Here are 1-3 brief analogies to describe Mirion Technologies:

• Thermo Fisher Scientific for radiation detection and measurement.

• Honeywell for industrial and defense radiation safety.

• Danaher for critical radiation technologies.

• Radiation Detection and Measurement Equipment: Provides a range of instruments and systems for detecting, identifying, and quantifying various types of radiation.
• Dosimetry Services: Offers personal radiation monitoring, tracking, and reporting services to ensure the safety of individuals exposed to radiation.
• Radiation Safety Systems: Develops integrated hardware and software solutions for real-time radiation monitoring, access control, and emergency response in critical facilities.
• Medical Physics Quality Assurance: Delivers specialized solutions for ensuring the accuracy and safety of radiation therapy and diagnostic imaging equipment in healthcare settings.
• Nuclear Decommissioning Solutions: Supplies technologies and services to support the safe dismantling of nuclear facilities and the characterization and management of radioactive waste.

Mirion Technologies (MIR) primarily sells its specialized radiation detection, measurement, and monitoring solutions to other companies and organizations (B2B).

According to the company's annual reports, such as its 2023 Form 10-K, no single customer accounted for 10% or more of its consolidated net revenues for the past several years. As such, specific individual major customer company names are not publicly disclosed due to a lack of significant revenue concentration.

Therefore, Mirion Technologies serves a diverse global customer base across various industries. Its major customers are the types of organizations operating within the following sectors:

• Nuclear Energy Sector: This includes nuclear power plants, operators, and facilities involved in the nuclear fuel cycle, reactor operations, and decommissioning projects.
• Government & Defense Agencies: Serving various government bodies, including homeland security, military, defense organizations, and national laboratories for applications such as border security, force protection, and environmental monitoring.
• Healthcare & Medical Providers: Hospitals, clinics, pharmaceutical companies, and medical research institutions utilizing Mirion's products for diagnostic imaging, radiation therapy, nuclear medicine, and dose management.
• Industrial & Environmental Sectors: Covering diverse industries such as manufacturing, oil and gas, mining, waste management, and environmental monitoring where radiation safety, measurement, and control are critical.
• Research & Academic Institutions: Universities and research facilities that use Mirion's advanced solutions for scientific study, experimental physics, and educational purposes.

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Thomas D. Logan, Chairman of the Board, Chief Executive Officer and Founder

Thomas D. Logan is the founder of Mirion and has served as its Chief Executive Officer since 2005. He has been the Chairman of the Board since February 2025. Prior to founding Mirion, Mr. Logan served as Chief Executive Officer for Global Dosimetry Solutions from 2004 to 2005. Before 2004, he held positions as President of BAF Energy, CFO of E-M Solutions, and CFO of BVP, Inc., in addition to various finance leadership roles at Chevron.

Brian Schopfer, Chief Financial Officer

Brian Schopfer has served as Mirion's Chief Financial Officer since 2020. He initially joined Mirion in 2015, serving as Executive and Senior Vice President of Business Transformation. From February 2018 to March 2019, he was the Chief Financial Officer of Omnimax International, a building products company, before rejoining Mirion in March 2019. Prior to his initial tenure at Mirion, Mr. Schopfer was Chief Financial Officer for Hillphoenix (part of the Dover Corporation) from 2014 to 2015, and Director of Financial Planning and Analysis for the Dover Corporation from 2013 to 2014.

Loïc Eloy, Technologies Group President

Loïc Eloy has been Mirion's Technologies Group President since 2022. He joined Mirion in 2015 and previously held roles as Vice President of Mirion's Detection and Measurement (Health Physics) Division from 2015 to 2019 and President of Mirion's Radiation Monitoring Systems Division from 2019 to 2022. Before Mirion, Mr. Eloy served as Director of Finance and Accounting at Areva from 2008 to 2012, and then as Commercial Director from 2012 to 2015. His earlier career included various finance and commercial positions at Siemens.

Alison Ulrich, Chief Human Resources Officer

Alison Ulrich was appointed Chief Human Resources Officer in April 2022. She has been with Mirion since 2004, where she previously served as the Global HR Director, responsible for managing and building the HR function, leading global HR initiatives, and enhancing the employee experience.

Shelia Webb, Chief Digital Officer

Shelia Webb assumed the role of Chief Digital Officer (also referred to as Chief Technology Officer) in July 2019. Prior to this, she was the Spectroscopy Division President for three years and, before the Canberra acquisition, served as Vice-President of Engineering for Canberra Industries. Her 23-year career at Canberra included various management positions in Product Management, Product Development, and Services.

The key risks to Mirion Technologies (MIR) business primarily revolve around the unpredictable nature of government spending, the successful integration of its acquisitions, and the complexities of its highly regulated operating environment.

1. Operational and Financial Timing Risks: A significant risk for Mirion Technologies is the uncertainty surrounding U.S. government budgets and potential shutdowns, which can lead to shifts in expected order dates. For example, $110 million of previously communicated orders were recently noted to have shifted from 2025 into 2026 due to these timing issues, directly impacting sales cycles and potentially pressuring quarterly results. This unpredictable nature of government spending is considered a major near-term challenge to the company's financial outlook.
2. Execution and Integration Risks from Acquisitions: Mirion Technologies has pursued an aggressive acquisition strategy, including recent purchases. While these acquisitions present opportunities, they also introduce substantial execution risks related to successfully integrating new businesses, including blending systems, cultures, and sales forces. Failure to effectively integrate these acquired entities in a timely manner can increase churn risk, especially for mission-critical solutions, and the expected benefits of these strategic transactions may not materialize.
3. Regulatory and Compliance Risks: Operating in sectors such as nuclear, defense, and medical, Mirion Technologies is subject to a highly regulated environment. Its products must comply with extensive domestic and international standards and certifications from various governmental agencies. Changes in regulatory requirements could necessitate product modifications, incur substantial costs or delays, or even lead to the cancellation of customer orders. Any failure to comply with these comprehensive laws and regulatory regimes could result in significant penalties and legal expenses, materially and adversely impacting the company's business, results of operations, and financial condition.

Addressable Markets for Mirion Technologies' Main Products and Services:

Expected Drivers of Future Revenue Growth for Mirion Technologies (MIR)

Over the next 2-3 years, Mirion Technologies (MIR) is poised for revenue growth driven by several key factors:

1. Expansion in the Nuclear Power Market: Mirion is strategically positioned to capitalize on the increasing global demand for clean energy solutions. This includes growth from new nuclear power plant construction, the installed base of existing facilities, and the development of small modular reactors (SMRs). The company is actively pursuing a substantial project pipeline in this sector.
2. Growth in the Cancer Care and Medical Market: The company's Medical group is expected to see continued gains, particularly in nuclear medicine and radiation therapy quality assurance (RTQA). Mirion's portfolio of nuclear medicine instruments and data management software is well-positioned to benefit from the growing demand for radiopharmaceutical therapy in cancer care.
3. Strategic Acquisitions: Mirion has allocated a budget for strategic acquisitions, focusing on companies with advanced radiation detection technologies, AI-powered monitoring systems, and innovations in medical imaging. Recent acquisitions, such as ec2 in late 2023, have already contributed to inorganic revenue growth.
4. Digital Innovation and New Product Development: The company is actively investing in and integrating digital technologies into its radiation safety solutions. This includes upgrading existing analog systems to modern digital instrumentation and developing new digital products that allow for real-time, remote monitoring. This focus on innovation is expected to enhance efficiency and create new solutions.
5. Strong Backlog and Project Pipeline: Mirion has entered 2025 with approximately half of its expected 2025 revenue already secured in its backlog. Additionally, the company is actively pursuing a substantial project pipeline valued between $300 million and $400 million, with the majority of these projects anticipated to materialize in the latter half of the year. This strong order book provides confidence in future revenue delivery.

Share Repurchases

• On December 3, 2024, Mirion Technologies authorized a share repurchase program for up to $100 million of its Class A common stock.
• As of September 30, 2025, the company had repurchased 1,160,000 shares for $18.56 million under this program.

Share Issuance

• Mirion Technologies became a public company on October 20, 2021, through a business combination with a SPAC, which included the issuance of 30,401,902 shares of Class A common stock and 8,560,540 shares of Class B common stock to the former Mirion TopCo sellers.
• On September 26, 2025, Mirion priced an underwritten public offering of 17,309,846 shares of Class A common stock at $21.35 per share, with estimated net proceeds of approximately $356.2 million.
• Concurrently in September 2025, the company also priced an upsized offering of $325.0 million in 0.00% Convertible Senior Notes due 2031, expecting net proceeds of approximately $316.4 million.

Inbound Investments

• The business combination on October 20, 2021, was supported by a $900 million Private Investment in Public Equity (PIPE) from various investors, including Fidelity Management & Research Company LLC, BlackRock, Neuberger Berman funds, and Janus Henderson Investors.
• The $900 million PIPE investment included a $200 million anchor investment from Goldman Sachs.
• Goldman Sachs also provided an additional $125 million equity commitment as a backstop.

Outbound Investments

• Between October 2018 and December 2022, Mirion acquired thirteen companies to expand its portfolio.
• On November 1, 2023, Mirion acquired ec2 Software Solutions, LLC and NUMA LLC for $31.4 million.
• In September 2025, Mirion announced a planned acquisition of Paragon Energy Solutions for approximately $585 million in cash, which the company intends to finance partly through equity and debt offerings.

Capital Expenditures

• Capital expenditures amounted to $19.9 million in fiscal year 2020 and approximately $40 million in fiscal year 2022.
• For fiscal year 2024, capital expenditures were -$48.8 million, reflecting net proceeds from asset sales. The company expects approximately $40 million in capital expenditures for fiscal year 2025, an 18% reduction from 2024.
• The primary focus of capital spending includes working capital, operating activities, strategic investments, debt service, and modernization capital expenditures, particularly for nuclear power.