Mirion Technologies (MIR) Q1 2026 earnings summary

Executive summary

• Orders surged 19% year-over-year to $241M excluding M&A, and 42% to $288M including Paragon and Certrec acquisitions, driving backlog to $1.1B, up 19% excluding M&A and 38% including M&A.

• Q1 2026 revenues rose 27.6% year-over-year to $257.6M, driven by strong nuclear power demand, medical segment growth, and recent acquisitions.

• Net loss attributable to stockholders was $3.4M, compared to net income of $0.3M in Q1 2025, mainly due to higher costs and acquisition-related amortization.

• Integration of Paragon and Certrec is yielding early revenue and customer synergies, enhancing the company's competitive position.

• Medical segment rebounded from 2025 headwinds, with RTQA and nuclear medicine showing renewed growth.

Financial highlights

• Q1 2026 revenue was $257.6M, up 27.5% year-over-year; organic revenue growth was 3%.

• Adjusted EBITDA reached $54.3M, up 16.3% year-over-year, with a margin of 21.1% (down from 23.1% due to M&A and mix impacts).

• Adjusted EPS was $0.10, unchanged from the prior year; GAAP net loss per share was $0.01.

• Adjusted free cash flow was $11.3M, with Q1 typically being the lightest quarter for cash generation.

• Gross profit increased to $119.1M from $96.1M year-over-year; gross margin was 46.2%.

Outlook and guidance

• 2026 revenue growth projected at 22%–25%, with organic revenue growth of 5%–7%.

• Adjusted EBITDA guidance of $285–$300M, with margins of 25%–26%.

• Adjusted free cash flow expected at $155–$175M, conversion rate of 54%–58%.

• Adjusted EPS guidance revised to $0.48–$0.55, reflecting a one-time CEO retention grant.

• Double-digit revenue growth anticipated in nuclear power and nuclear medicine for 2026.