• Revenue of $28.3m slightly down on PCP by 2% due to a softer renewals book
• EBITDA loss of $3.1m impacted by an increase in expected credit losses
• Cash up 8% to $43.6m and strong cash position maintained for investment in product-led growth

Integrated Research Ltd (ASX: IRI), a leading global provider of observability for business-critical IT ecosystems, has released its results for the half year ended 31 December 2025. The company reported revenue of $28.3m, slightly down 2% on the prior corresponding period (PCP) due to a softer renewals book. EBITDA was a loss of $3.1m, impacted by an increase in expected credit losses. However, the company's cash position improved by 8% to $43.6m, providing strong foundations for investment in product-led growth. Key milestones achieved in the half included the launch of Iris, a natural language AI interface built for deeper observability, and Elevate, a new Prognosis as-a-service cloud-based offering. The company also reported progress on the development of a new AI-powered, standalone product expected to be released in beta in 2026. While the H1 FY26 performance reflects historical underinvestment in new products and a softer renewals book, the company is focused on executing its product-led growth strategy, which is expected to impact profit performance in the short-to-medium term.

The company is focused on executing its product-led growth strategy, which includes the launch of new products like Iris and Elevate, as well as the development of a new AI-powered, standalone product. This strategy is expected to impact profit performance in the short-to-medium term as the company invests in building and commercializing new products.