0001628280-25-050063 | 10-Q | XBRL Viewer

Accounts Receivable, net (Tables)

9 Months Ended

Sep. 30, 2025

Accounts receivable consisted of the following (in thousands):


	September 30, 2025		December 31, 2024

Trade accounts receivable - billed	$	140,186	$	108,563
Trade accounts receivable - unbilled	37,839		21,331
Allowance for credit losses	(3,238)		(2,613)
Accounts receivable, net	$	174,787	$	127,281

Earnings per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings per Share

Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the sum of (1) the weighted-average number of shares of common stock outstanding during the period, and (2) the dilutive effect of assumed conversion of equity awards using the treasury stock method. With respect to the number of weighted-average shares outstanding (denominator), diluted shares reflect: (i) the exercise of options to acquire common stock to the extent that the options’ exercise prices are less than the average market price of common shares during the period and (ii) the pro forma vesting of restricted stock units.

The following table sets forth the computations of basic and diluted earnings per share:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Basic earnings per share
Numerator:
Net income attributable to Mistras Group, Inc.	$	13,108	$	6,401	$	12,939	$	13,765
Denominator:
Weighted average common shares outstanding	31,543		31,002		31,361		30,895
Basic earnings per share	$	0.42	$	0.21	$	0.41	$	0.45

Diluted earnings per share:
Numerator:
Net income attributable to Mistras Group, Inc.	$	13,108	$	6,401	$	12,939	$	13,765
Denominator:
Weighted average common shares outstanding	31,543		31,002		31,361		30,895
Dilutive effect of stock options outstanding (1)	99		120		102		103
Dilutive effect of restricted stock units outstanding (1)	238		538		457		515
	31,880		31,660		31,920		31,513
Diluted earnings per share	$	0.41	$	0.20	$	0.41	$	0.44

_______________

(1) For the three months ended September 30, 2025, 388,000 shares, related to stock options and 165,000 shares, related to RSUs were anti-dilutive and therefore were excluded from the calculation of diluted earnings per share. For the nine months ended September 30, 2025, 379,000 shares, related to stock options and 227,000 shares, related to RSUs were anti-dilutive and therefore were excluded from the calculation of diluted earnings per share.

Segment Disclosure - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Disclosure - Narrative (Details) $ in Thousands	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)
Financial information by segment
Number of operating segments \| segment			3
Revenue	$ (195,549)	$ (182,694)	$ (542,569)	$ (556,909)
Intersegment Eliminations \| Products and Systems
Financial information by segment
Revenue	$ 600	$ 900	$ 2,400	$ 2,800

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 03, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-34481
Entity Registrant Name	Mistras Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3341267
Entity Address, Address Line One	195 Clarksville Road
Entity Address, City or Town	Princeton Junction,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08550
City Area Code	609
Local Phone Number	716-4000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,548,153
Entity Central Index Key	0001436126
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3

Share-Based Compensation - Stock Options Activity (Details) - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Common Stock Options
Outstanding at beginning of period (in shares)	250	250
Granted (in shares)	435	0
Exercised (in shares)	0	0
Expired or forfeited (in shares)	0	0
Outstanding at end of period (in shares)	685	250
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 5.36	$ 5.36
Granted (in dollars per share)	9.14	0
Exercised (in dollars per share)	0	0
Expired or forfeited (in dollars per share)	0	0
Outstanding at end of period (in dollars per share)	$ 7.76	$ 5.36

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Litigation
Pension plan withdrawal, potential liability	$ 2,245	$ 2,458
Pension Related Contingencies
Litigation
Pension plan withdrawal, potential liability	$ 2,200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Share Based Compensation - Stock Options Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	9 Months Ended
	Sep. 08, 2025	Dec. 31, 2024	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option award granted (in shares)				435,000	0
Unrecognized stock-based compensation expense						$ 500
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation expense (benefit)			$ 500	$ 1,500
Interim President and CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option award granted (in shares)		375,000
Stock option award granted (in dollars per share)		$ 9.06
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option award granted (in shares)	35,000
Chief Executive Officer \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)	$ 9.71
Expiration period (in years)	10 years	10 years

Inventories

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following (in thousands):


	September 30, 2025		December 31, 2024

Raw materials and consumable supplies	$	9,841	$	8,321
Work in progress	1,143		1,018
Finished goods	3,811		5,146
Inventories	$	14,795	$	14,485

Intangible Assets

9 Months Ended

Sep. 30, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

The gross amount, accumulated amortization and net carrying amount of intangible assets were as follows:


		September 30, 2025				December 31, 2024
	Useful Life (Years)	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount

Customer relationships	5-18	$	109,044	$	(95,608)	$	13,436	$	107,704	$	(92,220)	$	15,484
Software/Technology	3-15	61,317		(36,595)		24,722		57,414		(33,930)		23,484
Covenants not to compete	2-5	12,362		(12,357)		5		12,391		(12,371)		20
Other	2-12	10,188		(9,901)		287		10,218		(9,498)		720
Total		$	192,911	$	(154,461)	$	38,450	$	187,727	$	(148,019)	$	39,708

Amortization expense for the three months ended September 30, 2025 and 2024 was approximately $1.7 million and $1.9 million, respectively.

Amortization expense for the nine months ended September 30, 2025 and 2024 was $5.1 million and $5.8 million, respectively.

Share-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The Company grants share-based incentive awards to its eligible employees and non-employee directors under its 2016 Long-Term Incentive Plan (the "2016 Plan"). Awards granted under the 2016 Plan may be in the form of stock options, restricted stock units and other forms of share-based incentives, including performance-based restricted stock units, stock appreciation rights and deferred stock rights. At the annual shareholders meeting on May 14, 2024, the Company’s shareholders approved an amendment to increase the total number of shares that may be issued under the 2016 Plan by 1.3 million, for a total of 6.2 million shares that are authorized for issuance under the 2016 Plan, of which approximately 884,000 shares were available for future grants as of September 30, 2025.

Stock Options

On December 31, 2024, the Compensation Committee (the "Compensation Committee") of the Company's Board of Directors approved the grant to Mr. Stamatakis, of a stock option for the purchase of 375,000 shares of the Company's common stock at an exercise price of $9.06, the closing price of the Company's common stock on the New York Stock Exchange (the "NYSE") on the grant date of January 6, 2025. These stock options can be exercised any time on or after January 6, 2026, and expire ten years after the grant date of January 6, 2025, subject to certain exceptions as to the vesting and expiration in case of termination of employment, death or disability.

On September 8, 2025, Natalia Shuman, President and Chief Executive Officer of the Company, was awarded options to purchase 35,000 shares of the Company’s common stock, pursuant to the approval of the Compensation Committee. The options have an exercise price of $9.71, the closing price of the Company's common stock on the NYSE on the grant date of September 8, 2025. The options can be exercised any time on or after September 8, 2026, and expire ten years after the grant date of September 8, 2025, in each case subject to certain exceptions as to the vesting and expiration in case of termination of employment, death or disability.

The following table sets forth a summary of stock option activity, weighted-average exercise prices and options outstanding as of September 30, 2025 (in thousands, except per share amounts and years):


	Nine Months Ended September 30,
	2025			2024
	Common Stock Options	Weighted Average Exercise Price		Common Stock Options	Weighted Average Exercise Price
Outstanding at beginning of period:	250	$	5.36	250	$	5.36
Granted	435	$	9.14	—	$	—
Exercised	—	$	—	—	$	—
Expired or forfeited	—	$	—	—	$	—
Outstanding at end of period:	685	$	7.76	250	$	5.36

The Company recognized $0.5 million of share-based compensation expense within Reorganization and other costs on the Company's Unaudited Condensed Consolidated Statements of Income during the three months ended September 30, 2025 related to the stock options that were granted in the first quarter of 2025. The Company recognized $1.5 million of share-based compensation expense within Reorganization and other costs on the Company's Unaudited Condensed Consolidated Statements of Income during the nine months ended September 30, 2025 related to the stock options that were granted in the first quarter of 2025. $0.5 million of share-based compensation expense related to stock options that were granted in the first quarter of 2025 remains unrecognized as of the end of the current period, which is all expected to be recognized during 2025.

Stock Issuances to Non-Employee Directors

As part of its compensation program for non-employee directors, the Company issues fully-vested common stock to its non-employee directors. Prior to 2025, the shares of common stock were issued in semi-annual awards during the quarters ended March 31 and September 30. In 2025, non-employee directors received a single award during the quarter ended June 30, 2025. A summary of the fully-vested common stock the Company issued to its non-employee directors, in connection with its non-employee director compensation, is as follows (in thousands):


	Nine months ended September 30,
	2025		2024
Awards issued	72		60
Grant date fair value of awards issued	$	571	$	549

Restricted Stock Unit Awards

On September 8, 2025, Natalia Shuman was awarded 25,000 restricted stock units (“RSUs”) pursuant to the approval of the Compensation Committee. The RSUs vest in three equal annual installments on the first three anniversary dates of the grant date of September 8, 2025. Upon vesting, each RSU is converted into one share of the Company's common stock. The terms of the award are consistent with the standard terms of RSU awards for senior officers of the Company.

For the three months ended September 30, 2025 and September 30, 2024, the Company recognized share-based compensation expense within Selling, general and administrative expenses related to RSU awards of $0.7 million and $1.6 million, respectively. For the nine months ended September 30, 2025 and September 30, 2024, the Company recognized share-based compensation expense within Selling, general and administrative expenses related to RSU awards of $2.8 million and $3.9 million, respectively. For the nine months ended September 30, 2025, the Company recognized share-based compensation expense within Reorganization and other costs related to RSU awards of $0.5 million. As of September 30, 2025, there was $6.2 million of unrecognized compensation costs related to RSU awards, which is expected to be recognized over a remaining weighted-average period of 2.4 years. Upon vesting, RSUs are generally net share-settled to cover the required withholding tax and the remaining amount is converted into an equivalent number of shares of common stock.

A summary of the vesting activity of RSU awards, with the respective fair value of the awards, is as follows:


	Nine months ended September 30,
	2025		2024
Restricted stock awards vested	592		461
Fair value of awards vested	$	5,628	$	4,184

A summary of the Company's outstanding, non-vested RSUs is as follows:


	Nine months ended September 30,
	2025			2024
	Units	Weighted Average Grant-Date Fair Value		Units	Weighted Average Grant-Date Fair Value
Outstanding at beginning of period:	1,231	$	8.41	1,184	$	8.07
Granted	395	$	9.36	726	$	8.52
Vested	(592)	$	9.51	(461)	$	9.08
Forfeited	(218)	$	8.53	(179)	$	8.39
Outstanding at end of period:	816	$	8.72	1,270	$	8.39

Performance Restricted Stock Units

The Company maintains Performance Restricted Stock Units ("PRSUs") that have been granted to select executives and senior officers, the ultimate payout of which may vary between zero and 200% of the target award, based on the Company’s performance over a one-year period based on specific metrics approved by the Compensation Committee of the Board of Directors of the Company.

For 2025, the Compensation Committee is using the following three performance metrics for PRSU awards.

1.Free Cash Flow defined as net cash provided by operating activities less purchases of property, plant, equipment and intangible assets and is subject to adjustments approved by the Compensation Committee.

2.Adjusted EBITDA defined as net income attributable to the Company plus: interest expense, provision for income taxes, depreciation and amortization, share-based compensation expense and certain acquisition related costs (including transaction due diligence costs and adjustments to the fair value of contingent consideration), foreign exchange (gain) loss and, if applicable, certain special items which are noted.

3.Revenue

For PRSUs awarded in 2024, the Compensation Committee utilized the same metrics as 2025 PRSUs, but with different performance goals.

PRSUs are equity-classified and compensation costs related to PRSUs with performance conditions are initially measured using the fair value of the underlying stock at the date of grant. Compensation costs related to the PRSUs with performance conditions are subsequently adjusted for changes in the expected outcomes of the performance conditions. Compensation cost related to the PRSUs with a market condition is not reversed if the market condition is not achieved, provided the employee requisite service has been rendered. Earned PRSUs generally vest ratably in four equal annual installments over the four years following completion of the performance period, for a total requisite service period of up to five years, and have no dividend equivalent rights.

A summary of the Company's PRSU activity is as follows:


	Nine months ended September 30,
	2025			2024
	Units	Weighted Average Grant-Date Fair Value		Units	Weighted Average Grant-Date Fair Value
Outstanding at beginning of period:	125	$	9.12	60	$	9.33
Granted	507	$	10.08	295	$	8.76
Performance condition adjustments	(203)	$	8.76	(187)	$	8.76
Released	(3)	$	9.84	—	$	—
Forfeited	(22)	$	7.21	—	$	—
Outstanding at end of period:	404	$	9.91	168	$	9.18

Performance condition adjustments during the nine months ended September 30, 2025 decreased the PRSUs outstanding at the end of the period by approximately 203,000 units based on forecasted results for 2025 as compared to performance metrics determined by the Compensation Committee.

For the three months ended September 30, 2025 and September 30, 2024, the Company recognized aggregate share-based compensation expense related to the awards described above of approximately $0.3 million and $0.0 million, respectively. For the nine months ended September 30, 2025 and September 30, 2024, the Company recognized aggregate share-based compensation expense related to the awards described above of approximately $0.9 million and $0.3 million, respectively. At September 30, 2025, there was $2.9 million of total unrecognized compensation costs related to approximately 404,000 non-vested PRSUs, which is expected to be recognized over a remaining weighted-average period of 2.6 years.

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Unaudited Condensed Consolidated Financial Statements contained in this report have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") and Securities and Exchange Commission ("SEC") guidance allowing for reduced disclosure for interim periods. In the opinion of management, the Unaudited Condensed Consolidated Financial Statements include all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods of the years ending December 31, 2025 and December 31, 2024. Certain items included in these statements are based on management’s estimates. Actual results may differ from those estimates. The results of operations for any interim period are not necessarily indicative of the results expected for the year. The accompanying Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the notes to the Audited Consolidated Financial Statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report").
Principles of Consolidation	Principles of Consolidation The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of Mistras Group, Inc. as well as its wholly-owned subsidiaries, majority-owned subsidiaries and consolidated variable interest entities (VIE). For consolidated subsidiaries in which the Company’s ownership interest is less than 100%, the non-controlling interests are reported in stockholders’ equity in the accompanying Unaudited Condensed Consolidated Balance Sheets. The non-controlling interests in net results, net of tax, is classified separately in the accompanying Unaudited Condensed Consolidated Statements of Income. All significant intercompany accounts and transactions have been eliminated in consolidation.
Change in Accounting Principle	Change in Accounting Principle Certain amounts in prior periods have been reclassified to conform to the current year presentation. The impacts of the reclassifications are shown in the tables below. Any reclassifications not shown below did not have a material effect on the Company's financial condition or results of operations as previously reported. Change in Classification of Certain Expenses from Selling, General and Administrative Expenses to Cost of Revenue Beginning on January 1, 2025, the Company changed the presentation of certain costs on its Unaudited Condensed Consolidated Statements of Income, which include costs incurred at the Company's operational labs as well as the costs for certain personnel that indirectly support the Company’s delivery of services. This voluntary change in classification of certain overhead and personnel costs, which were determined to be directly related to the Company’s delivery of services, resulted in a decrease in selling, general and administrative expenses and an offsetting increase in cost of revenue. The Company believes this presentation is preferable as it will provide greater transparency regarding its cost of revenue and better align with how the business is managed. This change in classification has been applied retrospectively to all periods presented and affects selling, general and administrative expenses; cost of revenue; and gross profit on the Company's Unaudited Condensed Consolidated Statements of Income. This change in presentation had no impact to revenue, income from operations, income before provision for income taxes, provision for income taxes, net income, earnings per common share, or other components of equity, net assets or cash flows. In addition, selling, general and administrative expenses and other expenses information disclosed in Note 14 Segment Disclosure were adjusted for this change.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities at enacted income tax rates for the temporary differences between the financial reporting bases and the tax bases of our assets and liabilities. Any effects of changes in income tax rates or tax laws are included in the provision for income taxes in the period of enactment. Our net deferred tax assets primarily consist of net operating loss carry forwards, or NOLs. A valuation allowance is provided if it is more likely than not that some or all of a deferred income tax asset will not be realized. A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current and prior years. As of September 30, 2025, management concluded that it is more likely than not that a substantial portion of the Company's deferred tax assets will be realized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company’s effective income tax rate was approximately 22.3% and 29.0% for the three months ended September 30, 2025 and 2024, respectively. The Company’s effective income tax rate was approximately 21.9% and 22.1% for the nine months ended September 30, 2025 and 2024, respectively. The effective income tax rate for the three months ended September 30, 2025, was higher than the statutory rate primarily due to the impact of foreign currency losses. The effective income tax rate for the three months ended September 30, 2024, was higher than the statutory rate primarily due to the impact of an unfavorable discrete item related to stock compensation. The effective income tax rate for the nine months ended September 30, 2025, was higher than the statutory rate primarily due to the impact of foreign currency losses. The effective income tax rate for the nine months ended September 30, 2024, was higher than the statutory rate primarily due to the reversal of valuation allowances. On July 4, 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act ("OBBBA"), was enacted, which includes a broad range of tax reform provisions. These tax reform provisions include the extension and modification of certain provisions of the Tax Cuts and Jobs Act and is effective for calendar year 2025. The changes include, but are not limited to, immediate expensing of domestic research and development expenditure, the restoration of 100% bonus depreciation, and an EBITDA-based interest expense limitation. These provisions did not have a material impact on the Company’s financial statements for the three or nine months ended September 30, 2025.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid disclosures. The new standard is effective for fiscal years beginning after December 15, 2024. The Company does not expect ASU 2023-09 to have a significant impact on its annual consolidated financial statements and related disclosures. On November 4, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, to require disaggregation of certain expense captions into specified categories in disclosures within the notes of the financial statements. The standard is effective for fiscal years beginning after December 31, 2026 and early adoption is permitted. The guidance is required to be applied prospectively and amendments in the ASU may be applied prospectively or retrospectively. We are currently evaluating the impacts this standard will have on our disclosures. On March 6, 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require registrants to provide certain climate-related information in their registration statements and periodic reports. The required disclosures will include, but are not limited to, specific disclosures about climate-related risks and their actual or likely material impacts on the registrant’s business, strategy, and outlook; the governance of climate-related risks and relevant risk management processes; Scope 1 and 2 greenhouse gas (GHG) emissions, if material or included in announced emission targets; certain climate-related financial statement metrics and related disclosures in a note to the audited financial statements; and information about climate-related targets and goals. The rules were scheduled to become effective for the Company beginning with the year ended December 31, 2025. However, in response to various legal challenges, the SEC voluntarily stayed the rules on April 4, 2024, and ended its defense of the rules in response to the pending legal challenges. The company continues to monitor any developments regarding these rules and the expected timing for compliance.
Revenue	Revenue The Company derives the majority of its revenue by providing services on a time and materials basis, which are short-term in nature. The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. Performance Obligations The Company provides highly integrated and bundled inspection services to its customers. The majority of the Company's contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the Company's best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is a relative selling price based on price lists. Contract modifications are not routine in the performance of the Company's contracts. Generally, when contracts are modified, the modification is to account for changes in scope to the goods and services that are provided. In most instances, contract modifications are for goods or services that are distinct, and, therefore, are accounted for as a separate contract. The Company's performance obligations are satisfied over time as work progresses or at a point in time. The majority of the Company's revenue is recognized over time as work progresses for the Company's service deliverables, which includes providing testing, inspection and mechanical services to our customers. Revenue is recognized over time, based on time and material incurred to date which best portrays the transfer of control to the customer. The Company also utilizes an available practical expedient that provides for revenue to be recognized in an amount that corresponds directly with the value to the customer of the Company's performance completed to date. Fixed fee arrangements are determined based on expected labor, material, and overhead to be consumed on fulfillment of such services. For these arrangements, revenue is recognized on a cost-to-cost method tracked on an input basis. The majority of the Company's revenue recognized at a point in time is related to product sales when the customer obtains control of the asset, which is generally upon shipment to the customer. Contract costs include labor, material and overhead. The Company expects any significant remaining performance obligations to be satisfied within one year. Contract Estimates The majority of the Company's revenues are short-term in nature. The Company enters into master service agreements ("MSA"s) with customers that specify an overall framework and contract terms. The actual contracting to provide services or furnish products are triggered by a work order, purchase order, or some similar document issued pursuant to a MSA which sets forth the scope of services and/or identifies the products to be provided. From time-to-time, the Company may enter into longer-term contracts, which can range from several months to several years. Revenue on certain contracts is recognized as work is performed based on total costs incurred to date in relation to the total estimated costs for the performance of the contract at completion. This includes contract estimates of costs to be incurred for the performance of the contract. Cost estimation is based upon the professional knowledge and experience of the Company's project managers, engineers and financial professionals. Factors that are considered in estimating the work to be completed include the availability of materials, the effect of any delays in the Company's project performance and the recoverability of any claims. Whenever revisions of estimates, contract costs and/or contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Unaudited Condensed Consolidated Balance Sheets. Amounts are generally billed as work progresses in accordance with agreed-upon contractual terms, generally at periodic intervals (e.g., weekly, bi-weekly or monthly). Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are aggregated on an individual contract basis and reported on the Unaudited Condensed Consolidated Balance Sheets at the end of each reporting period within accounts receivable, net or accrued expenses and other current liabilities.
Fair Value Measurements	Fair Value Measurements The Company performs fair value measurements in accordance with the guidance provided by ASC 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a three level hierarchy that prioritizes the inputs used to measure fair value. Financial instruments not measured at fair value on a recurring basis The Company has evaluated current market conditions and borrower credit quality and has determined that the carrying value of its long-term debt approximates fair value. The fair value of the Company’s notes payable and finance lease obligations approximates their carrying amounts based on anticipated interest rates which management believes would currently be available to the Company for similar issuances of debt.
Segment Disclosure	Segment Disclosure The Company’s three operating segments, which are also the Company's reportable segments, are: •North America: This segment provides asset protection solutions predominantly in North America, with the largest concentration in the United States, followed by Canada, consisting primarily of NDT, inspection, mechanical and engineering services that are used to evaluate the safety, structural integrity and reliability of critical energy, industrial and public infrastructure and commercial aerospace components. Software, digital and data services are included in this segment. •International: This segment offers services, products and systems similar to those of the other segments to select markets within Europe, the Middle East, Africa, Asia and South America, but not to customers in China and South Korea, which are served by the Products and Systems segment. •Products and Systems: This segment designs, manufactures, sells, installs and services the Company’s asset protection products and systems, including equipment and instrumentation, predominantly in the United States. Costs incurred for general corporate services, including finance, legal, and certain other costs that are provided to the segments are reported within Corporate and eliminations. Sales to the International segment from the Products and Systems segment and subsequent sales by the International segment of the same items are recorded and reflected in the operating performance of both segments. Additionally, engineering charges and royalty fees charged to the North America and International segments by the Products and Systems segment are reflected in the operating performance of each segment. The chief operating decision maker ("CODM") reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. For the year ended December 31, 2024, our CODM was identified as Manny Stamatakis, the Interim Chief Executive Officer, because he has final authority over performance assessment and resource allocation decisions. Beginning January 1, 2025, our CODM was identified as Natalia Shuman, upon her appointment as our Chief Executive Officer effective January 1, 2025, as she has final authority over performance assessment and resource allocation decisions. Our segments are based on the type and concentration of customers served, service requirements, methods of distribution and major product lines. Segment income (loss) from operations is the primary performance measure used by the CODM to evaluate segment performance and allocate resources, including considering budget-to-actual variances and prior year-to-actual variances on a monthly basis in accordance with GAAP under ASC 280, Segment Reporting. Segment income (loss) from operations for each of the Company's reportable segments are comprised of revenue, selling, general & administrative expenses, and "other expenses." "Other expenses" include cost of revenue, reorganization and environmental costs, legal settlements and recoveries, depreciation and amortization and research and engineering. Corporate and other assets are comprised principally of cash, deposits, property, plant and equipment, domestic deferred taxes, deferred charges and other assets. Corporate loss from operations consists of administrative charges related to corporate personnel and other charges that cannot be readily identified for allocation to a particular segment. These items of our operating profit are managed centrally at the corporate level and are excluded from the measure of segment income reviewed by the CODM, as well as the measure of segment performance used for incentive compensation purposes. The accounting policies of the reportable segments are the same as those described in Note 1 - Description of Business and Basis of Presentation.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization expense of intangibles	$ 1.7	$ 1.9	$ 5.1	$ 5.8

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Revenue - Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 195,549	$ 182,694	$ 542,569	$ 556,909
United States
Disaggregation of Revenue [Line Items]
Revenue	134,972	124,797	383,726	387,270
Other Americas
Disaggregation of Revenue [Line Items]
Revenue	23,019	26,646	53,079	70,411
Europe
Disaggregation of Revenue [Line Items]
Revenue	34,972	28,996	99,347	90,376
Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	2,586	2,255	6,417	8,852
Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	105,669	99,503	305,049	321,924
Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	24,207	21,886	68,613	66,344
Industrials
Disaggregation of Revenue [Line Items]
Revenue	22,602	19,512	60,776	53,005
Power Generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	14,484	11,654	30,930	26,539
Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	8,774	11,815	30,076	38,624
Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	10,569	8,730	25,850	23,949
Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	3,709	4,004	9,455	12,367
Other
Disaggregation of Revenue [Line Items]
Revenue	5,535	5,590	11,820	14,157
Operating segments
Disaggregation of Revenue [Line Items]
Revenue	200,166	186,783	555,182	567,420
Operating segments \| North America
Disaggregation of Revenue [Line Items]
Revenue	160,609	149,845	437,503	456,588
Operating segments \| North America \| United States
Disaggregation of Revenue [Line Items]
Revenue	134,481	124,194	377,825	384,522
Operating segments \| North America \| Other Americas
Disaggregation of Revenue [Line Items]
Revenue	24,342	25,108	54,959	66,829
Operating segments \| North America \| Europe
Disaggregation of Revenue [Line Items]
Revenue	1,301	343	2,946	2,107
Operating segments \| North America \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	485	200	1,773	3,130
Operating segments \| North America \| Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	97,484	90,460	275,849	289,843
Operating segments \| North America \| Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	17,675	16,181	48,530	48,152
Operating segments \| North America \| Industrials
Disaggregation of Revenue [Line Items]
Revenue	15,469	12,285	38,804	33,047
Operating segments \| North America \| Power Generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	10,074	8,029	22,618	18,953
Operating segments \| North America \| Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	4,722	7,836	17,100	26,132
Operating segments \| North America \| Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	5,285	5,189	12,447	14,286
Operating segments \| North America \| Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	3,694	3,806	9,329	11,467
Operating segments \| North America \| Other
Disaggregation of Revenue [Line Items]
Revenue	6,206	6,059	12,826	14,708
Operating segments \| International
Disaggregation of Revenue [Line Items]
Revenue	35,521	33,662	107,812	100,972
Operating segments \| International \| United States
Disaggregation of Revenue [Line Items]
Revenue	549	402	4,797	1,129
Operating segments \| International \| Other Americas
Disaggregation of Revenue [Line Items]
Revenue	95	2,008	2,941	6,224
Operating segments \| International \| Europe
Disaggregation of Revenue [Line Items]
Revenue	34,571	29,458	98,485	89,304
Operating segments \| International \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	306	1,794	1,589	4,315
Operating segments \| International \| Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	8,125	9,040	28,714	31,841
Operating segments \| International \| Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	6,395	5,663	19,690	18,092
Operating segments \| International \| Industrials
Disaggregation of Revenue [Line Items]
Revenue	6,773	6,749	20,887	18,480
Operating segments \| International \| Power Generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	3,714	3,081	6,796	6,017
Operating segments \| International \| Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	4,014	3,900	12,930	12,337
Operating segments \| International \| Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	3,610	2,744	10,192	7,762
Operating segments \| International \| Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	15	198	126	900
Operating segments \| International \| Other
Disaggregation of Revenue [Line Items]
Revenue	2,875	2,287	8,477	5,543
Operating segments \| Products & Systems
Disaggregation of Revenue [Line Items]
Revenue	4,036	3,276	9,867	9,860
Operating segments \| Products & Systems \| United States
Disaggregation of Revenue [Line Items]
Revenue	1,294	1,658	3,935	4,800
Operating segments \| Products & Systems \| Other Americas
Disaggregation of Revenue [Line Items]
Revenue	121	107	349	960
Operating segments \| Products & Systems \| Europe
Disaggregation of Revenue [Line Items]
Revenue	826	850	2,027	2,081
Operating segments \| Products & Systems \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	1,795	661	3,556	2,019
Operating segments \| Products & Systems \| Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	60	3	486	240
Operating segments \| Products & Systems \| Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	137	42	393	100
Operating segments \| Products & Systems \| Industrials
Disaggregation of Revenue [Line Items]
Revenue	360	478	1,085	1,478
Operating segments \| Products & Systems \| Power Generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	696	544	1,516	1,569
Operating segments \| Products & Systems \| Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	38	79	46	155
Operating segments \| Products & Systems \| Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	1,674	797	3,211	1,901
Operating segments \| Products & Systems \| Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Operating segments \| Products & Systems \| Other
Disaggregation of Revenue [Line Items]
Revenue	1,071	1,333	3,130	4,417
Corp/Elim
Disaggregation of Revenue [Line Items]
Revenue	(4,617)	(4,089)	(12,613)	(10,511)
Corp/Elim \| United States
Disaggregation of Revenue [Line Items]
Revenue	(1,352)	(1,457)	(2,831)	(3,181)
Corp/Elim \| Other Americas
Disaggregation of Revenue [Line Items]
Revenue	(1,539)	(577)	(5,170)	(3,602)
Corp/Elim \| Europe
Disaggregation of Revenue [Line Items]
Revenue	(1,726)	(1,655)	(4,111)	(3,116)
Corp/Elim \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	0	(400)	(501)	(612)
Corp/Elim \| Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corp/Elim \| Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corp/Elim \| Industrials
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corp/Elim \| Power Generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corp/Elim \| Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corp/Elim \| Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corp/Elim \| Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corp/Elim \| Other
Disaggregation of Revenue [Line Items]
Revenue	$ (4,617)	$ (4,089)	$ (12,613)	$ (10,511)

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 13,203	$ 6,416	$ 13,161	$ 13,793
Other comprehensive income:
Foreign currency translation adjustments	(2,985)	4,161	11,227	(1,684)
Comprehensive income	10,218	10,577	24,388	12,109
Less: net income attributable to noncontrolling interest	95	15	222	28
Less: Foreign currency translation adjustments attributable to noncontrolling interests	0	0	(127)	0
Comprehensive income attributable to Mistras Group, Inc.	$ 10,123	$ 10,562	$ 24,293	$ 12,081

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Net Carrying Amount of Intangible Assets

The gross amount, accumulated amortization and net carrying amount of intangible assets were as follows:


		September 30, 2025				December 31, 2024
	Useful Life (Years)	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount

Customer relationships	5-18	$	109,044	$	(95,608)	$	13,436	$	107,704	$	(92,220)	$	15,484
Software/Technology	3-15	61,317		(36,595)		24,722		57,414		(33,930)		23,484
Covenants not to compete	2-5	12,362		(12,357)		5		12,391		(12,371)		20
Other	2-12	10,188		(9,901)		287		10,218		(9,498)		720
Total		$	192,911	$	(154,461)	$	38,450	$	187,727	$	(148,019)	$	39,708

Share-Based Compensation - Long-term Incentive Plans (Details) - 2016 Plan - shares	May 14, 2024	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in total number of shares authorized for issuance (in shares)	1,300,000
Total number of shares authorized for issuance (in shares)	6,200,000
Number of awards that may be granted (in shares)		884,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Share-Based Compensation - Performance Restricted Stock Units Activity (Details) - PRSUs - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Performance Restricted Stock (Units)
Outstanding at beginning of period (in shares)	125	60
Granted (in shares)	507	295
Performance condition adjustments (in shares)	(203)	(187)
Released (in shares)	(3)	0
Forfeited (in shares)	(22)	0
Outstanding at end of period (in shares)	404	168
Weighted Average Grant-Date Fair Value (in dollars per share)
Outstanding at the beginning of period (in dollars per share)	$ 9.12	$ 9.33
Granted (in dollars per share)	10.08	8.76
Performance condition adjustments (in dollars per share)	8.76	8.76
Released (in dollars per share)	9.84	0
Forfeited (in dollars per share)	7.21	0
Outstanding at end of period (in dollars per share)	$ 9.91	$ 9.18

Description of Business and Basis of Presentation

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Description of Business and Basis of Presentation

Description of Business

Mistras Group, Inc., together with its subsidiaries (the "Company"), is a global leader in technology-enabled industrial asset integrity solutions, serving critical industries including oil & gas, aerospace & defense, power & utilities, manufacturing, and civil infrastructure.

The Company provides a diversified portfolio of products and services, ranging from advanced non-destructive testing ("NDT") and pipeline inspections to real-time condition monitoring, maintenance planning, and specialized engineering, powered by a proprietary management software suite that centralizes integrity data for predictive analytics and benchmark analysis. With a long-standing track record of innovation and deep industry expertise, the Company helps clients reduce risk, extend asset life, and optimize operational performance.

The Company enhances value for its clients by integrating asset protection throughout supply chains and centralizing integrity data through a suite of Industrial Internet of Things ("IoT")-connected digital software and monitoring solutions, including OneSuite™, which serves as an ecosystem platform, pulling together all of the Company’s software and data services capabilities, for the benefit of its customers.

The Company’s core capabilities also include NDT field inspections enhanced by advanced robotics, laboratory quality control, laboratory materials services, shop laboratory assurance testing, sensing technologies and NDT equipment, asset and mechanical integrity engineering services, and light mechanical maintenance and access services.

The Company has three operating segments. Our segments are as follows:

•North America: This segment provides asset protection solutions predominantly in North America, with the largest concentration in the United States, followed by Canada, consisting primarily of NDT, inspection, mechanical and engineering services that are used to evaluate the safety, structural integrity and reliability of critical energy, industrial and public infrastructure and commercial aerospace components. Software, digital and data services are included in this segment.

•International: This segment offers services, products and systems similar to those of the other segments to select markets within Europe, the Middle East, Africa, Asia and South America, but not to customers in China and South Korea, which are served by the Products and Systems segment.

•Products and Systems: This segment designs, manufactures, sells, installs and services the Company’s asset protection products and systems, including equipment and instrumentation, predominantly in the United States.

Recent Developments

We continue to monitor the impact tariffs or trade barriers may have on our business, including recent U.S. tariffs imposed or threatened to be imposed on China, Canada, Mexico and other countries and any retaliatory actions taken by such countries. The tariffs have not had a material effect on our business or results of operations to date in 2025, but could result in additional costs to us and could impact the import of materials by our customers which are inspected by us.

In the third quarter of 2025, the price of crude oil continued to decline due to multiple macroeconomic and geopolitical forces. The decline in crude oil prices has had an adverse impact on field related services that the Company provides to the oil and gas sector, which could continue if prices remain low.

Basis of Presentation

The Unaudited Condensed Consolidated Financial Statements contained in this report have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") and Securities and Exchange Commission ("SEC") guidance allowing for reduced disclosure for interim periods. In the opinion of management, the Unaudited Condensed Consolidated Financial Statements include all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods of the years ending December 31, 2025 and December 31, 2024.

Certain items included in these statements are based on management’s estimates. Actual results may differ from those estimates. The results of operations for any interim period are not necessarily indicative of the results expected for the year. The accompanying Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the notes to the Audited Consolidated Financial Statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report").

Principles of Consolidation

The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of Mistras Group, Inc. as well as its wholly-owned subsidiaries, majority-owned subsidiaries and consolidated variable interest entities (VIE). For consolidated subsidiaries in which the Company’s ownership interest is less than 100%, the non-controlling interests are reported in stockholders’ equity in the accompanying Unaudited Condensed Consolidated Balance Sheets. The non-controlling interests in net results, net of tax, is classified separately in the accompanying Unaudited Condensed Consolidated Statements of Income. All significant intercompany accounts and transactions have been eliminated in consolidation.

Change in Accounting Principle

Certain amounts in prior periods have been reclassified to conform to the current year presentation. The impacts of the reclassifications are shown in the tables below. Any reclassifications not shown below did not have a material effect on the Company's financial condition or results of operations as previously reported.

Change in Classification of Certain Expenses from Selling, General and Administrative Expenses to Cost of Revenue

Beginning on January 1, 2025, the Company changed the presentation of certain costs on its Unaudited Condensed Consolidated Statements of Income, which include costs incurred at the Company's operational labs as well as the costs for certain personnel that indirectly support the Company’s delivery of services. This voluntary change in classification of certain overhead and personnel costs, which were determined to be directly related to the Company’s delivery of services, resulted in a decrease in selling, general and administrative expenses and an offsetting increase in cost of revenue. The Company believes this presentation is preferable as it will provide greater transparency regarding its cost of revenue and better align with how the business is managed.

This change in classification has been applied retrospectively to all periods presented and affects selling, general and administrative expenses; cost of revenue; and gross profit on the Company's Unaudited Condensed Consolidated Statements of Income. This change in presentation had no impact to revenue, income from operations, income before provision for income taxes, provision for income taxes, net income, earnings per common share, or other components of equity, net assets or cash flows. In addition, selling, general and administrative expenses and other expenses information disclosed in Note 14 Segment Disclosure were adjusted for this change. The impacts of the update to the presentation of certain indirect costs on the Company’s Unaudited Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2024 are reflected below under the "Effect of change" columns.


	Three Months Ended September 30, 2024
	As Previously Reported		Effect of change		As Adjusted
Cost of revenue	$	122,392	$	5,672	$	128,064
Gross profit	54,577		(5,672)		48,905
Selling, general and administrative expenses	38,872		(5,672)		33,200


	Nine Months Ended September 30, 2024
	As Previously Reported		Effect of change		As Adjusted
Cost of revenue	$	377,570	$	15,386	$	392,956
Gross profit	161,783		(15,386)		146,397
Selling, general and administrative expenses	121,018		(15,386)		105,632

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in Note 1–Summary of Significant Accounting Policies and Practices in the 2024 Annual Report. On an ongoing basis, the Company evaluates its estimates and assumptions, including among other things, those related to revenue recognition, long-lived assets, goodwill and acquisitions. Since the date of the 2024 Annual Report, there have been no material changes to the Company’s significant accounting policies.

Income Taxes

Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities at enacted income tax rates for the temporary differences between the financial reporting bases and the tax bases of our assets and liabilities. Any effects of changes in income tax rates or tax laws are included in the provision for income taxes in the period of enactment. Our net deferred tax assets primarily consist of net operating loss carry forwards, or NOLs. A valuation allowance is provided if it is more likely than not that some or all of a deferred income tax asset will not be realized. A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current and prior years.

As of September 30, 2025, management concluded that it is more likely than not that a substantial portion of the Company's deferred tax assets will be realized.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution.

The Company’s effective income tax rate was approximately 22.3% and 29.0% for the three months ended September 30, 2025 and 2024, respectively. The Company’s effective income tax rate was approximately 21.9% and 22.1% for the nine months ended September 30, 2025 and 2024, respectively.

The effective income tax rate for the three months ended September 30, 2025, was higher than the statutory rate primarily due to the impact of foreign currency losses. The effective income tax rate for the three months ended September 30, 2024, was higher than the statutory rate primarily due to the impact of an unfavorable discrete item related to stock compensation.

The effective income tax rate for the nine months ended September 30, 2025, was higher than the statutory rate primarily due to the impact of foreign currency losses. The effective income tax rate for the nine months ended September 30, 2024, was higher than the statutory rate primarily due to the reversal of valuation allowances.

On July 4, 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act ("OBBBA"), was enacted, which includes a broad range of tax reform provisions. These tax reform provisions include the extension and modification of certain provisions of the Tax Cuts and Jobs Act and is effective for calendar year 2025. The changes include, but are not limited to, immediate expensing of domestic research and development expenditure, the restoration of 100% bonus depreciation, and an EBITDA-based interest expense limitation. These provisions did not have a material impact on the Company’s financial statements for the three or nine months ended September 30, 2025.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid disclosures. The new standard is effective for fiscal years beginning after December 15, 2024. The Company does not expect ASU 2023-09 to have a significant impact on its annual consolidated financial statements and related disclosures.

On November 4, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, to require disaggregation of certain expense captions into specified categories in disclosures within the notes of the financial statements. The standard is effective for fiscal years beginning after December 31, 2026 and early adoption is permitted. The guidance is required to be applied prospectively and amendments in the ASU may be applied prospectively or retrospectively. We are currently evaluating the impacts this standard will have on our disclosures.

On March 6, 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require registrants to provide certain climate-related information in their registration statements and periodic reports. The required disclosures will include, but are not limited to, specific disclosures about climate-related risks and their actual or likely material impacts on the registrant’s business, strategy, and outlook; the governance of climate-related risks and relevant risk management processes; Scope 1 and 2 greenhouse gas (GHG) emissions, if material or included in announced emission targets; certain climate-related financial statement metrics and related disclosures in a note to the audited financial statements; and information about climate-related targets and goals. The rules were scheduled to become effective for the Company beginning with the year ended December 31, 2025. However, in response to various legal challenges, the SEC voluntarily stayed the rules on April 4, 2024, and ended its defense of the rules in response to the pending legal challenges. The company continues to monitor any developments regarding these rules and the expected timing for compliance.

Intangible Assets - Intangible Assets - Schedule of Gross Carrying Amount and Accumulated Amortization (Details) (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 192,911	$ 187,727
Accumulated Amortization	(154,461)	(148,019)
Net Carrying Amount	38,450	39,708
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	109,044	107,704
Accumulated Amortization	(95,608)	(92,220)
Net Carrying Amount	$ 13,436	15,484
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	5 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	18 years
Software/Technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 61,317	57,414
Accumulated Amortization	(36,595)	(33,930)
Net Carrying Amount	$ 24,722	23,484
Software/Technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	3 years
Software/Technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	15 years
Covenants not to compete
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 12,362	12,391
Accumulated Amortization	(12,357)	(12,371)
Net Carrying Amount	$ 5	20
Covenants not to compete \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	2 years
Covenants not to compete \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	5 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 10,188	10,218
Accumulated Amortization	(9,901)	(9,498)
Net Carrying Amount	$ 287	$ 720
Other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	2 years
Other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	12 years

Long-Term Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consisted of the following:


	September 30, 2025		December 31, 2024

Senior credit facility	$	100,250	$	59,650
Senior secured term loan, net of unamortized debt issuance costs of $0.2 million and $0.3 million, respectively	99,810		107,545

Other	2,210		2,452
Total debt	202,270		169,647
Less: Current portion	(13,035)		(11,591)
Long-term debt, net of current portion	$	189,235	$	158,056

Senior Credit Facility

On August 1, 2022, the Company entered into a credit agreement (the “Credit Agreement”), which provides the Company with a $190 million 5-year committed revolving credit facility and a $125 million term loan with a balance of $99.8 million as of September 30, 2025. The Credit Agreement permits the Company to borrow up to $100 million in non-U.S. dollar currencies and to use up to $20 million of the credit limit for the issuance of letters of credit. Both the revolving line of credit and the term loan under the Credit Agreement have a maturity date of July 30, 2027.

The Credit Agreement has the following key terms, conditions and financial covenants:

•Borrowings bear interest at Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment and applicable SOFR margin ranging from 1.25% to 2.75%, based upon our Total Consolidated Debt Leverage Ratio (defined below).

◦Total Consolidated Debt Leverage Ratio means the ratio of (a) Total Consolidated Debt to (b) EBITDA (as defined in the Credit Agreement) for the trailing four consecutive fiscal quarters.

◦Total Consolidated Debt means all indebtedness (including subordinated debt) of the Company on a consolidated basis.

•The Company has the benefit of the lowest SOFR margin if its Total Consolidated Debt Leverage Ratio is equal to or less than 1.25 to 1.0, and the margin increases as the ratio increases, to the maximum margin if the ratio is greater than 3.75 to 1.0. The Credit Agreement is secured by liens on substantially all the assets of the Company and certain of its U.S subsidiaries and is guaranteed by those U.S. subsidiaries.

•The Company is required to maintain a Total Consolidated Debt Leverage Ratio of no more than 4.0 to 1.0 at the end of each quarter through June 30, 2023 and stepping down to a maximum permitted ratio of no more than 3.75 to 1.0 for the remainder of the term.

•The Company is required to maintain a Fixed Charge Coverage Ratio of 1.25 to 1.0 for the duration of the Credit Agreement, as defined in the Credit Agreement.

•The Credit Agreement limits the Company’s ability to, among other things, create liens, make investments, incur more indebtedness, merge or consolidate, make dispositions of property, pay dividends, make distributions to stockholders or repurchase our stock, enter into a new line of business, enter into transactions with affiliates and enter into burdensome agreements.

•The Credit Agreement does not limit the Company’s ability to acquire other businesses or companies except that the acquired business or company must be in the Company's line of business, the Company must be in compliance with the financial covenants on a pro forma basis after taking into account the acquisition, and the Company must provide written notice at least five business days prior to the date of an acquisition of $10 million or more.

•Quarterly payments on the term loan of $1.56 million through June 30, 2024, then increasing to $2.34 million through June 30, 2025, and to $3.12 million for each quarterly payment thereafter through maturity.

As of September 30, 2025, the Company had borrowings of $200.1 million and a total of $3.4 million of letters of credit outstanding under the Credit Agreement. The Company has capitalized costs associated with debt modifications of $0.6 million as of September 30, 2025, which are included in Other Assets on the Unaudited Condensed Consolidated Balance Sheets and will be amortized into interest expense over the remaining term of the Credit Agreement through July 30, 2027.

As of September 30, 2025, the Company was in compliance with the terms and covenants of the Credit Agreement. The Company continuously monitors compliance with the covenants contained in the Credit Agreement.

Other debt

The Company's other debt includes bank financing provided at the local subsidiary level used to support working capital requirements and fund capital expenditures. At September 30, 2025, there was an aggregate of approximately $2.2 million outstanding, payable at various times through 2030.

Unaudited Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenue	$ 195,549	$ 182,694	$ 542,569	$ 556,909
Cost of revenue	131,826	128,064	372,851	392,956
Depreciation	5,530	5,725	16,688	17,556
Gross profit	58,193	48,905	153,030	146,397
Selling, general and administrative expenses	33,478	33,200	108,923	105,632
Reorganization and other costs	1,764	2,143	7,802	4,219
Environmental expense	199	0	1,257	0
Legal settlement and insurance recoveries, net	0	(868)	0	(808)
Research and engineering	210	241	778	816
Depreciation and amortization	2,161	2,331	6,473	7,170
Income from operations	20,381	11,858	27,797	29,368
Other income	0	(1,479)	0	(1,479)
Interest expense	3,381	4,303	10,944	13,145
Income before provision for income taxes	17,000	9,034	16,853	17,702
Provision for income taxes	3,797	2,618	3,692	3,909
Net income	13,203	6,416	13,161	13,793
Less: net income attributable to noncontrolling interests, net of taxes	95	15	222	28
Net income attributable to Mistras Group, Inc.	$ 13,108	$ 6,401	$ 12,939	$ 13,765
Net income per common share:
Basic (in dollars per share)	$ 0.42	$ 0.21	$ 0.41	$ 0.45
Diluted (in dollars per share)	$ 0.41	$ 0.20	$ 0.41	$ 0.44
Weighted-average common shares outstanding:
Basic (in shares)	31,543	31,002	31,361	30,895
Diluted (in shares)	31,880	31,660	31,920	31,513

Segment Disclosure (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reconciliation to Operating Income (Loss)

Selected consolidated financial information by segment for the periods shown was as follows. Income (loss) from operations by operating segment includes intercompany transactions, which are eliminated in Corporate and eliminations.

For the three months ended September 30, 2025


	Segment
	North America		International		Products and Systems		Total Reportable Segments		Corporate and eliminations		Total
Revenue	$	160,609	$	35,521	$	4,036	$	200,166	$	(4,617)	$	195,549

Selling, general & administrative expenses	20,377		6,856		918		28,151		5,327		33,478
Other Expenses	117,479		24,827		2,067		144,373		(2,683)		141,690
Income (loss) from operations	$	22,753	$	3,838	$	1,051	$	27,642	$	(7,261)	$	20,381

For the three months ended September 30, 2024


	Segment
	North America		International		Products and Systems		Total Reportable Segments		Corporate and eliminations		Total
Revenue	$	149,845	$	33,662	$	3,276	$	186,783	$	(4,089)	$	182,694

Selling, general & administrative expenses	18,056		7,334		831		26,221		6,979		33,200
Other Expenses	114,334		24,550		1,775		140,659		(3,023)		137,636
Income (loss) from operations	$	17,455	$	1,778	$	670	$	19,903	$	(8,045)	$	11,858

For the nine months ended September 30, 2025


	Segment
	North America		International		Products and Systems		Total Reportable Segments		Corporate and eliminations		Total
Revenue	$	437,503	$	107,812	$	9,867	$	555,182	$	(12,613)	$	542,569

Selling, general & administrative expenses	62,061		21,923		2,538		86,522		22,401		108,923
Other Expenses	329,416		76,966		5,615		411,997		(6,148)		405,849
Income (loss) from operations	$	46,026	$	8,923	$	1,714	$	56,663	$	(28,866)	$	27,797

For the nine months ended September 30, 2024


	Segment
	North America		International		Products and Systems		Total Reportable Segments		Corporate and eliminations		Total
Revenue	$	456,588	$	100,972	$	9,860	$	567,420	$	(10,511)	$	556,909

Selling, general & administrative expenses	57,289		22,169		2,727		82,185		23,447		105,632
Other Expenses	349,557		74,255		5,654		429,466		(7,557)		421,909
Income (loss) from operations	$	49,742	$	4,548	$	1,479	$	55,769	$	(26,401)	$	29,368

Schedule of Selected Consolidated Financial Information by Segment

Selected consolidated financial information by segment for the periods shown was as follows (with intercompany transactions eliminated in Corporate and eliminations):


	September 30, 2025		December 31, 2024
Intangible assets, net
North America	$	28,869	$	30,869
International	1,116		1,377
Products and Systems	801		946
Corporate and eliminations	7,664		6,516
Total	$	38,450	$	39,708


	September 30, 2025		December 31, 2024
Total assets
North America	$	441,233	$	390,052
International	119,385		97,546
Products and Systems	10,260		11,280
Corporate and eliminations	25,378		24,160
Total	$	596,256	$	523,038


	September 30, 2025		December 31, 2024
Long-lived assets
North America	$	273,715	$	268,608
International	26,490		24,822
Products and Systems	882		1,049
Corporate and eliminations	8,746		7,563
Total	$	309,833	$	302,042

Property, Plant and Equipment, net

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

Property, plant and equipment, net consisted of the following:


	Useful Life (Years)	September 30, 2025		December 31, 2024

Land		$	2,469	$	2,429
Buildings and improvements	30-40	22,114		27,973
Office furniture and equipment	5-8	16,979		16,768
Machinery and equipment	5-7	307,831		274,907
		349,393		322,077
Accumulated depreciation and amortization		(261,735)		(241,185)
Property, plant and equipment, net		$	87,658	$	80,892

Depreciation expense for the three months ended September 30, 2025 and 2024 was approximately $6.0 million and $6.1 million, respectively.

Depreciation expense for the nine months ended September 30, 2025 and 2024 was $18.1 million and $18.9 million, respectively.

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	September 30, 2025		December 31, 2024

Accrued salaries, wages and related employee benefits	$	31,690	$	27,990

Accrued workers’ compensation and health benefits	3,180		4,898
Deferred revenue	8,148		8,096

Pension accrual	2,245		2,458
Right-of-use liability - Operating	11,384		11,375
Other accrued expenses	31,211		30,416
Total	$	87,858	$	85,233

Property, Plant and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following:


	Useful Life (Years)	September 30, 2025		December 31, 2024

Land		$	2,469	$	2,429
Buildings and improvements	30-40	22,114		27,973
Office furniture and equipment	5-8	16,979		16,768
Machinery and equipment	5-7	307,831		274,907
		349,393		322,077
Accumulated depreciation and amortization		(261,735)		(241,185)
Property, plant and equipment, net		$	87,658	$	80,892

Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenues

The following series of tables present the Company's disaggregated revenue:

Revenue by industry was as follows:


Three Months Ended September 30, 2025	North America		International		Products & Systems		Corp/Elim		Total
Oil & Gas	$	97,484	$	8,125	$	60	$	—	$	105,669
Aerospace & Defense	17,675		6,395		137		—		24,207
Industrials	15,469		6,773		360		—		22,602
Power Generation & Transmission	10,074		3,714		696		—		14,484
Other Process Industries	4,722		4,014		38		—		8,774
Infrastructure, Research & Engineering	5,285		3,610		1,674		—		10,569
Petrochemical	3,694		15		—		—		3,709
Other	6,206		2,875		1,071		(4,617)		5,535
Total	$	160,609	$	35,521	$	4,036	$	(4,617)	$	195,549


Three Months Ended September 30, 2024	North America		International		Products & Systems		Corp/Elim		Total
Oil & Gas	$	90,460	$	9,040	$	3	$	—	$	99,503
Aerospace & Defense	16,181		5,663		42		—		21,886
Industrials	12,285		6,749		478		—		19,512
Power Generation & Transmission	8,029		3,081		544		—		11,654
Other Process Industries	7,836		3,900		79		—		11,815
Infrastructure, Research & Engineering	5,189		2,744		797		—		8,730
Petrochemical	3,806		198		—		—		4,004
Other	6,059		2,287		1,333		(4,089)		5,590
Total	$	149,845	$	33,662	$	3,276	$	(4,089)	$	182,694


Nine Months Ended September 30, 2025	North America		International		Products & Systems		Corp/Elim		Total
Oil & Gas	$	275,849	$	28,714	$	486	$	—	$	305,049
Aerospace & Defense	48,530		19,690		393		—		68,613
Industrials	38,804		20,887		1,085		—		60,776
Power Generation & Transmission	22,618		6,796		1,516		—		30,930
Other Process Industries	17,100		12,930		46		—		30,076
Infrastructure, Research & Engineering	12,447		10,192		3,211		—		25,850
Petrochemical	9,329		126		—		—		9,455
Other	12,826		8,477		3,130		(12,613)		11,820
Total	$	437,503	$	107,812	$	9,867	$	(12,613)	$	542,569


Nine Months Ended September 30, 2024	North America		International		Products & Systems		Corp/Elim		Total
Oil & Gas	$	289,843	$	31,841	$	240	$	—	$	321,924
Aerospace & Defense	48,152		18,092		100		—		66,344
Industrials	33,047		18,480		1,478		—		53,005
Power Generation & Transmission	18,953		6,017		1,569		—		26,539
Other Process Industries	26,132		12,337		155		—		38,624
Infrastructure, Research & Engineering	14,286		7,762		1,901		—		23,949
Petrochemical	11,467		900		—		—		12,367
Other	14,708		5,543		4,417		(10,511)		14,157
Total	$	456,588	$	100,972	$	9,860	$	(10,511)	$	556,909

Revenue per key geographic location was as follows:


Three Months Ended September 30, 2025	North America		International		Products & Systems		Corp/Elim		Total
United States	$	134,481	$	549	$	1,294	$	(1,352)	$	134,972
Other Americas	24,342		95		121		(1,539)		23,019
Europe	1,301		34,571		826		(1,726)		34,972
Asia-Pacific	485		306		1,795		—		2,586
Total	$	160,609	$	35,521	$	4,036	$	(4,617)	$	195,549


Three Months Ended September 30, 2024	North America		International		Products & Systems		Corp/Elim		Total
United States	$	124,194	$	402	$	1,658	$	(1,457)	$	124,797
Other Americas	25,108		2,008		107		(577)		26,646
Europe	343		29,458		850		(1,655)		28,996
Asia-Pacific	200		1,794		661		(400)		2,255
Total	$	149,845	$	33,662	$	3,276	$	(4,089)	$	182,694


Nine Months Ended September 30, 2025	North America		International		Products & Systems		Corp/Elim		Total
United States	$	377,825	$	4,797	$	3,935	$	(2,831)	$	383,726
Other Americas	54,959		2,941		349		(5,170)		53,079
Europe	2,946		98,485		2,027		(4,111)		99,347
Asia-Pacific	1,773		1,589		3,556		(501)		6,417
Total	$	437,503	$	107,812	$	9,867	$	(12,613)	$	542,569


Nine Months Ended September 30, 2024	North America		International		Products & Systems		Corp/Elim		Total
United States	$	384,522	$	1,129	$	4,800	$	(3,181)	$	387,270
Other Americas	66,829		6,224		960		(3,602)		70,411
Europe	2,107		89,304		2,081		(3,116)		90,376
Asia-Pacific	3,130		4,315		2,019		(612)		8,852
Total	$	456,588	$	100,972	$	9,860	$	(10,511)	$	556,909

Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 349,393		$ 349,393		$ 322,077
Accumulated depreciation and amortization	(261,735)		(261,735)		(241,185)
Property, plant and equipment, net	87,658		87,658		80,892
Depreciation and amortization expense	6,000	$ 6,100	18,100	$ 18,900
Land
Property, Plant and Equipment, net
Property, plant and equipment, gross	2,469		2,469		2,429
Buildings and improvements
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 22,114		$ 22,114		27,973
Buildings and improvements \| Minimum
Property, Plant and Equipment, net
Useful Life (Years)	30 years		30 years
Buildings and improvements \| Maximum
Property, Plant and Equipment, net
Useful Life (Years)	40 years		40 years
Office furniture and equipment
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 16,979		$ 16,979		16,768
Office furniture and equipment \| Minimum
Property, Plant and Equipment, net
Useful Life (Years)	5 years		5 years
Office furniture and equipment \| Maximum
Property, Plant and Equipment, net
Useful Life (Years)	8 years		8 years
Machinery and equipment
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 307,831		$ 307,831		$ 274,907
Machinery and equipment \| Minimum
Property, Plant and Equipment, net
Useful Life (Years)	5 years		5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment, net
Useful Life (Years)	7 years		7 years

Share-Based Compensation - Fully-vested Common Stock Issued to Non-employee Directors (Details) - Common stock - Non-employee Directors - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued (in shares)	72	60
Grant date fair value of awards issued	$ 571	$ 549

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Description of Business and Basis of Presentation - Schedule of Reclassification Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Reclassification [Line Items]
Cost of revenue	$ 131,826	$ 128,064	$ 372,851	$ 392,956
Gross profit	58,193	48,905	153,030	146,397
Selling, general and administrative expenses	$ 33,478	33,200	$ 108,923	105,632
As Previously Reported
Reclassification [Line Items]
Cost of revenue		122,392		377,570
Gross profit		54,577		161,783
Selling, general and administrative expenses		38,872		121,018
Effect of change
Reclassification [Line Items]
Cost of revenue		5,672		15,386
Gross profit		(5,672)		(15,386)
Selling, general and administrative expenses		$ (5,672)		$ (15,386)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials and consumable supplies	$ 9,841	$ 8,321
Work in progress	1,143	1,018
Finished goods	3,811	5,146
Inventories	$ 14,795	$ 14,485

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity


	Nine Months Ended September 30,
	2025			2024
	Common Stock Options	Weighted Average Exercise Price		Common Stock Options	Weighted Average Exercise Price
Outstanding at beginning of period:	250	$	5.36	250	$	5.36
Granted	435	$	9.14	—	$	—
Exercised	—	$	—	—	$	—
Expired or forfeited	—	$	—	—	$	—
Outstanding at end of period:	685	$	7.76	250	$	5.36

Schedule of Fully-vested Common Stock Issued to Non-employee Directors

A summary of the fully-vested common stock the Company issued to its non-employee directors, in connection with its non-employee director compensation, is as follows (in thousands):


	Nine months ended September 30,
	2025		2024
Awards issued	72		60
Grant date fair value of awards issued	$	571	$	549

Schedule of Vesting Activity of Restricted Stock Unit Awards

A summary of the vesting activity of RSU awards, with the respective fair value of the awards, is as follows:


	Nine months ended September 30,
	2025		2024
Restricted stock awards vested	592		461
Fair value of awards vested	$	5,628	$	4,184

Schedule of Company's Outstanding, Nonvested Restricted Share Units and Performance Restricted Stock Units

A summary of the Company's outstanding, non-vested RSUs is as follows:


	Nine months ended September 30,
	2025			2024
	Units	Weighted Average Grant-Date Fair Value		Units	Weighted Average Grant-Date Fair Value
Outstanding at beginning of period:	1,231	$	8.41	1,184	$	8.07
Granted	395	$	9.36	726	$	8.52
Vested	(592)	$	9.51	(461)	$	9.08
Forfeited	(218)	$	8.53	(179)	$	8.39
Outstanding at end of period:	816	$	8.72	1,270	$	8.39

A summary of the Company's PRSU activity is as follows:


	Nine months ended September 30,
	2025			2024
	Units	Weighted Average Grant-Date Fair Value		Units	Weighted Average Grant-Date Fair Value
Outstanding at beginning of period:	125	$	9.12	60	$	9.33
Granted	507	$	10.08	295	$	8.76
Performance condition adjustments	(203)	$	8.76	(187)	$	8.76
Released	(3)	$	9.84	—	$	—
Forfeited	(22)	$	7.21	—	$	—
Outstanding at end of period:	404	$	9.91	168	$	9.18

Earnings per Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Basic earnings per share
Net income attributable to Mistras Group, Inc.	$ 13,108	$ 6,401	$ 12,939	$ 13,765
Denominator:
Weighted average common shares outstanding (in shares)	31,543,000	31,002,000	31,361,000	30,895,000
Basic earnings per share (in dollars per share)	$ 0.42	$ 0.21	$ 0.41	$ 0.45
Numerator:
Net income attributable to Mistras Group, Inc.	$ 13,108	$ 6,401	$ 12,939	$ 13,765
Denominator:
Weighted average common shares outstanding (in shares)	31,543,000	31,002,000	31,361,000	30,895,000
Dilutive effect of stock options outstanding (in shares)	99,000	120,000	102,000	103,000
Dilutive effect of restricted stock units outstanding (in shares)	238,000	538,000	457,000	515,000
Weighted-average common shares outstanding, diluted (in shares)	31,880,000	31,660,000	31,920,000	31,513,000
Diluted earnings per share (in dollars per share)	$ 0.41	$ 0.20	$ 0.41	$ 0.44
Stock Options
Denominator:
Potentially dilutive shares excluded from computation of diluted EPS due to net loss for the period (in shares)	388,000		379,000
Restricted Stock
Denominator:
Potentially dilutive shares excluded from computation of diluted EPS due to net loss for the period (in shares)	165,000		227,000

Inventories (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventories consist of the following (in thousands):


	September 30, 2025		December 31, 2024

Raw materials and consumable supplies	$	9,841	$	8,321
Work in progress	1,143		1,018
Finished goods	3,811		5,146
Inventories	$	14,795	$	14,485

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	September 30, 2025		December 31, 2024

Accrued salaries, wages and related employee benefits	$	31,690	$	27,990

Accrued workers’ compensation and health benefits	3,180		4,898
Deferred revenue	8,148		8,096

Pension accrual	2,245		2,458
Right-of-use liability - Operating	11,384		11,375
Other accrued expenses	31,211		30,416
Total	$	87,858	$	85,233

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Computations of Basic and Diluted Earnings (Loss) per Share

The following table sets forth the computations of basic and diluted earnings per share:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Basic earnings per share
Numerator:
Net income attributable to Mistras Group, Inc.	$	13,108	$	6,401	$	12,939	$	13,765
Denominator:
Weighted average common shares outstanding	31,543		31,002		31,361		30,895
Basic earnings per share	$	0.42	$	0.21	$	0.41	$	0.45

Diluted earnings per share:
Numerator:
Net income attributable to Mistras Group, Inc.	$	13,108	$	6,401	$	12,939	$	13,765
Denominator:
Weighted average common shares outstanding	31,543		31,002		31,361		30,895
Dilutive effect of stock options outstanding (1)	99		120		102		103
Dilutive effect of restricted stock units outstanding (1)	238		538		457		515
	31,880		31,660		31,920		31,513
Diluted earnings per share	$	0.41	$	0.20	$	0.41	$	0.44

_______________

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business and Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Accounting Standards Update and Change in Accounting Principle

The impacts of the update to the presentation of certain indirect costs on the Company’s Unaudited Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2024 are reflected below under the "Effect of change" columns.


	Three Months Ended September 30, 2024
	As Previously Reported		Effect of change		As Adjusted
Cost of revenue	$	122,392	$	5,672	$	128,064
Gross profit	54,577		(5,672)		48,905
Selling, general and administrative expenses	38,872		(5,672)		33,200


	Nine Months Ended September 30, 2024
	As Previously Reported		Effect of change		As Adjusted
Cost of revenue	$	377,570	$	15,386	$	392,956
Gross profit	161,783		(15,386)		146,397
Selling, general and administrative expenses	121,018		(15,386)		105,632

Unaudited Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Mistras Group, Inc. stockholders’ equity	Common stock	Additional paid-in capital	Accumulated earnings (deficit)	Accumulated other comprehensive loss	Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2023			30,598,000
Beginning balance at Dec. 31, 2023	$ 190,503	$ 190,192	$ 305	$ 247,165	$ (28,942)	$ (28,336)	$ 311
Increase (Decrease) in Stockholders' Equity
Net income	13,793	13,765			13,765		28
Other comprehensive income (loss), net of tax	(1,684)	(1,684)				(1,684)
Share-based payments	4,256	4,256		4,256
Net settlement of restricted stock units (in shares)			409,000
Net settlement of restricted stock units	(1,325)	(1,325)	$ 80	(1,405)
Ending balance (in shares) at Sep. 30, 2024			31,007,000
Ending balance at Sep. 30, 2024	205,543	205,204	$ 385	250,016	(15,177)	(30,020)	339
Beginning balance (in shares) at Jun. 30, 2024			30,977,000
Beginning balance at Jun. 30, 2024	193,474	193,150	$ 385	248,524	(21,578)	(34,181)	324
Increase (Decrease) in Stockholders' Equity
Net income	6,416	6,401			6,401		15
Other comprehensive income (loss), net of tax	4,161	4,161				4,161
Share-based payments	1,492	1,492		1,492
Net settlement of restricted stock units (in shares)			30,000
Net settlement of restricted stock units	0	0	$ 0
Ending balance (in shares) at Sep. 30, 2024			31,007,000
Ending balance at Sep. 30, 2024	205,543	205,204	$ 385	250,016	(15,177)	(30,020)	339
Beginning balance (in shares) at Dec. 31, 2024			31,010,000
Beginning balance at Dec. 31, 2024	198,895	198,568	$ 402	250,832	(9,984)	(42,682)	327
Increase (Decrease) in Stockholders' Equity
Net income	13,161	12,939			12,939		222
Other comprehensive income (loss), net of tax	11,227	11,354				11,354	(127)
Share-based payments	6,067	6,067		6,067
Net settlement of restricted stock units (in shares)			538,000
Net settlement of restricted stock units	(1,524)	(1,524)	$ 78	(1,602)
Ending balance (in shares) at Sep. 30, 2025			31,548,000
Ending balance at Sep. 30, 2025	227,826	227,404	$ 480	255,297	2,955	(31,328)	422
Beginning balance (in shares) at Jun. 30, 2025			31,538,000
Beginning balance at Jun. 30, 2025	216,175	215,848	$ 465	253,879	(10,153)	(28,343)	327
Increase (Decrease) in Stockholders' Equity
Net income	13,203	13,108			13,108		95
Other comprehensive income (loss), net of tax	(2,985)	(2,985)				(2,985)
Share-based payments	1,465	1,465		1,465
Net settlement of restricted stock units (in shares)			10,000
Net settlement of restricted stock units	(32)	(32)	$ 15	(47)
Ending balance (in shares) at Sep. 30, 2025			31,548,000
Ending balance at Sep. 30, 2025	$ 227,826	$ 227,404	$ 480	$ 255,297	$ 2,955	$ (31,328)	$ 422

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	31,548,153	31,010,375
Common stock, shares outstanding (in shares)	31,548,153	31,010,375

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2025
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company performs fair value measurements in accordance with the guidance provided by ASC 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a three level hierarchy that prioritizes the inputs used to measure fair value. Financial instruments not measured at fair value on a recurring basis The Company has evaluated current market conditions and borrower credit quality and has determined that the carrying value of its long-term debt approximates fair value. The fair value of the Company’s notes payable and finance lease obligations approximates their carrying amounts based on anticipated interest rates which management believes would currently be available to the Company for similar issuances of debt.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 100
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Goodwill

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Changes in the carrying amount of goodwill by segment is shown below:


	North America		International		Products and Systems		Total
Balance at December 31, 2024	$	181,442	$	—	$	—	$	181,442



Foreign currency translation	2,283		—		—		2,283
Balance at September 30, 2025	$	183,725	$	—	$	—	$	183,725

The Company reviews goodwill for impairment on a reporting unit basis on October 1 of each year and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable.

The Company performed a quantitative annual impairment test as of October 1, 2024 and did not identify any changes in circumstances that would indicate the carrying value of goodwill may not be recoverable. Additionally, through September 30, 2025, the Company did not identify any changes in circumstances that would indicate the carrying value of goodwill may not be recoverable. Significant adverse changes in future periods could negatively affect the Company's key assumptions and may result in future goodwill impairment charges which could be material.

- Definition

The entire disclosure for goodwill.

+ References + Details

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current Assets
Cash and cash equivalents	$ 27,805	$ 18,317
Accounts receivable, net	174,787	127,281
Inventories	14,795	14,485
Prepaid expenses and other current assets	20,111	12,387
Total current assets	237,498	172,470
Property, plant and equipment, net	87,658	80,892
Intangible assets, net	38,450	39,708
Goodwill	183,725	181,442
Deferred income taxes	5,066	6,267
Other assets	43,859	42,259
Total assets	596,256	523,038
Current Liabilities
Accounts payable	18,375	11,128
Accrued expenses and other current liabilities	87,858	85,233
Current portion of long-term debt	13,035	11,591
Current portion of finance lease obligations	6,079	5,317
Income taxes payable	444	1,656
Total current liabilities	125,791	114,925
Long-term debt, net of current portion	189,235	158,056
Obligations under finance leases, net of current portion	14,635	15,162
Deferred income taxes	2,880	1,973
Other long-term liabilities	35,889	34,027
Total liabilities	368,430	324,143
Commitments and contingencies (Note 13)
Equity
Preferred stock, 10,000,000 shares authorized	0	0
Common stock, $0.01 par value, 200,000,000 shares authorized, 31,548,153 and 31,010,375 shares issued and outstanding	480	402
Additional paid-in capital	255,297	250,832
Accumulated earnings (deficit)	2,955	(9,984)
Accumulated other comprehensive loss	(31,328)	(42,682)
Total Mistras Group, Inc. stockholders’ equity	227,404	198,568
Non-controlling interests	422	327
Total equity	227,826	198,895
Total liabilities and equity	$ 596,256	$ 523,038

Accounts Receivable, net - Schedule of Accounts Receivable, net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Receivables [Abstract]
Trade accounts receivable - billed	$ 140,186	$ 108,563
Trade accounts receivable - unbilled	37,839	21,331
Allowance for credit losses	(3,238)	(2,613)
Accounts receivable, net	$ 174,787	$ 127,281

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued salaries, wages and related employee benefits	$ 31,690	$ 27,990
Accrued workers’ compensation and health benefits	3,180	4,898
Deferred revenue	8,148	8,096
Pension accrual	2,245	2,458
Right-of-use liability - Operating	11,384	11,375
Other accrued expenses	31,211	30,416
Total	$ 87,858	$ 85,233

Share-Based Compensation - Restricted Stock Units Awards - Activity (Details) - Restricted Stock Unit Awards - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Restricted Stock Units Awards (Units)
Outstanding at beginning of period (in shares)	1,231	1,184
Granted (in shares)	395	726
Vested (in shares)	(592)	(461)
Forfeited (in shares)	(218)	(179)
Outstanding at end of period (in shares)	816	1,270
Weighted Average Grant-Date Fair Value (in dollars per share)
Outstanding at the beginning of period (in dollars per share)	$ 8.41	$ 8.07
Granted (in dollars per share)	9.36	8.52
Vested (in dollars per share)	9.51	9.08
Forfeited (in dollars per share)	8.53	8.39
Outstanding at end of period (in dollars per share)	$ 8.72	$ 8.39

Accounts Receivable, net

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Accounts Receivable, net

Accounts receivable consisted of the following (in thousands):


	September 30, 2025		December 31, 2024

Trade accounts receivable - billed	$	140,186	$	108,563
Trade accounts receivable - unbilled	37,839		21,331
Allowance for credit losses	(3,238)		(2,613)
Accounts receivable, net	$	174,787	$	127,281

Trade accounts receivables - unbilled are generally billed in the subsequent quarter to their revenue recognition. The Company considers Trade accounts receivables - unbilled as short-term in nature as they are normally converted to Trade accounts receivables - billed within 90 days, thus future changes in economic conditions will not have a significant effect on the credit loss estimate.

Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

The Company derives the majority of its revenue by providing services on a time and materials basis, which are short-term in nature. The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers.

Performance Obligations

The Company provides highly integrated and bundled inspection services to its customers. The majority of the Company's contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the Company's best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is a relative selling price based on price lists.

Contract modifications are not routine in the performance of the Company's contracts. Generally, when contracts are modified, the modification is to account for changes in scope to the goods and services that are provided. In most instances, contract modifications are for goods or services that are distinct, and, therefore, are accounted for as a separate contract.

The Company's performance obligations are satisfied over time as work progresses or at a point in time. The majority of the Company's revenue is recognized over time as work progresses for the Company's service deliverables, which includes providing testing, inspection and mechanical services to our customers. Revenue is recognized over time, based on time and material incurred to date which best portrays the transfer of control to the customer. The Company also utilizes an available practical expedient that provides for revenue to be recognized in an amount that corresponds directly with the value to the customer of the Company's performance completed to date. Fixed fee arrangements are determined based on expected labor, material, and overhead to be consumed on fulfillment of such services. For these arrangements, revenue is recognized on a cost-to-cost method tracked on an input basis.

The majority of the Company's revenue recognized at a point in time is related to product sales when the customer obtains control of the asset, which is generally upon shipment to the customer. Contract costs include labor, material and overhead.

The Company expects any significant remaining performance obligations to be satisfied within one year.

Contract Estimates

The majority of the Company's revenues are short-term in nature. The Company enters into master service agreements ("MSA"s) with customers that specify an overall framework and contract terms. The actual contracting to provide services or furnish products are triggered by a work order, purchase order, or some similar document issued pursuant to a MSA which sets forth the scope of services and/or identifies the products to be provided. From time-to-time, the Company may enter into longer-term contracts, which can range from several months to several years. Revenue on certain contracts is recognized as work is performed based on total costs incurred to date in relation to the total estimated costs for the performance of the contract at completion. This includes contract estimates of costs to be incurred for the performance of the contract. Cost estimation is based upon the professional knowledge and experience of the Company's project managers, engineers and financial professionals. Factors that are considered in estimating the work to be completed include the availability of materials, the effect of any delays in the Company's project performance and the recoverability of any claims. Whenever revisions of estimates, contract costs and/or contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period.

Revenue by Category

The following series of tables present the Company's disaggregated revenue:

Revenue by industry was as follows:


Three Months Ended September 30, 2025	North America		International		Products & Systems		Corp/Elim		Total
Oil & Gas	$	97,484	$	8,125	$	60	$	—	$	105,669
Aerospace & Defense	17,675		6,395		137		—		24,207
Industrials	15,469		6,773		360		—		22,602
Power Generation & Transmission	10,074		3,714		696		—		14,484
Other Process Industries	4,722		4,014		38		—		8,774
Infrastructure, Research & Engineering	5,285		3,610		1,674		—		10,569
Petrochemical	3,694		15		—		—		3,709
Other	6,206		2,875		1,071		(4,617)		5,535
Total	$	160,609	$	35,521	$	4,036	$	(4,617)	$	195,549


Three Months Ended September 30, 2024	North America		International		Products & Systems		Corp/Elim		Total
Oil & Gas	$	90,460	$	9,040	$	3	$	—	$	99,503
Aerospace & Defense	16,181		5,663		42		—		21,886
Industrials	12,285		6,749		478		—		19,512
Power Generation & Transmission	8,029		3,081		544		—		11,654
Other Process Industries	7,836		3,900		79		—		11,815
Infrastructure, Research & Engineering	5,189		2,744		797		—		8,730
Petrochemical	3,806		198		—		—		4,004
Other	6,059		2,287		1,333		(4,089)		5,590
Total	$	149,845	$	33,662	$	3,276	$	(4,089)	$	182,694


Nine Months Ended September 30, 2025	North America		International		Products & Systems		Corp/Elim		Total
Oil & Gas	$	275,849	$	28,714	$	486	$	—	$	305,049
Aerospace & Defense	48,530		19,690		393		—		68,613
Industrials	38,804		20,887		1,085		—		60,776
Power Generation & Transmission	22,618		6,796		1,516		—		30,930
Other Process Industries	17,100		12,930		46		—		30,076
Infrastructure, Research & Engineering	12,447		10,192		3,211		—		25,850
Petrochemical	9,329		126		—		—		9,455
Other	12,826		8,477		3,130		(12,613)		11,820
Total	$	437,503	$	107,812	$	9,867	$	(12,613)	$	542,569


Nine Months Ended September 30, 2024	North America		International		Products & Systems		Corp/Elim		Total
Oil & Gas	$	289,843	$	31,841	$	240	$	—	$	321,924
Aerospace & Defense	48,152		18,092		100		—		66,344
Industrials	33,047		18,480		1,478		—		53,005
Power Generation & Transmission	18,953		6,017		1,569		—		26,539
Other Process Industries	26,132		12,337		155		—		38,624
Infrastructure, Research & Engineering	14,286		7,762		1,901		—		23,949
Petrochemical	11,467		900		—		—		12,367
Other	14,708		5,543		4,417		(10,511)		14,157
Total	$	456,588	$	100,972	$	9,860	$	(10,511)	$	556,909

Revenue per key geographic location was as follows:


Three Months Ended September 30, 2025	North America		International		Products & Systems		Corp/Elim		Total
United States	$	134,481	$	549	$	1,294	$	(1,352)	$	134,972
Other Americas	24,342		95		121		(1,539)		23,019
Europe	1,301		34,571		826		(1,726)		34,972
Asia-Pacific	485		306		1,795		—		2,586
Total	$	160,609	$	35,521	$	4,036	$	(4,617)	$	195,549


Three Months Ended September 30, 2024	North America		International		Products & Systems		Corp/Elim		Total
United States	$	124,194	$	402	$	1,658	$	(1,457)	$	124,797
Other Americas	25,108		2,008		107		(577)		26,646
Europe	343		29,458		850		(1,655)		28,996
Asia-Pacific	200		1,794		661		(400)		2,255
Total	$	149,845	$	33,662	$	3,276	$	(4,089)	$	182,694


Nine Months Ended September 30, 2025	North America		International		Products & Systems		Corp/Elim		Total
United States	$	377,825	$	4,797	$	3,935	$	(2,831)	$	383,726
Other Americas	54,959		2,941		349		(5,170)		53,079
Europe	2,946		98,485		2,027		(4,111)		99,347
Asia-Pacific	1,773		1,589		3,556		(501)		6,417
Total	$	437,503	$	107,812	$	9,867	$	(12,613)	$	542,569


Nine Months Ended September 30, 2024	North America		International		Products & Systems		Corp/Elim		Total
United States	$	384,522	$	1,129	$	4,800	$	(3,181)	$	387,270
Other Americas	66,829		6,224		960		(3,602)		70,411
Europe	2,107		89,304		2,081		(3,116)		90,376
Asia-Pacific	3,130		4,315		2,019		(612)		8,852
Total	$	456,588	$	100,972	$	9,860	$	(10,511)	$	556,909

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Unaudited Condensed Consolidated Balance Sheets. Amounts are generally billed as work progresses in accordance with agreed-upon contractual terms, generally at periodic intervals (e.g., weekly, bi-weekly or monthly). Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are aggregated on an individual contract basis and reported on the Unaudited Condensed Consolidated Balance Sheets at the end of each reporting period within accounts receivable, net or accrued expenses and other current liabilities.

Revenue recognized during the nine months ended September 30, 2025 and 2024 that was included in the contract liability balance at the beginning of the year was $6.8 million and $6.2 million, respectively. Changes in the contract asset and liability balances during these periods were not materially impacted by any other factors. The Company applies the practical expedient to expense incremental costs incurred related to obtaining a contract when the amortization period of the asset that the Company otherwise would have recognized is one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Segment Disclosure

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Disclosure

The Company’s three operating segments, which are also the Company's reportable segments, are:

Costs incurred for general corporate services, including finance, legal, and certain other costs that are provided to the segments are reported within Corporate and eliminations. Sales to the International segment from the Products and Systems segment and subsequent sales by the International segment of the same items are recorded and reflected in the operating performance of both segments. Additionally, engineering charges and royalty fees charged to the North America and International segments by the Products and Systems segment are reflected in the operating performance of each segment.

The chief operating decision maker ("CODM") reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. For the year ended December 31, 2024, our CODM was identified as Manny Stamatakis, the Interim Chief Executive Officer, because he has final authority over performance assessment and resource allocation decisions. Beginning January 1, 2025, our CODM was identified as Natalia Shuman, upon her appointment as our Chief Executive Officer effective January 1, 2025, as she has final authority over performance assessment and resource allocation decisions. Our segments are based on the type and concentration of customers served, service requirements, methods of distribution and major product lines.

Segment income (loss) from operations is the primary performance measure used by the CODM to evaluate segment performance and allocate resources, including considering budget-to-actual variances and prior year-to-actual variances on a monthly basis in accordance with GAAP under ASC 280, Segment Reporting. Segment income (loss) from operations for each of the Company's reportable segments are comprised of revenue, selling, general & administrative expenses, and "other expenses." "Other expenses" include cost of revenue, reorganization and environmental costs, legal settlements and recoveries, depreciation and amortization and research and engineering.

Corporate and other assets are comprised principally of cash, deposits, property, plant and equipment, domestic deferred taxes, deferred charges and other assets. Corporate loss from operations consists of administrative charges related to corporate personnel and other charges that cannot be readily identified for allocation to a particular segment. These items of our operating profit are managed centrally at the corporate level and are excluded from the measure of segment income reviewed by the CODM, as well as the measure of segment performance used for incentive compensation purposes.

The accounting policies of the reportable segments are the same as those described in Note 1 - Description of Business and Basis of Presentation.

For the three months ended September 30, 2025


	Segment
	North America		International		Products and Systems		Total Reportable Segments		Corporate and eliminations		Total
Revenue	$	160,609	$	35,521	$	4,036	$	200,166	$	(4,617)	$	195,549

Selling, general & administrative expenses	20,377		6,856		918		28,151		5,327		33,478
Other Expenses	117,479		24,827		2,067		144,373		(2,683)		141,690
Income (loss) from operations	$	22,753	$	3,838	$	1,051	$	27,642	$	(7,261)	$	20,381

For the three months ended September 30, 2024


	Segment
	North America		International		Products and Systems		Total Reportable Segments		Corporate and eliminations		Total
Revenue	$	149,845	$	33,662	$	3,276	$	186,783	$	(4,089)	$	182,694

Selling, general & administrative expenses	18,056		7,334		831		26,221		6,979		33,200
Other Expenses	114,334		24,550		1,775		140,659		(3,023)		137,636
Income (loss) from operations	$	17,455	$	1,778	$	670	$	19,903	$	(8,045)	$	11,858

For the nine months ended September 30, 2025


	Segment
	North America		International		Products and Systems		Total Reportable Segments		Corporate and eliminations		Total
Revenue	$	437,503	$	107,812	$	9,867	$	555,182	$	(12,613)	$	542,569

Selling, general & administrative expenses	62,061		21,923		2,538		86,522		22,401		108,923
Other Expenses	329,416		76,966		5,615		411,997		(6,148)		405,849
Income (loss) from operations	$	46,026	$	8,923	$	1,714	$	56,663	$	(28,866)	$	27,797

For the nine months ended September 30, 2024


	Segment
	North America		International		Products and Systems		Total Reportable Segments		Corporate and eliminations		Total
Revenue	$	456,588	$	100,972	$	9,860	$	567,420	$	(10,511)	$	556,909

Selling, general & administrative expenses	57,289		22,169		2,727		82,185		23,447		105,632
Other Expenses	349,557		74,255		5,654		429,466		(7,557)		421,909
Income (loss) from operations	$	49,742	$	4,548	$	1,479	$	55,769	$	(26,401)	$	29,368

The tables above only reconcile to income (loss) from operations as our measure of segment profitability and the remainder of the reconciliation to net income can be seen on the Unaudited Condensed Consolidated Statement of Income. Products and Systems segment revenue was comprised of approximately $0.6 million and $0.9 million of sales to the International segment, which were eliminated upon consolidation, for the three months ended September 30, 2025 and September 30, 2024, respectively. Products and Systems segment revenue was comprised of approximately $2.4 million and $2.8 million of sales to the International segment, which were eliminated upon consolidation, for the nine months ended September 30, 2025 and September 30, 2024, respectively. Intersegment revenue related to sales between other segments was immaterial for each of the three and nine month periods ended September 30, 2025 and September 30, 2024.

Selected consolidated financial information by segment for the periods shown was as follows (with intercompany transactions eliminated in Corporate and eliminations):


	September 30, 2025		December 31, 2024
Intangible assets, net
North America	$	28,869	$	30,869
International	1,116		1,377
Products and Systems	801		946
Corporate and eliminations	7,664		6,516
Total	$	38,450	$	39,708


	September 30, 2025		December 31, 2024
Total assets
North America	$	441,233	$	390,052
International	119,385		97,546
Products and Systems	10,260		11,280
Corporate and eliminations	25,378		24,160
Total	$	596,256	$	523,038


	September 30, 2025		December 31, 2024
Long-lived assets
North America	$	273,715	$	268,608
International	26,490		24,822
Products and Systems	882		1,049
Corporate and eliminations	8,746		7,563
Total	$	309,833	$	302,042

Refer to Note 2 - Revenue, for revenue by geographic area for the three and nine months ended September 30, 2025 and 2024.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation - Restricted Stock Unit Awards - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 08, 2025 installment shares	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation related to reorganization and other costs		$ 1,764	$ 2,143	$ 7,802	$ 4,219
Share-Based Payment Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation related to reorganization and other costs				$ 500
Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares				395,000	726,000
Recognized share-based compensation expense (benefit)		700	$ 1,600	$ 2,800	$ 3,900
Unrecognized compensation cost, net of estimated forfeitures		$ 6,200		$ 6,200
Weighted-average period over which unrecognized compensation cost is expected to be recognized ( in years)				2 years 4 months 24 days
Restricted Stock Unit Awards \| President And Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	25,000
Share-based compensation arrangement by share-based payment award, number of vesting installments \| installment	3
Vesting period	3 years
Share-based compensation arrangements by share-based payment award, vesting award, common stock conversion ratio	1
Restricted Stock Unit Awards \| President And Chief Executive Officer \| Anniversary 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (ratably on each of the first four anniversary date)	33.33%
Restricted Stock Unit Awards \| President And Chief Executive Officer \| Anniversary 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (ratably on each of the first four anniversary date)	33.33%
Restricted Stock Unit Awards \| President And Chief Executive Officer \| Anniversary 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (ratably on each of the first four anniversary date)	33.33%

Share-Based Compensation - Performance Restricted Stock Units Narrative (Details) - PRSUs shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2025 USD ($) metric shares	Sep. 30, 2024 USD ($) shares	Dec. 31, 2024 shares	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation expense (benefit)	$ 0.3	$ 0.0	$ 0.9	$ 0.3
Unrecognized compensation cost	$ 2.9		$ 2.9
Nonvested shares outstanding (in shares) \| shares	404	168	404	168	125	60
Weighted-average period over which unrecognized compensation cost is expected to be recognized ( in years)			2 years 7 months 6 days
Executive and Senior Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (years)			1 year
Vesting period			4 years
Requisite service period			5 years
Executive and Senior Officers \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage, range of target award	0.00%		0.00%
Executive and Senior Officers \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage, range of target award	200.00%		200.00%
Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance award metrics \| metric			3

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net income	$ 13,161	$ 13,793
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	23,161	24,726
Deferred income taxes	2,287	(2,026)
Share-based compensation expense	6,067	4,256
Bad debt provision for troubled customers, net of recoveries	901	681
Foreign currency loss (gain)	2,420	(23)
Other	(1,226)	(1,493)
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions
Accounts receivable	(44,230)	(11,979)
Inventories	(5)	431
Prepaid expenses and other assets	(7,158)	(39)
Accounts payable	6,679	(3,583)
Accrued expenses and other liabilities	171	(138)
Income taxes payable	(1,385)	(135)
Net cash provided by operating activities	843	24,471
Cash flows from investing activities
Purchase of property, plant and equipment	(18,534)	(14,315)
Purchase of intangible assets	(3,166)	(3,832)
Proceeds from sale of equipment	2,736	995
Net cash used in investing activities	(18,964)	(17,152)
Cash flows from financing activities
Repayment of finance lease obligations	(4,419)	(4,183)
Repayment of long-term debt	(8,441)	(6,537)
Proceeds from revolver	74,000	53,500
Repayment of revolver	(33,400)	(47,701)
Taxes paid related to net share settlement of share-based awards	(1,524)	(1,326)
Net cash provided by (used in) financing activities	26,216	(6,247)
Effect of exchange rate changes on cash and cash equivalents	1,393	1,642
Net change in cash and cash equivalents	9,488	2,714
Cash and cash equivalents at beginning of period	18,317	17,646
Cash and cash equivalents at end of period	27,805	20,360
Supplemental disclosure of cash paid
Interest, net	10,070	12,595
Income taxes, net of refunds	6,874	4,406
Noncash investing and financing
Equipment acquired through finance lease obligations	$ 4,393	$ 3,642

Goodwill (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill by segment is shown below:


	North America		International		Products and Systems		Total
Balance at December 31, 2024	$	181,442	$	—	$	—	$	181,442



Foreign currency translation	2,283		—		—		2,283
Balance at September 30, 2025	$	183,725	$	—	$	—	$	183,725

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Segment Disclosure - Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Revenue and long-lived assets by geographic area
Revenue	$ 195,549	$ 182,694	$ 542,569	$ 556,909
Selling, general & administrative expenses	33,478	33,200	108,923	105,632
Other Expenses	141,690	137,636	405,849	421,909
Income (loss) from operations	20,381	11,858	27,797	29,368
Intangible assets, net	38,450		38,450		$ 39,708
Total assets	596,256		596,256		523,038
Long-lived assets	309,833		309,833		302,042
Operating segments
Revenue and long-lived assets by geographic area
Revenue	200,166	186,783	555,182	567,420
Selling, general & administrative expenses	28,151	26,221	86,522	82,185
Other Expenses	144,373	140,659	411,997	429,466
Income (loss) from operations	27,642	19,903	56,663	55,769
Operating segments \| North America
Revenue and long-lived assets by geographic area
Revenue	160,609	149,845	437,503	456,588
Selling, general & administrative expenses	20,377	18,056	62,061	57,289
Other Expenses	117,479	114,334	329,416	349,557
Income (loss) from operations	22,753	17,455	46,026	49,742
Intangible assets, net	28,869		28,869		30,869
Total assets	441,233		441,233		390,052
Long-lived assets	273,715		273,715		268,608
Operating segments \| International
Revenue and long-lived assets by geographic area
Revenue	35,521	33,662	107,812	100,972
Selling, general & administrative expenses	6,856	7,334	21,923	22,169
Other Expenses	24,827	24,550	76,966	74,255
Income (loss) from operations	3,838	1,778	8,923	4,548
Intangible assets, net	1,116		1,116		1,377
Total assets	119,385		119,385		97,546
Long-lived assets	26,490		26,490		24,822
Operating segments \| Products and Systems
Revenue and long-lived assets by geographic area
Revenue	4,036	3,276	9,867	9,860
Selling, general & administrative expenses	918	831	2,538	2,727
Other Expenses	2,067	1,775	5,615	5,654
Income (loss) from operations	1,051	670	1,714	1,479
Intangible assets, net	801		801		946
Total assets	10,260		10,260		11,280
Long-lived assets	882		882		1,049
Corporate and eliminations
Revenue and long-lived assets by geographic area
Revenue	(4,617)	(4,089)	(12,613)	(10,511)
Selling, general & administrative expenses	5,327	6,979	22,401	23,447
Other Expenses	(2,683)	(3,023)	(6,148)	(7,557)
Income (loss) from operations	(7,261)	$ (8,045)	(28,866)	$ (26,401)
Intangible assets, net	7,664		7,664		6,516
Total assets	25,378		25,378		24,160
Long-lived assets	$ 8,746		$ 8,746		$ 7,563

Long-Term Debt - Narrative (Details)	Aug. 01, 2022 USD ($) day	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Debt outstanding		$ 202,270,000	$ 169,647,000
Line of Credit \| Credit Agreement
Debt Instrument [Line Items]
Lowest available margin applicable	1.25
Maximum margin, if greater than	3.75
Fixed charge coverage ratio	1.25
Number of business days written notice is required \| day	5
Minimum amount for threshold of business acquisition	$ 10,000,000
Line of Credit \| Credit Agreement \| Debt Covenant Period One
Debt Instrument [Line Items]
Total consolidated debt leverage ratio	4.0
Line of Credit \| Credit Agreement \| Debt Covenant Period Two
Debt Instrument [Line Items]
Total consolidated debt leverage ratio	3.75
Line of Credit \| Credit Agreement \| Debt Covenant Period Three
Debt Instrument [Line Items]
Debt periodic payments	$ 1,560,000
Line of Credit \| Credit Agreement \| Debt Covenant Period Four
Debt Instrument [Line Items]
Debt periodic payments	2,340,000
Line of Credit \| Credit Agreement \| Debt Covenant Period Five
Debt Instrument [Line Items]
Debt periodic payments	$ 3,120,000
Line of Credit \| Credit Agreement \| Variable Rate Component \| Minimum
Debt Instrument [Line Items]
Margin rate (as a percent)	1.25%
Line of Credit \| Credit Agreement \| Variable Rate Component \| Maximum
Debt Instrument [Line Items]
Margin rate (as a percent)	2.75%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding		100,250,000	59,650,000
Outstanding borrowings		200,100,000
Outstanding letters of credit		3,400,000
Capitalized costs associated with debt modifications		600,000
Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Debt outstanding		99,800,000
Other
Debt Instrument [Line Items]
Debt outstanding		$ 2,210,000	$ 2,452,000
Revolving Credit Facility \| Line of Credit \| Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 190,000,000
Debt term (in years)	5 years
Maximum borrowing capacity in non-U.S. Dollar currencies	$ 100,000,000
Secured Debt \| Line of Credit \| Credit Agreement
Debt Instrument [Line Items]
Face amount of loan	125,000,000
Letter of Credit \| Line of Credit \| Credit Agreement
Debt Instrument [Line Items]
Maximum amount available for the issuance of letters of credit	$ 20,000,000

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings and Government Investigations The Company is periodically involved in lawsuits, investigations and claims. While uncertainties exist with respect to the ultimate resolution of lawsuits, investigations and claims asserted against it, except as stated below, the Company, based on currently available information, does not believe that any currently pending or threatened legal proceeding to which the Company is a party, or is likely to become a party, will have a material adverse effect on its business, results of operations, cash flows or financial condition. The costs incurred by the Company to defend lawsuits, investigations and claims and amounts the Company pays to other parties because of these matters may be covered by insurance in some circumstances. Litigation and Commercial Claims The Company and a subsidiary of the Company, Mistras Arizona Inspection Services LLC (“Mistras Arizona”), are subject to a lawsuit ("the DEQ Proceeding") filed by the State of Arizona and the Arizona Department of Environmental Quality (collectively “DEQ”). The DEQ Proceeding, captioned State of Arizona v. Mistras Group, Inc., Mistras Arizona Inspection Services, LLC and Naiman Phoenix, Ltd., was originally filed on February 27, 2024, in the Superior Court of the State of Arizona for Maricopa County, CV 2024-003866 (the "DEQ Complaint"). The DEQ Complaint alleges various violations of Arizona environmental laws and regulations by Mistras Arizona in connection with the operation by Mistras Arizona of its testing facility in Phoenix, Arizona. The DEQ Complaint seeks, through injunctive relief, the closing of a chromic acid plating line at the testing facility, implementation of a site assessment plan approved by the DEQ, and corrective and remedial action to bring the testing facility into compliance with laws and regulations. In addition, the DEQ is seeking unspecified penalties and costs in connection with the DEQ Proceeding. The Superior Court held a hearing in September 2024 regarding the DEQ’s request for a preliminary injunction. On October 23, 2024, the Superior Court issued a ruling, which declined to issue the preliminary injunction requested by the DEQ, but imposed the following conditions on the Company and Mistras Arizona unless and until modified by the Superior Court or entry of a final judgment: (1) the Company and Mistras Arizona are prohibited from releasing or permitting any release of chromic acid from the facility; (2) within a reasonable time, the Company and Mistras Arizona must complete improvements to the testing facility designed to prevent future discharges of chromium or chromic acid; (3) the Company and Mistras Arizona must notify the DEQ upon completion of the improvement to enable the DEQ to conduct an inspection; and (4) the Company and Mistras Arizona are prohibited from engaging in any chrome plating operations at the testing facility until they notify the DEQ that the improvements have been completed. The DEQ may seek relief if it determines that the improvements are not sufficient to prevent discharges. In April 2025, Mistras Arizona notified the DEQ that the improvements were completed, which the DEQ then inspected. Following the DEQ site visit, Mistras Arizona commenced its chrome plating operations on April 28, 2025. Mistras Arizona has been and intends to continue complying with the Superior Court's ruling. In the meantime, the DEQ Proceeding is ongoing. It is probable that additional remediation costs, as well as fines and penalties will be imposed related to the DEQ Proceeding. However, the Company is unable to estimate the range of loss that it may incur and whether these amounts will be material to the Company. In addition, Mistras Arizona’s operations in Phoenix are located at a leased site within the footprint of the Motorola 52nd Street Superfund Site (the “Motorola Site”). Mistras Arizona received a General Notice Letter from the US Environmental Protection Agency (the "EPA"), dated May 21, 2024, informing Mistras Arizona that the EPA has identified it as a potentially responsible party in relation to the Motorola Site. On April 29, 2025, the Company received a notice from the EPA requesting information regarding the improvements and other matters related to Phoenix testing facility. Mistras Arizona provided the EPA with the requested information in July 2025. Pension Related Contingencies Certain of the Company’s subsidiaries had significant reductions in their unionized workers in 2018. The collective bargaining agreements for the employees of these subsidiaries required contributions for these employees to two national multi-employer pension funds. The reduction in employees resulted in one of the Company's subsidiaries incurring a complete withdrawal to one of the pension funds under the Employee Retirement Income Security Act of 1974 ("ERISA"), which was fully satisfied in 2019. The Company has determined that the subsidiary is likely to incur partial or complete withdrawal liability to the other pension fund. The balance of the estimated total amount of this potential liability as of September 30, 2025 is approximately $2.2 million, which was incurred in 2018 and 2019.

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt	$ 202,270	$ 169,647
Less: Current portion	(13,035)	(11,591)
Long-term debt, net of current portion	189,235	158,056
Senior credit facility
Debt Instrument [Line Items]
Total debt	100,250	59,650
Senior credit facility \| Senior Secured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs	200	300
Total debt	99,810	107,545
Other
Debt Instrument [Line Items]
Total debt	$ 2,210	$ 2,452

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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Revenue - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized that was included in contract liability balance at the beginning of the year	$ 6.8	$ 6.2
Revenue, practical expedient, incremental cost of obtaining a contract, maximum period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction period	1 year

Description of Business and Basis of Presentation - Narrative (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Accounting Policies [Abstract]
Number of operating segments			3
Effective income tax rate	22.30%	29.00%	21.90%	22.10%

Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2024	$ 181,442
Foreign currency translation	2,283
Balance at September 30, 2025	183,725
North America
Goodwill [Roll Forward]
Balance at December 31, 2024	181,442
Foreign currency translation	2,283
Balance at September 30, 2025	183,725
International
Goodwill [Roll Forward]
Balance at December 31, 2024	0
Foreign currency translation	0
Balance at September 30, 2025	0
Products and Systems
Goodwill [Roll Forward]
Balance at December 31, 2024	0
Foreign currency translation	0
Balance at September 30, 2025	$ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:


	September 30, 2025		December 31, 2024

Senior credit facility	$	100,250	$	59,650
Senior secured term loan, net of unamortized debt issuance costs of $0.2 million and $0.3 million, respectively	99,810		107,545

Other	2,210		2,452
Total debt	202,270		169,647
Less: Current portion	(13,035)		(11,591)
Long-term debt, net of current portion	$	189,235	$	158,056

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Share-Based Compensation - Vesting Activity of Restricted Stock Unit Awards (Details) - Restricted Stock Unit Awards - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards vested (in shares)	592	461
Fair value of awards vested	$ 5,628	$ 4,184

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details