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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue        
Total revenue $ 170,822 $ 203,457 $ 342,143 $ 401,887
Operating expenses        
Total cost of sales 109,524 151,545 226,157 293,428
Selling, general and administrative expenses 60,354 29,441 95,465 65,679
Research and development expenses 771 649 1,185 1,680
Restructuring and other expenses (income), net 5,004 1,072 5,004 4,343
Total operating expenses 175,653 182,707 327,811 365,130
Operating income (loss) (4,831) 20,750 14,332 36,757
Foreign currency gain (loss), net (591) 2,948 (2,819) 6,941
Other non-operating income (loss), net (158) 334 (413) 647
Interest income (expense), net (3,945) (9,106) (10,898) (18,285)
Income (loss) before income taxes (9,525) 14,926 202 26,060
Income tax (expense) benefit 4,506 (5,158) (1,346) (10,414)
Net income (loss) (5,019) 9,768 (1,144) 15,646
Less: Net income (loss) attributable to non-controlling interests (9,995) 819 (9,568) 585
Net income (loss) attributable to HMH Holding Inc. $ 4,976 $ 8,949 $ 8,424 $ 15,061
Net income (loss) per share of common stock (actual)—Basic (in dollars per share) [1] $ 0.43 $ 0.13 $ 1.44 $ 0.22
Net income (loss) per share of Class A common stock (actual) — Diluted (in dollars per share) [1] $ 0.42 $ 0.13 $ 1.26 $ 0.22
Weighted-average shares of common stock for HMH and HMH B.V. outstanding—Basic (in shares) [1] 11,662,000 69,355,000 5,863,000 69,355,000
Weighted-average shares of common stock for HMH and HMH B.V. outstanding—Diluted (in shares) [1] 11,971,000 69,355,000 6,688,000 69,355,000
Related Party        
Revenue        
Total revenue $ 560 $ 162 $ 887 $ 252
Operating expenses        
Interest income (expense), net (62) (2,517) (2,720) (4,957)
Service        
Revenue        
Total revenue 89,072 92,332 161,081 175,840
Operating expenses        
Total cost of sales 58,766 63,671 111,824 120,749
Service | Nonrelated Party        
Revenue        
Total revenue 89,072 92,332 161,081 175,840
Product        
Operating expenses        
Total cost of sales 16,527 53,422 41,894 100,119
Product | Nonrelated Party        
Revenue        
Total revenue 20,027 58,812 52,493 113,470
Spare Parts        
Revenue        
Total revenue 61,163 52,151 127,682 112,325
Operating expenses        
Total cost of sales 34,231 34,452 72,439 72,560
Spare Parts | Nonrelated Party        
Revenue        
Total revenue $ 61,163 $ 52,151 $ 127,682 $ 112,325
[1] Basic and diluted shares used for computing earnings per share for periods prior to our initial public offering (“IPO”) have been retrospectively adjusted to give effect of the organizational transactions. The calculation of basic and diluted weighted average shares used for calculating earnings (loss) per share for the three and six months ended June 30, 2025 does not include the 11.2 million shares of Class A common stock sold in the IPO. See Note 19—“Earnings per Share” in the notes to HMH’s Condensed Consolidated Financial Statements.