Ann: FY24 Results Announcement, page-61

Let me try to answer your concern though I'm not a tech guy. I don't have specific knowledge on IRI products. My understanding is IRI software mainly provide tools to assist larger systems to run smoothly, given the fact IRI have many fortune 500 companies as their customers, whose software systems are complex and need tools to ensure systems running well.

IRI have three types of products: collaborate, transact, and infrastructure. All products play the similar roles: tools assist larger, complex systems. A littel bit easier product to understand is transact as the product is used by many banks and financial institutions. IRI's transact products provide tools to assist these financial institutions to run their complicated systems.

The most brilliant year for IRI was 2020, which collaborate revenue reached nearly $60M, transact $14M and infrastructure $29M. And then all products revenue were dropped in 2021 and 2022. Actually all products revenue started to recover in 2023 but due to large amount of impairment which made loss results in 2023.

2024 we see dramatic increased revenue in transact and infrastructure but not good in collaborate. We can see IRI is still winning new customers and has good customer retention. Through 2023 & 2024, we can see IRI financial performance has been recovered strongly though it still faces challenges in collaborate sector.

As long as IRI is able to develop & enhance products to meet customers expectation, it will continue to grow. Market seems to suspect it. But IRI's revenue recovery in 2023 & 2024 has proven it can turn things around and grow.