HMH Holding Inc. reported second quarter 2026 financial results on August 5, 2026. Revenue was $170.8 million, down 16% year-over-year and flat sequentially. Net income attributable to HMH was $5.0 million, compared to $8.9 million in the prior year quarter; this figure included a one-time pre-IPO stock-based compensation expense of approximately $22.0 million. Orders totaled $205 million, up 19% year-over-year and down 6% sequentially, resulting in a book-to-bill ratio of 1.2x. Adjusted EBITDA was $33.9 million, an increase of 3% year-over-year and 13% sequentially, with an adjusted EBITDA margin of 19.8%. The company generated $17.9 million in operating cash flow and ended the quarter with $119.7 million in cash and approximately $195 million in total liquidity. HMH Holding Inc. operates in the oil and gas industry, providing engineered drilling equipment, services, and systems for offshore and onshore operations.