Integrated Research (IRI) Trading update summary

Financial performance

• FY26 revenue declined 17% to $56–58m, with pro forma revenue down 13% to $64–66m due to softer renewals and lower new business in the second half.

• EBITDA for FY26 was negative ($2.0m to $4.0m loss), impacted by expected credit losses and foreign exchange.

• Cash position increased 27% year-on-year to $51.7m, supporting ongoing investment in product-led growth.

Business strategy and outlook

• Product-led growth remains the primary strategy to drive sustainable new business revenue over the medium term.

• Multiple new business opportunities were deferred to the first half of FY27, with a focus on accelerating monetisation of new products.

• Emphasis on strengthening innovation, product delivery, and client engagement despite challenging financial performance.

Market and operational context

• Fluctuations in the renewals book and cautious technology investment decisions, influenced by AI trends, affected results.

• The company maintains its position as a trusted partner to leading global organisations, providing a strong platform for future growth.