Mirion Technologies (NYSE:MIR) reported a first-quarter 2026 start marked by strong order growth and a larger backlog, as management pointed to accelerating demand in nuclear power and early signs of stabilization in its medical RTQA business. Founder, Chairman and CEO Tom Logan said orders are “a bellwether” for the company, and emphasized that momentum is being driven primarily by the nuclear installed base as utilities shift capital plans toward life extensions and modernization.
Orders surge and backlog expands
Logan said first-quarter orders increased 19% to $241 million excluding M&A-related growth. Including contributions from Paragon and Certrec, orders rose 42% to $288 million. He described order volume as “notably diverse,” with meaningful growth in both operating segments, including the RTQA medical business that faced headwinds in 2025.
Nuclear power installed base and SMRs drive demand
Logan said nuclear power within the Nuclear & Safety segment continues to lead the company’s momentum, with growth tied primarily to existing reactors and small modular reactors (SMRs). He noted that Mirion secured $50 million of “large opportunity” orders in Q1 and added that the company won an additional $35 million in SMR-related orders in April.
In prepared remarks, Logan described a shift in operator mindset from “premature decommissioning” and defensive spending toward “100-year operating cycles” and modernization investments. In response to an analyst question, he said U.S. nuclear plants are running at high capacity factors and that global capacity constraints are changing how owners manage assets. Logan said this is creating demand for upgrades to instrumentation and control systems—including in-core detection, neutron flux measurement, radiation monitoring, and reactor protection systems—as well as digitally enabled radiation protection solutions.
Logan also emphasized that more than 80% of Mirion’s nuclear power revenue comes from the installed base, with new build projects representing upside through SMRs and utility-scale development. He cited Department of Energy initiatives, including UPRISE, and discussed broader market drivers tied to energy security and onshoring. He added that Mirion has content in every reactor in North America and approximately 98% of the global operating fleet.
On the April SMR win, Logan told analysts the $35 million order was with “a single leading SMR player” and related to instrumentation and control—describing it as supportive of the “central nervous system” of the plant. He also reiterated prior commentary that instrumentation and control revenue opportunity per megawatt for SMRs can be materially higher than for utility-scale projects, citing a previously referenced estimate of roughly 60% higher, while CFO Brian Schopfer added that figure was “pre-Paragon.”
Paragon and Certrec: integration focus and early synergy signs
Logan said Paragon contributed $43 million of orders in the quarter and called the Paragon team “the tip of the spear” for the nuclear installed base. He said Paragon’s first-quarter revenue grew 45% and that the acceleration is improving operating leverage and helping expand margins.
Logan detailed the integration approach, saying Mirion’s first principle is “first, do no harm,” with early priorities centered on infrastructure integration (benefits, HR, IT, financial processes), followed by commercial synergies, then cost optimization and technology leverage. He said the acquisitions are enabling Mirion to offer integrated solutions spanning laboratory instruments, safety and security systems, qualified equipment, radiation protection, and regulatory and workforce software—adding that “no competitor in the U.S. nuclear market has that breadth.”
Management said commercial synergies are already showing up in incremental order wins, including an example where Paragon relationships helped Mirion secure a significant order for legacy products. Logan and Schopfer also discussed increased customer engagement, including joint visits with U.S. chief nuclear officers, which Logan said is expanding Mirion’s view of the opportunity set.
Asked about cost synergies and cultural alignment, Logan said cultural compatibility has been “extraordinarily high,” but the company is not yet calling out specific cost synergies. He said Mirion expects Paragon to become accretive and reiterated the company remains committed to its previously stated goal of reaching 30% EBITDA margins by 2028.
Financial results: acquisition-driven revenue growth, margin contraction as expected
Schopfer said first-quarter revenue was $258 million, up 28% year over year, with organic growth of 3% “in line with our expectations.” He said adjusted EBITDA was $54 million, up 16%, while margins contracted due to M&A dilution, one-time items in the prior year, and mix shift in the legacy Nuclear & Safety segment, including sensing.
Adjusted EPS was $0.10 per share. Schopfer noted that in 2026 Mirion is including stock-based compensation in adjusted EPS; under that methodology, last year’s adjusted EPS would have been $0.08 per share. The company also repurchased approximately 700,000 shares for $16 million under its $100 million repurchase program.
Mirion generated $11 million of adjusted free cash flow in the quarter. Schopfer said Q1 is historically the lightest cash flow quarter and described project cash flow as “lumpy,” adding that working capital timing weighed on results. He said the company has “line of sight to a much more robust cash generation profile” in coming quarters and remains on track for full-year adjusted free cash flow guidance.
Segment performance: Nuclear & Safety growth and RTQA “green shoots”
Nuclear & Safety first-quarter revenue was $186 million, up 39%, with organic growth of 2.6% that Schopfer said was better than February expectations of flat year-over-year performance. He said nuclear power revenue excluding M&A increased 4% despite a difficult comparison, with growth in North America and Europe offset by lower new-build revenue in Asia. Schopfer maintained the outlook for double-digit nuclear power revenue growth for the full year, and added that SMR-related revenue—about 2% of total company revenue—should rise to more than 3% by year-end.
In the Medical segment, revenue rose 5% to $72 million, with approximately 4% organic growth. Schopfer said RTQA posted double-digit organic growth driven by easier comparisons after ERP-related headwinds, solid software performance, and initial production tied to a radiation-hardened camera order associated with Varian. He said that camera order provides backlog in the product for the next three years. Schopfer said nuclear medicine remains on track for double-digit organic revenue growth in 2026, though he expects much of that growth to be back-half weighted.
On RTQA, Schopfer told analysts management has not changed full-year guidance but has increased confidence due to “green shoots” and the Varian order. He said the company is watching Asian trends, adding he is “a little bit more optimistic about China” while remaining “a little bit hesitant” on Japan. He also said software and services continued to lead performance, while hardware did better than expected in the quarter.
Looking ahead, Schopfer said second-quarter orders are expected to be higher than Q1, with 15% to 20% sequential order growth. He said second-quarter consolidated organic revenue growth is expected to be in the low single digits, citing a headwind from shipments to China in the second quarter of 2025 ahead of tariffs. Management kept 2026 guidance unchanged from February, except for “a small adjustment” to adjusted EPS reflecting a one-time CEO retention grant of performance-vesting stock options.
About Mirion Technologies (NYSE:MIR)
Mirion Technologies Inc (NYSE: MIR) is a leading global provider of radiation detection, measurement and monitoring solutions. The company’s portfolio includes instrumentation, software and service offerings designed to detect, quantify and manage radiation in nuclear power, oil and gas, defense and homeland security, medical imaging and diagnostic applications. Mirion’s product suite spans personal and environmental dosimetry, area monitors, digital imaging detectors and turnkey solutions for decommissioning and environmental remediation projects.
Mirion traces its origins to the combination of several established radiation measurement businesses, including the former Canberra nuclear instrumentation division, and has been supported by private equity investors before completing its initial public offering on the New York Stock Exchange in 2023.
