MIR · Mirion Technologies, Inc.

Mirion Technologies delivered strong top-line performance in the first quarter of 2026, with revenues climbing 27.5% to $257.6 million. This growth was fueled by robust demand in the nuclear power sector and the consolidation of the Paragon acquisition, which management described as being fully integrated and generating commercial synergies. Excluding acquisitions, organic orders increased 19% to $241 million, signaling healthy underlying demand for the company's radiation detection and monitoring solutions. Total orders reached $288 million, a 42% increase, providing visibility into future revenue.

Profitability metrics presented a mixed picture. Adjusted EBITDA improved 16.3% to $54.3 million, demonstrating operational leverage. However, the company swung to a GAAP net loss of $3.4 million, compared to a small profit in the prior year period, resulting in a GAAP loss per share of $0.01. Adjusted earnings per share remained flat at $0.10. Management highlighted that record capital spending by power plant operators is accelerating momentum in the nuclear sector, a key end market for Mirion.

Looking forward, Mirion reaffirmed its full-year 2026 guidance for revenue growth, organic revenue growth, Adjusted EBITDA, and Adjusted Free Cash Flow. The company expects revenue growth of 22% to 24% and Adjusted EBITDA of $285 million to $300 million. However, Adjusted EPS guidance was revised lower to a range of $0.48 to $0.55, down from $0.50 to $0.57, specifically to account for the expense impact of a special one-time CEO retention grant involving performance-vesting stock options disclosed earlier in April. This adjustment reflects a compensation decision rather than a change in operational expectations.