HMH Q2 revenue down 16% YoY to $170.8M; orders up 19% to $205M, book-to-bill 1.2x

HMH Holding Inc

Net income $5.0M vs $8.9M YoY; includes $22.0M pre-IPO stock-based comp expense.
Adjusted EBITDA $33.9M (+3% YoY); margin 19.8% vs 16.1% YoY.
Free Cash Flow positive at $22.2M; cash and liquidity $119.7M and ~$195M.
IPO completed April 2026: 10.52M shares at $20.00, net proceeds $197.8M used to repay shareholder loan and fund working capital.
Service orders up 50% YoY to $118M; product revenue down 65% YoY on Middle East delays.

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