How did i3 Verticals' revenue and expenses trend in Q1 2025?

**i3 Verticals Inc (IIIV) experienced a positive revenue trend with strong financial performance in Q1 2025**, as evidenced by the following key points: 1. **Revenue Growth**: The company reported a 12% increase in revenue, reaching $61.7 million for Q1 2025, up from $55.1 million in Q1 2024. This growth was driven by a 16% increase in SaaS revenue and a 7.6% rise in annual recurring revenue. 2. **Adjusted EBITDA Expansion**: i3 Verticals saw a 17% increase in Adjusted EBITDA, reaching $16.4 million for Q1 2025, up from $14 million in the same period of the previous year. This indicates improved profitability and operational efficiency. 3. **Adjusted EBITDA Margin Improvement**: The Adjusted EBITDA margin improved to 26.5% for Q1 2025, up from 25.4% in Q1 2024. This suggests that the company is managing its expenses effectively and generating higher margins. 4. **Pro Forma Adjusted Diluted EPS**: The company reported a pro forma adjusted diluted EPS of $0.31 for Q1 2025, which is a positive indicator of profitability. 5. **Sector-Specific Revenue Growth**: Specific sectors contributed significantly to the revenue growth, including a 12% increase in public sector revenue to $48.8 million and a 14% increase in health care revenue to $13.2 million. Overall, i3 Verticals demonstrated robust revenue growth and improved profitability in Q1 2025, which is a testament to its strategic focus on key market sectors and operational efficiency.