• Revenue decreased 2% to $28.3 million
• Net loss after tax of $1.5 million
• Strong growth in new business, with TCV up 10% and new business licence fees up 28%

Integrated Research Ltd reported a loss after tax of $1.5 million and revenue of $28.3 million for the half-year ended 31 December 2025. The result represents a $6.1 million downward change from net profit after tax to a net loss after tax, and a 2% decrease in revenue on the prior equivalent half. This was largely due to lower value renewals in the first half of FY26 versus the prior corresponding period, as well as an increase in provisioning for credit losses of $4.8 million, which was not related to software performance. The company continued to execute its product-led growth strategy, launching new products such as IRIS, an AI-powered natural language interface, and Elevate, a Prognosis-as-a-service offering. It also completed a new High Value Payments product implementation with a top 10 US bank. Total Contract Value from new business increased by 10% to $8.3 million, and the associated licence fee revenue contribution from new business increased by 28%.The company generated $5.5 million in net cash from operating activities and ended the period with $43.6 million in cash. No interim dividend was declared, with the assessment of future dividends to be made after the annual results are available.