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Integrated Research Limited
(Sydney:IRI)
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Rating:66Neutral
Price Target:
AU$0.32
▼(-4.71% Downside)
Action:Reiterated
Date:07/15/26
Overall score reflects mixed fundamentals: a strong, low-debt balance sheet is offset by declining revenue and weaker profitability/cash flow. Valuation is a key support with a low P/E and high dividend yield. Technicals are mildly constructive in the short term but not fully positive longer term, and the latest earnings call indicates near-term earnings pressure despite solid liquidity and product progress.
Positive Factors
Balance Sheet Strength
Very low leverage and a growing cash balance provide durable funding headroom to execute product-led growth without relying on external financing. This reduces liquidity risk, supports R&D and go-to-market spend over the next 2–6 months, and preserves strategic optionality.
Negative Factors
Declining Revenue Trends
Underlying revenue contraction across measures signals structural demand weakness in parts of the portfolio. Persistent declines reduce recurring revenue scale, constrain margin leverage and make reliance on new-product adoption and renewals recovery critical to restoring multi-period growth.
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Positive Factors
Negative Factors
Balance Sheet Strength
Very low leverage and a growing cash balance provide durable funding headroom to execute product-led growth without relying on external financing. This reduces liquidity risk, supports R&D and go-to-market spend over the next 2–6 months, and preserves strategic optionality.
Read all positive factors
Integrated Research Limited (IRI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$49.66M
Dividend Yield5.97%
Average Volume (3M)387.86K
Price to Earnings (P/E)7.3
Beta (1Y)0.38
Revenue Growth-4.94%
EPS Growth-64.96%
CountryAU
Employees131
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.04
Shares Outstanding180,591,800
10 Day Avg. Volume138,367
30 Day Avg. Volume387,860
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)0.74
Price to Sales (P/S)1.09
P/FCF Ratio9.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.02
Revenue Forecast (FY)AU$71.00M
Integrated Research Limited Business Overview & Revenue Model
Company Description
Integrated Research Limited (IRI.AX), an Australian company founded in North Sydney in 1988, specializes in developing, deploying, and selling computer software for managing critical IT systems. Their solutions address business-critical computing,...
How the Company Makes Money
IRI primarily makes money by selling and supporting its software monitoring products and related services to organizations that run large-scale collaboration, communications, and IT environments. Key revenue streams typically include: (1) software...
Integrated Research Limited Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: meaningful near-term financial headwinds driven by a large one-off expected credit loss and continued churn in core product lines caused profitability to turn negative and pro forma revenue to decline. Offsetting this, IR has a strong cash position (no debt), improved operating cash flow, important product launches (Iris, Elevate), a significant deployment with a top-10 U.S. bank, and a clear product-led growth roadmap including an IR Labs MVP planned for calendar 2026. Management expects higher investment in H2 to fund growth. Overall, strategic product progress and balance-sheet strength are positives, while earnings, renewals volatility and near-term expense increases are material negatives — yielding a balanced outlook.Positive Updates
Statutory Revenue and Pro Forma Revenue
Statutory revenue for H1 FY26 was $28.3M, slightly down 2% versus PCP. Pro forma revenue (underlying measure smoothing license fees) was $34.4M, down 6% versus PCP with term-based contracts down 4% and services down 2%.
Negative Updates
Large Expected Credit Loss and Impact on Earnings
A $4.8M expected credit loss (principally related to a single reseller client) was recorded in G&A, driving the company to an operating EBITDA loss of $3.1M and a net after-tax loss of $1.5M versus PCP profits of $4.6M for both measures.
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Q2-2026 Updates
Positive
Negative
Statutory Revenue and Pro Forma Revenue
Statutory revenue for H1 FY26 was $28.3M, slightly down 2% versus PCP. Pro forma revenue (underlying measure smoothing license fees) was $34.4M, down 6% versus PCP with term-based contracts down 4% and services down 2%.
Read all positive updates
Company Guidance
Management reiterated that H1 FY26 results were at the upper end of the guidance range issued 14 Nov 2025 and provided clear near‑term guidance around investment and timing: statutory revenue was $28.3m (down 2% PCP) and pro forma revenue $34.4m (down 6% PCP), license fees were up 4%, EBITDA was a loss of $3.1m (vs. EBITDA profit $4.6m PCP), net after‑tax loss $1.5m (vs. $4.6m profit PCP), and an expected credit loss charge of $4.8m materially impacted earnings; operating expenses excluding that charge were $26.5m (down 4%), with product & technology +14% and S&M -9%. They flagged H2 FY26 expense increases to accelerate the product‑led growth program, plan an IR Labs AI MVP in CY‑26 and Iris rollouts to Transact and Infrastructure toward the end of FY26, and expect subscription fees flat or down ~3% PCP; cash of $43.6m (up $3m, +8%), operating cash flow $5.5m (vs. $0.5m PCP), net assets $95.7m (down 5%), no debt and NTA/share $0.53 (down 7%) were cited as funding headroom to execute the plan.Integrated Research Limited Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
75
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 67.76M | 68.26M | 83.29M | 69.83M | 62.87M | 78.49M |
| Gross Profit | 51.80M | 68.26M | 83.29M | 28.94M | 62.87M | 78.49M |
| EBITDA | 8.82M | 13.45M | 25.34M | -1.07M | 10.40M | 23.34M |
| Net Income | 7.26M | 13.36M | 27.13M | -29.23M | 1.54M | 7.93M |
Balance Sheet | ||||||
| Total Assets | 115.34M | 122.97M | 114.19M | 90.84M | 132.20M | 136.63M |
| Cash, Cash Equivalents and Short-Term Investments | 43.64M | 40.59M | 31.89M | 18.55M | 12.33M | 12.15M |
| Total Debt | 2.36M | 1.85M | 1.72M | 3.05M | 4.87M | 13.08M |
| Total Liabilities | 19.67M | 22.36M | 25.82M | 30.97M | 45.08M | 53.29M |
| Stockholders Equity | 95.67M | 100.62M | 88.36M | 59.87M | 87.11M | 83.34M |
Cash Flow | ||||||
| Free Cash Flow | 15.13M | 8.18M | 15.22M | 8.20M | 6.97M | 9.67M |
| Operating Cash Flow | 15.58M | 8.68M | 13.04M | 15.99M | 18.76M | 21.91M |
| Investing Cash Flow | 744.00K | 4.12M | 2.27M | -8.90M | -11.80M | -12.24M |
| Financing Cash Flow | -4.32M | -5.00M | -1.69M | -1.63M | -6.96M | -6.44M |
Integrated Research Limited Technical Analysis
Positive
0.34
Price Trends
0.29
Positive
0.30
Positive
0.32
Negative
Market Momentum
>-0.01
Negative
61.55
Neutral
41.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IRI, the sentiment is Positive. The current price of 0.34 is above the 20-day moving average (MA) of 0.28, above the 50-day MA of 0.29, and above the 200-day MA of 0.32, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 61.55 is Neutral, neither overbought nor oversold. The STOCH value of 41.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:IRI.
Integrated Research Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$15.34M | 4.96 | 23.52% | ― | 12.31% | 23.68% | |
69 Neutral | AU$884.75M | 13.06 | 17.13% | 1.85% | 11.63% | 1754.91% | |
66 Neutral | AU$49.66M | 7.32 | 7.40% | 5.97% | -4.94% | -64.96% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
47 Neutral | AU$33.38M | -2.80 | -62.57% | ― | 36.04% | -71.94% | |
42 Neutral | AU$24.41M | -1.13 | -203.17% | ― | -0.21% | 67.01% | |
40 Underperform | AU$5.64M | -0.50 | 783.67% | ― | -13.82% | -132.50% |
* Technology Sector Average
AU:IRI
Integrated Research Limited
0.30
-0.17
-36.44%
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Integrated Research Limited Corporate Events
Integrated Research Performance Rights Lapse After Vesting Conditions Not Met
Jul 13, 2026
Integrated Research Limited has notified the market that 1,570,139 performance rights, classified as IRIAAA securities, have lapsed as of 30 June 2026 after the conditions attached to these rights were not met or became incapable of being satisfie...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.