Mirion Technologies, Inc. (MIR): Business Model Canvas [Dec-2025 Updated]

You're looking to truly understand the engine driving Mirion Technologies, Inc. (MIR) right now, and after two decades analyzing these complex plays, I can tell you their Business Model Canvas paints a clear picture of a company deeply embedded in high-stakes, regulated markets. Honestly, it's not just about selling hardware; it's about locking in recurring revenue from a massive installed base, where the Nuclear Power segment alone is set to drive about 45% of total sales, supported by a digital pivot that includes compliance software. With 2025 Adjusted EBITDA guidance landing between $223 million and $233 million, the model shows a clear path from mission-critical R&D to long-term customer relationships-so, dig into the nine blocks below to see exactly how they convert that specialized IP into predictable cash flow.

Mirion Technologies, Inc. (MIR) - Canvas Business Model: Key Partnerships

You're looking at the partnerships Mirion Technologies, Inc. relies on to drive its business, especially as they integrate new acquisitions and expand digital offerings. Here are the concrete numbers defining those relationships as of late 2025.

Collaborations with industry leaders like Westinghouse.

Mirion Technologies, Inc. entered a strategic partnership with Westinghouse Electric Company around June 2025. This deal focuses on supplying digital Ex-core Nuclear Instrumentation Systems (NIS) using Mirion's proTK product line. The proTK technology has seen over 400 drawers implemented globally, accumulating more than 4,000 operating years. This collaboration targets both Westinghouse and Combustion Engineering designed pressurized water reactors (PWRs) worldwide.

Strategic M&A targets for advanced technology and market expansion.

Mirion Technologies, Inc. has been active in M&A to bolster its portfolio. The acquisition of Paragon Energy Solutions closed with a purchase price of $585 million. This transaction is expected to increase Mirion Technologies, Inc.'s total anticipated nuclear power-related revenue to 45% of consolidated revenue, up from 37% previously disclosed. The Paragon deal is valued at approximately 18x its expected 2026 EBITDA, with expected annualized cost and commercial benefits of approximately $10 million. The acquisition is projected to add $0.02 to $0.03 per diluted share in the first full year post-close. Separately, the acquisition of Certrec, a regulatory compliance solution provider, closed in July 2025 for $81M.

The company's Medical segment grew through strategic technology acquisition, specifically the May 2025 purchase of Oncospace by Sun Nuclear, a Mirion Medical company. Sun Nuclear technology is currently relied upon by more than 6,000 cancer centers globally.

The table below summarizes the scale of recent strategic moves:

Acquisition Target	Acquisition Date (Approx.)	Reported Purchase Price	Expected 2026 EBITDA Multiple (Pre-Synergy)
Paragon Energy Solutions	Q3 2025	$585 million	18x
Certrec	July 2025	$81M	Not Disclosed
Oncospace (via Sun Nuclear)	May 2025	Not Disclosed	Not Disclosed

Partnerships with global military and government organizations.

Mirion Technologies, Inc. maintains relationships across defense and government sectors. Its products have been sold to 19 of the 28 NATO militaries. The company also serves the U.S. Departments of Energy, State, Defense, and Homeland Security.

Recent contract activity includes:

• A Department of Energy Blanket Purchase Agreement (BPA) with a total funding obligated of $61,200.00, with an end date of June 30, 2025.
• A February 2025 Purchase Order from NASA for $19,850 to support calibration and maintenance for 32 Environmental Continuous Air Monitor (ECAM) units.

Technology alliances for digital platform integration (e.g., Oncospace).

The integration of Oncospace brings specific AI and machine-learning technologies, including the Gateway solution, which converts patient archives from Philips Pinnacle to systems like Raysearch Raystation and Varian Medical Systems® Eclipse. The Plan AI™ Software, an AI-powered treatment planning assistant, is designed to save time and drive continuous improvement in plan quality.

The company's overall financial outlook reflects confidence in these strategic moves, with 2025 guidance updates showing:

• Total revenue growth expected to be 7% to 9%.
• Adjusted EBITDA expected between $223 million and $233 million.
• Adjusted Free Cash Flow forecasted at $95 million to $115 million.
• The Nuclear Power end-market targets double-digit organic growth for 2025.

Finance: draft 13-week cash view by Friday.

Mirion Technologies, Inc. (MIR) - Canvas Business Model: Key Activities

You're looking at the core actions Mirion Technologies, Inc. takes to deliver value, which right now is heavily focused on integrating recent, large-scale moves in the nuclear sector. These aren't just routine operations; they are strategic levers being pulled to capture the current energy transition tailwinds.

Research and Development (R&D) in radiation detection and medical imaging

While I don't have the specific R&D dollar amount for the full year 2025, the activity is clearly driving segment performance. The Medical segment, for instance, showed strong organic growth of 10.1% in Q2 2025, with revenue reaching $81.2 million for that quarter. This segment's Adjusted EBITDA jumped 19.9% year-over-year to $30.1 million in Q2 2025, showing that innovation in areas like radiotherapy quality assurance and diagnostic imaging is paying off with improved operating leverage. The company is also focused on developing its product pipeline, which supports the overall 2025 total revenue growth guidance of 7.0% - 9.0%.

Executing strategic acquisitions

This is a major focus, especially in late 2025, aiming to bolster the Nuclear & Power group. Mirion Technologies, Inc. has been actively deploying capital, having earmarked $150 million for acquisitions in the 2024-2025 period. The activity here is about buying deep industry relationships and specialized software/services. Here's a look at the two biggest moves:

Acquired Company	Acquisition Date/Announcement	Purchase Price (Cash)	Valuation Multiple	Key Contribution
Certrec	Closed July 2025	$81 million plus equity incentives	16.9x EV/25E EBITDA	Regulatory compliance and digital integration services; 55% of revenue from nuclear power customers.
Paragon Energy Solutions	Announced September 24, 2025	Approximately $585 million	Approximately 18x Paragon's expected 2026E Adjusted EBITDA	Highly engineered solutions for large-scale NPPs and SMRs; expected $150 million revenue in 2026.

The Certrec deal closed in July 2025, and the Paragon deal was announced in September 2025, with an expected close before year-end 2025. The goal is clear: when the Paragon deal closes, Mirion expects nuclear power-based revenue to be approximately 45% of total revenue. Also, the Q1 2025 acquisition of Oncospace, a cloud-native data analytics platform, fits this strategy.

Manufacturing and managing a regionalized supply chain

Mirion Technologies, Inc. operates in 12 countries and employs approximately 2,800 people globally. While specific manufacturing output numbers aren't public, the focus on supply chain is evident through the acquisitions. For example, the Paragon acquisition is explicitly intended to strengthen the nuclear global supply chain needed for fleet upgrades and SMR deployment. The company has also been managing external pressures, as seen in its Q2 2025 commentary regarding minimizing tariff exposure to date.

Servicing, recalibrating, and upgrading a large installed base

This activity underpins the recurring revenue strength, which was a key driver for the Certrec purchase. You should note the deep integration of the acquired companies' installed bases. Certrec solutions are used by every U.S. nuclear reactor facility, and Paragon's systems are integrated into every nuclear reactor in North America. The overall company backlog stood at $819 million at the end of Q2 2025, giving good visibility into future service and upgrade work. The company reaffirmed its 2025 Adjusted EBITDA guidance at $223 million - $233 million, supported by this installed base.

Securing large, one-time orders from the $350 million pipeline

Securing these large projects is crucial for hitting the top-line growth targets. The previously communicated large opportunity pipeline was valued between $300 million and $400 million. As of the Q3 2025 update, the remaining unawarded portion of that specific pipeline is $285 million. The status of that pipeline looks like this:

• Orders expected to be awarded in 2025: $175 million.
• Orders now expected to be awarded in 2026 (due to timing): $110 million.

Recent wins include an approximately $10 million small modular reactor new build order in Q3 2025, and an approximately $55 million order for the Asia installed base in October 2025. These large awards help support the 4.5% - 6.0% organic revenue growth guidance for the full year 2025.

Mirion Technologies, Inc. (MIR) - Canvas Business Model: Key Resources

You're looking at the core assets Mirion Technologies, Inc. (MIR) relies on to execute its business strategy in the radiation technology space. These aren't just line items on a balance sheet; they are the engines driving their growth, especially with the nuclear renaissance underway.

Extensive Intellectual Property (IP) in ionizing radiation technology

Mirion Technologies, Inc. protects its proprietary methods and technology through a mix of patents, trade secrets, and contractual agreements. This IP is fundamental to maintaining their leadership position in highly regulated markets where product reliability is non-negotiable.

As of the close of 2024, the company reported a substantial portfolio:

• Issued U.S. utility patents: approximately 71
• Issued foreign utility patents: approximately 40
• Pending U.S. utility non-provisional applications: 7
• Pending foreign utility patent applications: 8

The expected expiration dates for these issued patents range from 2025 to 2038. The company does not anticipate a material impact from the patents scheduled to expire in 2025.

Large global installed base of products in nuclear facilities

The installed base is a massive source of recurring revenue and a barrier to entry for competitors. Mirion Technologies, Inc. states its products are installed at the vast majority of the addressable, active nuclear power reactors globally. This base drives service, recalibration, and replacement cycles.

Here's a look at the scale and market context as of late 2025:

Metric	Value (Late 2025 Context)
Global Operating NPPs (as of Jan 2025)	Approximately 440 in 31 countries
Nuclear Revenue Share (Post-Certrec/Paragon Expected)	Approximately 45% of total revenue
Nuclear Revenue Share (FY 2024)	Approximately 37%
Nuclear & Safety Segment Organic Revenue Growth (Q3 2025)	9%
U.S. Nuclear Power Orders YTD (as of Q3 2025)	Up 44%
Revenue from Installed Base (Nuclear)	Over 80% of Nuclear revenue

The company has also secured significant new business, including a $10 million small modular reactor new build order in Q3 2025 and a subsequent $55 million order for the Asia installed base in October 2025.

Specialized human capital (Engineers, Health Physicists, Scientists)

The technical expertise embedded within Mirion Technologies, Inc. is critical for developing and supporting complex radiation technology. This human capital supports their leadership position across their two main segments: Nuclear & Safety and Medical.

The sheer scale of the workforce provides the necessary depth:

• Total Employees (as of late 2025): Approximately 2,800
• Global Operational Footprint: Operates in 12 countries

This specialized team supports a broad customer base, including sales to 23 of 32 NATO militaries and relationships with U.S. Departments of Energy, State, Defense, and Homeland Security.

Digital platforms and software (e.g., Apex-Guard, Oncospace)

Mirion Technologies, Inc. is actively expanding its software and services footprint, which often carries higher margin potential and recurring revenue characteristics. The acquisition of Certrec in July 2025 was a strategic move to augment services and software offerings, particularly in nuclear power.

While specific revenue for platforms like Apex-Guard or Oncospace isn't broken out, the strategic focus on digital is clear, evidenced by the mention of the Vital® Digital Ecosystem and LightLink® Technology as new digital solutions broadening the nuclear power portfolio.

Strong capital structure following 2024 debt optimization

You saw significant moves in 2024 to clean up the capital structure, including redeeming warrants and repricing debt. This set the stage for further optimization in 2025, which management noted contributed to increased Adjusted Free Cash Flow guidance.

The key financial structure points as of late 2025 are:

In Q2 2025, Mirion Technologies, Inc. completed a $400 million convertible notes offering and refinanced its Term Loan B. Then, on November 6, 2025, the company announced a further refinancing of $450 million in term loans, maturing in 2032. The expected year-end 2025 blended cost of debt is targeted at 2.8%. As of September 30, 2025, the Total Debt stood at approximately $1,232.8 million, up from $719.9 million at the end of 2024, reflecting strategic financing activities and acquisitions.

The company's TTM revenue as of September 2025 was $902.30 million, with a market capitalization of $5.39 billion as of October 22, 2025.

Mirion Technologies, Inc. (MIR) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Mirion Technologies, Inc. over alternatives, especially in high-stakes environments where failure isn't an option. The value proposition centers on being the indispensable partner for managing radiation risk and compliance across critical sectors.

Mission-critical, compulsory solutions for highly-regulated industries

Mirion Technologies, Inc. provides solutions that aren't optional; they are required to keep operations running legally and safely in nuclear, medical, and defense end-markets. This necessity drives resilient demand, which you can see reflected in their financial guidance for the fiscal year ending December 31, 2025. The company reaffirmed its total Revenue growth guidance at approximately 7.0% - 9.0%.

The strength in the nuclear power sector is a key driver here. Nuclear Power adjusted orders grew 21% year-over-year in the third quarter of 2025. Furthermore, the company is actively converting a large opportunity pipeline, with $65 million awarded through October 2025 out of a $350 million total pipeline.

Here's a look at how the core segments are performing, showing where the compulsory demand is translating to revenue:

Segment	Q3 2025 Revenue ($M)	Q3 2025 Adj. EBITDA Margin (%)	YoY Revenue Growth (%)
Nuclear & Safety	144.6	28.1%	9%
Medical	78.5	35.9%	5.9%

Honestly, the medical segment's margin of 35.9% in Q3 2025 is impressive, showing strong pricing power in that area.

Global leadership in radiation safety, science, and medicine

Mirion Technologies, Inc. claims a significant global footprint, which underpins its leadership position. Their technologies are used in over 130 countries. The overall Radiation Detection, Monitoring, and Safety Market is estimated to be worth $3.62 billion in 2025.

This leadership is built on deep penetration in key end-markets:

• Technologies utilized in 80% of cancer centers worldwide.
• Strong presence in the nuclear power end-market, which is seeing utility capital expenditures projected to rise from 9% of revenue in 2021-2024 to 11% for 2025-2028.
• Nuclear power-based revenue is expected to reach approximately 45% of total revenue following recent acquisitions.

High-performance, accurate, and reliable detection equipment

The value here is in the precision of the measurement tools themselves. You see this commitment to performance in their product development cycle. For instance, in February 2025, Mirion Technologies launched the IC3™ handheld ion chamber survey meter.

This specific device offers a measuring range from 1 µSv/hr to 1 Sv/hr and operates reliably in high-humidity environments without needing desiccant, making it ideal for nuclear power plants and radiopharmacies. The company is focused on delivering high-quality hardware that meets stringent operational needs.

Enhanced quality and safety in cancer care and radiation therapy

In the medical space, the value proposition is directly tied to patient and staff safety during diagnostic imaging and radiation therapy. The Medical segment showed robust growth, with Q2 2025 revenue increasing 10.9% year-over-year to $81.2 million. For Q3 2025, the segment maintained strong margins at 35.9%.

To support enhanced quality and safety, Mirion Technologies is also advancing its digital offerings. They announced the release of Apex-Guard™ Software Version 1.2 in April 2025, specifically aimed at addressing stringent regulatory demands within the radiopharmaceutical supply chain.

Regulatory compliance and software services (Certrec acquisition)

The acquisition of Certrec, which closed in July 2025 for $81 million in cash plus equity incentives, significantly bolsters the regulatory compliance value stream. Certrec provides regulatory compliance and digital integration services to power-generating facilities.

This move is strategic, as it helps Mirion Technologies serve the rapidly growing North American energy markets with regulatory depth. The combined entity is positioned to capture a larger share of the nuclear power market, with the nuclear-based revenue expected to be about 45% of the total revenue post-close. This recurring revenue stream from compliance services is a defintely attractive component of the overall business model.

Finance: draft 13-week cash view by Friday.

Mirion Technologies, Inc. (MIR) - Canvas Business Model: Customer Relationships

You're looking at how Mirion Technologies, Inc. keeps its customers locked in, which is key when your products are complex and mission-critical. The relationships here are built to last, often creating high barriers for a customer to switch to a competitor. This structure is what helps drive that steady stream of revenue you see coming from the installed base.

The nature of the business means these are defintely long-term engagements. For instance, Mirion Technologies, Inc. explicitly notes that its relationships provide recurring revenues when customers upgrade and replace their existing installed base. This recurring element is a core part of the financial stability, especially when you look at the overall backlog, which stood at $819 million at the end of Q2 2025.

When it comes to keeping things running smoothly, Mirion Technologies, Inc. leans heavily on dedicated support and training. The customer acquisition strategy involves providing specialized training, customized system integrations, and dedicated technical support to meet the specific needs of sectors like nuclear power, healthcare, and environmental monitoring. While we don't have a specific dollar amount for training revenue in the Q3 2025 reports, the overall company revenue for that quarter was $223.1 million, showing the scale of the customer base being supported.

Account management is sharp, focusing on maximizing value from the existing customer pool through cross-selling. This strategy is particularly effective in two major areas:

• The Medical business sees cross-selling opportunities driven by QA solutions used by 80% of global cancer centers.
• In the Nuclear & Safety segment, approximately 80% of the Nuclear Power end-market revenue comes from the installed base, which is typically accompanied with higher margins.

Here's a quick look at how the installed base is a focus for new business, especially following the October 2025 award:

Segment/Opportunity	Metric/Value	Context
Asia Installed Base Order	$55 million	Awarded in October 2025, part of the large opportunity pipeline.
Nuclear Power Installed Base Revenue Share	Approximately 80%	Represents the portion of Nuclear Power revenue derived from existing equipment.
Medical QA Solution Penetration	80%	Percentage of global cancer centers using their QA solutions.
FY2025 Total Revenue Growth Guidance	7% to 9%	Reflects expected growth across all segments, including installed base activity.

Also, the company is pushing digital engagement hard. Mirion Technologies, Inc. announced the launch of new digital platforms, including the Vital Platform and next-generation Apex-Guard software, to enhance service delivery. This aligns with the broader market trend where the global cloud native technologies market size is calculated at USD 50.31 billion in 2025, showing the environment in which their digital solutions operate. The company is clearly moving to embed its services deeper into customer workflows via software.

Finance: draft 13-week cash view by Friday.

Mirion Technologies, Inc. (MIR) - Canvas Business Model: Channels

You're looking at how Mirion Technologies, Inc. gets its radiation detection, measurement, analysis, and monitoring solutions into the hands of its B2B customers across nuclear, medical, defense, and research markets. The channel strategy is clearly built around direct engagement supported by a wide international footprint.

The direct sales force is central to targeting specialized markets, ensuring deep technical understanding for complex sales cycles. As of December 31, 2024, the sales and marketing personnel count stood at 272 employees, which represented about 10% of the company's total workforce of approximately 2,800 people. This internal team is organized by operating segment and end market to better serve customer needs.

This direct reach is amplified by a significant global operational presence. Mirion Technologies, Inc. operates in 12 countries across North America, Europe, and Asia. To support this, the company maintained 43 sales offices throughout these regions as of the end of 2024. The strategy also heavily relies on augmenting this internal team with channel partners, like independent sales representatives and distributors, especially in remote geographies or for smaller volume purchases.

The focus on nuclear power, a key end-market, shows a channel strategy deeply integrated with large-scale projects. Following the acquisition of Certrec in July 2025, the company anticipates that nuclear power-based revenue will account for approximately 45% of total revenue. This suggests a channel heavily weighted toward direct, high-value engagement for these critical infrastructure projects.

For ongoing customer relationships, the service and support network is key for recurring revenue. While a specific service-only revenue percentage isn't broken out, the company's structure supports maintenance and recalibration, which is vital for regulatory compliance in their end markets. The Q2 2025 backlog stood at $819 million, indicating that a significant portion of future revenue visibility comes from installed bases requiring ongoing support and follow-on orders.

The push toward digital solutions, which includes Software-as-a-Service (SaaS) delivery, is evident through strategic moves. The acquisition of Paragon Energy Solutions in late 2025 is noted to integrate digital I&C (Instrumentation & Control) capabilities. While the exact revenue contribution from pure SaaS is not quantified in the latest reports, the company's overall revenue for the twelve months ending September 30, 2025, was $902.30 million. This total revenue is the base from which digital solutions are being rolled out.

Here's a quick look at the scale of the direct sales channel as of late 2024/early 2025 data:

Channel Metric	Value (Latest Available Data)
Total Employees	Approximately 2,800
Sales & Marketing Personnel	272 (as of 12/31/2024)
Sales Offices	43 (North America, Europe, Asia as of 12/31/2024)
Global Operational Countries	12
Projected Nuclear Power Revenue Share (Post-Certrec)	Approximately 45% of total revenue

The company uses various marketing activities to feed this channel, including participation in trade shows across defense, medical, and nuclear end markets, advertising in technical journals, and hosting user meetings and webinars to engage customers directly. If onboarding new complex systems takes longer than expected due to regulatory hurdles, the direct sales team needs to be staffed appropriately to manage the extended sales cycle, which is a defintely near-term operational risk.

Finance: review the Q4 2025 sales pipeline conversion rates against the $902.30 million TTM revenue base.

Mirion Technologies, Inc. (MIR) - Canvas Business Model: Customer Segments

You're looking at the core of Mirion Technologies, Inc.'s business-who they sell to. It's all B2B (Business-to-Business), focusing on high-stakes environments where failure isn't an option. This focus on specialized, regulated customers is key to their pricing power and long-term contracts.

The Nuclear Power Industry is definitely the anchor here. While I can't confirm the exact forward-looking target, the market demand is strong; for instance, order entry accelerated in the first quarter of 2025, driven by this very end-market. The expectation is that this segment is targeted to reach 45% of total revenue.

Next up is Medical/Cancer Care. This area supports everything from diagnostics to radiation therapy quality assurance (RT QA). The outline suggests this segment accounted for approximately 26% of 2024 revenue. The Medical segment is focused on improving the quality and safety of cancer care delivery.

For Global Military and Defense organizations, Mirion Technologies, Inc. has deep penetration. As of May 2024, the company is a supporter of 23 out of 31 NATO militaries, showing significant trust from global defense customers for their radiological detection and measurement solutions.

The remaining customer base is broad, covering Industrial, Research, and Academic Laboratories. These customers rely on Mirion for critical radiation safety, measurement, and analysis applications. For context, Mirion Technologies, Inc.'s trailing twelve-month revenue ending September 30, 2025, stood at $902.30 million.

Here's the quick math on the scale of the customer base and recent performance. The company reaffirmed its 2025 guidance projecting total revenue growth between 5.0% and 7.0% for the fiscal year ending December 31, 2025. What this estimate hides is the potential upside from those large, one-time orders currently in the bidding process, which Q1 2025 commentary suggested could add between $300 million to $400 million.

You can see the diversity of the customer base when you look at who they serve directly. Mirion Technologies, Inc.'s principal customers include a wide array of entities:

• Hospitals, clinics, and urgent care facilities.
• Radiation treatment facilities and OEMs for radiation therapy.
• Military organizations and government agencies.
• Power and utility companies, plus reactor design firms and NPPs (Nuclear Power Plants).
• National Laboratories and Department of Energy Facilities.

To keep things clear, here is a snapshot of the key customer-related data points we have:

Customer Segment Focus	Reference Metric/Data Point	Value/Amount
Nuclear Power Industry	Expected Revenue Contribution (as per outline)	45%
Medical/Cancer Care	Approximate 2024 Revenue Share (as per outline)	26%
Global Military and Defense	NATO Militaries Supported (as of May 2024)	23 of 31
Total Scale (TTM as of Sep 30, 2025)	Trailing Twelve-Month Revenue	$902.30 million
Total Scale (Q1 2025)	First Quarter Revenue	$202.0 million

These customers are all highly-regulated, B2B entities that demand reliability and strict compliance, which is why Mirion Technologies, Inc. maintains 43 sales offices throughout North America, Europe, and Asia to provide that localized, expert service.

Finance: draft 13-week cash view by Friday.

Mirion Technologies, Inc. (MIR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Mirion Technologies, Inc.'s operations, which are heavily weighted toward innovation and supporting complex, regulated hardware and software delivery. Honestly, the cost structure reflects a company balancing high-touch service with product development in critical sectors like nuclear power and medical technology.

Substantial R&D investment for continuous product innovation is a non-negotiable cost here. This spending fuels the next generation of detection and monitoring solutions, especially as nuclear power and advanced medical applications evolve. For the twelve months ending September 30, 2025, Research and Development expenses totaled approximately $37 million.

The Cost of goods sold (COGS) for complex hardware manufacturing is significant, as these are not simple off-the-shelf components. For the third quarter ended September 30, 2025, the total Cost of revenues was $118.6 million. Breaking this down, the Product cost of revenues, which aligns most closely with COGS for hardware, was $89.5 million for the same period.

Acquisition and integration costs represent a strategic, lumpy expense category. Mirion Technologies, Inc. had earmarked a budget of $150 million for acquisitions across the 2024-2025 period. More recently, the company announced an agreement to acquire Paragon Energy Solutions for approximately $585 million in cash. Actual reported M&A expenses within operating costs for Q3 2025 were $0.3 million.

The required figure for Amortization expense for Q3 2025 is $25.7 million. This expense is a direct result of past acquisitions, as intangible assets like customer relationships and developed technology are systematically expensed over time.

Selling, General, and Administrative (SG&A) expenses for global operations cover the overhead to manage a worldwide footprint across the Medical and Nuclear & Safety segments. For the three months ended September 30, 2025, SG&A expenses were $87.0 million.

Here's a quick look at the key operating expense components for the third quarter of 2025, where available:

Cost Component	Q3 2025 Amount (USD)
Total Revenues	$222.9 million
Total Cost of Revenues (COGS proxy)	$118.6 million
Product Cost of Revenues (Hardware COGS)	$89.5 million
Selling, General, and Administrative (SG&A)	$87.0 million
Amortization Expense (as required for outline)	$25.7 million

The company's focus on high-growth areas is also reflected in how these costs are managed:

• Lower SG&A for the six months ended June 30, 2025, compared to the prior year, was partly driven by lower amortization expense.
• R&D expenses for the six months ended June 30, 2025, were $18.7 million.
• The full-year 2025 guidance projects an Adjusted EBITDA margin between 24.0% and 25.0%.
• The company is actively managing its capital structure to support future growth, expecting a blended cost of debt of approximately 2.8% by year-end 2025.

Finance: draft 13-week cash view by Friday.

Mirion Technologies, Inc. (MIR) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive Mirion Technologies, Inc.'s revenue engine as of late 2025. It's a mix of hardware sales, sticky service contracts, and strategic digital platform adoption.

The core of the business remains the product sales of radiation detection and measurement equipment across its key end markets: Nuclear, Medical, Defense, and Research. For context on the scale, Mirion Technologies, Inc.'s revenue for the third quarter ending September 30, 2025, was $223.1 million, representing a 7.9% increase year-over-year.

The most financially stable part of the equation is the recurring service and maintenance revenue from the installed base. Management has highlighted that approximately 80% of the Nuclear Power end market revenue comes directly from this installed base, which is typically accompanied by higher margins. This recurring stream is crucial for predictable cash flow.

The business also captures significant value from large, one-time project orders, often tied to new builds or major life-extension projects in the nuclear sector. For instance, in October 2025, Mirion Technologies, Inc. was awarded an approximately $55 million order for the Asia installed base. This followed an approximately $10 million small modular reactor new build order booked in the third quarter of 2025. The company noted a large opportunity pipeline of about $285 million remaining to be awarded as of late 2025.

Digital platforms are an increasingly important component, driving software and subscription revenue. Strategic acquisitions like Certrec, which closed in July 2025, and the pending Paragon Energy Solutions acquisition, are explicitly aimed at strengthening this area. Once Paragon closes, nuclear power-based revenue is expected to represent approximately 45% of total enterprise revenue.

Looking at the overall financial expectation for the year, Mirion Technologies, Inc. reaffirmed its full-year 2025 Adjusted EBITDA expected between $223 million and $233 million.

Here's a look at the segment revenue contribution from the most recently reported quarter to show where the product sales and service revenue are being generated:

Segment	Q3 2025 Revenue (in millions)	Year-over-Year Growth
Nuclear & Safety	$144.6	9%
Medical	Data Not Explicitly Stated for Q3, but grew +5.9% YoY	5.9%

The Nuclear & Safety segment saw its revenue grow to $144.6 million in Q3 2025, with nuclear power end market organic revenue specifically growing 9% in the quarter.

The Medical segment also showed strength, with revenue growing 5.9% year-over-year in Q3 2025.

• Nuclear power organic revenue grew 9% in Q3 2025.
• Nuclear orders were up 21% in Q3 2025.
• SMR orders booked in Q3 2025 were approximately $17 million.
• Adjusted EBITDA for Q3 2025 reached $52.4 million.
• The company's cash and cash equivalents stood at $933.2 million as of September 30, 2025.

Finance: review the impact of the $55 million Asia order on Q4 revenue recognition versus the expected full-year Adjusted EBITDA range by next Tuesday.