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Business Combinations, Acquisitions, and Business Disposals | 12 Months Ended
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Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combinations, Acquisitions, and Business Disposals | Business Combinations, Acquisitions, and Business Disposals All acquisitions are accounted for under the acquisition method of accounting, and the related assets acquired and liabilities assumed are recorded at fair value. The Company makes an initial allocation of the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. The Company obtains the information used for the purchase price allocation during due diligence and through other sources. In the months after closing, as the Company obtains additional information about the acquired assets and liabilities, including through tangible and intangible asset appraisals, and learns more about the newly acquired business, it is able to refine the estimates of fair value and more accurately allocate the purchase price. The fair values of acquired intangibles are determined based on estimates and assumptions that are deemed reasonable by the Company. Significant assumptions include the discount rates and certain assumptions that form the basis of the forecasted results of the acquired business including revenue, earnings before interest, taxes, depreciation and amortization (“EBITDA”), and growth rates. These assumptions are forward looking and could be affected by future economic and market conditions. Only facts and circumstances that existed as of the acquisition date are considered for subsequent adjustment. The Company will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required. Purchases of acquired businesses resulted in the recognition of goodwill in the Company’s Consolidated Financial Statements, which is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from the other assets acquired that could not be individually identified and separately recognized. The goodwill is not amortized but some portion may be deductible for income tax purposes. This goodwill recorded includes the following: • The expected synergies and other benefits that we believe will result from combining the operations of the acquired business with the operations of Mirion; • Any intangible assets that did not qualify for separate recognition, as well as future, yet unidentified projects and products; • The value of the existing business as an assembled collection of net assets versus if the Company had acquired all of the net assets separately. Purchase of Certrec The Company continually evaluates potential acquisitions that strategically fit with the Company’s existing portfolio. On July 31, 2025, Mirion acquired 100% of the equity interest of Certrec for approximately $82.9 million of gross purchase consideration ($80.6 million, net of cash). Certrec is a leading supplier of regulatory compliance and digital integration solutions for the energy industry. Mirion management believes the Certrec business will be pivotal in expanding our offerings in the nuclear power market and further strengthen the development of our digital ecosystem. Transaction costs related to Certrec were not material for the year ended December 31, 2025. Purchase of Paragon Energy Solutions On December 1, 2025, Mirion acquired 100% of the outstanding membership interest of WCI-Gigawatt Intermediate Holdco, LLC, the indirect parent of Paragon Energy Solutions, LLC (“Paragon”) for $588.4 million of gross purchase consideration ($581.3 million, net of cash and net working capital adjustment), subject to final closing statement balances. As part of the Nuclear & Safety segment, Paragon is a leading provider of highly engineered solutions for large-scale nuclear power plants and small modular reactors (SMRs) in the United States. Mirion management believes that Paragon will provide Mirion's nuclear power customers with a more comprehensive suite of product offerings and services to meet their growing needs. Additionally, the addition of Paragon significantly enhances our presence in the U.S. nuclear power market and the developing SMR commercial entrants. Transaction costs related to Paragon were $14.1 million for the year ended December 31, 2025 and are included within selling, general, and administrative expenses in the Consolidated Statements of Operations. Fair value of Assets Acquired in 2025 The following table summarizes the total business enterprise value, comprised of the fair value of net assets acquired for the current year acquisitions (in millions):
| Certrec |  | Paragon
Date of acquisition | July 31, 2025 |  | December 1, 2025
Segment | Nuclear & Safety |  | Nuclear & Safety
Goodwill (1) | $ | 55.7 |  |  | $ | 343.7 |
Amortizable intangible assets: |  |  |
Developed technology (2) | 19.9 |  |  | 52.1 |
Customer relationships (3) | 8.6 |  |  | 171.3 |
Trade names (4) | 1.4 |  |  | 12.6 |
Leasehold improvements (5) | — |  |  | 2.0 |
Backlog (6) | — |  |  | 12.5 |
Total amortizable intangible assets | $ | 29.9 |  |  | $ | 250.5 |
Tangible assets and liabilities: |  |  |
Cash | $ | 2.3 |  |  | $ | 4.6 |
Restricted cash—current | — |  |  | 2.5 |
Accounts receivable, net | 0.7 |  |  | 14.3 |
Costs in excess of billings | — |  |  | 12.4 |
Inventories | — |  |  | 16.3 |
Prepaid expenses and other currents assets | 0.1 |  |  | 2.3 |
Property, plant, and equipment, net | — |  |  | 1.4 |
Other assets | 0.8 |  |  | 2.3 |
Accounts payable | (0.3) |  |  | (6.9) |
Deferred contract revenue | (4.2) |  |  | (11.0) |
Accrued expenses and other current liabilities | (1.6) |  |  | (9.9) |
Deferred income taxes, non-current | — |  |  | (32.9) |
Other liabilities, non-current | (0.5) |  |  | (1.2) |
Net tangible assets acquired | $ | (2.7) |  |  | $ | (5.8) |
Purchase consideration | $ | 82.9 |  |  | $ | 588.4 |
Less: cash and restricted cash acquired | 2.3 |  |  | 7.1 |
GAAP purchase consideration, net of cash acquired | $ | 80.6 |  |  | $ | 581.3 |
Acquiree revenue post acquisition through the period ended December 31, 2025 | $ | 6.1 |  |  | $ | 9.0 |
Acquiree loss from operations post acquisition through the period ended December 31, 2025 | $ | (0.4) |  |  | $ | (1.8) |
(1)The goodwill of $55.7 million and $343.7 million, respectively, represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired and liabilities assumed and is attributable to the acquired assembled workforce and expected revenue and cost synergies. A portion of the goodwill recognized is expected to be deductible for income tax purposes. The purchase price allocation has not been finalized. We expect to finalize the valuation report and complete the purchase price allocation no later than one-year from the acquisition date. (2)The useful life for developed technology ranges from 5-15 years. (3)The useful life for customer relationships is 10 years. (4)The useful life for trade names is 10 years. (5)The useful life for leasehold improvements is 2.7 years. (6)The useful life for backlog is 3 years. The estimated fair values of all assets acquired and liabilities assumed in the acquisitions are provisional and may be revised as a result of additional information obtained during the measurement period of up to one year from the respective acquisition date, including but not limited to, inventory, costs in excess of billings, intangible assets, deferred revenue balances and the valuation of tax accounts. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information presents the Company's results of operations for the years ended December 31, 2025 and December 31, 2024 to illustrate the estimated effects of the acquisitions of Certrec and Paragon as if they had occurred on January 1, 2024. The pro forma financial information is presented for comparative purposes only and is not necessarily indicative of the Company's operating results that may have actually occurred had the acquisitions been completed on January 1, 2024. The unaudited pro forma financial information does not reflect the expected realization of any anticipated cost savings, operating efficiencies, or other synergies that may have been associated with the acquisitions.
(amounts in millions) | Fiscal Year Ended December 31, 2025 |  | Fiscal Year Ended December 31, 2024
Total revenues | $ | 1,043.2 |  |  | $ | 974.0 |
Net income (loss) | $ | 29.0 |  |  | $ | (61.2) |
Net income (loss) attributable to Mirion Technologies, Inc. stockholders | $ | 28.0 |  |  | $ | (60.7) |
The unaudited pro forma financial information reflects pro forma adjustments to present the combined pro forma results of operations as if the acquisitions had occurred on January 1, 2024 to give effect to certain events the Company believes to be directly attributable to the acquisitions. These pro forma adjustments primarily include: •A net increase in cost of revenues, depreciation, and amortization expense that would have been recognized due to acquired inventory, property, plant and equipment, operating leases and intangible assets; •An increase in amortization of deferred financing costs that would have been recognized due to the convertible senior notes obtained to finance the transaction; •A reduction in expenses for the year ended December 31, 2025, and a corresponding increase in the fiscal year ended December 31, 2024, for acquisition-related transaction costs directly attributable to the acquisition; and •A change in income tax expense to reflect the income tax effect of the pro forma adjustments based upon an estimated blended statutory rate of 23%. Biodex Rehabilitation Sale to Salona Global In the fourth quarter of the year ended December 31, 2022, the Biodex Rehabilitation ("Rehab") business was deemed as held for sale. On April 3, 2023, the Company closed the sale of Rehab to Salona Global Medical Device Corporation ("Salona") for $1.0 million in cash at closing. During the fiscal year ended December 31, 2024, the Company received an additional $1.2 million from Salona, which has been reflected as a gain on business disposal in the Consolidated Statements of Operations.

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