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.

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

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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.

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)

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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,

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

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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.

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.