Open the filing on EDGARMirion Announces First Quarter 2026 Financial Results
- Revenues for the first quarter increased 27.5% to $257.6 million, compared to $202.0 million in the same period in 2025.
- GAAP net loss was $3.4 million in the first quarter, compared to GAAP net income of $0.4 million in the same period in 2025; Adjusted EBITDA was $54.3 million in the first quarter, a 16.3% increase from $46.7 million in the same period last year.
- GAAP net loss per share in the first quarter was $0.01, compared to a GAAP net earnings per share of $0.00 in the same period in 2025. Adjusted earnings per share for the quarter was $0.10, compared to $0.10 in the same period in 2025. The calculation for adjusted earnings per share has been adjusted for the current period to include stock-based compensation.
- First quarter orders, excluding Paragon & Certrec acquisitions, were $241 million, a 19% increase from $203 million in the same period last year. Including Paragon and Certrec acquisitions, first quarter orders were $288 million, a 42% increase compared to the same period last year.
- The company reaffirmed 2026 total revenue growth, Organic Revenue growth, Adjusted EBITDA, and Adjusted Free Cash Flow guidance for the fiscal year ending December 31, 2026, while revising Adjusted EPS guidance to reflect the impact of a special one-time CEO retention grant of performance vesting stock options disclosed on April 13, 2026.
Atlanta, GA - April 28, 2026 - Mirion (“we” or the “company”) (NYSE: MIR), a global provider of radiation detection, measurement, analysis, and monitoring solutions to the nuclear, medical, defense, and research end markets, today announced results for the first quarter ended March 31, 2026.
“Our first quarter performance showcased substantial orders growth led by nuclear power demand and as-expected Adjusted EBITDA performance and margins,” commented Mirion’s Chairman and Chief Executive Officer Thomas Logan. “Record capital spending commitments by power plant operators are driving accelerating momentum in the sector, which is translating into significant Nuclear Power demand.”
Logan continued, “Our strong performance also reflects Paragon’s contributions in its first full quarter with Mirion. Paragon is the ‘tip of the spear’ for growing installed base dynamics. Integration is on-pace, and we are already realizing commercial synergies.”
2026 Guidance
Commenting on Mirion’s full year 2026 guidance, Logan said, “We remain on track for 2026 revenue growth, Organic Revenue growth, Adjusted EBITDA, and Adjusted Free Cash Flow guidance. Our business continues to capture momentum in Nuclear Power and Cancer Care markets. Additionally, we are bringing new products to market and enhancing our current offerings to meet customers where they are headed.”
Mirion reaffirmed 2026 total revenue growth, Organic Revenue growth, Adjusted EBITDA, and Adjusted Free Cash Flow guidance for the fiscal year ending December 31, 2026, while revising Adjusted EPS guidance to reflect the impact of a special one-time CEO retention grant of performance vesting stock options disclosed on April 13, 2026.
- Revenue growth of approximately 22.0% - 24.0%; includes foreign exchange rate and acquisition-related tailwinds.
- Organic Revenue growth of approximately 5.0% - 7.0%.
- Adjusted EBITDA and Adjusted EBITDA margin of approximately $285 million - $300 million; Adjusted EBITDA margin of approximately 25.0% - 26.0%.
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- Adjusted Free Cash Flow of approximately $155 million - $175 million; Adjusted Free Cash Flow Conversion of approximately 54% - 58% of Adjusted EBITDA.
- Adjusted EPS of approximately $0.48 - $0.55 per share (previously $0.50 - $0.57 per share); adjusted to reflect the impact of a special one-time CEO retention grant of performance vesting stock options disclosed on April 13, 2026.
Additional modeling and guidance assumptions are included in the appendix of the earnings presentation on the Company’s investor relations page.
The Company’s guidance contains forward-looking statements and actual results may differ materially as a result of known and unknown uncertainties and risks, including those set forth below under the heading “Forward-Looking Statements.” In addition, forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in projecting and quantifying the various adjusting items necessary for such reconciliations, such as stock-based compensation expense, amortization and depreciation expense, merger and acquisition activity and purchase accounting adjustments, that have not yet occurred, are out of Mirion’s control, or cannot be reasonably predicted. Accordingly, reconciliations of our guidance for Organic Revenue growth, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, Adjusted Free Cash Flow and Adjusted Free Cash Flow conversion are not available without unreasonable effort.
Conference Call
Mirion will host a conference call tomorrow, April 29, 2026 at 10:00 a.m. ET to discuss its financial results. Participants may access the call by dialing 1-877-407-9208 or 1-201-493-6784, and requesting to join the Mirion Technologies, Inc. earnings call. A live webcast will also be available at https://ir.mirion.com/news-events.
A telephonic replay will be available shortly after the conclusion of the call and until May 13, 2026. Participants may access the replay at 1-844-512-2921 or 1-412-317-6671, and enter access code 13760000. An archived replay of the call and an accompanying presentation will also be available on the Investors section of the Mirion website at https://ir.mirion.com/.
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Forward-Looking Statements
Forward-looking statements notice
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “hope”, “intend”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strive”, “seeks”, “plans”, “would”, “will”, “understand” and similar words are intended to identify forward looking statements, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position and guidance, our backlog and order potential, our business strategy and plans, our objectives for future operations, macroeconomic trends, trends in cancer care, nuclear power and small modular reactor, foreign exchange, interest rate and inflation expectations and any future mergers, acquisitions, divestitures and strategic investments, including the completion and integration of previously completed transactions. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including changes in domestic and foreign business, market, economic, financial, political and legal conditions, including related to matters affecting Russia, the relationship between the United States and China, conflict in the Middle East (including the U.S.-Israel-Iran conflict), tariffs or other trade and supply chain disruptions, and risks of slowing economic growth or economic recession in the United States and globally; developments in the government budgets (defense and non-defense) in the United States and other countries, including budget reductions, sequestration, implementation of spending limits or changes in budgetary priorities, delays in the government budget process, a U.S. government shutdown or the U.S. government’s failure to raise the debt ceiling; risks related to the public’s perception of nuclear radiation and nuclear technologies; risks related to the continued growth of our end markets; our ability to win new customers and retain existing customers; our ability to realize sales expected from our backlog of orders and contracts; risks related to governmental contracts; our ability to mitigate risks associated with long-term fixed price contracts, including risks related to inflation; risks related to information technology system failures or other disruptions or cybersecurity, data security or other security threats; risks related to the implementation and enhancement of information systems; our ability to manage our supply chain or difficulties with third-party manufacturers; risks related to competition; our ability to manage disruptions of, or changes in, our independent sales representatives, distributors and original equipment manufacturers; our ability to realize the expected benefit from strategic transactions, such as acquisitions, divestitures, investments and partnerships, including any synergies, or internal restructuring and improvement efforts; our ability to issue debt, equity or equity-linked securities in the future; risks related to changes in tax law and ongoing tax audits; risks related to future legislation and regulation both in the United States and abroad; risks related to the costs or liabilities associated with product liability claims; risks related to the uncertainty of legal claims, litigation, arbitration and similar proceedings; our ability to attract, train and retain key members of our leadership team and other qualified personnel; risks related to the adequacy of our insurance coverage; risks related to the global scope of our operations, including operations in international and emerging markets; risks related to our exposure to fluctuations in foreign currency exchange rates, interest rates and inflation, including the impact on our debt service costs; our ability to comply with various laws and regulations and the costs associated with legal compliance; risks related to the outcome of any litigation, government and regulatory proceedings, investigations and inquiries; risks related to our ability to protect or enforce our proprietary rights on which our business depends or third-party intellectual property infringement claims; liabilities associated with environmental, health and safety matters; our ability to predict our future operational results; and the effects of health epidemics, pandemics and similar outbreaks may have on our business, results of operations or financial condition. Further information on risks, uncertainties and other factors that could affect our financial results are included in the filings we make with the United States Securities and Exchange Commission (the “SEC”) from time to time, including our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and other periodic reports filed or to be filed with the SEC.
You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any
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obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Use of Non-GAAP Financial Information
In addition to our results determined in accordance with GAAP, we believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below, as well as the “Reconciliation of Non-GAAP Financial Measures” section of this press release. Non-GAAP financial information is not a substitute for GAAP financial information and undue reliance should not be placed on such non-GAAP financial information. In addition, similarly titled items used by other companies may not be comparable due to variations in how they are calculated and how terms are defined.
Channels for Disclosure of Information
Mirion intends to announce material information to the public through the Mirion Investor Relations website ir.mirion.com, SEC filings, press releases, public conference calls and public webcasts. Mirion uses these channels, as well as social media, to communicate with its investors, customers, and the public about the company, its offerings, and other issues. It is possible that the information Mirion posts on social media could be deemed to be material information. As such, Mirion encourages investors, the media, and others to follow the channels listed above, including the social media channels listed on Mirion’s investor relations website, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which Mirion will announce information will be posted on the investor relations page on Mirion’s website.
About Mirion
Mirion (NYSE: MIR) is a global leader in radiation safety, science and medicine, empowering innovations that deliver vital protection while harnessing the transformative potential of ionizing radiation across a diversity of end markets. The Mirion Nuclear & Safety group provides proven radiation safety technologies that operate with precision - for essential work within R&D labs, critical nuclear facilities, and on the front lines. The Mirion Medical group solutions help enhance the delivery and ensure safety in healthcare, powering the fields of Nuclear Medicine, Radiation Therapy QA, Occupational Dosimetry, and Diagnostic Imaging. Headquartered in Atlanta (GA - USA), Mirion employs approximately 2,800 people and operates in 12 countries. Learn more at mirion.com.
For investor inquiries:
Eric Linn ir@mirion.com
For media inquiries:
Erin Schesny media@mirion.com
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Condensed Consolidated Balance Sheets
(In millions, except share data)
| March 31, 2026 | December 31, 2025 |
|---|
| ASSETS | | |
| Current assets: | | |
| Cash and cash equivalents | $397.9 | $412.3 |
| Accounts receivable, net of allowance for doubtful accounts | 181.5 | 181.6 |
| Costs in excess of billings on uncompleted contracts | 98.9 | 93.8 |
| Inventories | 157.9 | 152.6 |
| Prepaid expenses and other current assets | 54.7 | 53.4 |
| Total current assets | 890.9 | 893.7 |
| Property, plant, and equipment, net | 152.6 | 154.9 |
| Operating lease right-of-use assets | 30.8 | 32.1 |
| Goodwill | 1,860.4 | 1,872.4 |
| Intangible assets, net | 576.0 | 606.3 |
| Other assets | 25.2 | 28.7 |
| Total assets | $3,535.9 | $3,588.1 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | |
| Current liabilities: | | |
| Accounts payable | $66.1 | $57.4 |
| Deferred contract revenue | 108.1 | 112.3 |
| Debt, current | 1.6 | 1.6 |
| Operating lease liability, current | 7.7 | 7.7 |
| Derivative liabilities, current | - | 20.7 |
| Accrued expenses and other current liabilities | 95.7 | 116.4 |
| Total current liabilities | 279.2 | 316.1 |
| Debt, non-current | 443.5 | 443.1 |
| Convertible debt | 755.6 | 754.5 |
| Operating lease liability, non-current | 25.5 | 26.8 |
| Deferred income taxes, non-current | 68.1 | 70.0 |
| Other liabilities | 75.5 | 60.7 |
| Total liabilities | 1,647.4 | 1,671.2 |
| Commitments and contingencies (Note 11) | | |
| Stockholders’ equity (deficit): | | |
| Class A common stock; $0.0001 par value, 500,000,000 shares authorized; 244,395,666 shares issued and outstanding at March 31, 2026; 244,662,792 shares issued and outstanding at December 31, 2025 | - | - |
| Class B common stock; $0.0001 par value, 100,000,000 shares authorized; 5,864,555 shares issued and outstanding at March 31, 2026; 5,869,555 shares issued and outstanding at December 31, 2025 | - | - |
| Treasury stock, at cost; 4,376,586 shares at March 31, 2026 and 3,492,619 shares December 31, 2025 | (78.1) | (58.4) |
| Additional paid-in capital | 2,495.1 | 2,490.1 |
| Accumulated deficit | (516.1) | (512.7) |
| Accumulated other comprehensive loss | (62.6) | (52.6) |
| Mirion Technologies, Inc. stockholders’ equity | 1,838.3 | 1,866.4 |
| Noncontrolling interests | 50.2 | 50.5 |
| Total stockholders’ equity | 1,888.5 | 1,916.9 |
| Total liabilities and stockholders’ equity | $3,535.9 | $3,588.1 |
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Condensed Consolidated Statements of Operations
(In millions, except per share data)
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| Revenues: | | |
| Product | $197.0 | $147.9 |
| Service | 60.6 | 54.1 |
| Total revenues | 257.6 | 202.0 |
| Cost of revenues: | | |
| Product | 112.9 | 81.7 |
| Service | 25.6 | 24.2 |
| Total cost of revenues | 138.5 | 105.9 |
| Gross profit | 119.1 | 96.1 |
| Operating expenses: | | |
| Selling, general and administrative | 105.8 | 78.7 |
| Research and development | 9.6 | 8.7 |
| Total operating expenses | 115.4 | 87.4 |
| Income from operations | 3.7 | 8.7 |
| Other expense (income): | | |
| Interest expense | 8.4 | 12.5 |
| Interest income | (3.4) | (1.9) |
| Foreign currency loss (gain), net | 3.7 | (2.8) |
| Other expense, net | 0.2 | 0.3 |
| (Loss) income before income taxes | (5.2) | 0.6 |
| Income tax (benefit) expense | (1.8) | 0.2 |
| Net (loss) income | (3.4) | 0.4 |
| Income attributable to noncontrolling interests | - | 0.1 |
| Net (loss) income attributable to Mirion Technologies, Inc. | $(3.4) | $0.3 |
| (Loss) earnings per common share attributable to Mirion Technologies, Inc.: | | |
| Basic | $(0.01) | $0.00 |
| Diluted | $(0.01) | $0.00 |
| Weighted average common shares outstanding: | | |
| Basic | 244.663 | 225.655 |
| Diluted | 244.663 | 226.918 |
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Consolidated Statements of Cash Flows
(In millions)
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |
|---|
| OPERATING ACTIVITIES: | | |
| Net (loss) income | $(3.4) | $0.4 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | |
| Depreciation and amortization expense | 40.8 | 33.7 |
| Stock-based compensation expense | 4.3 | 3.4 |
| Amortization of debt issuance costs | 1.5 | 0.9 |
| Provision for doubtful accounts | 0.6 | 0.7 |
| Inventory obsolescence write down | 0.3 | 0.5 |
| Change in deferred income taxes | (2.6) | (5.7) |
| Loss on disposal of property, plant and equipment | 0.1 | 0.1 |
| (Gain) loss on foreign currency transactions | 3.7 | (2.8) |
| Amortization of inventory step-up | 0.8 | - |
| Changes in operating assets and liabilities: | | |
| Accounts receivable | (1.8) | 31.1 |
| Costs in excess of billings on uncompleted contracts | (4.7) | (2.1) |
| Inventories | (6.5) | (8.3) |
| Prepaid expenses and other current assets | (1.9) | (0.5) |
| Accounts payable | 9.9 | (2.3) |
| Accrued expenses and other current liabilities | (19.6) | (5.7) |
| Deferred contract revenue and liabilities | (4.2) | (4.4) |
| Other assets | (0.2) | 0.3 |
| Other liabilities | 1.8 | (3.7) |
| Net cash provided by operating activities | 18.9 | 35.6 |
| INVESTING ACTIVITIES: | | |
| Purchases of property, plant, and equipment and badges | (9.5) | (8.5) |
| Proceeds from net investment hedge derivative contracts | 0.3 | 0.9 |
| Net cash used in investing activities | (9.2) | (7.6) |
| FINANCING ACTIVITIES: | | |
| Stock repurchased to satisfy tax withholding for vesting restricted stock units | (4.1) | (1.9) |
| Purchases of stock for treasury | (16.0) | (18.6) |
| Financing costs | - | (0.5) |
| Proceeds from cash flow hedge derivative contracts | 0.1 | 0.1 |
| Other financing | 0.1 | (0.3) |
| Net cash used in financing activities | (19.9) | (21.2) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (4.2) | 3.8 |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (14.4) | 10.6 |
| Cash, cash equivalents, and restricted cash at beginning of period | 415.2 | 175.6 |
| Cash, cash equivalents, and restricted cash at end of period | $400.8 | $186.2 |
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Share Count 244,395,666 shares of Class A common stock were outstanding as of March 31, 2026. This excludes (1) 5,864,555 shares of Class B common stock outstanding as of March 31, 2026, (2) 1,068,248 shares of Class A common stock underlying restricted stock units and 2,055,997 shares of Class A common stock underlying performance stock units; and (3) any other shares issuable from future equity awards under our 2021 Omnibus Incentive Plan, which had 45,800,089 shares reserved (subject to annual automatic increases) as of March 31, 2026. The 5,864,555 shares of Class B common stock are paired on a one-for-one basis with shares of Class B common stock of Mirion Intermediate Co., Inc. (the "paired interests"). Holders of the paired interests have the right to have their interests redeemed for, at the option of Mirion, shares of Class A common stock on a one-for-one basis or cash based on a trailing stock price average. All share data is as of March 31, 2026, unless otherwise noted.
Reconciliation of Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.
Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business.
Organic revenues is defined as Revenues excluding the impact of foreign exchange rates as well as mergers, acquisitions and divestitures in the period.
Adjusted EBITDA is defined as net income before interest expense, income tax expense, depreciation and amortization adjusted to remove the impact of foreign currency gains and losses, amortization of acquired intangible assets, changes in the fair value of warrants, certain non-operating expenses (restructuring and costs to achieve operational synergies, merger, acquisition and divestiture expenses and IT project implementation expenses), stock-based compensation expense, debt extinguishment and income tax impacts of these adjustments.
Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Revenue.
Adjusted net income is defined as GAAP net income adjusted for foreign currency gains and losses, amortization of acquired intangible assets, changes in the fair value of warrants, certain non-operating expenses (restructuring and costs to achieve operational synergies, merger, acquisition and divestiture expenses and IT project implementation expenses), stock-based compensation expense, debt extinguishment and income tax impacts of these adjustments.
Adjusted EPS is defined as adjusted net income divided by weighted average common shares outstanding - basic and diluted.
Adjusted Free Cash Flow is defined as free cash flow adjusted to include the impact of cash used to fund non-operating expenses. We believe that the inclusion of supplementary adjustments to free cash flow applied in presenting adjusted free cash flow is appropriate to provide additional information to investors about our cash flows that management utilizes on an ongoing basis to assess our ability to generate cash for use in acquisitions and other investing and financing activities.
Adjusted Free Cash Flow Conversion is defined as adjusted free cash flow divided by adjusted EBITDA.
Free cash flow is defined as U.S. GAAP net cash provided by operating activities adjusted to include the impact of purchases of property, plant, and equipment, purchases of badges and proceeds from derivative contracts.
Net leverage is defined as Net Debt (debt minus cash and cash equivalents) divided by Adjusted EBITDA plus contributions to Adjusted EBITDA if acquisitions made during the applicable period had been made before the start of the applicable period.
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Operating Metrics
Order and orders growth are defined as the amount of revenue earned in a given period and estimated to be earned in future periods from contracts entered into in a given period as compared with such amount for a prior period. Foreign exchange rates are based on the applicable rates as reported for the time period.
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The following tables present reconciliations of certain non-GAAP financial measures for the applicable periods.
Reconciliation of Adjusted EBITDA
(In millions)
| Three Months Ended |
|---|
| March 31, |
|---|
| 2026 | 2025 |
|---|
| Income from operations | $3.7 | | $8.7 | |
| Amortization | 31.0 | | 25.4 | |
| Depreciation | 9.8 | | 8.3 | |
| Stock-based compensation | 4.3 | | 3.4 | |
| Cost of revenues impact from inventory valuation purchase accounting | 0.8 | | - | |
| Non-operating expenses | 4.9 | | 1.2 | |
| Other expense / income | (0.2) | | (0.3) | |
| Adjusted EBITDA | $54.3 | | $46.7 | |
| Income from operations margin | 1.4% | | 4.3% | |
| Adjusted EBITDA margin | 21.1% | | 23.1% | |
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Reconciliation of Adjusted Earnings per Share
(In millions, except per share values)
| Three Months Ended |
|---|
| March 31, |
|---|
| 2026 | 2025 |
|---|
| Net (loss) income attributable to Mirion Technologies, Inc. | $(3.4) | | $0.3 | |
| Income attributable to non-controlling interests | - | | 0.1 | |
| GAAP net (loss) income | $(3.4) | | $0.4 | |
| Foreign currency loss (gain), net | 3.7 | | (2.8) | |
| Amortization of acquired intangibles | 31.0 | | 25.4 | |
| Stock-based compensation | - | | 3.4 | |
| Cost of revenues impact from inventory valuation purchase accounting | 0.8 | | - | |
| Non-operating expenses | 4.9 | | 1.2 | |
| Tax impact of adjustments above | (10.3) | | (5.2) | |
| Adjusted net income | $26.7 | | $22.4 | |
| Weighted average common shares outstanding - basic | 244.663 | | 225.655 | |
| Dilutive potential common shares - stock-based awards | 0.589 | | 1.263 | |
| Dilutive potential common shares - convertible debt | 30.321 | | - | |
| Adjusted weighted average common shares - diluted | 275.573 | | 226.918 | |
| GAAP loss per share | $(0.01) | | $ - | |
| Adjusted earnings per share | $0.10 | | $0.10 | |
The calculation for adjusted net income has been adjusted for the current period to include stock-based compensation.