The Company establishes estimated selling price, based on the judgment of the Company's management, considering internal factors such as margin objectives, pricing practices and controls, customer segment pricing strategies and the product life cycle. In arrangements with multiple performance obligations, the Company applies significant judgment in determining the allocation of the transaction price at inception of the arrangement and uses the standalone selling prices for the majority of the Company's revenue recognition.

Revenues from sales of the Company’s hardware and software elements are recognized when each performance obligation has been satisfied which has been determined to be upon the delivery of the product. Revenues derived from service fees are recognized over time in accordance with our satisfaction of our performance obligations. Revenue from bundled performance obligations for software sales and equipment leasing is recognized over time as a single performance obligation. Lease income is recognized in accordance with ASC 842, and the leased equipment is classified as fixed assets and depreciated over its useful life. The Company’s professional services, including training, installation, and repair services are recognized as revenue as these services are performed.

The tables below present a disaggregation of the Company's revenue from contracts with customers for continuing operations by product. The Company's products are defined as follows:

•Proprietary payments — Includes discount fees and other related fixed transaction or service fees; and

•Other — Includes sales of equipment, non-software related professional services, bundled performance obligations for software sales and equipment leasing and other revenues.


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Software and related services revenue	$	40,677	$	37,679	$	76,359	$	74,283
Proprietary payments revenue	14,523		14,058		28,998		27,493
Other revenue	2,318		2,398		4,832		4,580
Total revenue	$	57,518	$	54,135	$	110,189	$	106,356

•Revenue earned over time — Includes SaaS, sales of software sold as symbolic intellectual property, professional services, ongoing support, discount fees or other stand-ready obligations; and

•Revenue earned at a point in time — Includes software licenses sold as functional intellectual property, equipment, or point in time service fees that are not stand-ready obligations.


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Revenue earned over time	$	49,649	$	47,514	$	97,297	$	94,914
Revenue earned at a point in time	7,869		6,621		12,892		11,442
Total revenue	$	57,518	$	54,135	$	110,189	$	106,356

Contract Assets

The Company bills for certain software and related services sales and fixed fee professional services upon pre-determined milestones in the contracts. Therefore, the Company may have contract assets other than trade accounts receivable for performance obligations that are partially completed, which would typically represent consulting services provided before a milestone is completed in a contract. Additionally, contract assets also include software licenses sold as a right to use license but paid for under a non-cancellable subscription model. Under this structure, the license revenue is recognized upfront while a portion of the revenue is unbilled. Unbilled amounts associated with these professional services and software licenses sold under the subscription model are presented as accounts receivable as the Company has an unconditional right to payment for services performed.

As of March 31, 2026 and September 30, 2025, the Company’s contract assets from contracts with customers was $10,564 and $9,211, respectively.

Contract Liabilities

Deferred revenue represents amounts billed to customers by the Company for services contracts. Payment is typically collected at the start of the contract term. The initial prepaid contract agreement balance is deferred. The

balance is then recognized as the services are provided over the contract term. Deferred revenue that is expected to be recognized as revenue within one year is recorded as short-term deferred revenue and the remaining portion is recorded as other long-term liabilities in the condensed consolidated balance sheets. The terms for most of the Company's contracts with a deferred revenue component are one year. Substantially all of the Company's deferred revenue is anticipated to be recognized within the next year.

The following tables present the changes in deferred revenue as of and for the six months ended March 31, 2026 and 2025, respectively:


Balance at September 30, 2025	$	38,486
Deferral of revenue	15,133
Recognition of unearned revenue	(15,999)
Balance at December 31, 2025	37,620
Deferral of revenue	12,921
Recognition of unearned revenue	(14,408)
Balance at March 31, 2026	$	36,133


Balance at September 30, 2024	$	39,156
Deferral of revenue	16,881
Recognition of unearned revenue	(13,645)
Balance at December 31, 2024	42,392
Deferral of revenue	9,841
Recognition of unearned revenue	(14,973)
Balance at March 31, 2025	$	37,260

Costs to Obtain and Fulfill a Contract

The Company capitalizes incremental costs to obtain new contracts and contract renewals and amortizes these costs on a straight-line basis as an expense over the benefit period, which is generally the expected customer life, unless a commensurate payment is not expected at renewal. As of March 31, 2026 and September 30, 2025, the Company had $1,727 and $1,412, respectively, of capitalized contract costs, which relate to commissions paid to employees as well as other incentives given to customers to obtain new sales, included within “Other assets" on the condensed consolidated balance sheets. The Company recorded expense from continuing operations related to these costs of $63 and $121 for the three and six months ended March 31, 2026, respectively, and $180 and $212 for the three and six months ended March 31, 2025, respectively.

The Company expenses sales commissions as incurred for the Company's sales commission plans that are paid on recurring monthly revenues, portfolios of existing customers, or have a substantive stay requirement prior to payment.

Costs of Services

Costs of services include costs directly related to the Company's software and related services, including personnel costs related to installation of the Company's software, conversion of client data, training client personnel, customer support activities and various other services provided directly to customers and hosting and related software costs for directly supporting the Company's customers. Additionally, costs of services include costs directly attributable to payment processing services such as processing and bank sponsorship. Losses resulting from chargebacks against a customer are included in costs of services. Residual payments to the Company's distribution partners and the cost of equipment sold is also included in cost of services. Amortization arising from capitalized software development is not included in costs of services. Costs of services are recognized at the time the related revenue is recognized.

The Company accounts for all governmental taxes associated with revenue transactions on a net basis.

Use of Estimates

The preparation of condensed consolidated financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, the value of purchase consideration paid and identifiable assets acquired and assumed in acquisitions, goodwill and intangible asset impairment review, determination of performance obligations for revenue recognition, loss reserves, assumptions used in the calculation of equity-based compensation and in the calculation of income taxes, and certain tax assets and liabilities as well as the related valuation allowances. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.

Segment Information

The Company has identified its Chief Executive Officer as the Company's Chief Operating Decision Maker ("CODM"). The Company’s CODM reviews discrete financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance which is based on consolidated information about our revenues, income from operations, and other key financial data. All significant operating decisions are made by analyzing the Company as a single operating segment and as a result, the Company determined that it operates as a single reportable segment as of June 30, 2025. See Note 16 to our condensed consolidated financial statements for additional information.

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 will provide improvements to the income tax disclosures primarily related to the income taxes paid and rate reconciliation, and how legislation changes may affect future capital allocation and cash flow forecasts. The amendment will improve the consistency in which companies provide tax information, and will further increase the transparency of related tax risks and operational opportunities. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company will not be required to present the effects of adoption of ASU 2023-09 until the Form 10-K filed for the annual period ending September 30, 2026. The Company is currently evaluating the impact of the adoption of ASU 2023-09 on the Company’s financial statement disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). ASU 2024-03 will require companies to disaggregate, within the notes to the financial statements, certain expenses presented on the face of the financial statements to enhance transparency and help investors better understand an entity's performance.

The amendment will specifically require that an entity disclose the amounts related to purchases of inventory, employee compensation, depreciation and intangible asset amortization. Entities will also be required to provide a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, disclose the total amount of selling expenses and, in annual reporting periods, provide a definition of what constitutes selling expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company will not be required to adopt ASU 2024-03 until the annual period ending September 30, 2028. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on the Company’s financial statement disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use-Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). ASU 2025 removes the prescriptive software development “project stages” and requires capitalization of software costs once (1) management authorizes and commits funding and (2) completion and use are probable. Entities must evaluate significant development uncertainty related to technological innovations or performance requirements. The amendments also require Subtopic 360-10 disclosures for all capitalized internal-use software costs and clarify that intangible asset disclosures under Subtopic 350-30 are not required. The standard is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The Company will not be required to adopt ASU 2025-06 until the annual period ending September 30, 2029. The Company is currently evaluating the impact of the adoption of ASU 2025-06 on the Company’s financial statement disclosures.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements ("ASU 2025-11"). ASU 2025-11 provides clarity on current interim reporting requirements. The amendments improve the navigability of required interim disclosures and enhance consistency for all entities by clarifying the form and content of interim financial statements in accordance with GAAP. Additionally, the standard introduces a disclosure principle requiring entities to report all events since the end of the last annual reporting period that have a material impact on the Company. The standard is effective for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company will not be required to adopt ASU 2025-11 until the annual period ending September 30, 2029. The Company is currently evaluating the impact of the adoption of ASU 2025-11 on the Company’s financial statement disclosures.

SEGMENTS REPORTING - Narrative (Details)	6 Months Ended
SEGMENTS REPORTING - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1