Mirion Technologies, Inc.
For the period ended Jun 30, 2026. Filed Jul 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 29, 2026
MIR$17.97+4.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0001628280-26-028363
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001628280-26-050604
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 151 previous paragraphs and 197 current paragraphs.
89 unchanged; 50 reworded; 48 added; 11 removed; 1 previous and 10 current paragraphs rearranged.
Tables are not compared: 8 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (48)
Current report
•Our revenues were $524.4 million for the six months ended June 30, 2026 and $424.9 million for the six months ended June 30, 2025, of which 70.9% and 64.7% were generated in the Nuclear & Safety segment for the six months ended June 30, 2026 and 2025, respectively, and 29.1% and 35.3% were generated in the Medical segment for the six months ended June 30, 2026 and 2025, respectively.
Current report
•Products supporting the development of new technologies within the Nuclear end market, including Small Modular Reactors (“SMRs”);
Current report
•We believe the focus of government policy in China is on expanding access to healthcare. In addition, our investments to address clinical needs, localization, and its growing population should benefit our business in China in the long term. However, we continue to monitor developments in the China market, including increased competition from local companies and the prevalence of volume based procurement policies, both of which have and may continue to impact our orders and revenues.
Current report
Russia and China
Current report
(2)Pre-tax non-operating expenses of $3.5 million for the three months ended June 30, 2025 include $1.9 million of restructuring and other related costs; $1.0 million of asset impairment charges of our equity investment (100% impairment); $0.3 million of mergers and acquisitions expenses; and $0.3 million of consulting costs related to Nuclear & Safety segment enterprise resource planning software upgrades.
Current report
(1)Pre-tax non-operating expenses of $5.6 million for the six months ended June 30, 2026 include $4.8 million of mergers and acquisitions expenses, primarily consisting of nonrecurring third-party consulting and professional fees, and $0.6 million of restructuring and other related costs.
Current report
Medical segment revenues decreased for the three months ended June 30, 2026 compared with the three months ended June 30, 2025 primarily due to decreased volume, specifically within Asia-Pacific countries due to the introduced tariff regime in prior years paired with a decline in dosimetry product sales, partially offset by price increases and organic volume growth within the cameras product line.
Current report
Cost of revenues related to the Nuclear & Safety segment increased $19.1 million period over period. The increase was primarily driven by inflation of $1.7 million, increased employee medical costs of $1.0 million, foreign exchange impacts of $0.6 million, and costs associated with recent acquisitions of $20.2 million. These changes were partially offset by positive margin mix impact of $4.5 million.
Current report
Cost of revenues related to the Medical segment decreased $2.6 million period over period due to a decline in organic volume, partially offset by inflation.
Current report
Corporate SG&A expenses were $21.3 million for the three months ended June 30, 2026 and $17.6 million for the three months ended June 30, 2025. The increase of $3.7 million was primarily driven by increased stock compensation costs, including additional expenses related to performance stock options ("PSOs") granted during the quarter, and costs associated with the establishment of a new artificial intelligence function. These costs were partially offset by a decrease in compensation costs.
Current report
Research and development
Current report
Loss on debt extinguishment
Current report
Loss on debt extinguishment was $5.8 million for the three months ended June 30, 2025, related to the refinancing of the term loan completed on June 5, 2025.
Current report
Foreign currency (gain) loss, net
Current report
Nuclear & Safety segment revenues increased for the three months ended June 30, 2026 compared with the three months ended June 30, 2025 primarily due to $2.0 million of price increases, $1.3 million of organic volume growth, and positive foreign exchange fluctuations of $1.3 million. Additional drivers include $39.8 million of revenue associated with recent acquisitions.
Current report
Medical segment revenues decreased for the three months ended June 30, 2026 compared with the three months ended June 30, 2025 primarily due to a decline in volume of $9.5 million, specifically driven by a decline within Asia-Pacific countries due to the introduced tariff regime in prior years paired with a decline in dosimetry product sales, partially offset by price increases of $5.4 million and organic volume growth of $3.4 million within the cameras product line.
Current report
Corporate and other costs were $22.9 million for the three months ended June 30, 2026 and $20.0 million for the three months ended June 30, 2025, which represents an increase of $2.9 million period over period. The increase versus the comparable period was predominantly driven by increased stock compensation costs of $2.7 million, including $1.8 million of additional expense related to PSOs granted during the quarter, and $1.0 million of costs associated with the establishment of a new artificial intelligence function. These were partially offset by a $1.0 million decrease in employee compensation costs.
Current report
For the Six Months Ended June 30, 2026 and the Six Months Ended June 30, 2025
Current report
Revenues were $524.4 million for the six months ended June 30, 2026 and $424.9 million for the six months ended June 30, 2025. Our Nuclear & Safety segment contributed $371.7 million and $275.1 million of revenues for the six months ended June 30, 2026 and 2025, respectively. Our Medical segment contributed $152.7 million and $149.8 million of revenues for the six months ended June 30, 2026 and 2025, respectively. Gross profit was $252.2 million and $198.6 million for the six months ended June 30, 2026 and 2025, respectively, resulting in a $53.6 million increase from the six months ended June 30, 2025.
Current report
Net income was $4.7 million for the six months ended June 30, 2026 and net income was $8.9 million for the six months ended June 30, 2025. Our Nuclear & Safety segment contributed $46.9 million and $40.7 million of income from operations for the six months ended June 30, 2026 and 2025, respectively. Our Medical segment contributed $22.6 million and $17.6 million of income from operations for the six months ended June 30, 2026 and 2025, respectively. The overall decrease in net income is primarily driven by a $4.7 million unrealized foreign currency loss in the current period as opposed to a $16.3 million gain in the prior period as a result of fluctuations in the exchange rate between the US Dollar and the Euro, increased amortization of intangible assets associated with recent acquisitions, increased employee compensation costs, and an increase in income tax expense. Partially offsetting these items were increased revenues in both segments, improved gross margins, decreased interest expense, and a nonrecurring $5.8 million loss on debt extinguishment in the prior period.
Current report
Revenues
Current report
Revenues were $524.4 million for the six months ended June 30, 2026 and $424.9 million for the six months ended June 30, 2025. Revenues increased $99.5 million from the six months ended June 30, 2025.
Current report
Medical segment revenues increased for the six months ended June 30, 2026 compared with the six months ended June 30, 2025 primarily due to price increases, organic volume growth within the cameras product line, and positive foreign exchange fluctuations. These changes were partially offset by a decline in volume growth within other product lines, specifically within Asia-Pacific countries due to the introduced tariff regime in prior years paired with a decline in dosimetry product sales.
Current report
Cost of revenues
Current report
Cost of revenues was $272.2 million for the six months ended June 30, 2026 and $226.3 million for the six months ended June 30, 2025, an increase of $45.9 million period over period.
Current report
Cost of revenues related to the Medical segment decreased $1.6 million period over period primarily due to a decrease in volume.
Current report
Selling, general and administrative expenses
Current report
Selling, general and administrative (“SG&A”) expenses were $210.9 million for the six months ended June 30, 2026 and $161.3 million for the six months ended June 30, 2025, resulting in a increase of $49.6 million period over period.
Current report
Our Medical segment incurred lower SG&A expenses of $1.2 million for the six months ended June 30, 2026 compared with the six months ended June 30, 2025. The decrease was primarily due to lower amortization expense. Partially offsetting these savings were increased employee compensation costs.
Current report
Research and development
Current report
Research and development (“R&D”) expenses were $19.7 million for the six months ended June 30, 2026 and $18.7 million for the six months ended June 30, 2025, resulting in an increase of $1.0 million period over period. The increase in R&D expenses was primarily due to increased employee compensation costs, partially offset by decreased professional service spend.
Current report
Income from operations
Current report
Income from operations was $21.6 million for the six months ended June 30, 2026 compared with income of $18.6 million for the six months ended June 30, 2025. On a segment basis, income from operations in the Nuclear & Safety segment for the six months ended June 30, 2026 and six months ended June 30, 2025 was $46.9 million and $40.7 million, respectively, representing an increase of $6.2 million period over period. Income from operations in the Medical segment for the six months ended June 30, 2026 and 2025 was $22.6 million and $17.6 million, respectively, representing an increase of $5.0 million period over period. Corporate loss from operations was $47.9 million and $39.7 million for the six months ended June 30, 2026 and 2025, respectively, representing an increased loss of $8.2 million period over period. See “Business segments” and “Corporate and other” below for further details.
Current report
Interest expense, net
Current report
Loss on debt extinguishment
Current report
Loss on debt extinguishment was $5.8 million for the six months ended June 30, 2025, related to the refinancing of the term loan completed on June 5, 2025.
Current report
Foreign currency (gain) loss, net
Current report
Income taxes
Current report
Business segments
Current report
Nuclear & Safety
Showing the first 40 of 48 passages. Open the source sections for the rest.
Removed paragraphs (11)
Previous report
Overview
Previous report
Russia and Ukraine
Previous report
Overview
Previous report
Cost of revenues related to the Medical segment increased $1.0 million period over period as a result of foreign exchange impacts and increased costs of material and labor.
Previous report
Research and development expenses
Previous report
Foreign currency gain, net
Previous report
The effective income tax rate differs from the U.S. statutory rate of 21% due primarily to U.S. federal income tax permanent differences and the impact of valuation allowances.
Previous report
Medical segment revenues increased for the three months ended March 31, 2026 compared with the three months ended March 31, 2025 primarily due to $2.1 million of price increases, $0.7 million in organic volume growth, and $0.7 million of foreign exchange fluctuations.
Previous report
Redemption
Previous report
Interest and Maturity
Previous report
Net cash used in financing activities was $19.9 million during the three months ended March 31, 2026 versus $21.2 million during the three months ended March 31, 2025. The decrease of $1.3 million period over period primarily relates to financing costs of $0.5 million in the prior period and a net decrease in repurchases of Company stock for treasury and tax withholdings for vesting restricted stock units of $0.4 million.
Reworded paragraphs (50)
Previous wording
•Our revenues were $257.6 million for the three months ended March 31, 2026, and $202.0 million for the three months ended March 31, 2025, of which 72.0% and 66.0% were generated in the Nuclear & Safety segment for the three months ended March 31, 2026 and 2025, respectively, and 28.0% and 34.0% were generated in the Medical segment for the three months ended March 31, 2026 and 2025.
Current wording
•Our revenues were $266.8 million for the three months ended June 30, 2026 and $222.9 million for the three months ended June 30, 2025, of which 69.8% and 63.6% were generated in the Nuclear & Safety segment for the three months ended June 30, 2026 and 2025, respectively, and 30.2% and 36.4% were generated in the Medical segment for the three months ended June 30, 2026 and 2025, respectively.
Previous wording
•Remaining performance obligations (representing committed but undelivered contracts and purchase orders) was $1,120.6 million and $1,104.3 million as of March 31, 2026, and December 31, 2025, respectively.
Current wording
•Backlog (representing committed but undelivered contracts and purchase orders) was $1,138.6 million and $1,104.3 million as of June 30, 2026, and December 31, 2025, respectively.
Previous wording
•Government budgets—While we believe that we are poised for growth from governmental customers in both of our segments, our revenues and cash flows from government customers are influenced, particularly in the short-term, by budgetary cycles. This impact can be either positive or negative.
Current wording
•Government budgets—While we believe that we are poised for growth from governmental customers in both of our segments, our revenues and cash flows from government customers are influenced, particularly in the short-term, by budgetary cycles. This impact can be either positive or negative, primarily related to revenues in our Labs and Research and Defense end markets.
Previous wording
On December 1, 2025, Mirion acquired 100% of the outstanding membership interest of WCI-Gigawatt Intermediate Holdco, LLC, the indirect parent of Paragon Energy Solutions, LLC ("Paragon") for $588.5 million of gross purchase consideration ($581.3 million, net of cash and net working capital adjustment), subject to final closing statement balances. As part of the Nuclear & Safety segment, Paragon is a leading provider of highly engineered solutions for large-scale nuclear power plants and small modular reactors (SMRs) in the United States. Mirion management believes that Paragon will provide Mirion's nuclear power customers with a more comprehensive suite of product offerings and services to meet their growing needs. Additionally, the addition of Paragon significantly enhances our presence in the U.S. nuclear power market and the developing SMR commercial entrants.
Current wording
On December 1, 2025, Mirion acquired 100% of the outstanding membership interest of WCI-Gigawatt Intermediate Holdco, LLC, the indirect parent of Paragon Energy Solutions, LLC ("Paragon") for $588.6 million of gross purchase consideration ($581.5 million, net of cash and net working capital adjustment). As part of the Nuclear & Safety segment, Paragon is a leading provider of highly engineered solutions for large-scale nuclear power plants and small modular reactors (SMRs) in the United States. Mirion management believes that Paragon will provide Mirion's nuclear power customers with a more comprehensive suite of product offerings and services to meet their growing needs. Additionally, the addition of Paragon significantly enhances our presence in the U.S. nuclear power market and the developing SMR commercial entrants.
Previous wording
The United States, the European Union, the United Kingdom and other governments have implemented major trade and financial sanctions against Russia and related parties in response to Russia’s invasion of Ukraine. We do business with Russian customers both within and outside of Russia and with customers who have contracts with Russian counterparties. The conflict’s impact on the Company is predominantly in our Nuclear & Safety segment. As of March 31, 2026, the Company has approximately $8.7 million in net contract assets and accounts receivable for Russian customers and channel partners. The Company maintains $3.2 million in advance payment guarantees in support of these projects. The remaining performance obligations in our backlog for Russian-related projects were approximately $98.4 million at March 31, 2026.
Current wording
The United States, the European Union, the United Kingdom and other governments have implemented major trade and financial sanctions against Russia, China, and related parties. Additionally, China continues to expand localization requirements that could require us to localize manufacturing or source local components, or to otherwise modify our business operations. We do business with Russian and Chinese customers both within and outside of Russia and China, as well as with customers who have contracts with Russian and Chinese counterparties. The impact on the Company is predominantly in our Nuclear & Safety segment. As of June 30, 2026, the Company has approximately $18.8 million in net contract assets for Russian and Chinese customers and channel partners. The Company maintains $10.4 million in advance payment guarantees in support of these projects. The remaining performance obligations in our backlog for Russian- and Chinese-related projects were approximately $124.0 million at June 30, 2026.
Previous wording
While we have not experienced significant impacts to our business results from these sanctions, the Company will continue to monitor the social, political, regulatory and economic environment in Ukraine and Russia, and will consider actions as appropriate.
Current wording
While we have not experienced significant impacts to our business results from these sanctions and localization requirements, the Company will continue to monitor the social, political, regulatory and economic environment in Russia and China, and will consider actions as appropriate.
Previous wording
The following tables present a reconciliation of certain non-GAAP financial measures for the three months ended March 31, 2026, and for the three months ended March 31, 2025.
Current wording
The following tables present a reconciliation of certain non-GAAP financial measures for the three and six months ended June 30, 2026 and for the three and six months ended June 30, 2025.
Previous wording
(1)Pre-tax non-operating expenses of $4.9 million for the three months ended March 31, 2026 include $4.6 million of mergers and acquisitions expenses, primarily consisting of nonrecurring third-party consulting and professional fees..
Current wording
(1)Pre-tax non-operating expenses of $0.7 million for the three months ended June 30, 2026 include $0.5 million of restructuring and other related costs and $0.2 million of mergers and acquisitions expenses, primarily consisting of nonrecurring third-party consulting and professional fees.
Previous wording
(2)Pre-tax non-operating expenses of $1.2 million for the three months ended March 31, 2025 include $0.7 million of one-time consulting fees related to IT services sourcing excellence and $0.5 million of consulting costs related to Nuclear & Safety segment enterprise resource planning software upgrades.
Current wording
(2)Pre-tax non-operating expenses of $4.7 million for the six months ended June 30, 2025 include $1.9 million of restructuring and other related costs; $1.0 million of asset impairment charges of our equity investment (100% impairment); $0.8 million of consulting costs related to Nuclear & Safety segment enterprise resource planning software upgrades; $0.7 million of one-time consulting fees related to IT services sourcing excellence; and $0.3 million of mergers and acquisitions expenses.
Previous wording
The following tables present a reconciliation of GAAP income from operations to non-GAAP Adjusted EBITDA by segment for the three months ended March 31, 2026, and the three months ended March 31, 2025.
Current wording
The following tables present a reconciliation of GAAP income from operations to non-GAAP Adjusted EBITDA by segment for the three and six months ended June 30, 2026 and the three and six months ended June 30, 2025.
Previous wording
Revenues were $257.6 million for the three months ended March 31, 2026 and $202.0 million for the three months ended March 31, 2025. Our Nuclear & Safety segment contributed $185.5 million and $133.4 million of revenues for the three months ended March 31, 2026 and 2025, respectively. Our Medical segment contributed $72.1 million and $68.6 million of revenues for the three months ended March 31, 2026 and 2025, respectively. Gross profit was $119.1 million and $96.1 million for the three months ended March 31, 2026 and 2025, respectively, resulting in a $23.0 million increase from the three months ended March 31, 2025.
Current wording
Revenues were $266.8 million for the three months ended June 30, 2026 and $222.9 million for the three months ended June 30, 2025. Our Nuclear & Safety segment contributed $186.2 million and $141.7 million of revenues for the three months ended June 30, 2026 and 2025, respectively. Our Medical segment contributed $80.6 million and $81.2 million of revenues for the three months ended June 30, 2026 and 2025, respectively. Gross profit was $133.1 million and $102.5 million for the three months ended June 30, 2026 and 2025, respectively, resulting in a $30.6 million increase from the three months ended June 30, 2025.
Previous wording
Net (loss) income was $(3.4) million for the three months ended March 31, 2026 and $0.4 million for the three months ended March 31, 2025. Our Nuclear & Safety segment contributed $20.9 million and $21.7 million of income from operations for the three months ended March 31, 2026 and 2025, respectively. Our Medical segment contributed $7.8 million and $6.7 million of income from operations for the three months ended March 31, 2026 and 2025, respectively. The overall decrease in net income is primarily driven by increased cost of goods sold in the Nuclear & Safety and Medical segments, increased compensation costs, and increased amortization of intangible assets associated with recent acquisitions. Partially offsetting these items was increased revenues in the Nuclear & Safety and Medical segments, decreased interest expense, and an increased benefit from income taxes.
Current wording
Net income was $8.1 million for the three months ended June 30, 2026 and net income was $8.5 million for the three months ended June 30, 2025. Our Nuclear & Safety segment contributed $26.0 million and $19.0 million of income from operations for the three months ended June 30, 2026 and 2025, respectively. Our Medical segment contributed $14.8 million and $10.9 million of income from operations for the three months ended June 30, 2026 and 2025, respectively. The overall decrease in net income is primarily driven by a $1.0 million unrealized foreign currency loss in the current period as opposed to a $13.5 million gain in the prior period as a result of fluctuations in the exchange rate between the US Dollar and the Euro, increased amortization of intangible assets associated with recent acquisitions, increased employee compensation costs, and an increase in income tax expense. Partially offsetting these items was increased revenues in the Nuclear & Safety segment primarily driven by acquisitions, improved gross profit margins, decreased interest expense, and a nonrecurring $5.8 million loss on debt extinguishment in the prior period.
Previous wording
Revenues were $257.6 million for the three months ended March 31, 2026 and $202.0 million for the three months ended March 31, 2025. Revenues increased $55.6 million from the three months ended March 31, 2025.
Current wording
Revenues were $266.8 million for the three months ended June 30, 2026 and $222.9 million for the three months ended June 30, 2025. Revenues increased $43.9 million from the three months ended June 30, 2025.
Previous wording
Medical segment revenues increased for the three months ended March 31, 2026 compared with the three months ended March 31, 2025 primarily due to price increases, organic volume growth, and foreign exchange impacts.
Current wording
Nuclear & Safety segment revenues increased for the three months ended June 30, 2026 compared with the three months ended June 30, 2025 primarily due to price increases, organic volume growth, foreign exchange impacts, and recent acquisitions.
Previous wording
Cost of revenues was $138.5 million for the three months ended March 31, 2026 and $105.9 million for the three months ended March 31, 2025, an increase of $32.6 million period over period.
Current wording
Cost of revenues was $133.7 million for the three months ended June 30, 2026 and $120.4 million for the three months ended June 30, 2025, an increase of $13.3 million period over period.
Previous wording
Selling, general and administrative (“SG&A”) expenses were $105.8 million for the three months ended March 31, 2026 and $78.7 million for the three months ended March 31, 2025, resulting in an increase of $27.1 million period over period.
Current wording
Selling, general and administrative (“SG&A”) expenses were $105.1 million for the three months ended June 30, 2026 and $82.6 million for the three months ended June 30, 2025, resulting in an increase of $22.5 million period over period.
Previous wording
Our Medical segment incurred higher SG&A expenses of $0.5 million for the three months ended March 31, 2026 compared with the three months ended March 31, 2025. The increase was driven by increased compensation costs, partially offset by lower amortization expense for intangible assets.
Current wording
Our Medical segment incurred lower SG&A expenses of $1.7 million for the three months ended June 30, 2026 compared with the three months ended June 30, 2025. The decrease was driven by lower amortization expense for intangible assets, partially offset by increased employee compensation costs.
Previous wording
Research and development (“R&D”) expenses were $9.6 million for the three months ended March 31, 2026 and $8.7 million for the three months ended March 31, 2025, resulting in an increase of $0.9 million period over period.
Current wording
Research and development (“R&D”) expenses were $10.1 million for the three months ended June 30, 2026 and $10.0 million for the three months ended June 30, 2025, resulting in a increase of $0.1 million period over period.
Previous wording
Income from operations was $3.7 million for the three months ended March 31, 2026 compared with $8.7 million for the three months ended March 31, 2025. On a segment basis, income from operations in the Nuclear & Safety segment for the three months ended March 31, 2026 and three months ended March 31, 2025 was $20.9 million and $21.7 million, respectively, representing a decrease of $0.8 million period over period. Income from operations in the Medical segment for the three months ended March 31, 2026 and 2025 was $7.8 million and $6.7 million, respectively, representing an increase of $1.1 million period over period. Corporate expenses were $25.0 million and $19.7 million for the three months ended March 31, 2026 and 2025, respectively, representing an increase of $5.3 million period over period. See “Business segments” and “Corporate and other” below for further details.
Current wording
Income from operations was $17.9 million for the three months ended June 30, 2026 compared with $9.9 million for the three months ended June 30, 2025. On a segment basis, income from operations in the Nuclear & Safety segment for the three months ended June 30, 2026 and three months ended June 30, 2025 was $26.0 million and $19.0 million, respectively, representing an increase of $7.0 million period over period. Income from operations in the Medical segment for the three months ended June 30, 2026 and 2025 was $14.8 million and $10.9 million, respectively, representing an increase of $3.9 million period over period. Corporate loss from operations was $22.9 million and $20.0 million for the three months ended June 30, 2026 and 2025, respectively, representing an increased loss of $2.9 million period over period. See “Business segments” and “Corporate and other” below for further details.
Previous wording
Interest expense, net, was $5.0 million for the three months ended March 31, 2026 and $10.6 million for the three months ended March 31, 2025. The $5.6 million decrease in interest expense, net was due to decreased SOFR from the prior period, the $244.6 million decrease in the term loan balance as a result of the debt refinancing during the three months ended June 30, 2025, the 0.25% interest rate negotiated on the $400.0 million offering of Convertible Senior Notes due 2030 completed during the three months ended June 30, 2025, and additional interest earned on cash deposits in the current period. For more information, see Note 8, Borrowings, Note 9, Convertible Debt, and Note 17, Derivatives and Hedging, to the unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
Interest expense, net, was $5.8 million for the three months ended June 30, 2026 and $9.8 million for the three months ended June 30, 2025. The $4.0 million decrease in interest expense, net, was due to decreased SOFR from the prior period, the $244.6 million decrease in the term loan balance as a result of the debt refinancing during the three months ended June 30, 2025, the 0.25% interest rate negotiated on the $400.0 million offering of Convertible Senior Notes due 2030 completed during the three months ended June 30 2025, and additional interest earned on cash deposits in the current period. For more information, see Note 8, Borrowings, Note 9, Convertible Debt, and Note 17, Derivatives and Hedging, to the unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
We recorded a $3.7 million net loss for the three months ended March 31, 2026 and a $2.8 million net gain for the three months ended March 31, 2025 from foreign currency exchange. The change in foreign currency (loss) gain, net is due primarily to fluctuations in European local currencies in relation to the U.S. dollar and the related impact on our intercompany loans.
Current wording
We recorded a $1.0 million net loss for the three months ended June 30, 2026 and a $13.5 million net gain for the three months ended June 30, 2025 from foreign currency exchange. The change in foreign currency loss (gain), net is due primarily to fluctuations in European local currencies in relation to the U.S. dollar and the related impact on our intercompany loans.
Previous wording
The effective income tax rate was 34.6% and 33.3% for the three months ended March 31, 2026 and 2025, respectively. The difference in effective tax rate between the periods was primarily attributable to mix of earnings.
Current wording
The effective income tax rate was 28.3% and (9.0)% for the three months ended June 30, 2026 and 2025, respectively. The difference in effective tax rate between the periods was primarily attributable to mix of earnings.
Previous wording
The following provides detail for business segment results for the three months ended March 31, 2026 and 2025. Segment income from operations includes revenues of the segment less expenses that are directly related to those revenues but excludes certain charges to cost of revenues and SG&A expenses predominantly related to corporate costs, which are included in Corporate and Other in the table below. Interest expense, foreign currency loss (gain), net, and other expense (income), net, are not allocated to segments.
Current wording
The following provides detail for business segment results for the three months ended June 30, 2026 and 2025. Segment income from operations includes revenues of the segment less expenses that are directly related to those revenues but excludes certain charges to cost of revenues and SG&A expenses predominantly related to corporate costs, which are included in Corporate and Other in the table below. Interest expense, foreign currency loss (gain), net, loss on debt extinguishment, and other expense (income), net, are not allocated to segments.
Previous wording
For reconciliations of segment revenues and operating income to our consolidated results, see Note 15, Segment Information, to the unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
For reconciliations of segment revenues and operating (loss) income to our consolidated results, see Note 15, Segment Information, to the unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
Income from operations was $20.9 million and $21.7 million for the three months ended March 31, 2026 and 2025, respectively. Income from operations decreased $0.8 million period over period driven by a loss from operations associated with recent acquisitions (inclusive of purchase accounting intangibles amortization of $8.4 million). Other impacts to the business include $2.1 million in negative foreign exchange and inflationary impacts on operating expenses. These changes were partially offset by the increase in revenues described above.
Current wording
Income from operations was $26.0 million and $19.0 million for the three months ended June 30, 2026 and 2025, respectively. Income from operations increased $7.0 million period over period driven primarily by the changes in revenues described above and an improvement in gross margins from the prior period as a result of positive margin mix. These changes were partially offset by a loss from operations associated with recent acquisitions (inclusive of purchase accounting intangibles amortization of $8.4 million).
Previous wording
Income from operations was $7.8 million and $6.7 million for the three months ended March 31, 2026 and 2025, respectively, representing a $1.1 million increase in income from operations period over period. The increase in income from operations period over period was largely due to increased revenues as described above, a reduction in amortization expense of $0.3 million, partially offset by increased compensation costs of $0.8 million.
Current wording
Income from operations was $14.8 million and $10.9 million for the three months ended June 30, 2026 and 2025, respectively, representing a $3.9 million increase in income from operations period over period. The increase in income from operations period over period was largely due to a reduction in amortization expense of $0.8 million and improved gross margins from the prior period as a result of positive margin mix, partially offset by decreased revenues as described above and increased employee compensation costs of $0.9 million.
Previous wording
Corporate and other costs include costs associated with our corporate headquarters located in Georgia, as well as centralized global functions including Executive, Finance, Legal and Compliance, Human Resources, Technology, Strategy, and Marketing and other costs related to company-wide initiatives.
Current wording
Corporate and other costs include costs associated with our corporate headquarters located in Georgia, as well as centralized global functions including Executive, Finance, Legal and Compliance, Human Resources, Technology, Strategy, and Marketing and other costs related to company-wide initiatives (e.g., business combination transaction expenses, merger and acquisition activities, restructuring and other initiatives).
Previous wording
Nuclear & Safety segment revenues increased for the three months ended March 31, 2026 compared with the three months ended March 31, 2025 primarily due to foreign exchange impacts, organic volume growth, price increases and recent acquisitions.
Current wording
Nuclear & Safety segment revenues increased for the six months ended June 30, 2026 compared with the six months ended June 30, 2025 primarily due to foreign exchange impacts, price increases, and organic volume growth.
Previous wording
Cost of revenues related to the Nuclear & Safety segment increased $31.6 million period over period. The increase was primarily driven by foreign exchange impacts of $3.2 million, unfavorable margin mix of $2.9 million, inflation of $2.1 million, and costs associated with the recent acquisitions of $22.5 million.
Current wording
Cost of revenues related to the Nuclear & Safety segment increased $50.7 million period over period. The increase was primarily driven by foreign exchange impacts of $3.7 million, inflation of $3.6 million, organic volume growth of $0.6 million, and costs associated with the recent acquisitions of $42.8 million.
Previous wording
Our Nuclear & Safety segment incurred higher SG&A expenses of $21.1 million for the three months ended March 31, 2026 compared with the three months ended March 31, 2025. The increase was driven by increased compensation costs, amortization expense from newly acquired intangible assets, foreign exchange impacts, and increased depreciation.
Current wording
Our Nuclear & Safety segment incurred higher SG&A expenses of $41.6 million for the six months ended June 30, 2026 compared with the six months ended June 30, 2025. The increase was driven by increased employee compensation costs, amortization expense from newly acquired intangible assets, foreign exchange impacts, and increased depreciation.
Previous wording
Corporate SG&A expenses were $23.2 million for the three months ended March 31, 2026 and $17.7 million for the three months ended March 31, 2025. The increase of $5.5 million was primarily driven by current period mergers and acquisition expenses as well as increased compensation costs.
Current wording
Corporate SG&A expenses were $44.5 million for the six months ended June 30, 2026 and $35.3 million for the six months ended June 30, 2025. The increase of $9.2 million was primarily driven by increased stock compensation costs, including additional expense related to PSOs granted during the quarter, costs associated with the establishment of a new artificial intelligence function, and increased current period mergers and acquisition related expenses.
Previous wording
Nuclear & Safety segment revenues increased for the three months ended March 31, 2026 compared with the three months ended March 31, 2025 primarily due to positive foreign exchange fluctuations of $6.4 million and $1.8 million of organic volume growth, primarily driven by military and civil defense, partially offset by a decline in growth within the labs and research end-market. Additional drivers include $1.7 million of price increases and $42.2 million of additional revenue from the recent acquisitions.
Current wording
Nuclear & Safety segment revenues increased for the six months ended June 30, 2026 compared with the six months ended June 30, 2025 primarily due to positive foreign exchange fluctuations of $7.7 million, $3.7 million of price increases, and $3.1 million of organic volume growth, primarily driven by military and civil defense. Additional drivers include $82.1 million of additional revenue from recent acquisitions.
Previous wording
Corporate and other costs were $25.0 million for the three months ended March 31, 2026 and $19.7 million for the three months ended March 31, 2025, which represents an increase of $5.3 million period over period. The increase versus the comparable period was predominantly driven by increased current period mergers and acquisition expenses of $3.4 million and increased compensation costs of $1.9 million, of which $0.8 million is associated with the establishment of a new artificial intelligence function.
Current wording
Corporate and other costs were $47.9 million for the six months ended June 30, 2026 and $39.7 million for the six months ended June 30, 2025, which represents an increase of $8.2 million period over period. The increase versus the comparable period was predominantly driven by increased stock compensation costs of $5.5 million, including $1.8 million of additional expense related to PSOs granted during the quarter, $1.9 million of costs associated with the establishment of a new artificial intelligence function, and $1.3 million of increased current period mergers and acquisition related expenses. These were partially offset by a $0.5 million decrease in professional service spend.
Previous wording
At March 31, 2026 and December 31, 2025 we had $400.8 million and $412.3 million, respectively, in cash and cash equivalents, which include amounts held by entities outside of the United States of approximately $196.0 million and $205.7 million, respectively, primarily in Europe and Canada. Non-U.S. cash is generally available for repatriation without legal restrictions, subject to certain taxes, mainly withholding taxes. We are asserting indefinite reinvestment of cash for certain non-U.S. subsidiaries. The Company has alternative repatriation options other than dividends should the need arise.
Current wording
At June 30, 2026 and December 31, 2025 we had $421.6 million and $415.2 million, respectively, in cash, cash equivalents, and restricted cash, which include amounts held by entities outside of the United States of approximately $218.1 million and $205.7 million, respectively, primarily in Europe and Canada. Non-U.S. cash is generally available for repatriation without legal restrictions, subject to certain taxes, mainly withholding taxes. We are asserting indefinite reinvestment of cash for certain non-U.S. subsidiaries. The Company has alternative repatriation options other than dividends should the need arise.
Previous wording
Term Loan -The term loan had a remaining principal balance of $450.0 million as of March 31, 2026 and December 31, 2025. The term loan bore interest at the greater of SOFR or 0.50%, plus 2.00%. The interest rate was 5.67% and 5.78% as of March 31, 2026 and December 31, 2025, respectively. The Company made no repayments during the three months ended March 31, 2026 and repaid $244.6 million during the year ended December 31, 2025.
Current wording
Term Loan -The term loan had a remaining principal balance of $450.0 million as of June 30, 2026 and December 31, 2025. The term loan bore interest at the greater of SOFR or 0.50%, plus the applicable margin rate of 2.00%. The interest rate was 5.70% and 5.78% as of June 30, 2026 and December 31, 2025, respectively. The Company made no repayments during the six months ended June 30, 2026 and repaid $244.6 million during the year ended December 31, 2025.
Previous wording
Revolving Line of Credit - There was no outstanding balance under the arrangement as of March 31, 2026 and December 31, 2025. Additionally, the Company has standby letters of credit issued under its 2021 Credit Agreement that reduce the availability under the revolver of $17.9 million and $15.7 million for the periods ended March 31, 2026 and December 31, 2025, respectively. The amount available on the revolver as of March 31, 2026 and December 31, 2025 was approximately $157.1 million and $159.3 million, respectively.
Current wording
Revolving Line of Credit - There was no outstanding balance under the arrangement as of June 30, 2026 and December 31, 2025. Additionally, the Company has standby letters of credit issued under its 2021 Credit Agreement that reduce the availability under the revolver of $12.6 million and $15.7 million for the periods ended June 30, 2026 and December 31, 2025, respectively. The amount available on the revolver as of June 30, 2026 and December 31, 2025 was approximately $162.4 million and $159.3 million, respectively.
Previous wording
On May 23, 2025, the Company completed a private offering of$400.0 million in aggregate principal amount of 0.25% Convertible Senior Notes due 2030, including the initial purchasers’ exercise in full oftheir option to purchase additional Notes (the“2030 Notes”). The 2030 Notes were issued pursuant to an indenture, dated May 23, 2025 (the“May Indenture”). The May Indenture includes customary covenants and sets forth certain events of default after which the 2030 Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company after which the outstanding principal and accrued interest of the 2030 Notes becomes automatically due and payable.
Current wording
On May 23, 2025, the Company completed a private offering of$400.0 million in aggregate principal amount of 0.25% Convertible Senior Notes due 2030, including the initial purchasers’ exercise in full oftheir option to purchase additional Notes (the“2030 Notes”). The 2030 Notes were issued pursuant to an indenture, dated May 23, 2025 (the“Indenture”). The Indenture includes customary covenants and sets forth certain events of default after which the 2030 Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company after which the outstanding principal and accrued interest of the 2030 Notes becomes automatically due and payable.
Previous wording
The initial conversion rate is 43.2751 shares of Mirion’s Class A common stock per $1,000 principal amount of 2030 Notes, which is equivalent to an initial conversion price of approximately $23.11 per share of Mirion's Class A common stock. The initial conversion price of the 2030 Notes represents a conversion premium of 32.5% to the last reported sale price of Mirion’s Class A common stock of $17.44 per share on May 20, 2025. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the May Indenture.
Current wording
The initial conversion rate is 43.2751 shares of Mirion’s Class A common stock per $1,000 principal amount of 2030 Notes, which is equivalent to an initial conversion price of approximately $23.11 per share of Mirion's Class A common stock. The initial conversion price of the 2030 Notes represents a conversion premium of 32.5% to the last reported sale price of Mirion’s Class A common stock of $17.44 per share on May 20, 2025. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the Indenture.
Previous wording
The Company may not redeem the 2030 Notes prior to June 6, 2028 and the 2031 Notes prior to October 5, 2028. The Company may redeem for cash 100% of the principal amounts of the 2030 Notes and 2031 Notes being redeemed plus any unpaid special interest or any portion of the principal at its option, on or after the applicable redemption date, but only if a certain liquidity condition has been satisfied and the last reported sale price of Mirion's Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period. If the Company redeems less than all of the outstanding notes, at least $100.0 million aggregate principal amount of the the respective notes must be outstanding and not subject to redemption as of, and after giving effect to, delivery of the relevant redemption notice.
Current wording
The Company may not redeem the 2030 Notes prior to June 6, 2028 and the 2031 Notes prior to October 5, 2028. The Company may redeem for cash 100% of the principal amounts of the 2030 Notes and 2031 Notes being redeemed plus any unpaid special interest or any portion of the principal at its option, on or after the applicable redemption date, but only if a certain liquidity condition has been satisfied and the last reported sale price of Mirion's Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period. If the Company redeems less than all of the outstanding notes, at least 100.0 million aggregate principal amount of the respective notes must be outstanding and not subject to redemption as of, and after giving effect to, delivery of the relevant redemption notice.
Previous wording
If the Company undergoes a fundamental change, as defined in the May and September Indentures, then subject to certain conditions and limited exceptions, holders may require the Company to repurchase for cash all or any portion of their notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100% of the principal amount of the notes to be repurchased plus any accrued and unpaid interest. In addition, if specific corporate events occur prior to the maturity dates or if the Company issues a notice a redemption, the Company will increase the conversion rate for holders who elect to convert their notes in connection with such a corporate event. The conditions allowing holders of the 2030 Notes and 2031 Notes to convert were not met during the three months ended March 31, 2026.
Current wording
If the Company undergoes a fundamental change, as defined in the May and September Indentures, then subject to certain conditions and limited exceptions, holders may require the Company to repurchase for cash all or any portion of their notes in principal amounts of 1,000 or an integral multiple thereof at a repurchase price equal to 100% of the principal amount of the notes to be repurchased plus any accrued and unpaid interest. In addition, if specific corporate events occur prior to the maturity dates or if the Company issues a notice a redemption, the Company will increase the conversion rate for holders who elect to convert their notes in connection with such a corporate event. The conditions allowing holders of the 2030 Notes and 2031 Notes to convert were not met during the three and six months ended June 30, 2026.
Showing the first 40 of 50 pairs. Open the source sections for the rest.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
Our Nuclear & Safety segment incurred higher SG&A expenses of $20.5 million for the three months ended June 30, 2026 compared with the three months ended June 30, 2025. The increase was driven by increased employee compensation costs related to newly acquired entities, amortization expense from newly acquired intangible assets, and foreign exchange impacts.
Current report — wording carried from elsewhere
The following table summarizes our results of operations for the periods presented below (in millions):
Current report — wording carried from elsewhere
Interest expense, net, was $10.8 million for the six months ended June 30, 2026 and $20.4 million for the six months ended June 30, 2025. The $9.6 million decrease in interest expense, net was due to decreased interest rates from the prior period, the $244.6 million decrease in the term loan balance as a result of the debt refinancing during the six months ended June 30, 2025, the 0.25% interest rate negotiated on the $400.0 million Convertible Debt offering completed during the six months ended June 30 2025, and additional interest earned on cash deposits in the current period. For more information, see Note 8, Borrowings, Note 9, Convertible Debt, and Note 17, Derivatives and Hedging, to the unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
Current report — wording carried from elsewhere
We recorded a $4.7 million net loss for the six months ended June 30, 2026 and a $16.3 million net gain for the six months ended June 30, 2025 from foreign currency exchange. The change in foreign currency loss (gain), net is due primarily to fluctuations in European local currencies in relation to the U.S. dollar and the related impact on our intercompany loans.
Current report — wording carried from elsewhere
The effective income tax rate was 23.0% and (6.0)% for the six months ended June 30, 2026 and 2025, respectively. The difference in effective tax rate between the periods was primarily attributable to mix of earnings.
Current report — wording carried from elsewhere
The following provides detail for business segment results for the six months ended June 30, 2026 and 2025. Segment income from operations includes revenues of the segment less expenses that are directly related to those revenues but excludes certain charges to cost of revenues and SG&A expenses predominantly related to corporate costs, which are included in Corporate and Other in the table below. Interest expense, foreign currency loss (gain), net, loss on debt extinguishment, and other expense (income), net, are not allocated to segments.
Current report — wording carried from elsewhere
For reconciliations of segment revenues and operating (loss) income to our consolidated results, see Note 15, Segment Information, to the unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
Current report — wording carried from elsewhere
These changes were partially offset by a loss from operations associated with recent acquisitions (inclusive of purchase accounting intangibles amortization of $16.8 million).
Current report — wording carried from elsewhere
Corporate and other costs include costs associated with our corporate headquarters located in Georgia, as well as centralized global functions including Executive, Finance, Legal and Compliance, Human Resources, Technology, Strategy, and Marketing and other costs related to company-wide initiatives (e.g., Business Combination transaction expenses, merger and acquisition activities, restructuring and other initiatives).
Current report — wording carried from elsewhere
For reconciliations of segment operating income and corporate and other costs to our consolidated results, see Note 15, Segment Information, to the unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934, as amended. We have repurchased 1.9 million shares cumulatively under this program as of March 31, 2026 for $34.6 million.