MIRMEDIUM SIGNALOPPORTUNITY10-K

Mirion Technologies is significantly expanding its business focus to include Small Modular Reactor (SMR) innovation and nuclear power growth opportunities while substantially growing its engineering workforce and balance sheet.

The company is positioning itself at the forefront of next-generation nuclear technology by explicitly targeting SMR innovators and expanding its forward-looking statements to include tariff impacts, suggesting preparation for a changing trade environment. The expanded R&D team (growing from 439 to 534 scientists and engineers) and enhanced positioning as a leader in "radiation safety and innovation" rather than just "radiation safety" indicates strategic investment in emerging nuclear technologies that could drive future growth.

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FINANCIAL ANALYSIS

The balance sheet shows substantial expansion with total assets growing 36% to $3.6B and total liabilities increasing meaningfully to $1.7B, while stockholders' equity grew a more modest 24% to $1.9B. Operating cash flow improved notably by 45% to $143.3M while capital expenditures declined 25% to $36.4M, suggesting improved cash generation efficiency. The overall financial picture indicates a company investing in growth while maintaining strong operational cash flows, though the substantial liability increase warrants monitoring.

FINANCIAL STATEMENT CHANGES
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.

Stockholders Equity
Balance Sheet
+24%
$1.5B→$1.9B

Equity base grew 24% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Liabilities
Balance Sheet
+20%
$263.4M→$316.1M

Current liabilities rose 20% — increased short-term obligations, watch current ratio.

Inventory
Balance Sheet
+14.6%
$133.2M→$152.6M

Inventory built 14.6% — monitor whether demand supports this build or if write-downs may follow.

R&D Expense
P&L
+11.1%
$35.0M→$38.9M

R&D investment increased 11.1% — signals commitment to future product development, though near-term margin impact.

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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