HMH Holding Inc. Announces Third Quarter 2026 Results
Key Highlights
- ➤Revenue $171.1 million, down 21% year-over-year
- ➤Orders $191 million, up 12% year-over-year, producing 1.12x book-to-bill
- ➤Adjusted EBITDA $38.2 million, down 3% year-over-year
- ➤Free cash flow negative at $11.6 million in the quarter
- ➤Deepwater Riser Services acquisition completed for $14.5 million
Expert Statements
Eirik Bergsvik, Chief Executive Officer of HMH Holding Inc.
“Equipment order activity remained below our expectations in the third quarter as several larger equipment and upgrade opportunities shifted to later periods.”
Eirik Bergsvik, Chief Executive Officer of HMH Holding Inc.
“Customer contract awards took longer than anticipated, narrowing execution windows for certain projects, while customers remained disciplined in their capital deployment.”
Eirik Bergsvik, Chief Executive Officer of HMH Holding Inc.
“Importantly, we have not seen these opportunities disappear and continue to see a healthy pipeline across our installed base.”
Eirik Bergsvik, Chief Executive Officer of HMH Holding Inc.
“Stronger service activity, favorable business mix, and disciplined cost execution provide resilience as we navigate this near-term variability and position the business for the next phase of market activity.”
Eirik Bergsvik, Chief Executive Officer of HMH Holding Inc.
“Looking ahead, we are taking deliberate actions to strengthen HMH’s competitive and financial position as these opportunities convert.”
Eirik Bergsvik, Chief Executive Officer of HMH Holding Inc.
“We are maintaining critical equipment capabilities, investing in long-lead materials to improve delivery readiness and cost positioning, and expanding our aftermarket platform through the acquisition of Deepwater Riser Services.”
Eirik Bergsvik, Chief Executive Officer of HMH Holding Inc.
“As part of this strategy, we are consolidating our U.S. Gulf riser operations in Houma, Louisiana, creating a more focused and efficient operating footprint while expanding our riser inspection, recertification, refurbishment, and storage capabilities.”
Eirik Bergsvik, Chief Executive Officer of HMH Holding Inc.
“We remain confident in the underlying deepwater fundamentals and believe HMH is well positioned to benefit from the opportunities developing into 2027.”
Eirik Bergsvik, Chief Executive Officer of HMH Holding Inc.
“Continued Middle East disruptions and rig reactivation delays remain near-term headwinds, but our focus remains firmly on disciplined execution, strengthening our market position and converting our opportunity pipeline into profitable growth.”
HOUSTON, Nov. 04, 2026 (GLOBE NEWSWIRE) -- HMH Holding Inc. (“HMH” or the “Company”) (NASDAQ: HMH) today announced financial and operational results for the third quarter of 2026.
Third Quarter Highlights * Revenue of $171.1 million, down 21% compared to the third quarter of 2025 and substantially flat compared to the second quarter of 2026. * Net income attributable to HMH of $5.0 million, compared to net income of $16.2 million in the third quarter of 2025 and net income of $5.0 million in the second quarter of 2026. * Orders of $191 million, up 12% compared to the third quarter of 2025 and down 7% compared to the second quarter of 2026, resulting in book-to-bill of 1.12x. * Adjusted EBITDA of $38.2 million, down 3% compared to the third quarter of 2025 and up 13% compared to the second quarter of 2026. * Completed acquisition of Deepwater Riser Services for $14.5 million. Financial Summary
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