Filing history
Mirion Technologies— every filing summary in full, newest first. The status card's three-section read is synthesized from exactly these.
Where it standsMirion (MIR) is a radiation-detection and nuclear-services platform that reached GAAP profitability in 2025 and is now digesting two sizable acquisitions. TTM revenue is $925.4M with $438.6M gross profit (47.4% gross margin) and $189.6M EBITDA (20.5% margin), but bottom-line conversion remains thin: TTM net income of $28.8M is a 3.1% net margin, or $0.105 per share on 275.4M shares. The Q1 2026 10-Q shows the growth engine still running — revenue up 27.5% y/y to $257.6M on Certrec/Paragon contribution plus organic gains — while net income swung to a $3.4M loss on higher opex and a foreign-currency loss, so the profitability trend is not yet clean. Backlog/remaining performance obligations of $1.12B (36% to be recognized in 2026) gives roughly 1.2x TTM revenue of visibility, and the Q3 2025 10-Q showed operating cash flow nearly doubling to $70.3M YTD — the underlying cash generation is better than the net-income line suggests, which matters because capital allocation is still tilted to M&A and buybacks ($16M repurchased in Q1 2026) rather than deleveraging or dividends. Two caveats dominate. First, leverage depends entirely on which debt definition you use: the terminal's facts (total debt $444.8M, cash $418.7M) imply roughly 0.14x net leverage, while the Q1 2026 10-Q describes $1.23B of total debt including $775M of convertible notes — a ~4.3x net leverage picture on the same $189.6M EBITDA. That gap needs reconciliation before the balance sheet is called safe. Second, book-to-bill cannot be computed: no bookings or orders figure is provided (backlog is null in the facts), so order momentum is unverifiable this period. Key operating risks remain concentration in nuclear/government end markets, tariff and supply-chain exposure, Paragon integration, and the nascent SMR market. The only new filing this period is an 8-K covering an executive secondment — no financial or operational information.
- 8-K2026-08-31Source ↗
No parsed narrative for this filing.
- 10-Q2026-07-29Source ↗
Mirion's H1 2026 revenue jumped to $524.4 million from $424.9 million, largely reflecting the Paragon and Certrec acquisitions, and operating cash flow rose to $77.4 million; however, net income attributable to shareholders fell to $4.3 million from $8.6 million due to higher amortization/SG&A and a $4.7 million FX loss. Backlog (remaining performance obligations) grew to $1.14 billion, supporting revenue visibility. The balance sheet carries $450 million of term debt plus $756.6 million of convertible notes, with $162.4 million revolver availability and covenant compliance affirmed. Capital allocation has favored treasury repurchases ($41.0 million in H1 2026) after the 2025 debt paydown and convertible issuance. Key watch items are integration of the large Paragon acquisition, geopolitical/tariff exposures, and fixed-price government contract risk.
Strategic priorities- Management believes the Certrec acquisition will be 'pivotal in expanding our offerings in the nuclear power market and further strengthen the development of Mirion's digital ecosystem.'
- Management believes Paragon will provide Mirion's nuclear power customers with a more comprehensive suite of product offerings and services and 'significantly enhances Mirion's presence in the U.S. nuclear power market and the developing SMR commercial entrants.'
Capital allocationIn H1 2026, cash used for purchases of treasury stock was $41.0 million plus $4.9 million for repurchases to satisfy tax withholding; capital expenditures and badge purchases were $19.9 million. In H1 2025, the company issued convertible senior notes (net proceeds $388.5 million), purchased capped calls ($44.6 million), and made a $244.6 million term loan principal repayment.
BacklogRemaining performance obligations for all open customer contracts were approximately $1,138.6 million at June 30, 2026, up from $1,104.3 million at December 31, 2025. The company estimates approximately 35%, 29%, 11%, and 5% of remaining performance obligations will be recognized as revenue during 2026, 2027, 2028, and 2029, respectively, with the remainder thereafter.
Debt / leverageAt June 30, 2026, debt excluding convertible debt totaled $451.6 million ($450.0 million outstanding under the 2021 Credit Agreement term loan plus $1.6 million other). The 2021 Credit Agreement provides an $830.0 million term loan facility and a $175.0 million revolver; the term loan interest rate was 5.70% (SOFR plus 2.00% margin), and no amounts were drawn on the revolver, leaving $162.4 million available. Convertible debt carrying value was $756.6 million (0.25% $400.0 million notes due 2030 and 0.00% $375.0 million notes due 2031). The company was in compliance with its debt covenants at June 30, 2026.
MD&A highlights- Total revenues increased to $266.8 million and $524.4 million for the three and six months ended June 30, 2026, respectively, compared with $222.9 million and $424.9 million in the prior-year periods.
- Gross profit rose to $133.1 million (Q2 2026) and $252.2 million (H1 2026) from $102.5 million and $198.6 million; income from operations was $17.9 million (Q2 2026) and $21.6 million (H1 2026) versus $9.9 million and $18.6 million.
- Net income attributable to Mirion was $7.7 million for Q2 2026 and $4.3 million for H1 2026, versus $8.3 million and $8.6 million in the comparable 2025 periods; H1 2026 included a $4.7 million foreign currency loss and higher intangible amortization.
- Cash provided by operating activities improved to $77.4 million in H1 2026 from $48.0 million in H1 2025.
- H1 2026 results included contributions from the Certrec (acquired July 31, 2025 for $82.9 million) and Paragon (acquired December 1, 2025 for $588.6 million) acquisitions; Paragon purchase accounting remains provisional.
- Remaining performance obligations increased to $1,138.6 million at June 30, 2026 from $1,104.3 million at December 31, 2025.
Key risks- Geopolitical and trade conditions, including matters affecting Russia, U.S.-China relations, the U.S.-Israel-Iran conflict, tariffs and global trade relations, export controls and trade barriers.
- Changes in government spending budgets, including budget reductions, sequestration, spending limits, government shutdowns, or failure to raise the debt ceiling.
- Supply chain difficulties and reliance on third-party manufacturers.
- Risks associated with government contracts, including long-term fixed-price contracts.
- Risks related to public perception of nuclear radiation and nuclear technologies.
- Information technology disruptions or security issues, including cyberattacks and data or systems breaches, and risks related to use of AI/machine learning in operations.
- Ability to realize expected benefits, synergies and integration related to strategic transactions such as the Certrec and Paragon acquisitions.
- Exposure to fluctuations in foreign currency exchange rates, interest rates, tariffs, and inflation, including impact on debt service costs.
- 8-K2026-07-28Source ↗
This 8-K solely reports that Mirion Technologies issued a press release on July 28, 2026 announcing financial results for the fiscal quarter ended June 30, 2026. The press release itself (Exhibit 99.1) is referenced but not included in the provided text, so no MD&A highlights, guidance, backlog commentary, debt commentary, key risks, capex plans, strategic priorities, outlook, risk factor changes, or capital allocation details are available from this filing alone. Investors should review the full press release for substantive qualitative and quantitative information.
- 8-K2026-07-02Source ↗
Mirion Technologies filed an 8-K on July 2, 2026, solely to disclose a compensatory arrangement with President of Nuclear & Safety Group Loïc Eloy. He will be seconded from France to the U.S. for an initial 12-month term (extendable to 36 months), receiving a $415,000 base salary, 50% target bonus eligibility, and customary expatriation benefits. No financial or operational updates were provided.
- 8-K2026-05-14Source ↗
No parsed narrative for this filing.
- 10-Q2026-04-29Source ↗
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.
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 allocationDuring 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.
BacklogRemaining 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 / leverageTotal 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.
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.
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.
- 8-K2026-04-28Source ↗
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.
- 8-K2026-04-13Source ↗
No parsed narrative for this filing.
- 10-K2026-02-19Source ↗
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.
Outlook / toneManagement 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 allocationThe 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.'
BacklogRemaining 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 / leverageAs 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.
Risk-factor changesThe 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.
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.
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.
- 8-K2026-02-10Source ↗
No parsed narrative for this filing.
- 8-K2025-12-08Source ↗
No parsed narrative for this filing.
- 8-K2025-12-01Source ↗
No parsed narrative for this filing.
- 8-K2025-11-07Source ↗
No parsed narrative for this filing.
- 10-Q2025-10-29Source ↗
Mirion delivered a strong third quarter in 2025, with revenue growing 7.9% to $223.1 million and net income swinging to a positive $2.9 million from a loss a year ago, driven by improved gross margins and operating leverage. Operating cash flow nearly doubled to $70.3 million year-to-date. The company significantly strengthened its balance sheet during the period, raising $755 million in convertible notes and $425 million in common equity, which it used to repay $244.6 million of term loans, repurchase $49.6 million of stock, and fund the $82.2 million acquisition of Certrec to expand its nuclear safety offerings. Backlog remains healthy at $808 million, providing good visibility into future revenues. Key risks include geopolitical uncertainties, government budget fluctuations, supply chain challenges, and integration of acquisitions.
Capex plansPurchases of property, plant, and equipment and badges were $26.6 million for the nine months ended September 30, 2025, compared to $37.1 million in the prior year period.
Capital allocationDuring the nine months ended September 30, 2025, the company issued $425.0 million of common stock, $755.0 million of convertible senior notes, purchased $82.6 million of capped calls, repurchased $49.6 million of treasury stock, repaid $244.6 million of term loan, and completed an $82.2 million acquisition (Certrec).
BacklogRemaining performance obligations were approximately $808.0 million as of September 30, 2025, with expected recognition of 26% in 2025, 35% in 2026, 14% in 2027, and 7% in 2028, and the remainder thereafter.
Debt / leverageTotal debt (including current) was $1,198.4 million as of September 30, 2025, consisting of $1.6 million current debt, $443.2 million non-current debt, and $753.6 million convertible debt. During the nine months, the company issued $400 million of 0.25% Convertible Senior Notes due 2030 and $375 million of 0.00% Convertible Senior Notes due 2031, and repaid $244.6 million of term loan principal.
MD&A highlights- Revenue increased 7.9% to $223.1 million in Q3 2025 from $206.8 million in Q3 2024.
- Gross profit improved to $104.5 million in Q3 2025 from $92.9 million in Q3 2024.
- Net income attributable to Mirion was $2.9 million in Q3 2025 compared to a net loss of $13.6 million in Q3 2024.
- Operating income was $7.4 million in Q3 2025 versus an operating loss of $1.6 million in Q3 2024.
- Cash provided by operations was $70.3 million for the nine months ended September 30, 2025, up from $38.3 million in the prior year period.
Key risks- Geopolitical and trade conditions, including tariffs and conflicts involving Russia, China, and the Middle East.
- Developments in government spending budgets and potential U.S. government shutdown.
- Ability to manage supply chain and difficulties with third-party manufacturers.
- Risks related to government contracts, including long-term fixed price contracts.
- Public perception of nuclear radiation and technologies.
- Information technology disruptions, cyberattacks, and data breaches.
- Ability to manage independent sales representatives and distributors.
- Ability to realize expected benefits from strategic transactions and acquisitions.
- Ability to issue debt, equity, or equity-linked securities.
- Changes in tax law and tax audits.
- Retention of key personnel.
- Product liability claims and adequacy of insurance coverage.
- Global operations and foreign currency fluctuations.
- Legal claims and regulatory proceedings.
- Intellectual property protection and infringement claims.
- Environmental, health, and safety liabilities.
- Risks related to the announced acquisition of WCI-Gigawatt.
- 8-K2025-10-28Source ↗
No parsed narrative for this filing.
- 8-K2025-09-30Source ↗
No parsed narrative for this filing.
- 8-K2025-09-24Source ↗
No parsed narrative for this filing.
- 10-Q2025-08-01Source ↗
No parsed narrative for this filing.
Extracted facts only — this page reproduces the stored filing summaries; it computes no valuation. Not investment advice.