MIR

No open position. Record a trade on the Portfolio tab and it flows into this card.

4M due to higher costs and FX losses. 23B with convertible notes. Recent filings include an 8-K on executive compensation (July 2, 2026) and the Q1 10-Q.

Generated by deepseek-v4-flash. Advisory only — every flag is logged against the rule that raised it for the review loop.

• 10-QApr 29, 2026

  Source ↗

  Mirion's Q1 2026 revenue grew 27.5% year-over-year to $257.6 million, driven by acquisitions (Certrec, Paragon) and organic growth, but net income turned to a loss of $3.4 million due to higher operating expenses and a foreign currency loss. The company's backlog (remaining performance obligations) stands at $1.12 billion, with 36% expected to be recognized in 2026, providing good visibility. Debt totals $1.23 billion (including $775 million in convertible notes), with the term loan at 5.67% and an undrawn revolver, and the company continues to be active in share repurchases ($16 million in Q1). Key risks include geopolitical tensions, tariffs, and integration of the large Paragon acquisition. The strategic focus remains on expanding the nuclear power and digital solutions portfolio.

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  MD&A highlights

  • ·Total revenues increased 27.5% to $257.6 million for Q1 2026 compared to $202.0 million for Q1 2025.
  • ·Gross profit increased to $119.1 million from $96.1 million.
  • ·Net loss was $3.4 million compared to net income of $0.4 million in Q1 2025.
  • ·Cash provided by operating activities was $18.9 million, down from $35.6 million in Q1 2025.
  • ·Completed acquisitions of Certrec (July 2025) and Paragon (December 2025) to expand nuclear power offerings.

  Backlog

  Remaining performance obligations were approximately $1,120.6 million as of March 31, 2026. The company expects to recognize 36% in 2026, 20% in 2027, 9% in 2028, and 6% in 2029, with the remainder thereafter. One project accounted for 11% of the contract asset balance.

  Debt / leverage

  Total debt (excluding convertible) was $451.6 million, consisting of a $450.0 million term loan under the 2021 Credit Agreement (interest rate 5.67%) and $1.6 million other. Revolving credit facility of $175.0 million was undrawn. Convertible debt totaled $775.0 million: $400.0 million of 0.25% notes due 2030 and $375.0 million of 0.00% notes due 2031.

  Key risks

  • ·Geopolitical and trade conditions, including tariffs and the U.S.-Israel-Iran conflict.
  • ·Developments in government spending budgets and potential budget reductions or shutdowns.
  • ·Supply chain challenges and reliance on third-party manufacturers.
  • ·Risks associated with long-term fixed price contracts with governments.
  • ·Public perception of nuclear radiation and nuclear technologies.
  • ·Information technology disruptions, cyberattacks, and data breaches.
  • ·Use of artificial intelligence and machine learning in operations.
  • ·Ability to manage independent sales representatives, distributors, and OEMs.
  • ·Realization of expected benefits from acquisitions, divestitures, and investments.
  • ·Ability to issue debt, equity, or equity-linked securities in the future.
  • ·Changes in tax law and ongoing tax audits.
  • ·Attraction and retention of key personnel.
  • ·Product liability claims and adequacy of insurance coverage.
  • ·Global operations including international and emerging market risks.
  • ·Exposure to fluctuations in foreign currency, interest rates, tariffs, and inflation.
  • ·Compliance with various laws and regulations and costs of legal compliance.
  • ·Outcome of legal claims, litigation, and regulatory proceedings.
  • ·Protection of proprietary rights and intellectual property infringement claims.
  • ·Environmental, health, and safety liabilities.

  Forward-looking · richest in 10-Ks

  Strategic priorities

  • ·Integrate recent acquisitions (Certrec and Paragon) to expand offerings in the nuclear power market.
  • ·Strengthen development of Mirion's digital ecosystem through Certrec's regulatory compliance and digital integration solutions.
  • ·Provide comprehensive product offerings and services for nuclear power customers and small modular reactors (SMRs).

  Capital allocation

  During Q1 2026, the company repurchased $16.0 million of common stock (treasury) and $4.1 million to satisfy tax withholdings from vesting restricted stock units. The company also incurred $4.3 million in stock-based compensation expense. No dividends were declared.

  Extracted by deepseek-v4-flash · Jul 22, 2026

• 8-KApr 28, 2026Item 2.02,9.01

  Source ↗

  This 8-K filing solely notifies that Mirion Technologies issued a press release on April 28, 2026, regarding its Q1 2026 financial results. No qualitative details, forward-looking statements, risk discussions, or strategic commentary are included in the filing itself; all substantive content resides in the referenced Exhibit 99.1 press release.

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  Extracted by deepseek-v4-flash · Jul 22, 2026

• 10-KFeb 19, 2026

  Source ↗

  Mirion turned profitable in 2025, reporting net income of $29.8 million on revenues of $925.4 million, driven by strong demand in nuclear and medical end markets and a record backlog of $1.1 billion. The acquisitions of Certrec and Paragon significantly enhance its nuclear power offerings. Management is cautiously optimistic, pointing to favorable nuclear industry trends and expanding medical applications, but highlights risks from tariffs, supply chain concentration, and the nascent SMR market. Capital allocation prioritizes M&A and share repurchases, with no dividends. The company's financial position improved through equity and convertible note offerings, though debt remains substantial at $450 million in term loans plus convertible notes.

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  MD&A highlights

  • ·Revenues for FY2025 were $925.4 million, up from $860.8 million in FY2024.
  • ·Net income for FY2025 was $29.8 million, compared to a net loss of $36.6 million in FY2024.
  • ·Remaining performance obligations (backlog) as of December 31, 2025 were $1,104.3 million, up from $811.9 million as of December 31, 2024.
  • ·Completed acquisitions of Certrec Corporation in July 2025 and Paragon Energy Solutions in December 2025, both integrated into the Nuclear & Safety segment.
  • ·Approximately 49% of remaining performance obligations are expected to be recognized in calendar year 2026.

  Backlog

  Remaining performance obligations as of December 31, 2025 were $1,104.3 million, with approximately 49% expected to be recognized in calendar year 2026. The increase from $811.9 million in the prior year is driven by large project awards, including nuclear new build contracts.

  Debt / leverage

  As of December 31, 2025, the Company had $450.0 million aggregate principal outstanding under the Term Loan Facility, and $175.0 million available under the Revolving Facility. Additionally, the Company has convertible senior notes due 2030 and 2031. The Credit Facilities bear variable interest rates, exposing the Company to interest rate risk.

  Key risks

  • ·We have incurred operating losses in the past and cannot assure you we will always achieve positive net income.
  • ·Our results of operations may fluctuate significantly due to varying demand, seasonal patterns, and long sales cycles.
  • ·Geopolitical and trade conditions, including tariffs, export controls, and conflicts like Russia-Ukraine, could materially affect our business.
  • ·Our growth strategy relies on the emerging SMR market, which may develop more slowly than expected.
  • ·We face risks related to acquisitions and integration, such as the recent Certrec and Paragon acquisitions.
  • ·Supply chain disruptions, including sole-source dependencies, could cause production delays and increased costs.
  • ·Public perception of nuclear energy and potential nuclear incidents could harm our markets.
  • ·Fixed-price contracts for nuclear new builds expose us to cost overruns and reduced margins.
  • ·International operations expose us to currency fluctuations, trade barriers, and compliance with complex laws.
  • ·We derive substantial revenue from U.S. government contracts, which are subject to budget cuts and audits.
  • ·Cybersecurity threats and data breaches could cause significant costs and reputational damage.
  • ·The use of artificial intelligence in our operations may lead to legal liability or regulatory action.
  • ·Loss of key personnel could adversely affect our business and operations.
  • ·We are subject to extensive regulations, including FDA, environmental, anti-corruption, and trade controls.
  • ·Our indebtedness, including variable-rate debt and convertible notes, could adversely affect our financial condition.

  Forward-looking · richest in 10-Ks

  Outlook / tone

  Management expresses cautious optimism, citing positive nuclear industry tailwinds from data center energy demand and clean energy policies, as well as growth in medical markets. However, they repeatedly caution that 'our results of operations may fluctuate significantly' and note risks from tariffs, supply chains, and integration of recent acquisitions. The narrative is grounded in strong backlog growth and a return to profitability, but tempered by explicit uncertainty about sustaining positive net income and the pace of SMR market development.

  Strategic priorities

  • ·Exploit under-penetrated market opportunities by leveraging existing positions to develop innovative products and integrated offers.
  • ·Expand addressable market through geographic expansion (e.g., India, European dosimetry), customer outsourcing, service privatization, and new end markets (e.g., regulatory compliance via Certrec).
  • ·Develop new products and services, including software and digital solutions like the Vital Platform, and support SMR development.
  • ·Continuously improve cost structure and productivity through supplier consolidation and manufacturing footprint optimization.
  • ·Pursue strategic acquisitions to complement organic growth and enhance product portfolio.

  Capital allocation

  The Company has a share repurchase program of up to $100.0 million authorized in December 2024, expiring November 2029, with no repurchases in Q4 2025. No dividends have been paid. In September 2025, the Company completed a public offering of 19.9 million shares of Class A common stock at $21.35 per share, generating net proceeds of $409.7 million, which along with convertible note proceeds funded the Paragon acquisition and capped call transactions. Management states they 'continuously monitor potential acquisitions and intend to further complement our organic growth with selective acquisitions.'

  Risk-factor changes

  The Risk Factors section was updated to include new risks related to tariffs and global trade relations, the emerging SMR market, and the use of artificial intelligence. The cybersecurity risk factor was expanded to address AI-enabled threats. The Russia-Ukraine conflict risk was updated to reflect the ongoing impact. No previously disclosed risks were removed.

  Extracted by deepseek-v4-flash · Jul 22, 2026

• 8-KFeb 10, 2026Item 2.02,9.01unprocessed

  Source ↗

  Facts ingested; qualitative extraction pending.

• 8-KDec 08, 2025Item 1.01,2.03,9.01unprocessed

  Source ↗

  Facts ingested; qualitative extraction pending.

• positivemedium magnitudemedium-termtrade-press3d ago

  Reactor life-extension funding advances in EU budget — tailwind for detection & dosimetry suppliers

  Reinforces the Nuclear & Safety order pipeline; medium magnitude because it is directional, not yet contracted.

  Source ↗

  approved