Risk Factors Update Summary

• The CFPB's report on electronic payments in K-12 schools may lead to litigation, impacting our reputation and financial results.
• Customer relationships could be at risk of termination, adversely impacting our business and financial condition.
• A cybersecurity incident could expose us to liability, potentially resulting in significant financial losses.
• We incurred net losses attributable to i3 Verticals, Inc. in the years ended September 30, 2023, and 2024, with significant implications for future profitability.
• The vertical software industry for payment processing services is highly competitive, potentially affecting our revenue and margins.
• If our processing services agreement with Payroc is terminated, our ability to provide services may be adversely impacted.
• We may not be able to secure additional financing, including funds necessary to settle exchanges or repurchase Exchangeable Notes.
• The incremental impact of revenues attributable to acquisitions completed in 2022, 2023, and 2024 was $2 million, or 5.1% of total revenues.
• Changing laws regarding personal information could negatively affect our ability to provide products and services, impacting financial results.
• Our workforce demographics show a shift, with 54% female and 46% male employees as of September 30, 2024.