Integrated Research (IRI) H1 2026 earnings summary

Executive summary

• Revenue declined 2% year-over-year to $28.3m due to a softer renewals book, with earnings impacted by a significant expected credit loss tied to a single client; cash position increased 8% to $43.6m.

• Product-led growth strategy advanced with launches of AI-powered Iris, Prognosis Elevate (as-a-service), and full implementation of High Value Payments for a top 10 U.S. bank; early-stage new business and expansion revenues improved, especially in government, health, and defense.

• Substantial investment in new products underway, aiming for sustainable medium-term growth, with IR Labs planning a new standalone AI product in 2026.

Financial highlights

• Statutory revenue for H1 FY26 was $28.3m, down 2% year-over-year; pro forma revenue was $34.4m, down 6%.

• EBITDA loss of $3.1m and net after-tax loss of $1.5m, compared to prior period profits of $4.6m, mainly due to expected credit losses.

• Cash increased to $43.6m, up 8% from June 2025; net assets at $95.7m, down from $100.6m; no debt.

• Operating expenses rose to $31.7m, driven by increased product and technology investment and a $4.8m credit loss provision.

• Licence fee revenue up 4% to $18.2m; new client licence revenues grew 12% to $4.6m, expansion licence revenues up 110% to $1.6m.

Outlook and guidance

• Transition to product-led, sustainable growth will take time, with short- to medium-term profit impacted by ongoing investment and a softer renewals book.

• Continued focus on new product launches, including further AI-powered offerings and data layering capabilities in calendar 2026.

• Management confident in medium-term execution, supported by strong client base, talent, and balance sheet.

• Financial performance at the top end of guidance: TCV up 5%, statutory revenue up 2%, EBITDA up 43% on guidance midpoint.