i3 Verticals Inc. (NASDAQ: IIIV) shares surged 12.86% in the pre-market session on Wednesday, following the company's full year 2024 earnings report. Despite reporting a wider net loss, i3 Verticals beat analyst expectations for earnings per share (EPS) and showed revenue growth for the fiscal year.
The payment solutions provider reported revenue of $229.9 million for the full year 2024, up 1.4% from the previous year. While the company posted a net loss of $75.1 million, wider than the prior year, its EPS surpassed analyst estimates significantly.
The revenue growth was driven primarily by the Public Sector segment, which contributed $184.8 million or 80% of total revenue. Looking ahead, the company forecasts revenue to grow by 7.6% annually on average over the next three years, outpacing the 4.1% growth projection for the Diversified Financial industry in the US.
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