MIRHIGH SIGNALOPPORTUNITY10-K

MIR achieved a dramatic financial turnaround with a swing from -$36M to +$29M net income while positioning itself strategically in the expanding Small Modular Reactor (SMR) market.

The company's complete reversal from losses to profitability, combined with doubled operating income and 44% operating cash flow growth, demonstrates strong operational execution. The strategic pivot to emphasize SMR opportunities and expanded R&D workforce (95 additional professionals) positions MIR to capitalize on the nuclear renaissance, particularly as SMRs represent a high-growth segment of the nuclear industry.

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FINANCIAL ANALYSIS

MIR delivered exceptional financial performance with net income swinging $65M positive, operating cash flow surging 45% to $143M, and cash reserves more than doubling to $412M. While total liabilities increased 55% and assets grew 36%, the company simultaneously ramped up share buybacks from $2M to $50M, signaling strong confidence in future prospects. The reduced capital expenditure alongside improved profitability suggests operational efficiency gains and disciplined capital allocation.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+2380%
$2.0M→$49.6M

Share repurchases increased 2380% — management returning capital, signals confidence in intrinsic value.

Net Income
P&L
+179.8%
-$36.1M→$28.8M

Net income grew 179.8% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+135.3%
$175.2M→$412.3M

Cash position surged 135.3% — strong cash generation or capital raise providing significant financial cushion.

Operating Income
P&L
+107.7%
$24.8M→$51.5M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Total Liabilities
Balance Sheet
+55.2%
$1.1B→$1.7B

Liabilities grew 55.2% — significant increase in debt or obligations, assess impact on financial flexibility.

Current Assets
Balance Sheet
+50.3%
$594.7M→$893.7M

Current assets grew 50.3% — improving short-term liquidity or inventory/receivables build.

Operating Cash Flow
Cash Flow
+44.6%
$99.1M→$143.3M

Operating cash flow surged 44.6% — exceptional cash generation, highest quality earnings signal.

Total Deposits
Balance Sheet
+36.4%
$14.3M→$19.5M

Deposits grew 36.4% — expanding customer base or increased trust in the institution.

Total Assets
Balance Sheet
+36.1%
$2.6B→$3.6B

Asset base grew 36.1% — expansion through organic growth, acquisitions, or capital deployment.

Capital Expenditure
Cash Flow
-25.4%
$48.8M→$36.4M

Capex reduced 25.4% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-26
ADDED
All statements contained in this Annual Report on Form 10-K other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, our objectives for future operations, macroeconomic trends, including the impact of tariffs and global trade relations, macro trends in the cancer care, nuclear power and small modular reactor industries and our competitive positioning are forward-looking statements.
DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENTS INSPECTIONS 121 4 Table of Content s PART III 122 ITEM 10.
As a global leader in the field of radiation safety and innovation, we bring together unrivaled expertise with an unmatched range of reliably precise technologies.
Customers span active nuclear power reactors,innovators in Small Modular Reactor (SMR) design, universities, numerous international government and supranational agencies, 23 of the 32 NATO militaries, national laboratories, environmental laboratories, research institutes, industrial companies, radiopharmaceutical drug manufacturers, hospitals, cancer centers, and small office healthcare providers.
Our broad product and services portfolio is supported by our engineering and research and development organization of 534 scientists, engineers, and technicians, who represented approximately 16% of our workforce as of December 31, 2025.
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REMOVED
All statements contained in this Annual Report on Form 10-K other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, our objectives for future operations, macroeconomic trends, macro trends in nuclear power and cancer care, and our competitive positioning are forward-looking statements.
DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENTS INSPECTIONS 116 4 Table of Content s PART III 117 ITEM 10.
As a global leader in radiation safety, we bring together unrivaled expertise with an unmatched range of reliably precise technologies.
Customers span active nuclear power reactors, many of the leading nuclear reactor design firms, universities, numerous international government and supranational agencies, 23 of the 32 NATO militaries, national laboratories, environmental laboratories, research institutes, industrial companies, hospitals, cancer centers, and small office healthcare providers.
Our broad product and services portfolio is supported by our engineering and research and development organization of 439 scientists, engineers, and technicians, who represented approximately 15% of our workforce as of December 31, 2024.
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