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Income Taxes - Income (Loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income (loss) before provision (benefit) for income taxes from:
U.S. operations	$ 8,210	$ 16,010	$ (6,900)
Foreign operations	14,268	8,234	(11,765)
Income (loss) before provision (benefit) for income taxes	$ 22,478	$ 24,244	$ (18,665)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 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	$ 7.8	$ 6.7
Revenue, practical expedient, incremental cost of obtaining a contract, maximum period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction period	1 year

Summary of Significant Accounting Policies and Practices

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Practices

Description of Business

Mistras Group, Inc., together with its subsidiaries (the "Company"), is a global leader in technology-enabled industrial asset integrity and laboratory testing 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 customers by integrating asset integrity protection throughout supply chains and centralizing integrity data through a suite of Industrial Internet of Things ("IoT")-connected software and monitoring solutions, including OneSuite®, which serves as a cloud-based ecosystem that pulls together the Company’s software and data services capabilities. This integrated approach enables customers to make data-driven decisions that improve asset reliability, enhance safety, reduce operational risk, and optimize performance across the asset lifecycle.

The Company’s core capabilities include NDT field inspections enhanced by advanced robotics, laboratory quality control, laboratory materials services, in-house 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 and 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. Continued uncertainty surrounding such tariffs and trade barriers may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Such uncertainty limits our ability to anticipate, plan for, or effectively mitigate the adverse impacts of such measures on our operations and supply chain costs. Tariffs and trade barriers did not had a material effect on our business or results of operations during 2025 but could result in additional costs to us and could impact the import of materials by our customers which are inspected by us.

During 2025, the price of crude oil declined due to various macroeconomic and geopolitical factors. The decline in crude oil prices has had an adverse impact on our field-related services that we provide to the oil and gas sector, which could continue if prices remain low. More recently, geopolitical tensions in the Middle East, including the conflict involving the United States and Iran, have contributed to increased volatility in global oil markets. Fluctuations in crude oil prices may influence the spending decisions of our oil and gas customers and could affect demand for our field-related services.

Principles of Consolidation

The Company follows guidance on the consolidation of variable interest entities ("VIEs") that requires companies to utilize a qualitative approach to determine whether it is the primary beneficiary of a VIE. The process for identifying the primary beneficiary of a VIE requires consideration of the factors that indicate a party has the power to direct the activities that most significantly impact the VIE’s economic performance, including powers granted to the VIE’s program manager, powers contained in the VIE governing board and, to a certain extent, a company’s economic interest in the VIE. The Company analyzes its joint ventures and classifies them as either:

•a VIE that must be consolidated because the Company is the primary beneficiary, or the joint venture is not a VIE and the Company holds the majority voting interest with no significant participative rights available to the other partners; or

•a VIE that does not require consolidation and is treated as an equity method investment because the Company is not the primary beneficiary or the joint venture is not a VIE and the Company does not hold the majority voting interest.

As part of the above analysis, if it is determined that the Company has the power to direct the activities that most significantly impact the joint venture’s economic performance, the Company considers whether or not it has the obligation to absorb losses or rights to receive benefits of the VIE that could potentially be significant to the VIE.

The Company became the primary beneficiary in July 2020 of a VIE in which the Company has a 49% interest in a limited partnership, and a 49% stockholder in the corporate general partner of the limited partnership. The Company consolidated the financial statements of the VIE within the consolidated financial statements of the Company. As of and for the year ended December 31, 2025, the VIE had immaterial assets and had approximately $7.1 million of revenue. The Company is the primary sub-contractor of the VIE.

The accompanying audited consolidated financial statements include the accounts of Mistras Group, Inc. as well as its wholly-owned subsidiaries, majority-owned subsidiaries and consolidated VIE. For subsidiaries in which the Company’s ownership interest is less than 100%, the non-controlling interests are reported in stockholders’ equity in the accompanying Consolidated Balance Sheets. The non-controlling interests in net results, net of tax, is classified separately in the accompanying Consolidated Statements of Income (Loss). All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations of companies acquired are included from the date of acquisition.

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 Consolidated Statements of Income (Loss), 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 aligns 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 Consolidated Statements of Income (Loss). This change in presentation had no impact to revenue, income (loss) from operations, income (loss) before provision (benefit) for income taxes, provision (benefit) for income taxes, net income (loss), earnings (loss) 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 18 - Segment Disclosure were adjusted for this change. The impacts of the update to the presentation of certain indirect costs on the Company’s Consolidated Financial Statements for the years ended December 31, 2024 and 2023 are reflected below under the "Effect of change" columns.


	For the Year Ended December 31, 2024
	As Previously Reported		Effect of change		As Adjusted
Cost of revenue	$	492,928	$	20,936	$	513,864
Gross profit	213,109		(20,936)		192,173
Selling, general and administrative expenses	156,388		(20,936)		135,452


	For the Year Ended December 31, 2023
	As Previously Reported		Effect of change		As Adjusted
Cost of revenue	$	477,671	$	19,506	$	497,177
Gross profit	203,807		(19,506)		184,301
Selling, general and administrative expenses	166,749		(19,506)		147,243

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires that the Company make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements. The Company bases its estimates and assumptions on historical experience, known or expected trends and various other assumptions that it believes to be reasonable. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates, which may cause the Company’s future results to be significantly affected.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Accounts Receivable and Allowance for Credit Losses

The Company maintains an allowance for credit losses on its accounts receivable balances, which represents its best estimate of current expected credit losses over the contractual life of the accounts receivable. When evaluating the adequacy of its allowance for credit losses each reporting period, the Company analyzes accounts receivable balances with similar risk characteristics on a collective basis, considering factors such as the aging of receivable balances, payment terms (primarily with 30 day terms), geographic location, historical loss experience, current information and future expectations (generally considered one year which is consistent with expected collectability of the Company's trade receivables).

The Company monitors and considers whether historical loss rates are consistent with expectation of supportable forward-looking estimates for its trade receivables noting any current or future economic considerations that would require adjusting the Company’s historical loss experience. Each reporting period, the Company reassesses whether any accounts receivable no longer share similar risk characteristics and should instead be evaluated as part of another pool or on an individual basis. Changes to the allowance for credit losses are adjusted through bad debt expense, which is presented within Selling, general and administrative expenses in the Consolidated Statements of Income (Loss).

Concentration of Credit Risk

For each of the years ended December 31, 2025 and 2024, no customer represented 10% or more of the Company's revenue.

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. At times, cash deposits may exceed the limits insured by the Federal Deposit Insurance Corporation. The Company believes it is not exposed to any significant credit risk or risk of nonperformance of financial institutions.

Inventories

Inventories are stated at the lower of cost or net realizable value, as determined by using the first-in, first-out method, or market. Work in process and finished goods inventory include material, direct labor, variable costs and overhead.

Purchased and Internal-Use Software

The Company capitalizes certain costs that are incurred to purchase or to create and implement internal-use software, which includes software coding, installation and testing. Capitalized costs are amortized on a straight-line basis over three years, the estimated useful life of the software.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Depreciation of property, plant and equipment is computed utilizing the straight-line method over the estimated useful lives of the assets. Amortization of leasehold improvements is computed utilizing the straight-line method over the shorter of the remaining lease term or estimated useful life. Repairs and maintenance costs are expensed as incurred. Upon retirement or disposition of property, plant and equipment, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recorded in Income (loss) from operations in the Consolidated Statements of Income (Loss).

Goodwill

Goodwill represents the excess purchase price of acquired businesses over the fair values attributed to underlying net tangible assets and identifiable intangible assets. The Company tests goodwill for impairment at a “reporting unit” level (which for the Company is represented by (i) its North America segment, (ii) its Products and Systems segment, (iii) the European component of its International segment and (iv) the Brazilian component of its International segment). The Company's annual impairment test is conducted on the first day of the Company's fourth quarter, which is October 1. Goodwill is also tested for impairment whenever an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

In testing for goodwill impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, the Company concludes that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing a quantitative impairment test is not necessary. If the Company concludes otherwise, the Company is required to perform a quantitative impairment test.

If the fair value of a reporting unit is less than its carrying value, this is an indicator that the goodwill assigned to that reporting unit may be impaired. An impairment will be recorded in the amount that the fair value is less than the carrying value. The Company considers the income and market approaches to estimate the fair value of its reporting units, which requires significant judgment and assumptions related to revenue growth rates, gross margins, EBIT margins, and market multiples.

See Note 7 - Goodwill for additional information related to the Company's goodwill impairment test during 2025.

Impairment of Long-lived Assets

The Company reviews the recoverability of its long-lived assets (or asset groups) whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset (group) might not be recoverable. The assessment for potential impairment is based primarily on the Company’s ability to recover the carrying value of its long-lived assets from expected future undiscounted cash flows. If the total expected future undiscounted cash flows are less than the carrying amount of the assets, a loss is recognized for the difference between fair value (computed based upon the expected future discounted cash flows) and the carrying value of the assets.

Acquisitions

The Company allocates the purchase price of acquired businesses to their identifiable tangible assets and liabilities as well as identifiable intangible assets, such as customer relationships, technology, non-compete agreements and trade names. Certain estimates and judgments are required in the application of the fair value techniques, including estimates of the respective acquisition's future performance and related cash flows, selection of a discount rate and economic lives, and use of Level 3 measurements as defined in ASC 820, Fair Value Measurements and Disclosure. Deferred taxes are recorded for any differences between the assigned values and tax bases of assets and liabilities.

Research and Engineering

Research and product development costs are expensed as incurred.

Advertising, Promotions and Marketing

The costs for advertising, promotion and marketing programs are expensed as incurred and are included in selling, general and administrative expenses. Advertising expense was approximately $0.4 million, $1.0 million and $1.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and other financial current assets and liabilities approximate fair value based on the short-term nature of the items.

Foreign Currency Translation

The financial position and results of operations of the Company’s foreign subsidiaries are measured using their functional currencies, which are their local currencies. Assets and liabilities of foreign subsidiaries are translated into the U.S. Dollar at the exchange rates in effect at the balance sheet date. Income and expenses are translated at the average exchange rate during the period. Translation gains and losses are reported as a component of other comprehensive income (loss) for the period and included in accumulated other comprehensive income (loss) within stockholders’ equity.

Foreign currency losses (gains) arising from transactions denominated in currencies other than the functional currency are included in net income (loss), and were approximately $3.5 million, $(1.8) million, and $1.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. During the current fiscal year, the Company revised its presentation of foreign currency losses (gains), which are now included within other expense (income), net. Previously, such amounts were presented in selling, general and administrative expenses. Prior period amounts have not been reclassified due to immateriality. This change in presentation had no effect on previously reported net income (loss).

Self-Insurance

The Company is self-insured for certain losses relating to workers’ compensation and health benefit claims. The Company maintains third-party excess insurance coverage for all workers' compensation and health benefit claims. Self-insured losses are accrued when it is probable that an uninsured claim has been incurred but not reported and the amount of the loss can be reasonably estimated at the balance sheet date.

Share-based Compensation

The value of services received from employees and directors in exchange for an award of an equity instrument is measured based on the grant-date fair value of the award. Such value is recognized as a non-cash expense on a straight-line basis over the minimum period the individual provides services, which is typically the vesting period of the award with the exception of awards with graded vesting that contain an internal performance measure where each tranche is recognized on a straight-line basis over its vesting period subject to the probability of meeting the performance requirements and adjusted for the number of shares expected to be earned. Awards to certain employees eligible for retirement prior to the award becoming fully vested are amortized to expense over the period through the date that the employee first becomes eligible to retire and is no longer required to provide service to earn the award. Share-based compensation expense is measured based on awards ultimately expected to vest. The Company accounts for forfeitures as they occur. The cost of these awards is recorded in selling, general and administrative expenses in the Company’s Consolidated Statements of Income (Loss).

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.

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.

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. We adopted the provisions of this ASU in the fourth quarter of 2025 and applied the provisions retrospectively to each period presented in the consolidated financial statements. Adoption of the new standard did not have a material impact on our consolidated financial statements.

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 impact this standard will have on our disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal Use Software (ASU 2025-06). This standard clarifies capitalization thresholds for software development costs and aligns accounting treatment more closely with the economic substance of modern software development activities. ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027 on a retrospective, prospective or modified prospective basis. Early adoption is permitted. We are currently evaluating the impact this standard will have on our disclosures.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 16,921	$ 18,970	$ (17,445)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	31,008	33,010	34,099
Deferred income taxes	304	(4,868)	(5,281)
Share-based compensation	7,785	5,072	5,712
Goodwill impairment charges	0	0	13,799
Bad debt provision for troubled customers, net of recoveries	1,755	846	346
Foreign currency loss (gain)	3,451	(1,805)	1,030
Other	(2,635)	(437)	(437)
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions
Accounts receivable	(24,949)	1,286	(8,026)
Inventories	772	100	(1,867)
Prepaid expenses and other assets	(6,797)	1,228	(1,852)
Accounts payable	3,283	(5,148)	4,177
Accrued expenses and other liabilities	2,409	1,220	4,010
Income taxes payable	(326)	655	(580)
Payment of contingent consideration in excess of initial estimate	0	0	(937)
Net cash provided by operating activities	32,981	50,129	26,748
Cash flows from investing activities
Purchase of property, plant and equipment	(24,674)	(17,902)	(20,854)
Purchase of intangible assets	(4,518)	(5,084)	(2,795)
Proceeds from sale of equipment	4,070	1,620	1,516
Net cash used in investing activities	(25,122)	(21,366)	(22,133)
Cash flows from financing activities
Repayment of finance lease obligations	(6,625)	(5,495)	(5,047)
Proceeds from borrowings of long-term debt	0	0	611
Repayment of long-term debt	(11,913)	(9,096)	(7,598)
Proceeds from revolver	81,500	72,000	83,000
Repayments of revolver	(61,900)	(83,501)	(77,100)
Taxes paid related to net share settlement of share-based awards	(1,657)	(1,306)	(1,572)
Net cash used in financing activities	(595)	(27,398)	(7,706)
Effect of exchange rate changes on cash and cash equivalents	2,427	(694)	249
Net change in cash and cash equivalents	9,691	671	(2,842)
Cash and cash equivalents:
Beginning of period	18,317	17,646	20,488
End of period	28,008	18,317	17,646
Supplemental disclosure of cash paid
Interest, net	13,359	15,572	17,078
Income taxes, net	9,328	6,410	6,901
Noncash investing and financing
Equipment acquired through finance lease obligations	$ 10,154	$ 9,899	$ 7,125

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
ROU assets	$ 38,937	$ 40,401
Liabilities:
ROU liability - current	10,882	11,375
ROU liability - long-term	29,378	30,279
Total ROU liabilities	$ 40,260	$ 41,654
Operating lease, right-of-use asset, statement of financial position	Other assets	Other assets
Operating lease, liability, current, statement of financial position	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating lease, liability, noncurrent, statement of financial position	Other long-term liabilities	Other long-term liabilities

Share-Based Compensation - Long-term Incentive Plans (Details) - 2016 Plan - shares	May 14, 2024	Dec. 31, 2025
Share-based compensation
Increase in number of shares authorized for grant (in shares)	1,300,000
Number of awards authorized for grants (in shares)	6,200,000
Number of awards available for future grants (in shares)		934,000

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
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+ Details

Share-Based Compensation - Restricted Stock Unit Awards Outstanding (Details) - Restricted Stock Units - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Units
Outstanding at beginning of period (in shares)	1,231	1,184	1,415
Granted (in shares)	395	733	606
Released (in shares)	(597)	(467)	(683)
Forfeited (in shares)	(235)	(219)	(154)
Outstanding at end of period (in shares)	794	1,231	1,184
Weighted Average Grant-Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 8.71	$ 8.41	$ 8.07	$ 6.66
Granted (in dollars per share)	9.36	8.52	8.30
Released (in dollars per share)	9.53	9.09	6.25
Forfeited (in dollars per share)	8.54	8.35	8.00
Outstanding at end of period (in dollars per share)	$ 8.71	$ 8.41	$ 8.07	$ 6.66

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finance
2026	$ 8,278
2027	7,308
2028	5,389
2029	3,705
2030	1,559
Thereafter	1,098
Total	27,337
Less: Present value discount	(2,972)
Lease liability	24,365
Operating
2026	12,922
2027	10,532
2028	8,398
2029	5,095
2030	3,471
Thereafter	5,944
Total	46,362
Less: Present value discount	(6,102)
Lease liability	$ 40,260	$ 41,654

Income Taxes - Income Taxes Paid over 5% by Jurisdication (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
States and local	$ 1,539	$ 1,077	$ 540
Foreign	4,289	233	3,861
Texas
Effective Income Tax Rate Reconciliation [Line Items]
States and local			352
All other state and local jurisdictions
Effective Income Tax Rate Reconciliation [Line Items]
States and local	1,539	1,077	188
Germany
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	1,366		428
Canada
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	669	(669)	2,944
Netherlands
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	710	345	447
Brazil
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	1,221
Other foreign jurisdictions
Effective Income Tax Rate Reconciliation [Line Items]
Foreign	$ 323	$ 557	$ 42

Revenue - Disaggregated Revenues by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 724,024	$ 729,640	$ 705,473
United States
Disaggregation of Revenue [Line Items]
Revenue	509,360	506,945	500,282
Other Americas
Disaggregation of Revenue [Line Items]
Revenue	70,904	90,013	86,939
Europe
Disaggregation of Revenue [Line Items]
Revenue	133,748	121,179	108,135
Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	10,012	11,503	10,117
Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	396,827	418,923	415,995
Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	93,815	87,016	76,997
Industrials
Disaggregation of Revenue [Line Items]
Revenue	80,688	71,665	70,583
Power Generation and Transmission
Disaggregation of Revenue [Line Items]
Revenue	44,224	36,518	33,974
Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	40,065	49,845	47,603
Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	37,530	33,161	29,108
Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	13,145	15,571	14,432
Other
Disaggregation of Revenue [Line Items]
Revenue	17,730	16,941	16,781
Operating segments
Disaggregation of Revenue [Line Items]
Revenue	741,944	743,157	716,730
Operating segments \| North America
Disaggregation of Revenue [Line Items]
Revenue	584,131	593,527	579,330
Operating segments \| North America \| United States
Disaggregation of Revenue [Line Items]
Revenue	502,484	502,005	495,764
Operating segments \| North America \| Other Americas
Disaggregation of Revenue [Line Items]
Revenue	74,570	85,139	77,880
Operating segments \| North America \| Europe
Disaggregation of Revenue [Line Items]
Revenue	3,888	2,590	3,655
Operating segments \| North America \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	3,189	3,793	2,031
Operating segments \| North America \| Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	360,158	376,333	379,221
Operating segments \| North America \| Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	67,071	63,111	56,000
Operating segments \| North America \| Industrials
Disaggregation of Revenue [Line Items]
Revenue	50,284	44,310	42,518
Operating segments \| North America \| Power Generation and Transmission
Disaggregation of Revenue [Line Items]
Revenue	33,572	27,035	23,598
Operating segments \| North America \| Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	22,183	32,353	33,035
Operating segments \| North America \| Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	18,943	19,155	16,620
Operating segments \| North America \| Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	13,013	14,437	13,216
Operating segments \| North America \| Other
Disaggregation of Revenue [Line Items]
Revenue	18,907	16,793	15,122
Operating segments \| International
Disaggregation of Revenue [Line Items]
Revenue	143,843	135,969	124,414
Operating segments \| International \| United States
Disaggregation of Revenue [Line Items]
Revenue	5,278	1,607	934
Operating segments \| International \| Other Americas
Disaggregation of Revenue [Line Items]
Revenue	2,979	9,144	12,906
Operating segments \| International \| Europe
Disaggregation of Revenue [Line Items]
Revenue	133,607	120,052	105,934
Operating segments \| International \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	1,979	5,166	4,640
Operating segments \| International \| Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	36,117	42,315	36,615
Operating segments \| International \| Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	26,316	23,785	20,711
Operating segments \| International \| Industrials
Disaggregation of Revenue [Line Items]
Revenue	28,017	25,498	26,292
Operating segments \| International \| Power Generation and Transmission
Disaggregation of Revenue [Line Items]
Revenue	8,805	7,629	6,609
Operating segments \| International \| Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	17,828	17,190	14,456
Operating segments \| International \| Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	14,124	10,606	9,320
Operating segments \| International \| Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	132	1,134	1,216
Operating segments \| International \| Other
Disaggregation of Revenue [Line Items]
Revenue	12,504	7,812	9,195
Operating segments \| Products & Systems
Disaggregation of Revenue [Line Items]
Revenue	13,970	13,661	12,986
Operating segments \| Products & Systems \| United States
Disaggregation of Revenue [Line Items]
Revenue	5,542	5,868	5,956
Operating segments \| Products & Systems \| Other Americas
Disaggregation of Revenue [Line Items]
Revenue	407	1,777	850
Operating segments \| Products & Systems \| Europe
Disaggregation of Revenue [Line Items]
Revenue	2,656	2,655	1,927
Operating segments \| Products & Systems \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	5,365	3,361	4,253
Operating segments \| Products & Systems \| Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	552	275	159
Operating segments \| Products & Systems \| Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	428	120	286
Operating segments \| Products & Systems \| Industrials
Disaggregation of Revenue [Line Items]
Revenue	2,387	1,857	1,773
Operating segments \| Products & Systems \| Power Generation and Transmission
Disaggregation of Revenue [Line Items]
Revenue	1,847	1,854	3,767
Operating segments \| Products & Systems \| Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	54	302	112
Operating segments \| Products & Systems \| Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	4,463	3,400	3,168
Operating segments \| Products & Systems \| Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Operating segments \| Products & Systems \| Other
Disaggregation of Revenue [Line Items]
Revenue	4,239	5,853	3,721
Corp/Elim
Disaggregation of Revenue [Line Items]
Revenue	(17,920)	(13,517)	(11,257)
Corp/Elim \| United States
Disaggregation of Revenue [Line Items]
Revenue	(3,944)	(2,535)	(2,372)
Corp/Elim \| Other Americas
Disaggregation of Revenue [Line Items]
Revenue	(7,052)	(6,047)	(4,697)
Corp/Elim \| Europe
Disaggregation of Revenue [Line Items]
Revenue	(6,403)	(4,118)	(3,381)
Corp/Elim \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	(521)	(817)	(807)
Corp/Elim \| Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Corp/Elim \| Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Corp/Elim \| Industrials
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Corp/Elim \| Power Generation and Transmission
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Corp/Elim \| Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Corp/Elim \| Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Corp/Elim \| Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Corp/Elim \| Other
Disaggregation of Revenue [Line Items]
Revenue	$ (17,920)	$ (13,517)	$ (11,257)

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consist of the following:


		December 31,
	Useful Life	2025		2024
	(Years)	(in thousands)
Land		$	2,470	$	2,429
Building and improvements	30-40	22,383		27,973
Office furniture and equipment	5-8	16,887		16,768
Machinery and equipment	5-7	308,457		274,907
		350,197		322,077
Accumulated depreciation and amortization		(257,033)		(241,185)
Property, plant and equipment, net		$	93,164	$	80,892

Depreciation expense was approximately $24.3 million, $25.3 million, and $25.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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, 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, including those proceedings identified in this Note 17, 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 investigation and/or 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 has received two General Notice Letters from the US Environmental Protection Agency (the "EPA"), dated May 21, 2024 and December 1, 2025, 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 Company’s subsidiaries had significant reductions in their unionized workers in 2018. The collective bargaining agreements for the employees of this subsidiary 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 from 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 December 31, 2025 is approximately $2.1 million, which was incurred in 2018 and 2019.

Summary of Significant Accounting Policies and Practices (Policies)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Company follows guidance on the consolidation of variable interest entities ("VIEs") that requires companies to utilize a qualitative approach to determine whether it is the primary beneficiary of a VIE. The process for identifying the primary beneficiary of a VIE requires consideration of the factors that indicate a party has the power to direct the activities that most significantly impact the VIE’s economic performance, including powers granted to the VIE’s program manager, powers contained in the VIE governing board and, to a certain extent, a company’s economic interest in the VIE. The Company analyzes its joint ventures and classifies them as either: •a VIE that must be consolidated because the Company is the primary beneficiary, or the joint venture is not a VIE and the Company holds the majority voting interest with no significant participative rights available to the other partners; or •a VIE that does not require consolidation and is treated as an equity method investment because the Company is not the primary beneficiary or the joint venture is not a VIE and the Company does not hold the majority voting interest. As part of the above analysis, if it is determined that the Company has the power to direct the activities that most significantly impact the joint venture’s economic performance, the Company considers whether or not it has the obligation to absorb losses or rights to receive benefits of the VIE that could potentially be significant to the VIE. The Company became the primary beneficiary in July 2020 of a VIE in which the Company has a 49% interest in a limited partnership, and a 49% stockholder in the corporate general partner of the limited partnership. The Company consolidated the financial statements of the VIE within the consolidated financial statements of the Company. As of and for the year ended December 31, 2025, the VIE had immaterial assets and had approximately $7.1 million of revenue. The Company is the primary sub-contractor of the VIE. The accompanying audited consolidated financial statements include the accounts of Mistras Group, Inc. as well as its wholly-owned subsidiaries, majority-owned subsidiaries and consolidated VIE. For subsidiaries in which the Company’s ownership interest is less than 100%, the non-controlling interests are reported in stockholders’ equity in the accompanying Consolidated Balance Sheets. The non-controlling interests in net results, net of tax, is classified separately in the accompanying Consolidated Statements of Income (Loss). All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations of companies acquired are included from the date of acquisition.
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 Consolidated Statements of Income (Loss), 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 aligns 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 Consolidated Statements of Income (Loss). This change in presentation had no impact to revenue, income (loss) from operations, income (loss) before provision (benefit) for income taxes, provision (benefit) for income taxes, net income (loss), earnings (loss) 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 18 - Segment Disclosure were adjusted for this change.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires that the Company make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements. The Company bases its estimates and assumptions on historical experience, known or expected trends and various other assumptions that it believes to be reasonable. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates, which may cause the Company’s future results to be significantly affected.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses The Company maintains an allowance for credit losses on its accounts receivable balances, which represents its best estimate of current expected credit losses over the contractual life of the accounts receivable. When evaluating the adequacy of its allowance for credit losses each reporting period, the Company analyzes accounts receivable balances with similar risk characteristics on a collective basis, considering factors such as the aging of receivable balances, payment terms (primarily with 30 day terms), geographic location, historical loss experience, current information and future expectations (generally considered one year which is consistent with expected collectability of the Company's trade receivables). The Company monitors and considers whether historical loss rates are consistent with expectation of supportable forward-looking estimates for its trade receivables noting any current or future economic considerations that would require adjusting the Company’s historical loss experience. Each reporting period, the Company reassesses whether any accounts receivable no longer share similar risk characteristics and should instead be evaluated as part of another pool or on an individual basis. Changes to the allowance for credit losses are adjusted through bad debt expense, which is presented within Selling, general and administrative expenses in the Consolidated Statements of Income (Loss).
Concentrations of Credit Risk	Concentration of Credit Risk For each of the years ended December 31, 2025 and 2024, no customer represented 10% or more of the Company's revenue. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. At times, cash deposits may exceed the limits insured by the Federal Deposit Insurance Corporation. The Company believes it is not exposed to any significant credit risk or risk of nonperformance of financial institutions.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value, as determined by using the first-in, first-out method, or market. Work in process and finished goods inventory include material, direct labor, variable costs and overhead.
Purchased and Internal-Use Software	Purchased and Internal-Use Software The Company capitalizes certain costs that are incurred to purchase or to create and implement internal-use software, which includes software coding, installation and testing. Capitalized costs are amortized on a straight-line basis over three years, the estimated useful life of the software.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation of property, plant and equipment is computed utilizing the straight-line method over the estimated useful lives of the assets. Amortization of leasehold improvements is computed utilizing the straight-line method over the shorter of the remaining lease term or estimated useful life. Repairs and maintenance costs are expensed as incurred. Upon retirement or disposition of property, plant and equipment, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recorded in Income (loss) from operations in the Consolidated Statements of Income (Loss).
Goodwill	Goodwill Goodwill represents the excess purchase price of acquired businesses over the fair values attributed to underlying net tangible assets and identifiable intangible assets. The Company tests goodwill for impairment at a “reporting unit” level (which for the Company is represented by (i) its North America segment, (ii) its Products and Systems segment, (iii) the European component of its International segment and (iv) the Brazilian component of its International segment). The Company's annual impairment test is conducted on the first day of the Company's fourth quarter, which is October 1. Goodwill is also tested for impairment whenever an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. In testing for goodwill impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, the Company concludes that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing a quantitative impairment test is not necessary. If the Company concludes otherwise, the Company is required to perform a quantitative impairment test. If the fair value of a reporting unit is less than its carrying value, this is an indicator that the goodwill assigned to that reporting unit may be impaired. An impairment will be recorded in the amount that the fair value is less than the carrying value. The Company considers the income and market approaches to estimate the fair value of its reporting units, which requires significant judgment and assumptions related to revenue growth rates, gross margins, EBIT margins, and market multiples.
Impairment of Long-lived Assets	Impairment of Long-lived Assets The Company reviews the recoverability of its long-lived assets (or asset groups) whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset (group) might not be recoverable. The assessment for potential impairment is based primarily on the Company’s ability to recover the carrying value of its long-lived assets from expected future undiscounted cash flows. If the total expected future undiscounted cash flows are less than the carrying amount of the assets, a loss is recognized for the difference between fair value (computed based upon the expected future discounted cash flows) and the carrying value of the assets.
Acquisitions	Acquisitions The Company allocates the purchase price of acquired businesses to their identifiable tangible assets and liabilities as well as identifiable intangible assets, such as customer relationships, technology, non-compete agreements and trade names. Certain estimates and judgments are required in the application of the fair value techniques, including estimates of the respective acquisition's future performance and related cash flows, selection of a discount rate and economic lives, and use of Level 3 measurements as defined in ASC 820, Fair Value Measurements and Disclosure. Deferred taxes are recorded for any differences between the assigned values and tax bases of assets and liabilities.
Research and Engineering	Research and Engineering Research and product development costs are expensed as incurred.
Advertising, Promotions and Marketing	Advertising, Promotions and Marketing The costs for advertising, promotion and marketing programs are expensed as incurred and are included in selling, general and administrative expenses.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and other financial current assets and liabilities approximate fair value based on the short-term nature of the items.
Foreign Currency Translation	Foreign Currency Translation The financial position and results of operations of the Company’s foreign subsidiaries are measured using their functional currencies, which are their local currencies. Assets and liabilities of foreign subsidiaries are translated into the U.S. Dollar at the exchange rates in effect at the balance sheet date. Income and expenses are translated at the average exchange rate during the period. Translation gains and losses are reported as a component of other comprehensive income (loss) for the period and included in accumulated other comprehensive income (loss) within stockholders’ equity. Foreign currency losses (gains) arising from transactions denominated in currencies other than the functional currency are included in net income (loss),
Self-Insurance	Self-Insurance The Company is self-insured for certain losses relating to workers’ compensation and health benefit claims. The Company maintains third-party excess insurance coverage for all workers' compensation and health benefit claims. Self-insured losses are accrued when it is probable that an uninsured claim has been incurred but not reported and the amount of the loss can be reasonably estimated at the balance sheet date.
Share-based Compensation	Share-based Compensation The value of services received from employees and directors in exchange for an award of an equity instrument is measured based on the grant-date fair value of the award. Such value is recognized as a non-cash expense on a straight-line basis over the minimum period the individual provides services, which is typically the vesting period of the award with the exception of awards with graded vesting that contain an internal performance measure where each tranche is recognized on a straight-line basis over its vesting period subject to the probability of meeting the performance requirements and adjusted for the number of shares expected to be earned. Awards to certain employees eligible for retirement prior to the award becoming fully vested are amortized to expense over the period through the date that the employee first becomes eligible to retire and is no longer required to provide service to earn the award. Share-based compensation expense is measured based on awards ultimately expected to vest. The Company accounts for forfeitures as they occur. The cost of these awards is recorded in selling, general and administrative expenses in the Company’s Consolidated Statements of Income (Loss).
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. 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.
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. We adopted the provisions of this ASU in the fourth quarter of 2025 and applied the provisions retrospectively to each period presented in the consolidated financial statements. Adoption of the new standard did not have a material impact on our consolidated financial statements. 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 impact this standard will have on our disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal Use Software (ASU 2025-06). This standard clarifies capitalization thresholds for software development costs and aligns accounting treatment more closely with the economic substance of modern software development activities. ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027 on a retrospective, prospective or modified prospective basis. Early adoption is permitted. We are currently evaluating the impact this standard will have on our disclosures.
Revenue	Revenue The Company derives the majority of its revenue by providing services on a time and material basis that 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 entity’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 our revenue that is 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 ("MSAs") 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 an 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	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 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 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.
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, 2025, our CODM was identified as Natalia Shuman, our Chief Executive Officer, 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 is comprised of revenue, selling, general & administrative expenses, and "other expenses." "Other expenses" include cost of revenue, bad debt provision for troubled customers, goodwill impairment charges, reorganization and environmental costs, legal settlements and recoveries, acquisition-related expenses, 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 - Summary of Significant Accounting Policies and Practices.

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

The Company’s Consolidated Balance Sheets include the following related to operating leases as of December 31, 2025 and 2024 (in thousands):


Leases	Classification	2025		2024
Assets:
ROU assets	Other assets	$	38,937	$	40,401

Liabilities:
ROU liability - current	Accrued expenses and other current liabilities	$	10,882	$	11,375
ROU liability - long-term	Other long-term liabilities	29,378		30,279
Total ROU liabilities		$	40,260	$	41,654

Schedule of Components of Lease Costs and Other Information Related to Leases

The components of lease costs for the year ended December 31, 2025 and 2024 are as follows (in thousands):


	Classification	2025		2024
Finance lease expense:
Amortization of ROU assets	Depreciation and amortization	$	6,298	$	5,491
Interest on lease liabilities	Interest expense	3,832		1,062
Operating lease expense	Cost of revenue; Selling, general & administrative expenses	14,050		14,213
Short-term lease expense	Cost of revenue; Selling, general & administrative expenses	44		56
Variable lease expense	Cost of revenue; Selling, general & administrative expenses	1,986		1,683
Total		$	26,210	$	22,505

Additional information related to leases as of December 31, 2025 and 2024 is as follows:


	2025			2024
Cash paid for amounts included in the measurement of lease liabilities for finance and operating leases (in thousands):
Finance - financing cash flows	$	6,625		$	5,495
Finance - operating cash flows	3,832			1,062
Operating - operating cash flows	14,048			14,243
ROU assets obtained in the exchange for lease liabilities:
Finance leases	$	10,154		$	9,899
Operating leases	10,014			16,254
Weighted-average remaining lease term (in years):
Finance leases	4.4			5.0
Operating leases	4.8			4.7
Weighted-average discount rate:
Finance leases	6.0		%	6.5		%
Operating leases	6.0		%	6.1		%

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities as of December 31, 2025 is as follows (in thousands):


	Finance		Operating
2026	$	8,278	$	12,922
2027	7,308		10,532
2028	5,389		8,398
2029	3,705		5,095
2030	1,559		3,471
Thereafter	1,098		5,944
Total	27,337		46,362
Less: Present value discount	(2,972)		(6,102)
Lease liability	$	24,365	$	40,260

Schedule of Maturities of Finance Lease Liabilities

Maturities of lease liabilities as of December 31, 2025 is as follows (in thousands):


	Finance		Operating
2026	$	8,278	$	12,922
2027	7,308		10,532
2028	5,389		8,398
2029	3,705		5,095
2030	1,559		3,471
Thereafter	1,098		5,944
Total	27,337		46,362
Less: Present value discount	(2,972)		(6,102)
Lease liability	$	24,365	$	40,260

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	December 31,
	2025		2024
Raw materials and consumable supplies	$	9,252	$	8,321
Work in progress	912		1,018
Finished goods	3,838		5,146
Inventories	$	14,002	$	14,485

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following (in thousands):


	December 31,
	2025		2024
Senior credit facility	$	79,250	$	59,650
Senior secured term loan, net of unamortized debt issuance costs of $0.2 million and $0.3 million, respectively	96,711		107,545

Other	2,031		2,452
Total debt	177,992		169,647
Less: Current portion	(12,849)		(11,591)
Long-term debt, net of current portion	$	165,143	$	158,056

Schedule of Principal Payments Due Under All Borrowing Agreements

Scheduled principal payments due under all borrowing agreements in each of the five years and thereafter subsequent to December 31, 2025 are as follows (in thousands):


2026	$	12,538
2027	164,030
2028	487
2029	465
2030	411
Thereafter	61
Total	$	177,992

- 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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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill by Segment

The changes in the carrying amount of goodwill by segment are shown below (in thousands):


	North America		International		Products and Systems		Total





Balance at December 31, 2023	$	187,354	$	—	$	—	$	187,354

Foreign currency translation	(5,912)		—		—		(5,912)
Balance at December 31, 2024	$	181,442	$	—	$	—	$	181,442


Foreign currency translation	3,387				—		3,387
Balance at December 31, 2025	$	184,829	$	—	$	—	$	184,829

- Definition

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

+ References

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-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment consist of the following:


		December 31,
	Useful Life	2025		2024
	(Years)	(in thousands)
Land		$	2,470	$	2,429
Building and improvements	30-40	22,383		27,973
Office furniture and equipment	5-8	16,887		16,768
Machinery and equipment	5-7	308,457		274,907
		350,197		322,077
Accumulated depreciation and amortization		(257,033)		(241,185)
Property, plant and equipment, net		$	93,164	$	80,892

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ 800,000
Deferred tax assets valuation allowance	3,685,000	$ 4,034,000
Net decrease in valuation allowance	300,000
Unrecognized tax benefits	602,000	$ 251,000	$ 258,000
Recognized a deferred tax liability on undistributed international earnings (losses) of foreign subsidiaries	0
Estimated unremitted international earnings	68,400,000
Unrecorded deferred tax liability related to undistributed international earnings	1,700,000
State and local:
Operating Loss Carryforwards [Line Items]
Net operating losses	55,100,000
Net operating losses subject to expiration	43,600,000
Foreign:
Operating Loss Carryforwards [Line Items]
Net operating losses	9,100,000
Net operating losses subject to expiration	1,400,000
North America
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 6,600,000

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

The Company derives the majority of its revenue by providing services on a time and material basis that 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 entity’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 our revenue that is 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 ("MSAs") 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 an 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 (in thousands):


Year ended December 31, 2025	North America		International		Products & Systems		Corp/Elim		Total
Oil & Gas	$	360,158	$	36,117	$	552	$	—	$	396,827
Aerospace & Defense	67,071		26,316		428		—		93,815
Industrials	50,284		28,017		2,387		—		80,688
Power Generation and Transmission	33,572		8,805		1,847		—		44,224
Other Process Industries	22,183		17,828		54		—		40,065
Infrastructure, Research & Engineering	18,943		14,124		4,463		—		37,530
Petrochemical	13,013		132		—		—		13,145
Other	18,907		12,504		4,239		(17,920)		17,730
Total	$	584,131	$	143,843	$	13,970	$	(17,920)	$	724,024


Year ended December 31, 2024	North America		International		Products & Systems		Corp/Elim		Total
Oil & Gas	$	376,333	$	42,315	$	275	$	—	$	418,923
Aerospace & Defense	63,111		23,785		120		—		87,016
Industrials	44,310		25,498		1,857		—		71,665
Power Generation and Transmission	27,035		7,629		1,854		—		36,518
Other Process Industries	32,353		17,190		302		—		49,845
Infrastructure, Research & Engineering	19,155		10,606		3,400		—		33,161
Petrochemical	14,437		1,134		—		—		15,571
Other	16,793		7,812		5,853		(13,517)		16,941
Total	$	593,527	$	135,969	$	13,661	$	(13,517)	$	729,640


Year ended December 31, 2023	North America		International		Products & Systems		Corp/Elim		Total
Oil & Gas	$	379,221	$	36,615	$	159	$	—	$	415,995
Aerospace & Defense	56,000		20,711		286		—		76,997
Industrials	42,518		26,292		1,773		—		70,583
Power Generation and Transmission	23,598		6,609		3,767		—		33,974
Other Process Industries	33,035		14,456		112		—		47,603
Infrastructure, Research & Engineering	16,620		9,320		3,168		—		29,108
Petrochemical	13,216		1,216		—		—		14,432
Other	15,122		9,195		3,721		(11,257)		16,781
Total	$	579,330	$	124,414	$	12,986	$	(11,257)	$	705,473

Revenue per key geographic location was as follows (in thousands):


Year ended December 31, 2025	North America		International		Products & Systems		Corp/Elim		Total
United States	$	502,484	$	5,278	$	5,542	$	(3,944)	$	509,360
Other Americas	74,570		2,979		407		(7,052)		70,904
Europe	3,888		133,607		2,656		(6,403)		133,748
Asia-Pacific	3,189		1,979		5,365		(521)		10,012
Total	$	584,131	$	143,843	$	13,970	$	(17,920)	$	724,024


Year ended December 31, 2024	North America		International		Products & Systems		Corp/Elim		Total
United States	$	502,005	$	1,607	$	5,868	$	(2,535)	$	506,945
Other Americas	85,139		9,144		1,777		(6,047)		90,013
Europe	2,590		120,052		2,655		(4,118)		121,179
Asia-Pacific	3,793		5,166		3,361		(817)		11,503
Total	$	593,527	$	135,969	$	13,661	$	(13,517)	$	729,640


Year ended December 31, 2023	North America		International		Products & Systems		Corp/Elim		Total
United States	$	495,764	$	934	$	5,956	$	(2,372)	$	500,282
Other Americas	77,880		12,906		850		(4,697)		86,939
Europe	3,655		105,934		1,927		(3,381)		108,135
Asia-Pacific	2,031		4,640		4,253		(807)		10,117
Total	$	579,330	$	124,414	$	12,986	$	(11,257)	$	705,473

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 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 Consolidated Balance Sheets at the end of each reporting period within accounts receivable, net or accrued expenses and other current liabilities.

Revenue recognized for 2025 and 2024, that was included in the contract liability balance at the beginning of the year, was $7.8 million and $6.7 million, respectively. Changes in the contract asset and liability balances during the years ended December 31, 2025 and 2024, were not 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenues by Segment

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

Revenue by industry was as follows (in thousands):


Year ended December 31, 2025	North America		International		Products & Systems		Corp/Elim		Total
Oil & Gas	$	360,158	$	36,117	$	552	$	—	$	396,827
Aerospace & Defense	67,071		26,316		428		—		93,815
Industrials	50,284		28,017		2,387		—		80,688
Power Generation and Transmission	33,572		8,805		1,847		—		44,224
Other Process Industries	22,183		17,828		54		—		40,065
Infrastructure, Research & Engineering	18,943		14,124		4,463		—		37,530
Petrochemical	13,013		132		—		—		13,145
Other	18,907		12,504		4,239		(17,920)		17,730
Total	$	584,131	$	143,843	$	13,970	$	(17,920)	$	724,024


Year ended December 31, 2024	North America		International		Products & Systems		Corp/Elim		Total
Oil & Gas	$	376,333	$	42,315	$	275	$	—	$	418,923
Aerospace & Defense	63,111		23,785		120		—		87,016
Industrials	44,310		25,498		1,857		—		71,665
Power Generation and Transmission	27,035		7,629		1,854		—		36,518
Other Process Industries	32,353		17,190		302		—		49,845
Infrastructure, Research & Engineering	19,155		10,606		3,400		—		33,161
Petrochemical	14,437		1,134		—		—		15,571
Other	16,793		7,812		5,853		(13,517)		16,941
Total	$	593,527	$	135,969	$	13,661	$	(13,517)	$	729,640


Year ended December 31, 2023	North America		International		Products & Systems		Corp/Elim		Total
Oil & Gas	$	379,221	$	36,615	$	159	$	—	$	415,995
Aerospace & Defense	56,000		20,711		286		—		76,997
Industrials	42,518		26,292		1,773		—		70,583
Power Generation and Transmission	23,598		6,609		3,767		—		33,974
Other Process Industries	33,035		14,456		112		—		47,603
Infrastructure, Research & Engineering	16,620		9,320		3,168		—		29,108
Petrochemical	13,216		1,216		—		—		14,432
Other	15,122		9,195		3,721		(11,257)		16,781
Total	$	579,330	$	124,414	$	12,986	$	(11,257)	$	705,473

Revenue per key geographic location was as follows (in thousands):


Year ended December 31, 2025	North America		International		Products & Systems		Corp/Elim		Total
United States	$	502,484	$	5,278	$	5,542	$	(3,944)	$	509,360
Other Americas	74,570		2,979		407		(7,052)		70,904
Europe	3,888		133,607		2,656		(6,403)		133,748
Asia-Pacific	3,189		1,979		5,365		(521)		10,012
Total	$	584,131	$	143,843	$	13,970	$	(17,920)	$	724,024


Year ended December 31, 2024	North America		International		Products & Systems		Corp/Elim		Total
United States	$	502,005	$	1,607	$	5,868	$	(2,535)	$	506,945
Other Americas	85,139		9,144		1,777		(6,047)		90,013
Europe	2,590		120,052		2,655		(4,118)		121,179
Asia-Pacific	3,793		5,166		3,361		(817)		11,503
Total	$	593,527	$	135,969	$	13,661	$	(13,517)	$	729,640


Year ended December 31, 2023	North America		International		Products & Systems		Corp/Elim		Total
United States	$	495,764	$	934	$	5,956	$	(2,372)	$	500,282
Other Americas	77,880		12,906		850		(4,697)		86,939
Europe	3,655		105,934		1,927		(3,381)		108,135
Asia-Pacific	2,031		4,640		4,253		(807)		10,117
Total	$	579,330	$	124,414	$	12,986	$	(11,257)	$	705,473

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following table contains weighted average Black-Scholes option valuation model assumptions for stock options granted for the years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Expected Dividend Yield	—	%	—	%	—	%
Expected Volatility	60.8	%	—	%	62.0	%
Expected term (in years)	5.5		—		5.0
Risk-free interest rate	4.3	%	—	%	4.6	%

Schedule of Stock Options Activity

The following table sets forth a summary of the stock option activity, weighted-average exercise prices, options outstanding and exercisable as of December 31, 2025, 2024 and 2023 as follows:


	Number of Options (Thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (Millions)
Outstanding at January 1, 2023	—	$	—	—	$	—
Granted	250	5.36
Exercised		—
Expired or forfeited		—
Outstanding at December 31, 2023	250	$	5.36	9.8	$	0.5
Granted	—	—
Exercised	—	—
Expired or forfeited	—	—
Outstanding at December 31, 2024	250	$	5.36	8.8	$	0.9
Granted	435	9.14
Exercised	—	—
Expired or forfeited	—	—
Outstanding at December 31, 2025	685	$	7.76	8.6	$	3.3
Exercisable at December 31, 2025	625	$	7.58	8.5	$	3.2

Schedule of Fully-vested Common Stocks 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):


	For the year ended December 31,
	2025		2024		2023
Awards issued	72		60		133
Grant date fair value of awards issued	$	571	$	549	$	750

Schedule of Vesting Activity of Restricted Stock Units

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


	For the year ended December 31,
	2025		2024		2023
Awards issued	597		467		683
Grand date fair value of awards issued	$	5,688	$	4,247	$	4,269

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 (in thousands, except per share amounts and years):


	For the year ended December 31,
	2025			2024			2023
	Units	Weighted Average Grant-Date Fair Value		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	1,415	$	6.66
Granted	395	$	9.36	733	$	8.52	606	$	8.30
Released	(597)	$	9.53	(467)	$	9.09	(683)	$	6.25
Forfeited	(235)	$	8.54	(219)	$	8.35	(154)	$	8.00
Outstanding at end of period:	794	$	8.71	1,231	$	8.41	1,184	$	8.07

A summary of the Company's PRSU activity is presented as follows (in thousands, except per share amounts and years):


	For the year ended December 31,
	2025			2024			2023
	Units	Weighted Average Grant-Date Fair Value		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	371	$	9.96
Granted	507	$	10.08	295	$	8.76	282	$	8.50
Performance condition adjustments, net	(203)	$	8.76	(201)	$	8.76	(305)	$	8.34
Released	(28)	$	12.37	(29)	$	9.87	(204)	$	6.59
Forfeited	(55)	$	8.78	—	$	8.02	(84)	$	6.95
Outstanding at end of period:	346	$	9.93	125	$	9.12	60	$	9.33

Summary of Significant Accounting Policies and Practices - Schedule of Reclassification Adjustments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reclassification [Line Items]
Cost of revenue	$ 497,143	$ 513,864	$ 497,177
Gross Profit	204,511	192,173	184,301
Selling, general and administrative expenses	$ 139,876	135,452	147,243
As Previously Reported
Reclassification [Line Items]
Cost of revenue		492,928	477,671
Gross Profit		213,109	203,807
Selling, general and administrative expenses		156,388	166,749
Effect of change
Reclassification [Line Items]
Cost of revenue		20,936	19,506
Gross Profit		$ (20,936)	$ (19,506)

- Definition

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

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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

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our IT Risk team conducts assessments of the Company’s most significant IT and cybersecurity risks. Assessment results are leveraged by IT leadership, along with other inputs, to mitigate and manage these risks. Although no system can eliminate all risks, our risk-based approach ensures that reasonably known threats are identified, and material risks are appropriately addressed. We have several physical, automated, and administrative controls in place to mitigate the success and extent of any cyber breaches. Our controls are designed to require review of tasks which may occur in the normal course of business but are also common vectors of attack. Automated controls are implemented in all cases where one is feasible, and in other cases standard procedures or documented instructions are in place to ensure that actions are proper and approved before they occur. Policies related to cybersecurity risks are documented, reviewed annually, and published internally, which define the correct processes for identifying, containing, remediating, and responding to cybersecurity incidents. Our data protection policies define the establishment of the classification of types of data. Based upon this data classification, we determine an incident’s materiality and establish the appropriate response, the incident management team, and the communications required to be distributed to third parties. Incident management policies are in place to establish the proper communication channels and responsible parties for different levels of materiality of an incident. We practice these policies and procedures in a tabletop or simulated fashion multiple times annually. Each employee plays a role in safeguarding our data assets, and the protection of our data is ingrained in every employee’s day to day activities. Employees must participate in annual cyber security training. Simulated testing occurs multiple times throughout the year, including drop testing and SPAM / PHISHING campaigns, and the results are tracked for compliance and we address any weaknesses identified in such trainings and testing as necessary. We have established an AI Oversight Committee, which is responsible for governance and oversight of the use of AI technologies. In addition, we have adopted an enterprise AI policy that establishes guardrails for the use of AI by our employees, including requirements related to data protection, confidentiality, and cybersecurity risk management. The Information Security team performs internal threat hunting, vulnerability scanning, log aggregation, and identity monitoring on an on-going basis. Web site, code, and configuration vulnerability scans are performed as necessary to ensure that changes do not introduce vulnerabilities into our systems. Information Security and IT Risk personnel receive regular training to ensure these individuals have up-to-date expert knowledge. To supplement our cybersecurity risk assessment, identification, management, and mitigation efforts, we engage third party cyber security experts. Cyber security assessments are performed at least annually, results are documented and reviewed, and mitigation plans are put in place to reduce any threats identified. The classification of data processed by any system is considered when implementing mitigations. We recognize the importance of overseeing and identifying material risks from cybersecurity threats associated with our use of third-party vendors. We perform a thorough review of the cyber security measures in place, including any documented third-party audits, for any partners who process our data. Sign-off is required by the Information Security team before agreements can be put in place. We believe that our current preventative actions and response activities provide adequate measures of protection against security breaches and generally reduce our cybersecurity risks. However, cybersecurity threats are constantly evolving, are becoming more frequent and more sophisticated and are being made by groups of individuals with a wide range of expertise and motives, which increases the difficulty of detecting and successfully defending against them. While we have implemented measures to safeguard our operational and technology systems and have established a culture of continuous learning, monitoring and improvement, the evolving nature of cybersecurity attacks and vulnerabilities means that these protections may not always be effective. However, as of the date of this Annual Report, management has determined that none of the cybersecurity attacks that we have experienced has resulted in a material impact on our financial condition, results of operations or business strategy. In addition, as of the date of this Annual Report, we are not aware of any risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations and financial condition. For additional information regarding how cybersecurity threats have affected or are reasonably likely to materially affect our business strategy, results of operations or financial condition, see Part I, Item 1A, “Risk Factors—Risks Related to Our Business—We face risks regarding our information technology and security”.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We prioritize the protection of our data assets, the private data of our employees, customers, and vendors, and personal information. To assess, identify, and manage the risks of cybersecurity threats to our information systems and the associated costs, we maintain a robust cybersecurity program that is integrated into the Company’s overall Enterprise Risk Management strategy. We understand that threats from hackers and other cyber criminals continues to adapt and become more sophisticated, and so must our response to these threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board is responsible for oversight of our cybersecurity program. The Audit Committee, Enterprise Risk Committee, and the Information Technology Leadership Team support the Board in the oversight of our information security program and are focused on cybersecurity and data privacy risk, including compliance with all applicable laws and regulations, incident response planning, timely identification and assessment of incidents, incident recovery and business continuity considerations. As part of our cybersecurity program management activities and our continuing efforts to evaluate and enhance the effectiveness of our cybersecurity policies and procedures, we actively engage internal and prominent external experts, as well as industry participants. Our cybersecurity program is managed by the Chief Information Officer who has biannual meetings with the Audit Committee and provides periodic reports and updates concerning our cybersecurity program to our Chief Executive Officer and other members of our senior management, as appropriate. These reports include updates on our cyber risk and threats, the status of projects to strengthen our information network and data security, assessments of our information security program, and the emerging threat landscape. We have established governance committees to provide us with cybersecurity oversight with supportive roles to advance the effectiveness of our cybersecurity program. The Chief Information Officer has over 20 years of IT leadership and cybersecurity experience, and the Information Technology Leadership Team overall has a combined fifteen years of cybersecurity experience. The Chief Information Officer and members of the Information Technology Leadership Team maintain industry recognized credentials relevant to their roles and stay informed on the latest trends and technologies. The Chief Information Officer manages both an Information Security team and an IT Risk team within the Department of Information Technology. The IT Risk team works closely with our Data Privacy Officer for governance and compliance related to regulations and frameworks for data classification, data privacy, handling of private data and controlled unclassified information, and internal policies and procedures. The Cyber Security team is responsible for identifying and implementing technologies to mitigate IT risk, enhance data security, and identify and defend against attacks. Both teams work closely together to establish the cybersecurity policies for the Company, evaluate the current risk profile, and to prevent, investigate, mitigate, and remediate any cyber-attacks on the Company.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board is responsible for oversight of our cybersecurity program. The Audit Committee, Enterprise Risk Committee, and the Information Technology Leadership Team support the Board in the oversight of our information security program and are focused on cybersecurity and data privacy risk, including compliance with all applicable laws and regulations, incident response planning, timely identification and assessment of incidents, incident recovery and business continuity considerations.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	As part of our cybersecurity program management activities and our continuing efforts to evaluate and enhance the effectiveness of our cybersecurity policies and procedures, we actively engage internal and prominent external experts, as well as industry participants. Our cybersecurity program is managed by the Chief Information Officer who has biannual meetings with the Audit Committee and provides periodic reports and updates concerning our cybersecurity program to our Chief Executive Officer and other members of our senior management, as appropriate. These reports include updates on our cyber risk and threats, the status of projects to strengthen our information network and data security, assessments of our information security program, and the emerging threat landscape. We have established governance committees to provide us with cybersecurity oversight with supportive roles to advance the effectiveness of our cybersecurity program. The Chief Information Officer has over 20 years of IT leadership and cybersecurity experience, and the Information Technology Leadership Team overall has a combined fifteen years of cybersecurity experience. The Chief Information Officer and members of the Information Technology Leadership Team maintain industry recognized credentials relevant to their roles and stay informed on the latest trends and technologies. The Chief Information Officer manages both an Information Security team and an IT Risk team within the Department of Information Technology. The IT Risk team works closely with our Data Privacy Officer for governance and compliance related to regulations and frameworks for data classification, data privacy, handling of private data and controlled unclassified information, and internal policies and procedures. The Cyber Security team is responsible for identifying and implementing technologies to mitigate IT risk, enhance data security, and identify and defend against attacks. Both teams work closely together to establish the cybersecurity policies for the Company, evaluate the current risk profile, and to prevent, investigate, mitigate, and remediate any cyber-attacks on the Company.
Cybersecurity Risk Role of Management [Text Block]	The Chief Information Officer manages both an Information Security team and an IT Risk team within the Department of Information Technology. The IT Risk team works closely with our Data Privacy Officer for governance and compliance related to regulations and frameworks for data classification, data privacy, handling of private data and controlled unclassified information, and internal policies and procedures. The Cyber Security team is responsible for identifying and implementing technologies to mitigate IT risk, enhance data security, and identify and defend against attacks. Both teams work closely together to establish the cybersecurity policies for the Company, evaluate the current risk profile, and to prevent, investigate, mitigate, and remediate any cyber-attacks on the Company.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Board is responsible for oversight of our cybersecurity program. The Audit Committee, Enterprise Risk Committee, and the Information Technology Leadership Team support the Board in the oversight of our information security program and are focused on cybersecurity and data privacy ris
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Chief Information Officer has over 20 years of IT leadership and cybersecurity experience, and the Information Technology Leadership Team overall has a combined fifteen years of cybersecurity experience. The Chief Information Officer and members of the Information Technology Leadership Team maintain industry recognized credentials relevant to their roles and stay informed on the latest trends and technologies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We have several physical, automated, and administrative controls in place to mitigate the success and extent of any cyber breaches. Our controls are designed to require review of tasks which may occur in the normal course of business but are also common vectors of attack. Automated controls are implemented in all cases where one is feasible, and in other cases standard procedures or documented instructions are in place to ensure that actions are proper and approved before they occur. Policies related to cybersecurity risks are documented, reviewed annually, and published internally, which define the correct processes for identifying, containing, remediating, and responding to cybersecurity incidents. Our data protection policies define the establishment of the classification of types of data. Based upon this data classification, we determine an incident’s materiality and establish the appropriate response, the incident management team, and the communications required to be distributed to third parties. Incident management policies are in place to establish the proper communication channels and responsible parties for different levels of materiality of an incident. We practice these policies and procedures in a tabletop or simulated fashion multiple times annually. Each employee plays a role in safeguarding our data assets, and the protection of our data is ingrained in every employee’s day to day activities. Employees must participate in annual cyber security training. Simulated testing occurs multiple times throughout the year, including drop testing and SPAM / PHISHING campaigns, and the results are tracked for compliance and we address any weaknesses identified in such trainings and testing as necessary. We have established an AI Oversight Committee, which is responsible for governance and oversight of the use of AI technologies. In addition, we have adopted an enterprise AI policy that establishes guardrails for the use of AI by our employees, including requirements related to data protection, confidentiality, and cybersecurity risk management. The Information Security team performs internal threat hunting, vulnerability scanning, log aggregation, and identity monitoring on an on-going basis. Web site, code, and configuration vulnerability scans are performed as necessary to ensure that changes do not introduce vulnerabilities into our systems. Information Security and IT Risk personnel receive regular training to ensure these individuals have up-to-date expert knowledge. To supplement our cybersecurity risk assessment, identification, management, and mitigation efforts, we engage third party cyber security experts. Cyber security assessments are performed at least annually, results are documented and reviewed, and mitigation plans are put in place to reduce any threats identified. The classification of data processed by any system is considered when implementing mitigations.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Multiemployer pension plan liability	$ 2,081	$ 2,458

Long-Term Debt - Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 12,538
2027	164,030
2028	487
2029	465
2030	411
Thereafter	61
Total debt	$ 177,992	$ 169,647

- Definition

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

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+ Details

Share-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Options (Thousands)
Granted (in shares)		0
Weighted-Average Exercise Price
Granted (in dollars per share)	$ 5.30		$ 3.04
Stock Options
Number of Options (Thousands)
Outstanding at beginning of year (in shares)	250,000	250,000	0
Granted (in shares)	435,000	0	250,000
Exercised (in shares)	0	0
Expired or forfeited (in shares)	0	0
Outstanding at end of year (in shares)	685,000	250,000	250,000
Exercisable (in shares)	625,000
Weighted-Average Exercise Price
Outstanding at beginning of year: (in dollars per share)	$ 5.36	$ 5.36	$ 0
Granted (in dollars per share)	9.14	0	5.36
Exercised (in dollars per share)	0	0	0
Expired or forfeited (in dollars per share)	0	0	0
Outstanding at end of year: (in dollars per share)	7.76	$ 5.36	$ 5.36
Exercisable (in dollars per share)	$ 7.58
Weighted-Average Remaining Contractual Term (Years)
Outstanding, Weighted average remaining contractual term	8 years 7 months 6 days	8 years 9 months 18 days	9 years 9 months 18 days
Exercisable (in years)	8 years 6 months
Outstanding, Aggregate Intrinsic Value	$ 3.3	$ 0.9	$ 0.5	$ 0.0
Options Exercisable (in dollars)	$ 3.2

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company leases certain office and operating facilities, machinery, equipment, and vehicles. Concurrent with the adoption of ASC 842, the Company recognized a right-of-use ("ROU") asset and lease liability based on the present value of the future lease payments over the lease term for each lease agreement. The Company elected not to recognize a ROU asset and lease liability for leases with terms of 12 months or less and will continue to recognize lease expense for these leases on a straight-line basis over the lease term. The Company has leases with both lease components and non-lease components, such as common area maintenance, utilities, or other repairs and maintenance. For all asset classes, the Company decided to utilize the practical expedient to include both fixed lease components and fixed non-lease components in calculating the ROU asset and lease liability. The Company identified variable lease payments, such as maintenance payments based on actual activities performed or costs incurred, at lease commencement by assessing the nature of the payment provisions, including whether the payments are subject to a minimum charge. Many of the Company's leases include one or more options to renew. When it is reasonably certain that the Company will exercise the option, the Company will include the impact of the option in the lease term for purposes of determining future lease payments. As the Company is unable to determine the discount rate implicit in its lease agreements, the Company uses its incremental borrowing rate on the commencement date to calculate the present value of future payments.

The Company’s Consolidated Balance Sheets include the following related to operating leases as of December 31, 2025 and 2024 (in thousands):


Leases	Classification	2025		2024
Assets:
ROU assets	Other assets	$	38,937	$	40,401

Liabilities:
ROU liability - current	Accrued expenses and other current liabilities	$	10,882	$	11,375
ROU liability - long-term	Other long-term liabilities	29,378		30,279
Total ROU liabilities		$	40,260	$	41,654

Included within the balance of operating leases is a lease for the Company’s headquarters which is with a related party. The ROU liability for this facility is approximately $0.8 million as of December 31, 2025 and $1.8 million as of December 31, 2024. Total rent payments for this facility were approximately $1.0 million and $1.0 million during the years ended December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, the total ROU assets attributable to finance leases are approximately $23.5 million and $17.9 million, respectively, which is included in Property, plant, and equipment, net on the Consolidated Balance Sheets.

The components of lease costs for the year ended December 31, 2025 and 2024 are as follows (in thousands):


	Classification	2025		2024
Finance lease expense:
Amortization of ROU assets	Depreciation and amortization	$	6,298	$	5,491
Interest on lease liabilities	Interest expense	3,832		1,062
Operating lease expense	Cost of revenue; Selling, general & administrative expenses	14,050		14,213
Short-term lease expense	Cost of revenue; Selling, general & administrative expenses	44		56
Variable lease expense	Cost of revenue; Selling, general & administrative expenses	1,986		1,683
Total		$	26,210	$	22,505

Additional information related to leases as of December 31, 2025 and 2024 is as follows:


	2025			2024
Cash paid for amounts included in the measurement of lease liabilities for finance and operating leases (in thousands):
Finance - financing cash flows	$	6,625		$	5,495
Finance - operating cash flows	3,832			1,062
Operating - operating cash flows	14,048			14,243
ROU assets obtained in the exchange for lease liabilities:
Finance leases	$	10,154		$	9,899
Operating leases	10,014			16,254
Weighted-average remaining lease term (in years):
Finance leases	4.4			5.0
Operating leases	4.8			4.7
Weighted-average discount rate:
Finance leases	6.0		%	6.5		%
Operating leases	6.0		%	6.1		%

Maturities of lease liabilities as of December 31, 2025 is as follows (in thousands):


	Finance		Operating
2026	$	8,278	$	12,922
2027	7,308		10,532
2028	5,389		8,398
2029	3,705		5,095
2030	1,559		3,471
Thereafter	1,098		5,944
Total	27,337		46,362
Less: Present value discount	(2,972)		(6,102)
Lease liability	$	24,365	$	40,260

Leases

The Company’s Consolidated Balance Sheets include the following related to operating leases as of December 31, 2025 and 2024 (in thousands):


Leases	Classification	2025		2024
Assets:
ROU assets	Other assets	$	38,937	$	40,401

Liabilities:
ROU liability - current	Accrued expenses and other current liabilities	$	10,882	$	11,375
ROU liability - long-term	Other long-term liabilities	29,378		30,279
Total ROU liabilities		$	40,260	$	41,654

The components of lease costs for the year ended December 31, 2025 and 2024 are as follows (in thousands):


	Classification	2025		2024
Finance lease expense:
Amortization of ROU assets	Depreciation and amortization	$	6,298	$	5,491
Interest on lease liabilities	Interest expense	3,832		1,062
Operating lease expense	Cost of revenue; Selling, general & administrative expenses	14,050		14,213
Short-term lease expense	Cost of revenue; Selling, general & administrative expenses	44		56
Variable lease expense	Cost of revenue; Selling, general & administrative expenses	1,986		1,683
Total		$	26,210	$	22,505

Additional information related to leases as of December 31, 2025 and 2024 is as follows:


	2025			2024
Cash paid for amounts included in the measurement of lease liabilities for finance and operating leases (in thousands):
Finance - financing cash flows	$	6,625		$	5,495
Finance - operating cash flows	3,832			1,062
Operating - operating cash flows	14,048			14,243
ROU assets obtained in the exchange for lease liabilities:
Finance leases	$	10,154		$	9,899
Operating leases	10,014			16,254
Weighted-average remaining lease term (in years):
Finance leases	4.4			5.0
Operating leases	4.8			4.7
Weighted-average discount rate:
Finance leases	6.0		%	6.5		%
Operating leases	6.0		%	6.1		%

Maturities of lease liabilities as of December 31, 2025 is as follows (in thousands):


	Finance		Operating
2026	$	8,278	$	12,922
2027	7,308		10,532
2028	5,389		8,398
2029	3,705		5,095
2030	1,559		3,471
Thereafter	1,098		5,944
Total	27,337		46,362
Less: Present value discount	(2,972)		(6,102)
Lease liability	$	24,365	$	40,260

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2025		2024
Accrued salaries, wages and related employee benefits	$	30,391	$	27,990

Accrued workers' compensation and health benefits	2,471		4,898
Deferred revenue	9,099		8,096

Right-of-use liability - Operating	10,882		11,375
Pension accrual	2,081		2,458
Other accrued expenses	33,102		30,416
Total accrued expenses and other current liabilities	$	88,026	$	85,233

Share-Based Compensation - Stock Options Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Sep. 08, 2025	Dec. 31, 2024	Oct. 11, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based compensation
Stock options granted (in shares)					0
Granted (in dollars per share)				$ 5.30		$ 3.04
Stock Options
Share-based compensation
Stock options granted (in shares)				435,000	0	250,000
Granted (in dollars per share)				$ 9.14	$ 0	$ 5.36
Recognized share-based compensation expense				$ 0.1
Unrecognized share-based compensation expense				0.1
Interim President and CEO \| Stock Options
Share-based compensation
Stock options granted (in shares)		375,000	250,000
Granted (in dollars per share)			$ 5.36
Expiration term of options		10 years	10 years
Expiration term of options in the event grantee no longer serving			1 year
Unrecognized share-based compensation expense				0.0		$ 0.0
Stock option award granted (in dollars per share)		$ 9.06
Term upon end of service		1 year
Recognized share-based compensation expense				$ 2.0
Chief Executive Officer \| Stock Options
Share-based compensation
Stock options granted (in shares)	35,000
Expiration term of options	10 years
Exercise price (in dollars per share)	$ 9.71

Earnings (loss) per Share - Potential Common Shares Excluded From Computation of Diluted Earnings (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from computation of diluted earnings per share (in shares)	28,000	307,000	547,000
RSUs/PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from computation of diluted earnings per share (in shares)	17,000	307,000	547,000
Antidilutive securities excluded from computation of earnings per share due to net loss during period, amount			1,014,527
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from computation of diluted earnings per share (in shares)	11,000	0	0
Antidilutive securities excluded from computation of earnings per share due to net loss during period, amount			250,000

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2025		2024
Accrued salaries, wages and related employee benefits	$	30,391	$	27,990

Accrued workers' compensation and health benefits	2,471		4,898
Deferred revenue	9,099		8,096

Right-of-use liability - Operating	10,882		11,375
Pension accrual	2,081		2,458
Other accrued expenses	33,102		30,416
Total accrued expenses and other current liabilities	$	88,026	$	85,233

Segment Disclosure (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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 year ended December 31, 2025


	Segment
	North America		International		Products and Systems		Total Reportable Segments		Corporate and eliminations		Total
Revenue	$	584,131	$	143,843	$	13,970	$	741,944	$	(17,920)	$	724,024
Selling, general & administrative expenses	81,291		29,620		3,411		114,322		25,554		139,876
Other Expenses	440,052		103,870		7,908		551,830		(8,254)		543,576
Income (loss) from operations	$	62,788	$	10,353	$	2,651	$	75,792	$	(35,220)	$	40,572

For the year ended December 31, 2024


	Segment
	North America		International		Products and Systems		Total Reportable Segments		Corporate and eliminations		Total
Revenue	$	593,527	$	135,969	$	13,661	$	743,157	$	(13,517)	$	729,640
Selling, general & administrative expenses	75,567		29,126		3,677		108,370		27,082		135,452
Other Expenses	455,674		100,568		7,474		563,716		(9,354)		554,362
Income (loss) from operations	$	62,286	$	6,275	$	2,510	$	71,071	$	(31,245)	$	39,826

For the year ended December 31, 2023


	Segment
	North America		International		Products and Systems		Total Reportable Segments		Corporate and eliminations		Total
Revenue	$	579,330	$	124,414	$	12,986	$	716,730	$	(11,257)	$	705,473
Selling, general & administrative expenses	80,503		28,577		4,049		113,129		34,114		147,243
Other Expenses	443,657		108,066		8,670		560,393		(259)		560,134
Income (loss) from operations	$	55,170	$	(12,229)	$	267	$	43,208	$	(45,112)	$	(1,904)

Schedule of Segment Reporting Information, by Segment


	December 31,
	2025		2024
Intangible assets, net
North America	$	28,245	$	30,869
International	1,110		1,377
Products and Systems	733		946
Corporate and eliminations	8,319		6,516
	$	38,407	$	39,708


	December 31,
	2025		2024
Total assets
North America	$	426,146	$	390,052
International	150,741		97,546
Products and Systems	12,072		11,280
Corporate and eliminations	(10,178)		24,160
	$	578,781	$	523,038


	December 31,
	2025		2024
Long-lived assets
North America	$	278,419	$	268,608
International	27,900		24,822
Products and Systems	850		1,049
Corporate and eliminations	9,231		7,563
	$	316,400	$	302,042

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued salaries, wages and related employee benefits	$ 30,391	$ 27,990
Accrued workers' compensation and health benefits	2,471	4,898
Deferred revenue	9,099	8,096
Right-of-use liability - Operating	10,882	11,375
Pension accrual	2,081	2,458
Other accrued expenses	33,102	30,416
Total accrued expenses and other current liabilities	$ 88,026	$ 85,233

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 24.3	$ 25.3	$ 25.6

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of expense of intangible assets	$ 6.7	$ 7.6	$ 8.5
Software/Technology
Finite-Lived Intangible Assets [Line Items]
Amortization of expense of intangible assets	$ 3.6	$ 2.9	$ 2.9

- 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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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials and consumable supplies	$ 9,252	$ 8,321
Work in progress	912	1,018
Finished goods	3,838	5,146
Inventories	$ 14,002	$ 14,485

Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The gross carrying amount and accumulated amortization of intangible assets were as follows (in thousands):


		December 31,
		2025						2024
	Useful Life (Years)	Gross Amount		Accumulated Amortization		Net Carrying Amount			Gross Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	5-18	$	109,262	$	(96,428)	$	12,834		$	107,704	$	(92,220)	$	15,484
Software/Technology	3-15	63,158		(37,822)		25,336			57,414		(33,930)		23,484
Covenants not to compete	2-5	12,387		(12,387)		—			12,391		(12,371)		20
Other	2-12	10,211		(9,974)		237			10,218		(9,498)		720
Total		$	195,018	$	(156,611)	$	38,407		$	187,727	$	(148,019)	$	39,708

Amortization expense for the years ended December 31, 2025, 2024 and 2023 was approximately $6.7 million, $7.6 million, and $8.5 million, respectively, including amortization of software/technology for these periods of $3.6 million, $2.9 million, and $2.9 million, respectively.

Amortization expense in each of the five years and thereafter subsequent to December 31, 2025 related to the Company’s intangible assets is expected to be as follows (in thousands):


	Expected Amortization Expense
2026	$	7,079
2027	7,027
2028	6,646
2029	5,624
2030	5,073
Thereafter	6,958
Total	$	38,407

Segment Disclosure - Narrative (Details) $ in Thousands	12 Months Ended
Segment Disclosure - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revenue and long-lived assets by geographic area
Number of operating segments \| segment	3
Number of reportable segments \| segment	3
Revenue \| $	$ 724,024	$ 729,640	$ 705,473
Intersegment Eliminations \| Products and Systems
Revenue and long-lived assets by geographic area
Revenue \| $	$ 3,000

- 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 - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Mar. 09, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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, par value $.01 par value
Trading Symbol	MG
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 171.4
Entity Common Stock, Shares Outstanding		31,595,562
Documents Incorporated by Reference	Information required by Part III (Items 10, 11, 12, 13 and 14) is incorporated by reference to portions of the registrant’s definitive proxy statement for its 2025 annual meeting of stockholders (the “Proxy Statement”), which is expected to be filed not later than 120 days after the registrant’s fiscal year ended December 31, 2025. Except as expressly incorporated by reference, the Proxy Statement shall not be deemed to be a part of this report on Form 10-K.
Entity Central Index Key	0001436126
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Earnings (loss) per Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic earnings (loss) per share:
Net income (loss) attributable to Mistras Group, Inc.	$ 16,837	$ 18,958	$ (17,453)
Denominator:
Weighted average common shares outstanding (in shares)	31,408	30,926	30,330
Basic earnings (loss) per share (in dollars per share)	$ 0.54	$ 0.61	$ (0.58)
Numerator:
Net income (loss) attributable to Mistras Group, Inc.	$ 16,837	$ 18,958	$ (17,453)
Denominator:
Weighted average common shares outstanding (in shares)	31,408	30,926	30,330
Dilutive effect of stock options outstanding (in shares)	133	106	0
Dilutive effect of restricted stock units outstanding (in shares)	517	576	0
Weighted average common shares outstanding, diluted (in shares)	32,058	31,608	30,330
Diluted earnings (loss) per share (in dollars per share)	$ 0.53	$ 0.60	$ (0.58)

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 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.

- 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.

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+ Details

Employee Benefit Plans (Details)	12 Months Ended
Employee Benefit Plans (Details)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Multiemployer Plans [Line Items]
Minimum age for employees to contribute catch up contributions under IRS limits	50 years
Continuous service period required for eligibility of employees to participate under the plan	3 months
Maximum company match amount of employee contributions matched up to 6% of annual compensation, percentage	50.00%
Maximum percentage of employee's annual compensation for which the company contributes a matching contribution, percentage	6.00%
Vesting period for employer matching contribution	5 years
Contribution under 401(k) savings plan	$ 4,000,000.0	$ 4,100,000	$ 3,900,000
Multiemployer Plans, Pension \| Boilermakers and Pipefitters Plans
Multiemployer Plans [Line Items]
Contributions to multi-employer defined benefit plan	$ 0	$ 0
Multiemployer Plans, Pension \| Boilermakers and Pipefitters Plans \| Minimum
Multiemployer Plans [Line Items]
Multiemployer plan funded status percentage	0.80

Accounts Receivable - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Receivables [Abstract]
Trade accounts receivable - billed	$ 133,100	$ 108,563
Trade accounts receivable - unbilled	25,139	21,331
Allowance for credit losses	(3,566)	(2,613)
Accounts receivable, net	$ 154,673	$ 127,281

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company leases its headquarters under an operating lease from an entity majority-owned by a stockholder of the Company with significant influence. On March 1, 2024, the Company extended its lease at its headquarters requiring monthly payments through October 2026. Total rent payments made during the year ended December 31, 2025 were approximately $1.0 million. See Note 16 - Leases for further detail. Manny Stamatakis, our Executive Chairman, previously owned Capital Management Enterprise (“CME”), a firm that provided employee benefits consulting services to the Company. Mr Stamatakis sold the Company to Conner Strong and Buckelew ("CSB") in 2020. Mr Stamatakis remains an employee of CSB and provides employee benefit consulting services to CSB as needed. CSB provides insurance consulting and brokerage services to the Company. The Company paid CSB $0.5 million during the year ended December 31, 2025. CSB also receives normal and customary commissions from third-party benefits providers on account of coverages such third parties provide.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision for Income Taxes

Income (loss) before provision (benefit) for income taxes is as follows (in thousands):


	For the year ended December 31,
	2025		2024		2023
Income (loss) before provision (benefit) for income taxes from:
U.S. operations	$	8,210	$	16,010	$	(6,900)
Foreign operations	14,268		8,234		(11,765)
Income (loss) before provision (benefit) for income taxes	$	22,478	$	24,244	$	(18,665)

Schedule of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consists of the following (in thousands):


	For the year ended December 31,
	2025		2024		2023
Current
Federal	$	900	$	6,167	$	1,388
States and local	(11)		1,333		705
Foreign	4,319		2,642		2,063

Total current provision	$	5,208	$	10,142	$	4,156
Deferred
Federal	$	1,121	$	(3,405)	$	(2,219)
States and local	434		143		(1,502)
Foreign	(1,206)		(1,606)		(1,655)



Net deferred provision (benefit)	349		(4,868)		(5,376)
Total provision (benefit) for income taxes	$	5,557	$	5,274	$	(1,220)

Schedule of Cash Flow, Supplemental Disclosures

Cash paid for income taxes (net of refunds) was as follows (in thousands):


	For the year ended December 31,
	2025		2024		2023
Federal	$	3,500	$	5,100	$	2,500
States and local	1,539		1,077		540
Foreign	4,289		233		3,861
Total cash paid for income taxes, net of refunds	$	9,328	$	6,410	$	6,901

Cash paid for income taxes (net of refunds) exceeded five percent (5%) of total cash paid for income taxes (net of refunds) in the following jurisdictions (in thousands):


	For the year ended December 31,
	2025		2024		2023
State and local:
Texas	*		*		352
All other state and local jurisdictions	1,539		1,077		188
Total State and local	$	1,539	$	1,077	$	540
Foreign:
Germany	1,366		*		428
Canada	669		(669)		2,944
Netherlands	710		345		447
Brazil	1,221		*		*
All other foreign jurisdictions	323		557		42
Total Foreign	$	4,289	$	233	$	3,861

*Jurisdiction is below the five percent (5%) threshold for the period presented.

Schedule of Provision (Benefit) for Income Taxes Computed by Applying Statutory Federal Tax Rate

The provision (benefit) for income taxes differs from the amount computed by applying the statutory federal tax rate to income tax as follows (in thousands):


	For the years ended December 31,
	2025				2024				2023
United States federal statutory tax rate	$	4,721	21.0	%	$	5,091	21.0	%	$	(3,920)	21.0	%
State and local income taxes, net of federal income tax effect (1)	416		1.9		872		3.6		(747)		4.0
Foreign tax effects
Brazil
Changes in valuation allowances	29		0.1		(759)		(3.1)		(79)		0.4
Other	(144)		(0.6)		145		0.6		195		(1.0)
Canada
Changes in valuation allowances	(303)		(1.4)		(179)		(0.7)		31		(0.2)
Other	200		0.9		170		0.7		(77)		0.4
United Kingdom
Impairment of goodwill	—		—		—		—		258		(1.4)
Changes in valuation allowances	(64)		(0.3)		(682)		(2.8)		(167)		0.9
Other	(252)		(1.1)		110		0.5		40		(0.2)
France
Impairment of goodwill	—		—		—		—		966		(5.2)
Other	150		0.7		42		0.2		(205)		1.1
Germany
Impairment of goodwill	—		—		—		—		1,314		(7.0)
Statutory tax rate differences between United States and Germany	(279)		(1.2)		(78)		(0.3)		464		(2.5)
State and local taxes	738		3.3		197		0.8		164		(0.9)
Other	(84)		(0.4)		67		0.3		(64)		0.3
Other foreign jurisdictions	125		0.6		128		0.5		57		(0.3)
Effect of cross-border tax laws	(174)		(0.8)		40		0.2		97		(0.5)
Tax credits
Research and development tax credit	(602)		(2.7)		(602)		(2.5)		(356)		1.9
Changes in valuation allowances	(3)		—		190		0.8		(214)		1.1
Nontaxable or nondeductible items
Share-based compensation	333		1.5		(20)		(0.1)		731		(3.9)
Other	199		0.9		227		0.9		270		(1.4)
Changes in unrecognized tax benefits	361		1.6		3		—		16		(0.1)
Other adjustments	190		0.7		312		1.2		6		0.1
Total provision (benefit) for income taxes	$	5,557	24.7	%	$	5,274	21.8	%	$	(1,220)	6.6	%

(1) State taxes in Arizona, Alaska, California, Alabama, Pennsylvania, Vermont, Louisiana, Minnesota, Georgia, Montana, New Jersey, Tennessee, and Iowa made up the majority (greater than 50 percent) of the tax effect in this category for the year ended December 31, 2025. State taxes in Florida, New Jersey, Alaska, and Louisiana made up the majority (greater than 50 percent) of the tax effect in this category for the year ended December 31, 2024. State taxes in Texas, California, Alaska, Louisiana, Pennsylvania, Connecticut, and Mississippi made up the majority (greater than 50 percent) of the tax effect in this category for the year ended December 31, 2023.

Schedule of Net Deferred Income Tax Assets and Liabilities

Deferred income tax attributes resulting from differences between financial accounting amounts and income tax basis of assets and liabilities are as follows (in thousands):


	December 31,
	2025		2024
Deferred income tax assets
Allowance for doubtful accounts	$	493	$	470
Inventory	1,269		1,218
Intangible assets	954		808
Accrued expenses	4,014		4,090
Net operating loss carryforward	3,774		4,369
Finance lease obligations	485		189
Stock Options	181		183
Deferred stock based compensation	785		911
Interest carryforward	8,302		6,328
Right-of-use liability	8,072		8,696
R&D Expense	3,283		6,671
Credits	788		100


Other	1,645		442
Deferred income tax assets	34,045		34,475
Valuation allowance	(3,685)		(4,034)
Net deferred income tax assets	$	30,360	$	30,441
Deferred income tax liabilities
Property and equipment	$	(5,558)	$	(5,404)
Goodwill	(10,702)		(10,134)
Intangible assets	(1,917)		(1,952)
Right-of-use asset	(8,070)		(8,657)
Deferred income tax liabilities	(26,247)		(26,147)
Net deferred income taxes	$	4,113	$	4,294

Schedule of Changes in Company's Gross Unrecognized Tax Benefits, Excluding Interest and Penalties

The following table summarizes the changes in the Company’s gross unrecognized tax benefits, excluding interest and penalties (in thousands):


	For the year ended December 31,
	2025		2024
Balance at beginning of period	$	251	$	258
Additions for tax positions related to the current fiscal period	—		—
Additions for tax positions related to prior years	361		—




Reductions related to the expiration of statutes of limitations	(14)		(7)
Other	4		—
Balance at end of period	$	602	$	251

Summary of Significant Accounting Policies and Practices - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2020	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Concentration Risk [Line Items]
Number of operating segments \| segment		3
Assets of VIE		$ 578,781	$ 523,038
Foreign currency (gains) losses		3,500	(1,800)	$ 1,300
Variable Interest Entity, Primary Beneficiary
Concentration Risk [Line Items]
Assets of VIE		0
Revenues		7,100
Limited Partnership \| Variable Interest Entity, Primary Beneficiary
Concentration Risk [Line Items]
Limited partnership ownership interest percentage	49.00%
General partnership ownership interest percentage	49.00%
Selling, General and Administrative Expenses
Concentration Risk [Line Items]
Advertising expense		$ 400	$ 1,000	$ 1,400
Software/Technology
Concentration Risk [Line Items]
Estimated useful life of internal-use software		3 years

Segment Disclosure - Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financial information by segment
Revenue	$ 724,024	$ 729,640	$ 705,473
Selling, general & administrative expenses	139,876	135,452	147,243
Other Expenses	543,576	554,362	560,134
Income (loss) from operations	40,572	39,826	(1,904)
Intangible assets, net	38,407	39,708
Total assets	578,781	523,038
Operating segments
Financial information by segment
Revenue	741,944	743,157	716,730
Selling, general & administrative expenses	114,322	108,370	113,129
Other Expenses	551,830	563,716	560,393
Income (loss) from operations	75,792	71,071	43,208
Operating segments \| North America
Financial information by segment
Revenue	584,131	593,527	579,330
Selling, general & administrative expenses	81,291	75,567	80,503
Other Expenses	440,052	455,674	443,657
Income (loss) from operations	62,788	62,286	55,170
Intangible assets, net	28,245	30,869
Total assets	426,146	390,052
Operating segments \| International
Financial information by segment
Revenue	143,843	135,969	124,414
Selling, general & administrative expenses	29,620	29,126	28,577
Other Expenses	103,870	100,568	108,066
Income (loss) from operations	10,353	6,275	(12,229)
Intangible assets, net	1,110	1,377
Total assets	150,741	97,546
Operating segments \| Products and Systems
Financial information by segment
Revenue	13,970	13,661	12,986
Selling, general & administrative expenses	3,411	3,677	4,049
Other Expenses	7,908	7,474	8,670
Income (loss) from operations	2,651	2,510	267
Intangible assets, net	733	946
Total assets	12,072	11,280
Corporate and eliminations
Financial information by segment
Revenue	(17,920)	(13,517)	(11,257)
Selling, general & administrative expenses	25,554	27,082	34,114
Other Expenses	(8,254)	(9,354)	(259)
Income (loss) from operations	(35,220)	(31,245)	$ (45,112)
Intangible assets, net	8,319	6,516
Total assets	$ (10,178)	$ 24,160

Share-Based Compensation

12 Months Ended

Dec. 31, 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 the 2016 Plan, including an increase to 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 934,000 shares were available for future grants as of December 31, 2025.

Stock Options

The grant date fair values of the stock options granted in the years ended December 31, 2025 and 2023, were estimated using the Black-Scholes option valuation model, the key assumptions for which are listed in the table below. No stock option awards were granted during the year ended December 31, 2024. The expected volatility assumption is based on the historical volatility of our common stock measured over a period approximately equal to the expected term of the awards. The expected term represents the period of time that options granted are expected to be outstanding. The risk-free interest rate is based on U.S. Treasury securities with terms equal to the expected timing of stock option exercises as of the grant date. The dividend yield assumption reflects anticipated dividends on the Company’s common stock. The terms of stock options granted in each respective year are described further below.

On October 11, 2023, Mr. Stamatakis was granted an award of stock options to purchase 250,000 shares of common stock of the Company, with an exercise price of $5.36, the closing price of the Company's common stock as quoted on the New York Stock Exchange (the "NYSE") on the grant date (the "Options"). These stock options were granted as an inducement for Mr. Stamatakis to accept the position of Interim President and CEO of the Company and were therefore granted outside the 2016

Plan, as permitted by the rules of the NYSE. These stock options can be exercised any time after the grant date until its expiration date, which is the earlier of 10 years from the grant date or one year following the date Mr. Stamatakis is no longer serving as an officer, director or in any other capacity of the Company. The Company recognized all share-based compensation expense related to the stock options granted in the fourth quarter of 2023 when they were granted, and no further unrecognized share-based compensation expense remains as of the end of the current period.

On January 6, 2025, Mr. Stamatakis was granted 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 NYSE on the grant date. These stock options can be exercised any time on or after January 6, 2026, and prior to their expiration date, which is the earlier of 10 years from the grant date or one year following the date Mr. Stamatakis is no longer serving as an officer, director or in any other capacity of the Company. The Company recognized $2.0 million of share-based compensation expense within Reorganization and other costs on the Company's Consolidated Statements of Income (Loss) during the year ended December 31, 2025 related to these stock options that were granted in the first quarter of 2025. No further unrecognized share-based compensation expense remains as of the end of the current period related to these stock options.

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. 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 Company recognized $0.1 million of share-based compensation expense related to these stock options during the year ended December 31, 2025. $0.1 million of unrecognized share-based compensation expense remains as of the end of the current period related to these stock options.

The following table contains weighted average Black-Scholes option valuation model assumptions for stock options granted for the years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Expected Dividend Yield	—	%	—	%	—	%
Expected Volatility	60.8	%	—	%	62.0	%
Expected term (in years)	5.5		—		5.0
Risk-free interest rate	4.3	%	—	%	4.6	%

The weighted-average grant date fair value of options granted during the years ended December 31, 2025 and 2023 was $5.30 per share and $3.04 per share, respectively. No stock option awards were granted during the year ended December 31, 2024.

The following table sets forth a summary of the stock option activity, weighted-average exercise prices, options outstanding and exercisable as of December 31, 2025, 2024 and 2023 as follows:


	Number of Options (Thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (Millions)
Outstanding at January 1, 2023	—	$	—	—	$	—
Granted	250	5.36
Exercised		—
Expired or forfeited		—
Outstanding at December 31, 2023	250	$	5.36	9.8	$	0.5
Granted	—	—
Exercised	—	—
Expired or forfeited	—	—
Outstanding at December 31, 2024	250	$	5.36	8.8	$	0.9
Granted	435	9.14
Exercised	—	—
Expired or forfeited	—	—
Outstanding at December 31, 2025	685	$	7.76	8.6	$	3.3
Exercisable at December 31, 2025	625	$	7.58	8.5	$	3.2

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. 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):


	For the year ended December 31,
	2025		2024		2023
Awards issued	72		60		133
Grant date fair value of awards issued	$	571	$	549	$	750

Restricted Stock Unit Awards

Restricted stock units ("RSUs") generally vest ratably on each of the first three or four anniversary dates of issuance. For the years ended December 31, 2025, 2024 and 2023, the company recognized share-based compensation expense within selling, general and administrative related to RSU awards of $3.5 million, $4.1 million and $4.9 million, respectively. For the year ended December 31, 2025, the Company recognized share-based compensation expense within Reorganization and other costs related to RSU awards of $0.6 million. No share-based compensation expense was recognized within Reorganization and other costs related to RSU awards for the years ended 2024 and 2023. As of December 31, 2025, there was approximately $5.3 million of unrecognized compensation costs, related to RSUs, which are expected to be recognized over a remaining weighted average period of 2.3 years. Upon vesting, RSUs are generally net share-settled to cover the required minimum 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 (in thousands):


	For the year ended December 31,
	2025		2024		2023
Awards issued	597		467		683
Grand date fair value of awards issued	$	5,688	$	4,247	$	4,269

A summary of the Company's outstanding, non-vested RSUs is as follows (in thousands, except per share amounts and years):


	For the year ended December 31,
	2025			2024			2023
	Units	Weighted Average Grant-Date Fair Value		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	1,415	$	6.66
Granted	395	$	9.36	733	$	8.52	606	$	8.30
Released	(597)	$	9.53	(467)	$	9.09	(683)	$	6.25
Forfeited	(235)	$	8.54	(219)	$	8.35	(154)	$	8.00
Outstanding at end of period:	794	$	8.71	1,231	$	8.41	1,184	$	8.07

Performance Restricted Stock Units

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

For 2025, the Compensation Committee used the following three performance metrics for PRSUs approved in that year.

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 and 2023, the Compensation Committee utilized the same metrics as 2025 PRSUs, but with revised 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. 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 presented as follows (in thousands, except per share amounts and years):


	For the year ended December 31,
	2025			2024			2023
	Units	Weighted Average Grant-Date Fair Value		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	371	$	9.96
Granted	507	$	10.08	295	$	8.76	282	$	8.50
Performance condition adjustments, net	(203)	$	8.76	(201)	$	8.76	(305)	$	8.34
Released	(28)	$	12.37	(29)	$	9.87	(204)	$	6.59
Forfeited	(55)	$	8.78	—	$	8.02	(84)	$	6.95
Outstanding at end of period:	346	$	9.93	125	$	9.12	60	$	9.33

For the years ended December 31, 2025, 2024 and 2023, the company recognized share-based compensation expense within Selling, general and administrative related to PRSU awards of $1.2 million, $0.4 million and $0.7 million, respectively At December 31, 2025, there was $2.5 million of total unrecognized compensation costs related to approximately 346,000 unvested PRSUs. These costs are expected to be recognized over a weighted-average period of approximately 2.4 years.

Upon vesting, PRSUs are generally net share-settled to cover the required minimum withholding tax and the remaining amount is converted into an equivalent number of shares of common stock.

For the years ended December 31, 2025, 2024 and 2023, the income tax benefit recognized on all share based compensation arrangements referenced above was approximately $1.9 million, $1.6 million, and $0.8 million, respectively.

Summary of Significant Accounting Policies and Practices (Tables)

12 Months Ended

Dec. 31, 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 Consolidated Financial Statements for the years ended December 31, 2024 and 2023 are reflected below under the "Effect of change" columns.


	For the Year Ended December 31, 2024
	As Previously Reported		Effect of change		As Adjusted
Cost of revenue	$	492,928	$	20,936	$	513,864
Gross profit	213,109		(20,936)		192,173
Selling, general and administrative expenses	156,388		(20,936)		135,452


	For the Year Ended December 31, 2023
	As Previously Reported		Effect of change		As Adjusted
Cost of revenue	$	477,671	$	19,506	$	497,177
Gross profit	203,807		(19,506)		184,301
Selling, general and administrative expenses	166,749		(19,506)		147,243

Accounts Receivable

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Accounts Receivable

Accounts receivable consist of the following (in thousands):


	December 31,
	2025		2024
Trade accounts receivable - billed	$	133,100	$	108,563
Trade accounts receivable - unbilled	25,139		21,331
Allowance for credit losses	(3,566)		(2,613)
Accounts receivable, net	$	154,673	$	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.

Share-Based Compensation - Valuation Model Assumptions For Stock Option (Details) - Stock Options - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based compensation
Expected Dividend Yield	$ 0	$ 0	$ 0
Expected Volatility	60.80%	0.00%	62.00%
Expected term (in years)	5 years 6 months		5 years
Risk-free interest rate	4.30%	0.00%	4.60%

- 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

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Related Party Transactions
Operating rental payments	$ 14,048	$ 14,243
Related Party \| Company's Headquarters
Related Party Transactions
Operating rental payments	1,000
Insurance Consulting And Brokerage Services
Related Party Transactions
Related party insurance and consulting fees	$ 500

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finance lease expense:
Amortization of ROU assets	$ 6,298	$ 5,491
Interest on lease liabilities	3,832	1,062
Operating lease expense	14,050	14,213
Short-term lease expense	44	56
Variable lease expense	1,986	1,683
Total	$ 26,210	$ 22,505

Property, Plant and Equipment - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 350,197	$ 322,077
Accumulated depreciation and amortization	(257,033)	(241,185)
Property, plant and equipment, net	93,164	80,892
Land
Property, Plant and Equipment, net
Property, plant and equipment, gross	2,470	2,429
Building and improvements
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 22,383	27,973
Building and improvements \| Minimum
Property, Plant and Equipment, net
Useful Life	30 years
Building and improvements \| Maximum
Property, Plant and Equipment, net
Useful Life	40 years
Office furniture and equipment
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 16,887	16,768
Office furniture and equipment \| Minimum
Property, Plant and Equipment, net
Useful Life	5 years
Office furniture and equipment \| Maximum
Property, Plant and Equipment, net
Useful Life	8 years
Machinery and equipment
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 308,457	$ 274,907
Machinery and equipment \| Minimum
Property, Plant and Equipment, net
Useful Life	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment, net
Useful Life	7 years

Share-Based Compensation - Common Stock Issued to Non-employee Directors (Details) - Non-employee directors - Common stock - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based compensation
Awards issued (in shares)	72	60	133
Grant date fair value of awards issued	$ 571	$ 549	$ 750

- 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

Goodwill - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 181,442	$ 187,354
Foreign currency translation	3,387	(5,912)
Balance at the end of the period	184,829	181,442
North America
Changes in the carrying amount of goodwill
Balance at the beginning of the period	181,442	187,354
Foreign currency translation	3,387	(5,912)
Balance at the end of the period	184,829	181,442
International
Changes in the carrying amount of goodwill
Balance at the beginning of the period	0	0
Foreign currency translation		0
Balance at the end of the period	0	0
Products and Systems
Changes in the carrying amount of goodwill
Balance at the beginning of the period	0	0
Foreign currency translation	0	0
Balance at the end of the period	$ 0	$ 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.

+ References

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

Goodwill - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Goodwill - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill
Goodwill impairment charges	$ 0	$ 0	$ 13,799
International
Goodwill
Goodwill impairment charges			$ 13,800

- Definition

Amount of impairment loss from 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.

+ References + Details

- 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

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

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Philadelphia, Pennsylvania
Auditor Firm ID	238

Intangible Assets - Expected Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 7,079
2027	7,027
2028	6,646
2029	5,624
2030	5,073
Thereafter	6,958
Net Carrying Amount	$ 38,407

Share-Based Compensation - Vesting Activity of Restricted Stock Unit Awards (Details) - Restricted Stock Units - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based compensation
Awards issued (in shares)	597	467	683
Grand date fair value of awards issued	$ 5,688	$ 4,247	$ 4,269

- 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

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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)	31,567,434	31,010,375

Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill by segment are shown below (in thousands):


	North America		International		Products and Systems		Total





Balance at December 31, 2023	$	187,354	$	—	$	—	$	187,354

Foreign currency translation	(5,912)		—		—		(5,912)
Balance at December 31, 2024	$	181,442	$	—	$	—	$	181,442


Foreign currency translation	3,387				—		3,387
Balance at December 31, 2025	$	184,829	$	—	$	—	$	184,829

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.

During the third quarter of 2023, a triggering event was identified within the Company's reporting units within the International segment due to decreased gross margin in the current period as a result of inflationary pressures and rising energy costs impacting the International reporting units' operations. As a result, the Company performed an interim quantitative goodwill impairment test.

In performing the interim quantitative goodwill impairment test and consistent with prior practice, the Company determined the fair value of each of the reporting units using a combination of the income approach and the market approach by assessing each of these valuation methodologies based upon availability and relevance of comparable Company data and determining the appropriate weighting.

Under the income approach, the fair value for each of the reporting units was determined using a discounted cash flow model. The market approach valuation was derived from metrics of publicly traded companies or historically completed transactions of comparable businesses. The selection of comparable businesses was based on the markets in which the reporting units operate, considering risk profiles, size, geography, and diversity of products and services.

Based upon the results of the interim quantitative goodwill impairment test, the Company recorded an impairment charge of $13.8 million within the International reporting unit for the year ended December 31, 2023. The impairment was calculated based on the difference between the estimated fair value and the carrying value of the reporting units and is included in Goodwill impairment charges on the Consolidated Statements of Income (Loss) for the year ended December 31, 2023.

There were no impairment charges recognized for the years ended December 31, 2025 and 2024. Any significant adverse changes in future periods to the Company’s internal forecasts or the external market conditions, if any, could reasonably be expected to negatively affect its key assumptions and may result in future goodwill impairment charges which could be material.

- Definition

The entire disclosure for goodwill.

+ References + Details

Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
Federal	$ 900	$ 6,167	$ 1,388
States and local	(11)	1,333	705
Foreign	4,319	2,642	2,063
Total current provision	5,208	10,142	4,156
Deferred
Federal	1,121	(3,405)	(2,219)
States and local	434	143	(1,502)
Foreign	(1,206)	(1,606)	(1,655)
Net deferred provision (benefit)	349	(4,868)	(5,376)
Total provision (benefit) for income taxes	$ 5,557	$ 5,274	$ (1,220)

Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred income tax assets
Allowance for doubtful accounts	$ 493	$ 470
Inventory	1,269	1,218
Intangible assets	954	808
Accrued expenses	4,014	4,090
Net operating loss carryforward	3,774	4,369
Finance lease obligations	485	189
Stock Options	181	183
Deferred stock based compensation	785	911
Interest carryforward	8,302	6,328
Right-of-use liability	8,072	8,696
R&D Expense	3,283	6,671
Credits	788	100
Other	1,645	442
Deferred income tax assets	34,045	34,475
Valuation allowance	(3,685)	(4,034)
Net deferred income tax assets	30,360	30,441
Deferred income tax liabilities
Property and equipment	(5,558)	(5,404)
Goodwill	(10,702)	(10,134)
Intangible assets	(1,917)	(1,952)
Right-of-use asset	(8,070)	(8,657)
Deferred income tax liabilities	(26,247)	(26,147)
Net deferred income taxes	$ 4,113	$ 4,294

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following (in thousands):


	December 31,
	2025		2024
Raw materials and consumable supplies	$	9,252	$	8,321
Work in progress	912		1,018
Finished goods	3,838		5,146
Inventories	$	14,002	$	14,485

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company provides a 401(k) savings plan for eligible U.S. based employees. Employee contributions are discretionary up to the IRS limits each year and catch up contributions are allowed for employees 50 years of age or older. Under the 401(k) plan, employees become eligible to participate on the first day of the month after three months of continuous service. Under this plan, the Company matches 50% of the employee’s contributions up to 6% of the employee’s annual compensation, as defined by the plan. There is a five-year vesting schedule for the Company match. The Company’s contribution to the plan was $4.0 million, $4.1 million, and $3.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. The Company's subsidiary participated with other employers in contributing to the Boilermaker-Blacksmith National Pension Trust (EIN 48-6168020) (“Boilermakers”) and Plumbers and Pipefitters National Pension Fund (EIN 52-6152779) (“Pipefitters”), multi-employer defined benefit pension plans, which cover certain U.S.-based union employees. The plans provide pension benefits with contribution rates that are collectively bargained between participating employers and their affiliated Boilermakers and Pipefitters local unions. Both the Boilermakers and Pipefitters plans are approximately 80 percent funded as of the latest Form 5500 filed, respectively. The Company did not make any contributions to the Boilermakers plan during the years ended December 31, 2025 and 2024, while making de minimis contributions to the Pipefitters plan during the same periods. See Note 17 - Commitments and Contingencies, Pension Related Contingencies, for additional detail. The Company has other benefit plans covering certain employees throughout the Company. Amounts charged to expense under these plans were not significant in any year.

Long-Term Debt - Narrative (Details)	Aug. 01, 2022 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Other debt outstanding		$ 177,992,000	$ 169,647,000
Line of Credit \| Credit Agreement
Debt Instrument [Line Items]
Maximum consolidated debt ratio required for lowest SOFR margin	1.25
Maximum consolidated debt ratio	3.75
Fixed charge coverage ratio	1.25
Required written notice for acquisition	5 days
Minimum value of acquisition requiring written notice	$ 10,000,000
Line of Credit \| Credit Agreement \| Senior credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 190,000,000
Maturity term from the date of acquisition	5 years
Maximum borrowing capacity in non-US dollars	$ 100,000,000
Line of Credit \| Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Term loan facility	125,000,000
Line of Credit \| Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Maximum amount available for the issuance of letters of credit	$ 20,000,000
Line of Credit \| Credit Agreement \| Minimum \| Variable Rate Component
Debt Instrument [Line Items]
Margin rate, percentage	1.25%
Line of Credit \| Credit Agreement \| Maximum \| Variable Rate Component
Debt Instrument [Line Items]
Margin rate, percentage	2.75%
Line of Credit \| Credit Agreement \| Through June 30, 2023
Debt Instrument [Line Items]
Total consolidated debt leverage ratio	4.0
Line of Credit \| Credit Agreement \| Through remainder of term
Debt Instrument [Line Items]
Total consolidated debt leverage ratio	3.75
Line of Credit \| Credit Agreement \| Through June 30, 2024
Debt Instrument [Line Items]
Debt periodic payments	$ 1,560,000
Line of Credit \| Credit Agreement \| Through June 30, 2025
Debt Instrument [Line Items]
Debt periodic payments	2,340,000
Line of Credit \| Credit Agreement \| Quarterly through maturity
Debt Instrument [Line Items]
Debt periodic payments	$ 3,120,000
Senior credit facility
Debt Instrument [Line Items]
Other debt outstanding		79,250,000	59,650,000
Borrowings outstanding under line of credit		176,000,000.0
Outstanding letters of credit		3,400,000
Capitalized debt modification costs		500,000
Senior credit facility \| Credit Agreement
Debt Instrument [Line Items]
Other debt outstanding		96,700,000
Other
Debt Instrument [Line Items]
Other debt outstanding		$ 2,031,000	$ 2,452,000

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Gross Amount and Accumulated Amortization of Intangible Assets

The gross carrying amount and accumulated amortization of intangible assets were as follows (in thousands):


		December 31,
		2025						2024
	Useful Life (Years)	Gross Amount		Accumulated Amortization		Net Carrying Amount			Gross Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	5-18	$	109,262	$	(96,428)	$	12,834		$	107,704	$	(92,220)	$	15,484
Software/Technology	3-15	63,158		(37,822)		25,336			57,414		(33,930)		23,484
Covenants not to compete	2-5	12,387		(12,387)		—			12,391		(12,371)		20
Other	2-12	10,211		(9,974)		237			10,218		(9,498)		720
Total		$	195,018	$	(156,611)	$	38,407		$	187,727	$	(148,019)	$	39,708

Schedule of Expected Amortization Expense of Intangible Assets

Amortization expense in each of the five years and thereafter subsequent to December 31, 2025 related to the Company’s intangible assets is expected to be as follows (in thousands):


	Expected Amortization Expense
2026	$	7,079
2027	7,027
2028	6,646
2029	5,624
2030	5,073
Thereafter	6,958
Total	$	38,407

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable consist of the following (in thousands):


	December 31,
	2025		2024
Trade accounts receivable - billed	$	133,100	$	108,563
Trade accounts receivable - unbilled	25,139		21,331
Allowance for credit losses	(3,566)		(2,613)
Accounts receivable, net	$	154,673	$	127,281

Income Taxes - Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal	$ 3,500	$ 5,100	$ 2,500
States and local	1,539	1,077	540
Foreign	4,289	233	3,861
Total cash paid for income taxes, net of refunds	$ 9,328	$ 6,410	$ 6,901

Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt	$ 177,992	$ 169,647
Less: Current portion	(12,849)	(11,591)
Long-term debt, net of current portion	165,143	158,056
Senior credit facility
Debt Instrument [Line Items]
Total debt	79,250	59,650
Senior credit facility \| Senior Secured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs	200	300
Total debt	96,711	107,545
Other
Debt Instrument [Line Items]
Total debt	$ 2,031	$ 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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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+ Details

Income Taxes - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of period	$ 251	$ 258
Additions for tax positions related to the current fiscal period	0	0
Additions for tax positions related to prior years	361	0
Reductions related to the expiration of statutes of limitations	(14)	(7)
Other	4	0
Balance at end of period	$ 602	$ 251

Earnings (loss) per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings (loss) per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) 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 reflects: (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 shares of common stock 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 (loss) per share (in thousands):


	For the year ended December 31,
	2025		2024		2023
Basic earnings (loss) per share:
Numerator:
Net income (loss) attributable to Mistras Group, Inc.	$	16,837	$	18,958	$	(17,453)
Denominator:
Weighted average common shares outstanding	31,408		30,926		30,330
Basic earnings (loss) per share	$	0.54	$	0.61	$	(0.58)

Diluted earnings (loss) per share:
Numerator:
Net income (loss) attributable to Mistras Group, Inc.	$	16,837	$	18,958	$	(17,453)
Denominator:
Weighted average common shares outstanding	31,408		30,926		30,330
Dilutive effect of stock options outstanding	133		106		—
Dilutive effect of restricted stock units outstanding	517		576		—
	32,058		31,608		30,330
Diluted earnings (loss) per share	$	0.53	$	0.60	$	(0.58)

The following potential shares of common stock (in thousands) were excluded from the computation of diluted earnings per share, as the effect would have been anti-dilutive:


	For the year ended December 31,
	2025	2024	2023
Potential shares of common stock attributable to restricted stock units (RSUs) and performance stock units (PSUs) outstanding (1)	17	307	547
Potential shares of common stock attributable to stock options outstanding	11	—	—
Total	28	307	547

(1) For the year ended December 31, 2023, 1,014,527 shares of common stock related to restricted stock and 250,000 stock options were excluded from the calculation of diluted earnings per share due to the net loss for the period.

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Total Mistras Group, Inc. stockholders’ equity	Common stock	Additional paid-in capital	Retained earnings (accumulated deficit)	Accumulated other comprehensive loss	Non-controlling interests
Beginning Balance (in shares) at Dec. 31, 2022			29,895
Beginning Balance at Dec. 31, 2022	$ 198,749	$ 198,450	$ 298	$ 243,031	$ (11,489)	$ (33,390)	$ 299
Increase (Decrease) in Stockholders' Equity
Net income	(17,445)	(17,453)			(17,453)		8
Other comprehensive income (loss), net of tax	5,058	5,054				5,054	4
Share-based compensation	5,712	5,712		5,712
Net settlement of restricted stock units (in shares)			703
Net settlement of restricted stock units	(1,571)	(1,571)	$ 7	(1,578)
Ending Balance (in shares) at Dec. 31, 2023			30,598
Ending Balance at Dec. 31, 2023	190,503	190,192	$ 305	247,165	(28,942)	(28,336)	311
Increase (Decrease) in Stockholders' Equity
Net income	18,970	18,958			18,958		12
Other comprehensive income (loss), net of tax	(14,342)	(14,346)				(14,346)	4
Share-based compensation	5,072	5,072		5,072
Net settlement of restricted stock units (in shares)			412
Net settlement of restricted stock units	(1,308)	(1,308)	$ 97	(1,405)
Ending Balance (in shares) at Dec. 31, 2024			31,010
Ending Balance at Dec. 31, 2024	198,895	198,568	$ 402	250,832	(9,984)	(42,682)	327
Increase (Decrease) in Stockholders' Equity
Net income	16,921	16,837			16,837		84
Other comprehensive income (loss), net of tax	13,701	13,571				13,571	130
Share-based compensation	7,785	7,785		7,785
Net settlement of restricted stock units (in shares)			557
Net settlement of restricted stock units	(1,657)	(1,657)	$ 97	(1,754)
Ending Balance (in shares) at Dec. 31, 2025			31,567
Ending Balance at Dec. 31, 2025	$ 235,645	$ 235,104	$ 499	$ 256,863	$ 6,853	$ (29,111)	$ 541

- Definition

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

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-Publisher FASB
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+ Details

Segment Disclosure - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue and long-lived assets by geographic area
Long-lived assets	$ 316,400	$ 302,042
Operating segments \| North America
Revenue and long-lived assets by geographic area
Long-lived assets	278,419	268,608
Operating segments \| International
Revenue and long-lived assets by geographic area
Long-lived assets	27,900	24,822
Operating segments \| Products and Systems
Revenue and long-lived assets by geographic area
Long-lived assets	850	1,049
Corporate and eliminations
Revenue and long-lived assets by geographic area
Long-lived assets	$ 9,231	$ 7,563

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 16,921	$ 18,970	$ (17,445)
Other comprehensive income (loss):
Foreign currency translation adjustments	13,701	(14,342)	5,058
Comprehensive income (loss)	30,622	4,628	(12,387)
Less: net income attributable to noncontrolling interests, net of taxes	84	12	8
Less: Foreign currency translation adjustments attributable to noncontrolling interests	130	4	4
Comprehensive income (loss) attributable to Mistras Group, Inc.	$ 30,408	$ 4,612	$ (12,399)

- 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

+ Details

Share-Based Compensation - Performance Restricted Stock Units Activity (Details) - PRSUs - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Units
Outstanding at beginning of period (in shares)	125	60	371
Granted (in shares)	507	295	282
Performance condition adjustments, net (in shares)	(203)	(201)	(305)
Released (in shares)	(28)	(29)	(204)
Forfeited (in shares)	(55)	0	(84)
Outstanding at end of period (in shares)	346	125	60
Weighted Average Grant-Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 9.93	$ 9.12	$ 9.33	$ 9.96
Granted (in dollars per share)	10.08	8.76	8.50
Performance condition adjustments, net (in dollars per share)	8.76	8.76	8.34
Released (in dollars per share)	12.37	9.87	6.59
Forfeited (in dollars per share)	8.78	8.02	6.95
Outstanding at end of period (in dollars per share)	$ 9.93	$ 9.12	$ 9.33	$ 9.96

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets
Cash and cash equivalents	$ 28,008	$ 18,317
Accounts receivable, net	154,673	127,281
Inventories	14,002	14,485
Prepaid expenses and other current assets	19,509	12,387
Total current assets	216,192	172,470
Property, plant and equipment, net	93,164	80,892
Intangible assets, net	38,407	39,708
Goodwill	184,829	181,442
Deferred income taxes	5,377	6,267
Other assets	40,812	42,259
Total Assets	578,781	523,038
Current Liabilities
Accounts payable	14,943	11,128
Accrued expenses and other current liabilities	88,026	85,233
Current portion of long-term debt	12,849	11,591
Current portion of finance lease obligations	7,025	5,317
Income taxes payable	1,465	1,656
Total current liabilities	124,308	114,925
Long-term debt, net of current portion	165,143	158,056
Obligations under finance leases, net of current portion	17,340	15,162
Deferred income taxes	1,264	1,973
Other long-term liabilities	35,081	34,027
Total Liabilities	343,136	324,143
Commitments and contingencies (Note $17)
Equity
Preferred stock, 10,000,000 shares authorized	0	0
Common stock, $0.01 par value, 200,000,000 shares authorized, 31,567,434 and 31,010,375 shares issued	499	402
Additional paid-in capital	256,863	250,832
Retained earnings (accumulated deficit)	6,853	(9,984)
Accumulated other comprehensive loss	(29,111)	(42,682)
Total Mistras Group, Inc. stockholders’ equity	235,104	198,568
Non-controlling interests	541	327
Total Equity	235,645	198,895
Total Liabilities and Equity	$ 578,781	$ 523,038

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Segment Disclosure

12 Months Ended

Dec. 31, 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, 2025, our CODM was identified as Natalia Shuman, our Chief Executive Officer, 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 is comprised of revenue, selling, general & administrative expenses, and "other expenses." "Other expenses" include cost of revenue, bad debt provision for troubled customers, goodwill impairment charges, reorganization and environmental costs, legal settlements and recoveries, acquisition-related expenses, 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 - Summary of Significant Accounting Policies and Practices.

For the year ended December 31, 2025


	Segment
	North America		International		Products and Systems		Total Reportable Segments		Corporate and eliminations		Total
Revenue	$	584,131	$	143,843	$	13,970	$	741,944	$	(17,920)	$	724,024
Selling, general & administrative expenses	81,291		29,620		3,411		114,322		25,554		139,876
Other Expenses	440,052		103,870		7,908		551,830		(8,254)		543,576
Income (loss) from operations	$	62,788	$	10,353	$	2,651	$	75,792	$	(35,220)	$	40,572

For the year ended December 31, 2024


	Segment
	North America		International		Products and Systems		Total Reportable Segments		Corporate and eliminations		Total
Revenue	$	593,527	$	135,969	$	13,661	$	743,157	$	(13,517)	$	729,640
Selling, general & administrative expenses	75,567		29,126		3,677		108,370		27,082		135,452
Other Expenses	455,674		100,568		7,474		563,716		(9,354)		554,362
Income (loss) from operations	$	62,286	$	6,275	$	2,510	$	71,071	$	(31,245)	$	39,826

For the year ended December 31, 2023


	Segment
	North America		International		Products and Systems		Total Reportable Segments		Corporate and eliminations		Total
Revenue	$	579,330	$	124,414	$	12,986	$	716,730	$	(11,257)	$	705,473
Selling, general & administrative expenses	80,503		28,577		4,049		113,129		34,114		147,243
Other Expenses	443,657		108,066		8,670		560,393		(259)		560,134
Income (loss) from operations	$	55,170	$	(12,229)	$	267	$	43,208	$	(45,112)	$	(1,904)

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 (loss) can be seen on the Consolidated Statement of Income (Loss). Products and Systems segment revenue was comprised of approximately $3.0 million of sales to the International segment, which was eliminated upon consolidation, for the year ended December 31, 2025. Intersegment revenue related to sales between other segments was immaterial for the years ended December 31, 2025, 2024 and 2023.


	December 31,
	2025		2024
Intangible assets, net
North America	$	28,245	$	30,869
International	1,110		1,377
Products and Systems	733		946
Corporate and eliminations	8,319		6,516
	$	38,407	$	39,708


	December 31,
	2025		2024
Total assets
North America	$	426,146	$	390,052
International	150,741		97,546
Products and Systems	12,072		11,280
Corporate and eliminations	(10,178)		24,160
	$	578,781	$	523,038


	December 31,
	2025		2024
Long-lived assets
North America	$	278,419	$	268,608
International	27,900		24,822
Products and Systems	850		1,049
Corporate and eliminations	9,231		7,563
	$	316,400	$	302,042

Refer to Note 2 - Revenue, for revenue by industry and by geographic area for the years ended December 31, 2025, 2024, and 2023.

- 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

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+ Details

Long-Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consisted of the following (in thousands):


	December 31,
	2025		2024
Senior credit facility	$	79,250	$	59,650
Senior secured term loan, net of unamortized debt issuance costs of $0.2 million and $0.3 million, respectively	96,711		107,545

Other	2,031		2,452
Total debt	177,992		169,647
Less: Current portion	(12,849)		(11,591)
Long-term debt, net of current portion	$	165,143	$	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 with a balance of $79.3 million as of December 31, 2025 and a $125 million term loan with a balance of $96.7 million as of December 31, 2025. The Credit Agreement permits the Company to borrow up to $100 million in non-US 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 the 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); under the Credit Agreement, the margin was based upon the LIBOR margin.

◦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 of 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 December 31, 2025, the Company had borrowings of $176.0 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 $0.5 million as of December 31, 2025, which is included in Other assets on the Consolidated Balance Sheet and will be amortized into interest expense over the remaining term of the Credit Agreement through July 30, 2027.

As of December 31, 2025, the Company was in compliance with the terms 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 December 31, 2025, there was an aggregate of approximately $2.0 million outstanding, payable at various times through 2030.

Scheduled principal payments due under all borrowing agreements in each of the five years and thereafter subsequent to December 31, 2025 are as follows (in thousands):


2026	$	12,538
2027	164,030
2028	487
2029	465
2030	411
Thereafter	61
Total	$	177,992

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 724,024	$ 729,640	$ 705,473
Cost of revenue	497,143	513,864	497,177
Depreciation	22,370	23,603	23,995
Gross profit	204,511	192,173	184,301
Selling, general and administrative expenses	139,876	135,452	147,243
Reorganization and other costs	12,654	5,517	12,278
Environmental expense	1,743	1,660	0
Goodwill impairment charges	0	0	13,799
Legal settlement and litigation charges (benefit), net	0	(808)	1,058
Research and engineering	1,028	1,119	1,723
Depreciation and amortization	8,638	9,407	10,104
Income (loss) from operations	40,572	39,826	(1,904)
Other expense (income), net	3,451	(1,485)	0
Interest expense	14,643	17,067	16,761
Income (loss) before provision (benefit) for income taxes	22,478	24,244	(18,665)
Provision (benefit) for income taxes	5,557	5,274	(1,220)
Net income (loss)	16,921	18,970	(17,445)
Less: net income attributable to noncontrolling interests, net of taxes	84	12	8
Net income (loss) attributable to Mistras Group, Inc.	$ 16,837	$ 18,958	$ (17,453)
Earnings (loss) per common share
Basic (in dollars per share)	$ 0.54	$ 0.61	$ (0.58)
Diluted (in dollars per share)	$ 0.53	$ 0.60	$ (0.58)
Weighted average common shares outstanding:
Basic (in shares)	31,408	30,926	30,330
Diluted (in shares)	32,058	31,608	30,330

Income Taxes - Provision (Benefit) for Income Taxes Computed by Applying Statutory Federal Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Amount
United States federal statutory tax rate	$ 4,721	$ 5,091	$ (3,920)
State and local income taxes, net of federal income tax effect	416	872	(747)
Effect of cross-border tax laws	(174)	40	97
Tax credits
Research and development tax credit	602	602	356
Nontaxable or nondeductible items
Share-based compensation	333	(20)	731
Other	199	227	270
Changes in unrecognized tax benefits	361	3	16
Total provision (benefit) for income taxes	$ 5,557	$ 5,274	$ (1,220)
Effective Income Tax Rate Reconciliation, Percent
United States federal statutory tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect	1.90%	3.60%	4.00%
Effect of cross-border tax laws	(0.80%)	0.20%	(0.50%)
Tax credits
Research and development tax credit	2.70%	2.50%	(1.90%)
Nontaxable or nondeductible items
Share-based compensation	1.50%	(0.10%)	(3.90%)
Other	0.90%	0.90%	(1.40%)
Changes in unrecognized tax benefits	1.60%	0.00%	(0.10%)
Total provision (benefit) for income taxes	24.70%	21.80%	6.60%
United States
Effective Income Tax Rate Reconciliation, Amount
Changes in valuation allowances	$ (3)	$ 190	$ (214)
Other	$ 190	$ 312	$ 6
Effective Income Tax Rate Reconciliation, Percent
Changes in valuation allowances	0.00%	0.80%	1.10%
Other	0.70%	1.20%	0.10%
Brazil
Effective Income Tax Rate Reconciliation, Amount
Changes in valuation allowances	$ 29	$ (759)	$ (79)
Other	$ (144)	$ 145	$ 195
Effective Income Tax Rate Reconciliation, Percent
Changes in valuation allowances	0.10%	(3.10%)	0.40%
Other	(0.60%)	0.60%	(1.00%)
Canada
Effective Income Tax Rate Reconciliation, Amount
Changes in valuation allowances	$ (303)	$ (179)	$ 31
Other	$ 200	$ 170	$ (77)
Effective Income Tax Rate Reconciliation, Percent
Changes in valuation allowances	(1.40%)	(0.70%)	(0.20%)
Other	0.90%	0.70%	0.40%
United Kingdom
Effective Income Tax Rate Reconciliation, Amount
Changes in valuation allowances	$ (64)	$ (682)	$ (167)
Other	(252)	110	40
Impairment of goodwill	$ 0	$ 0	$ 258
Effective Income Tax Rate Reconciliation, Percent
Changes in valuation allowances	(0.30%)	(2.80%)	0.90%
Impairment of goodwill	0.00%	0.00%	(1.40%)
Other	(1.10%)	0.50%	(0.20%)
France
Effective Income Tax Rate Reconciliation, Amount
Impairment of goodwill	$ 0	$ 0	$ 966
Other	$ 150	$ 42	$ (205)
Effective Income Tax Rate Reconciliation, Percent
Impairment of goodwill	0.00%	0.00%	(5.20%)
Other	0.70%	0.20%	1.10%
Germany
Effective Income Tax Rate Reconciliation, Amount
State and local income taxes, net of federal income tax effect	$ 738	$ 197	$ 164
Statutory tax rate differences between United States and Germany	(279)	(78)	464
Impairment of goodwill	0	0	1,314
Other	$ (84)	$ 67	$ (64)
Effective Income Tax Rate Reconciliation, Percent
State and local income taxes, net of federal income tax effect	3.30%	0.80%	(0.90%)
Statutory rate differences	(1.20%)	(0.30%)	(2.50%)
Impairment of goodwill	0.00%	0.00%	(7.00%)
Other	(0.40%)	0.30%	0.30%
Other foreign jurisdictions
Effective Income Tax Rate Reconciliation, Amount
Statutory tax rate differences between United States and Germany	$ 125	$ 128	$ 57
Effective Income Tax Rate Reconciliation, Percent
Statutory rate differences	0.60%	0.50%	(0.30%)

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
ROU operating lease liabilities	$ 40,260	$ 41,654
Operating rental payments	14,048	14,243
ROU finance lease assets	23,500	17,900
Company's Headquarters \| Related Party
Lessee, Lease, Description [Line Items]
Operating rental payments	1,000
Company's Headquarters \| Operating Lease Arrangement
Lessee, Lease, Description [Line Items]
ROU operating lease liabilities	$ 800	1,800
Operating rental payments		$ 1,000

Earnings (loss) per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computations of Basic and Diluted Earnings per Share

The following table sets forth the computations of basic and diluted earnings (loss) per share (in thousands):


	For the year ended December 31,
	2025		2024		2023
Basic earnings (loss) per share:
Numerator:
Net income (loss) attributable to Mistras Group, Inc.	$	16,837	$	18,958	$	(17,453)
Denominator:
Weighted average common shares outstanding	31,408		30,926		30,330
Basic earnings (loss) per share	$	0.54	$	0.61	$	(0.58)

Diluted earnings (loss) per share:
Numerator:
Net income (loss) attributable to Mistras Group, Inc.	$	16,837	$	18,958	$	(17,453)
Denominator:
Weighted average common shares outstanding	31,408		30,926		30,330
Dilutive effect of stock options outstanding	133		106		—
Dilutive effect of restricted stock units outstanding	517		576		—
	32,058		31,608		30,330
Diluted earnings (loss) per share	$	0.53	$	0.60	$	(0.58)

Schedule of Potential Common Shares Excluded From the Computation of Diluted Earnings per Share

The following potential shares of common stock (in thousands) were excluded from the computation of diluted earnings per share, as the effect would have been anti-dilutive:


	For the year ended December 31,
	2025	2024	2023
Potential shares of common stock attributable to restricted stock units (RSUs) and performance stock units (PSUs) outstanding (1)	17	307	547
Potential shares of common stock attributable to stock options outstanding	11	—	—
Total	28	307	547

Share-Based Compensation - Performance Restricted Stock Units Narrative (Details) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) metric shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 shares
PRSUs
Share-based compensation
Recognized share-based compensation expense	$ 1.2	$ 0.4	$ 0.7
Unrecognized compensation cost, net of estimated forfeitures	$ 2.5
Unvested restricted stock units outstanding (in shares) \| shares	346	125	60	371
Weighted-average period over which unrecognized compensation cost is expected to be recognized	2 years 4 months 24 days
PRSUs \| Executive and senior officers
Share-based compensation
Performance payout period	1 year
Vesting period	4 years
Requisite service period	5 years
Income tax benefit recognized on share-based compensation	$ 1.9	$ 1.6	$ 0.8
PRSUs \| Executive and senior officers \| Minimum
Share-based compensation
Target award percentage	0.00%
PRSUs \| Executive and senior officers \| Maximum
Share-based compensation
Target award percentage	200.00%
PRSUs \| Executive Officer
Share-based compensation
Number of metrics \| metric	3
Restricted Stock Units
Share-based compensation
Vesting period	4 years
Recognized share-based compensation expense	$ 3.5	$ 4.1	$ 4.9
Unrecognized compensation cost, net of estimated forfeitures	$ 5.3
Unvested restricted stock units outstanding (in shares) \| shares	794	1,231	1,184	1,415
Weighted-average period over which unrecognized compensation cost is expected to be recognized	2 years 3 months 18 days

Intangible Assets - Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 195,018	$ 187,727
Accumulated Amortization	(156,611)	(148,019)
Net Carrying Amount	38,407	39,708
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	109,262	107,704
Accumulated Amortization	(96,428)	(92,220)
Net Carrying Amount	$ 12,834	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]
Useful Life (Years)	3 years
Gross Amount	$ 63,158	57,414
Accumulated Amortization	(37,822)	(33,930)
Net Carrying Amount	$ 25,336	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	$ 12,387	12,391
Accumulated Amortization	(12,387)	(12,371)
Net Carrying Amount	$ 0	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	$ 10,211	10,218
Accumulated Amortization	(9,974)	(9,498)
Net Carrying Amount	$ 237	$ 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

Share-Based Compensation - Restricted Stock Units Awards Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based compensation
Reorganization and other costs	$ 12,654	$ 5,517	$ 12,278
Share-Based Payment Arrangement
Share-based compensation
Reorganization and other costs	$ 600	0	0
Restricted Stock Units
Share-based compensation
Vesting period	4 years
Recognized share-based compensation expense	$ 3,500	$ 4,100	$ 4,900
Unrecognized compensation cost, net of estimated forfeitures	$ 5,300
Weighted-average period over which unrecognized compensation cost is expected to be recognized	2 years 3 months 18 days

- 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

Leases - Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities for finance and operating leases (in thousands):
Finance - financing cash flows	$ 6,625	$ 5,495	$ 5,047
Finance - operating cash flows	3,832	1,062
Operating - operating cash flows	14,048	14,243
ROU assets obtained in the exchange for lease liabilities:
Finance leases	10,154	9,899
Operating leases	$ 10,014	$ 16,254
Weighted-average remaining lease term (in years):
Finance leases	4 years 4 months 24 days	5 years
Operating leases	4 years 9 months 18 days	4 years 8 months 12 days
Weighted-average discount rate:
Finance leases	6.00%	6.50%
Operating leases	6.00%	6.10%

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income (loss) before provision (benefit) for income taxes is as follows (in thousands):


	For the year ended December 31,
	2025		2024		2023
Income (loss) before provision (benefit) for income taxes from:
U.S. operations	$	8,210	$	16,010	$	(6,900)
Foreign operations	14,268		8,234		(11,765)
Income (loss) before provision (benefit) for income taxes	$	22,478	$	24,244	$	(18,665)

The provision (benefit) for income taxes consists of the following (in thousands):


	For the year ended December 31,
	2025		2024		2023
Current
Federal	$	900	$	6,167	$	1,388
States and local	(11)		1,333		705
Foreign	4,319		2,642		2,063

Total current provision	$	5,208	$	10,142	$	4,156
Deferred
Federal	$	1,121	$	(3,405)	$	(2,219)
States and local	434		143		(1,502)
Foreign	(1,206)		(1,606)		(1,655)



Net deferred provision (benefit)	349		(4,868)		(5,376)
Total provision (benefit) for income taxes	$	5,557	$	5,274	$	(1,220)

Cash paid for income taxes (net of refunds) was as follows (in thousands):


	For the year ended December 31,
	2025		2024		2023
Federal	$	3,500	$	5,100	$	2,500
States and local	1,539		1,077		540
Foreign	4,289		233		3,861
Total cash paid for income taxes, net of refunds	$	9,328	$	6,410	$	6,901

Cash paid for income taxes (net of refunds) exceeded five percent (5%) of total cash paid for income taxes (net of refunds) in the following jurisdictions (in thousands):


	For the year ended December 31,
	2025		2024		2023
State and local:
Texas	*		*		352
All other state and local jurisdictions	1,539		1,077		188
Total State and local	$	1,539	$	1,077	$	540
Foreign:
Germany	1,366		*		428
Canada	669		(669)		2,944
Netherlands	710		345		447
Brazil	1,221		*		*
All other foreign jurisdictions	323		557		42
Total Foreign	$	4,289	$	233	$	3,861

*Jurisdiction is below the five percent (5%) threshold for the period presented.

The provision (benefit) for income taxes differs from the amount computed by applying the statutory federal tax rate to income tax as follows (in thousands):


	For the years ended December 31,
	2025				2024				2023
United States federal statutory tax rate	$	4,721	21.0	%	$	5,091	21.0	%	$	(3,920)	21.0	%
State and local income taxes, net of federal income tax effect (1)	416		1.9		872		3.6		(747)		4.0
Foreign tax effects
Brazil
Changes in valuation allowances	29		0.1		(759)		(3.1)		(79)		0.4
Other	(144)		(0.6)		145		0.6		195		(1.0)
Canada
Changes in valuation allowances	(303)		(1.4)		(179)		(0.7)		31		(0.2)
Other	200		0.9		170		0.7		(77)		0.4
United Kingdom
Impairment of goodwill	—		—		—		—		258		(1.4)
Changes in valuation allowances	(64)		(0.3)		(682)		(2.8)		(167)		0.9
Other	(252)		(1.1)		110		0.5		40		(0.2)
France
Impairment of goodwill	—		—		—		—		966		(5.2)
Other	150		0.7		42		0.2		(205)		1.1
Germany
Impairment of goodwill	—		—		—		—		1,314		(7.0)
Statutory tax rate differences between United States and Germany	(279)		(1.2)		(78)		(0.3)		464		(2.5)
State and local taxes	738		3.3		197		0.8		164		(0.9)
Other	(84)		(0.4)		67		0.3		(64)		0.3
Other foreign jurisdictions	125		0.6		128		0.5		57		(0.3)
Effect of cross-border tax laws	(174)		(0.8)		40		0.2		97		(0.5)
Tax credits
Research and development tax credit	(602)		(2.7)		(602)		(2.5)		(356)		1.9
Changes in valuation allowances	(3)		—		190		0.8		(214)		1.1
Nontaxable or nondeductible items
Share-based compensation	333		1.5		(20)		(0.1)		731		(3.9)
Other	199		0.9		227		0.9		270		(1.4)
Changes in unrecognized tax benefits	361		1.6		3		—		16		(0.1)
Other adjustments	190		0.7		312		1.2		6		0.1
Total provision (benefit) for income taxes	$	5,557	24.7	%	$	5,274	21.8	%	$	(1,220)	6.6	%

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 are 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 year ended December 31, 2025.

Deferred income tax attributes resulting from differences between financial accounting amounts and income tax basis of assets and liabilities are as follows (in thousands):


	December 31,
	2025		2024
Deferred income tax assets
Allowance for doubtful accounts	$	493	$	470
Inventory	1,269		1,218
Intangible assets	954		808
Accrued expenses	4,014		4,090
Net operating loss carryforward	3,774		4,369
Finance lease obligations	485		189
Stock Options	181		183
Deferred stock based compensation	785		911
Interest carryforward	8,302		6,328
Right-of-use liability	8,072		8,696
R&D Expense	3,283		6,671
Credits	788		100


Other	1,645		442
Deferred income tax assets	34,045		34,475
Valuation allowance	(3,685)		(4,034)
Net deferred income tax assets	$	30,360	$	30,441
Deferred income tax liabilities
Property and equipment	$	(5,558)	$	(5,404)
Goodwill	(10,702)		(10,134)
Intangible assets	(1,917)		(1,952)
Right-of-use asset	(8,070)		(8,657)
Deferred income tax liabilities	(26,247)		(26,147)
Net deferred income taxes	$	4,113	$	4,294

As of December 31, 2025, the Company had a federal net operating loss carry forward ("NOLs") of $6.6 million. As of December 31, 2025, the Company had state and foreign NOLs of $55.1 million and $9.1 million, respectively. Approximately $43.6 million of state NOLs expire at various times from 2023 to 2043, while the remainder of the Company's state NOLs do not expire. Approximately $1.4 million of the foreign NOLs expire at various times from 2023 to 2042, while the remainder of the Company's foreign NOLs do not expire. In addition to NOLs, the company holds both foreign tax, research and development and other tax credits of $0.8 million.

In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. Valuation allowances are provided when management believes the Company's deferred tax assets are not recoverable based on future reversals of existing taxable temporary differences, taxable income in prior carryback year(s) if carryback is permitted under the tax law, and an assessment of estimated future taxable income, exclusive of reversing temporary differences and carryforwards, that incorporates on going, prudent and feasible tax planning strategies. At December 31, 2025 and December 31, 2024, the Company had a valuation allowance of approximately $3.7 million and $4.0 million, respectively, primarily against certain state and foreign NOLs and other specific deferred tax assets. The net decrease in the valuation allowance of approximately $0.3 million is primarily attributable to state and foreign net operating losses and changes in foreign exchange rates, which were offset by a reduction in expiring losses. Except for those deferred tax assets subject to the valuation allowance, management believes that it will realize all deferred tax assets as a result of sufficient future taxable income in each tax jurisdiction in which the Company has deferred tax assets.

The following table summarizes the changes in the Company’s gross unrecognized tax benefits, excluding interest and penalties (in thousands):


	For the year ended December 31,
	2025		2024
Balance at beginning of period	$	251	$	258
Additions for tax positions related to the current fiscal period	—		—
Additions for tax positions related to prior years	361		—




Reductions related to the expiration of statutes of limitations	(14)		(7)
Other	4		—
Balance at end of period	$	602	$	251

The Company has recorded the unrecognized tax benefits in other long-term liabilities in the consolidated balance sheets. As of December 31, 2025 and December 31, 2024, there were approximately $0.6 million and $0.3 million of unrecognized tax benefits, respectively, including penalties and interest. If the Company recognized these unrecognized tax benefits, approximately $0.6 million and $0.3 million would favorably affect the effective tax rate for both December 31, 2025 and December 31, 2024, respectively. Interest and penalties related to unrecognized tax benefits are recorded in income tax expense and are not significant for the years ended December 31, 2025, 2024 and 2023.

The Company is subject to taxation in the United States and various states and foreign jurisdictions. Currently the Company is undergoing a federal tax audit for years ending December 31, 2018 through December 31, 2020. The company’s statute of limitation remains open for the years 2021 to 2025 for Germany taxation purposes. The company’s statute of limitation remains open for Canadian entities for years 2024, 2023, and 2022.

The Tax Cuts and Jobs Act made significant changes to the taxation of undistributed earnings, requiring that all previously untaxed earnings and profits of the Company's controlled foreign operations be subjected to the transition tax. Since these earnings have now been subjected to U.S. federal tax, they would only be potentially subject to limited other taxes, including foreign withholding and certain state taxes. As of December 31, 2025, the Company has not recognized a deferred tax liability for foreign withholdings and state taxes on its undistributed international earnings or losses of its foreign subsidiaries since it intends to indefinitely reinvest the earnings outside the United States. The Company has estimated $68.4 million of unremitted international earnings which provides an unrecorded deferred tax liability related to undistributed international earnings of approximately $1.7 million.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details