0001628280-26-009869
SEC filingRevenue grew 7.5% to $925.4M driven by Nuclear & Safety and Medical; net income turned positive to $29.8M.
Mirion Technologies, Inc. is a global leader in radiation safety and innovation, providing products, services, and software that allow customers to safely leverage ionizing radiation for applications in nuclear energy, medicine, defense, and research. Headquartered in Atlanta, Georgia, Mirion operates in 12 countries including Canada, the United Kingdom, France, Germany, Finland, China, and others. The company has a history spanning over 60 years and serves a broad customer base including nuclear power plants, government agencies, hospitals, and research institutions.
Mirion operates through two segments: Nuclear & Safety and Medical. The Nuclear & Safety segment serves the entire nuclear fuel cycle, including power generation, laboratories, research, industrial facilities, and defense. The Medical segment focuses on cancer care, diagnostic imaging, occupational dosimetry, and nuclear medicine. Revenue share by segment is not explicitly disclosed in this section, but both segments are central to the company's business.
Mirion offers a comprehensive portfolio. In Nuclear & Safety: radiation monitoring systems for nuclear power plants, reactor instrumentation, measurement services, imaging systems, and waste management; laboratory solutions include gamma/alpha spectroscopy and alpha/beta counting; defense solutions cover CBRNE detection. Key platforms include the Vital Platform (a connected ecosystem for radiation safety instruments) and Paragon HIPS. In Medical, the SunCHECK platform provides quality assurance for radiation therapy, complemented by Oncospace (cloud-based AI solutions). Nuclear medicine solutions include dose calibrators and ec2 software. Dosimetry services feature the Instadose platform and Dose Central data management.
Mirion sells through a direct sales force and indirect channels such as independent sales representatives and distributors. As of December 31, 2025, the sales and marketing team comprised 324 employees. The company's customer base is diverse: no single customer exceeded 5% of consolidated revenue in fiscal 2025, and the top five customers accounted for approximately 13% of revenue. Geographically, 48% of revenue came from the United States and Canada, 33% from Europe, and 17% from Asia Pacific in fiscal 2025.
Mirion faces competition from both niche players and large multinationals. Key competitors in Nuclear & Safety include Thermo Fisher Scientific, Curtiss-Wright, Ortec (Ametek), FLIR (Teledyne), Ludlum, Fuji Electric, Caen System, Fluke (Fortive), Berthold Technologies, and Framatome. In Medical, competitors are Landauer (Fortive), PTW, IBA, Standard Imaging, Comecer, and LAP. The company competes on product quality, reliability, technical capability, and customer relationships in defense and nuclear markets, while in medical, brand recognition, price, service, and reliability are crucial.
Mirion's strategic priorities include exploiting under-penetrated market opportunities (e.g., US dosimetry services, integrated nuclear new build offers), expanding addressable markets through geographic expansion, customer outsourcing, and privatization of government services, and developing new products such as those for small modular reactors (SMRs). The company also focuses on software and digital solutions (e.g., Vital Platform, Paragon HIPS), continuous cost improvement, and pursuing strategic acquisitions to complement organic growth. Recent acquisitions of Certrec (July 2025) and Paragon Energy Solutions (December 2025) illustrate this strategy.
As of December 31, 2025, Mirion employed 3,281 full-time and part-time individuals, plus approximately 128 temporary or contract workers. The company's research and development organization consists of 534 scientists, engineers, and technicians, representing about 16% of the workforce. Approximately 1.4% of employees are covered by collective bargaining agreements. Mirion emphasizes employee engagement, competitive compensation and benefits, training and development, and a strong safety culture.
For the fiscal year ended December 31, 2025, Mirion Technologies reported revenue of $925.4 million, a 7.5% increase from $860.8 million in 2024. Gross profit rose 9.7% to $438.6 million, yielding a gross margin of 47.4% compared to 46.4% in the prior year, driven by favorable mix and pricing. Operating income surged 107.7% to $51.5 million from $24.8 million, leading to an operating margin of 5.6% versus 2.9% in 2024. Net income swung to $29.8 million from a net loss of $36.6 million, aided by revenue growth, a $17.4 million unrealized foreign currency gain (primarily Euro/USD fluctuations), lower net interest expense ($30.1M vs $51.3M) due to debt refinancing, and a $5.3 million reduction in warrant liability losses. Partially offsetting were $23.0 million in non-operating expenses (including $15.7M merger costs and $5.8M debt extinguishment loss) and higher SG&A and R&D costs.
Nuclear & Safety: Segment revenue grew 9.5% to $614.6 million, driven by $15.1M from acquisitions (Paragon and Certrec), $13.9M positive FX, $13.3M organic volume growth (nuclear power end market), and $11.2M price increases. Operating income rose 28.1% to $101.1 million, with margin expanding from 14.1% to 16.4%, largely due to $11.7M lower amortization from fully amortized intangibles. M&A operating costs of $10.6M partially offset gains.
Medical: Segment revenue increased 3.7% to $310.8 million, with price increases ($6.0M), recovery from prior operational delays ($2.7M), and FX ($1.4M), partly offset by softer cancer care demand. Operating income jumped 110.3% to $46.9 million, margin improving from 7.4% to 15.1%, due to revenue growth, better product mix, $7.3M lower amortization, $3.4M lower restructuring costs, and $1.6M lower compensation.
Corporate & Other: Corporate costs increased to $96.5 million from $76.4 million, driven by $15.7M in M&A advisor fees and higher compensation, partially offset by lower stock-based compensation.
Overall segment mix shifted slightly toward Nuclear & Safety (66.4% of revenue vs 65.2% in 2024), reflecting stronger growth in that segment.
While management did not provide explicit quantitative guidance, the MD&A highlights several positive forward-looking indicators. Remaining performance obligations (RPO) reached $1,104.3 million at year-end, up 36% from $811.9 million, signaling strong committed business. The company expects to recognize approximately 49% of RPO as revenue in fiscal 2026. Key growth catalysts include nuclear power megatrends (data center demand, clean energy policy), expansion in Medical RT QA and dosimetry, and recent acquisitions (Paragon, Certrec) that broaden the nuclear product suite. Risks include foreign currency volatility, sanctions exposure in Russia (~$103M backlog), and integration costs. The company's liquidity position strengthened with $412.3M cash and access to $159.3M revolver, following debt refinancings and equity offerings.
As of December 31, 2025, Mirion held $412.3 million in cash and cash equivalents plus $6.9 million in short-term marketable securities. Total debt stood at $1,199.2 million, consisting of $444.7 million net term loan and $754.5 million convertible notes (net of issuance costs). Shareholders' equity was $1,916.9 million. The cash position was bolstered by the $775 million convertible debt issuance, partially offset by $244.6 million term loan repayment and $82.6 million for capped call transactions. Inventory of $152.6 million was essentially flat year-over-year despite acquisitions.
Mirion disclosed $82.6 million in unconditional purchase obligations, with $52.0 million due within one year. Additionally, remaining performance obligations (RPO) totaled $1,104.3 million, expected to be recognized 49% in 2026, 20% in 2027, 9% in 2028, and 6% in 2029. The company also has operating lease liabilities of $34.5 million and asset retirement obligations of $2.9 million.
Mirion repurchased $49.6 million of Class A common stock in 2025, including $31.0 million in conjunction with the 2030 convertible note offering and $18.6 million under its $100 million buyback program, leaving $81.4 million still authorized. No dividends were declared. Capital expenditures were $36.4 million (3.9% of revenue). Debt management included issuing $400 million 0.25% convertible notes due 2030 and $375 million 0% convertible notes due 2031, with the proceeds used to repay $244.6 million of term loan debt and fund the Paragon acquisition.
The notes describe two reportable segments: Medical and Nuclear & Safety. However, no segment-level revenue, operating income, or margin data is provided within the extracted notes section. The acquisitions of Certrec and Paragon were both allocated to the Nuclear & Safety segment, increasing its goodwill to $1,238.4 million. Geographic revenue breakdown is not disclosed in the notes.
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