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HMH Holding Inc

SIC 3533 · Oil & Gas Field Machinery & Equipment

$HMH

HMH Holding Inc

CIK:0002021880|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

$ 170,822

$ 203,457

$ 342,143

$ 401,887

Operating expenses

Total cost of sales

109,524

151,545

226,157

293,428

Selling, general and administrative expenses

60,354

29,441

95,465

65,679

Research and development expenses

771

649

1,185

1,680

Restructuring and other expenses (income), net

5,004

1,072

5,004

4,343

Total operating expenses

175,653

182,707

327,811

365,130

Operating income (loss)

(4,831)

20,750

14,332

36,757

Foreign currency gain (loss), net

(591)

2,948

(2,819)

6,941

Other non-operating income (loss), net

(158)

334

(413)

647

Interest income (expense), net

(3,945)

(9,106)

(10,898)

(18,285)

Income (loss) before income taxes

(9,525)

14,926

202

26,060

Income tax (expense) benefit

4,506

(5,158)

(1,346)

(10,414)

Net income (loss)

(5,019)

9,768

(1,144)

15,646

Less: Net income (loss) attributable to non-controlling interests

(9,995)

819

(9,568)

585

Net income (loss) attributable to HMH Holding Inc.

$ 4,976

$ 8,949

$ 8,424

$ 15,061

Net income (loss) per share of common stock (actual)—Basic (in dollars per share)

^[1]

$ 0.43

$ 0.13

$ 1.44

$ 0.22

Net income (loss) per share of Class A common stock (actual) — Diluted (in dollars per share)

^[1]

$ 0.42

$ 0.13

$ 1.26

$ 0.22

Weighted-average shares of common stock for HMH and HMH B.V. outstanding—Basic (in shares)

^[1]

11,662,000

69,355,000

5,863,000

69,355,000

Weighted-average shares of common stock for HMH and HMH B.V. outstanding—Diluted (in shares)

^[1]

11,971,000

69,355,000

6,688,000

69,355,000

$ 560

$ 162

$ 887

$ 252

Operating expenses

Interest income (expense), net

(62)

(2,517)

(2,720)

(4,957)

89,072

92,332

161,081

175,840

Operating expenses

Total cost of sales

58,766

63,671

111,824

120,749

Service | Nonrelated Party

89,072

92,332

161,081

175,840

Operating expenses

Total cost of sales

16,527

53,422

41,894

100,119

Product | Nonrelated Party

20,027

58,812

52,493

113,470

61,163

52,151

127,682

112,325

Operating expenses

Total cost of sales

34,231

34,452

72,439

72,560

Spare Parts | Nonrelated Party

$ 61,163

$ 52,151

$ 127,682

$ 112,325

[1]

Basic and diluted shares used for computing earnings per share for periods prior to our initial public offering (“IPO”) have been retrospectively adjusted to give effect of the organizational transactions. The calculation of basic and diluted weighted average shares used for calculating earnings (loss) per share for the three and six months ended June 30, 2025 does not include the 11.2 million shares of Class A common stock sold in the IPO. See Note 19—“Earnings per Share” in the notes to HMH’s Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ (1,144)	$ 15,646
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	21,719	20,993
Share-based compensation expense	22,775	0
Amortization of borrowing costs	727	975
Restructuring and other expenses	0	1,800
Deferred tax expense (benefit)	(6,725)	846
Payment-in-kind interest	2,908	5,421
Provision for bad debt expense	468	480
Provision for inventory write-down	1,989	3,034
Changes in operating assets and liabilities
Accounts receivable and related party accounts receivable	(16,371)	(6,569)
Contract assets	11,419	18,196
Inventories, net	(956)	1,307
Other current receivables	(5,083)	13,412
Prepaid and other current assets	(1,636)	(7,582)
Accounts payable and accounts payable—related party	7,858	(38,875)
Accrued expenses	(12,427)	(22,192)
Contract liabilities	7,504	(295)
Other current and long-term liabilities	(9,915)	(8,957)
Other, net	2,046	(5,192)
Net cash provided by (used in) operating activities	25,156	(7,552)
Cash flows from investing activities
Purchase of property, plant and equipment	(2,086)	(4,840)
Development costs	(5,896)	(1,073)
Acquisition of business, net of cash	(770)	0
Net cash provided by (used in) investing activities	(8,752)	(5,913)
Cash flows from financing activities
Issuance of common stock in initial public offering (IPO), net of underwriting discount	210,670	0
Purchase of HMH B.V. voting shares from Principal Stockholders	(39,480)	0
Redemption under exchange agreement with Principal Stockholders	(12,894)	0
IPO issuance costs	(10,380)	0
Repayment of long-term debt, net—related party	(137,099)	0
Proceeds from issuance of revolving credit facilities	719	90,000
Repayment of revolving credit facilities	0	(92,000)
Purchase of treasury shares	(4,888)	0
Net cash provided by (used in) financing activities	6,648	(2,000)
Effect of foreign exchange rate on cash and cash equivalents	68	4,966
Net increase (decrease) in cash and cash equivalents	23,120	(10,499)
Cash and cash equivalents beginning of period	96,585	48,912
Cash and cash equivalents end of period	119,705	38,413
Supplemental cash flow information:
Cash paid for income taxes, net	13,020	9,175
Cash paid for interest	9,195	13,700
Supplemental non-cash financing activities:
Deferred IPO cost netted with IPO proceeds	15,809	0
Settlement of long-term debt, net —related party and related party notes receivable	$ 9,541	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 119,705	$ 96,585
Related party notes receivable—current	4,357	3,653
Contract assets	104,622	114,918
Inventories, net	252,192	253,759
Other current receivables	22,500	17,854
Prepaids and other current assets	18,828	32,882
Total current assets	648,908	629,210
Property, plant and equipment, net of accumulated depreciation of $76,391 and $67,372, respectively	197,673	200,818
Goodwill	307,954	307,014
Related party note receivable	22,656	33,604
Right-of-use assets	45,834	48,739
Other assets	24,138	16,249
Total assets	1,362,565	1,357,704
Current liabilities
Current portion of long-term debt, net	1,473	715
Contract liabilities	42,780	35,249
Accrued expenses	84,964	95,780
Other current liabilities	24,648	35,582
Total current liabilities	218,317	223,639
Non-current operating lease liabilities	40,469	39,922
Other liabilities	61,017	54,323
Total liabilities	516,166	657,252
Equity
Members’ equity		698,613
Additional paid-in capital	185,133
Retained earnings	27,566
Accumulated other comprehensive income (loss)	2,011
Class A common stock held in treasury (254,232 shares as of June 30, 2026)	(4,888)
HMH Holding Inc. equity	210,261
Non-controlling interests		1,839
Non-controlling interests	636,138
Total equity		700,452
Total equity	846,399	700,452
Total liabilities and shareholders’ equity	1,362,565	1,357,704
Customer relationships
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively	63,338	67,224
Other intangible assets
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively	52,064	54,846
Nonrelated Party
Current assets
Accounts receivable	125,099	108,060
Current liabilities
Accounts payable	64,439	56,206
Long-term debt, net	196,363	195,636
Related Party
Current assets
Accounts receivable	1,605	1,499
Related party notes receivable—current	4,357	3,653
Related party note receivable	22,656	33,604
Current liabilities
Accounts payable	13	107
Long-term debt, net	0	143,732
Other liabilities	8,291	$ 8,291
Class A Common Stock
Equity
Common stock, value, issued	120
Class B Common Stock
Equity
Common stock, value, issued	$ 319