HMH Holding Q1 Revenue Down 14%, Adjusted EBITDA Flat, $197.8M IPO
HMH Holding Inc. reported first-quarter revenue of $171.3 million, down 14% year-over-year, and net income of $3.4 million, a 44% decline, while adjusted EBITDA held flat at $30.1 million. The company completed a 10.52 million-share IPO at $20, raising net proceeds of $197.8 million.
1. First Quarter Financial Performance
First quarter revenue was $171.3 million, a 14% decrease from Q1 2025, and net income attributable to HMH Holding B.V. was $3.4 million, down 44% year-over-year. Adjusted EBITDA remained flat at $30.1 million compared to the same period last year.
2. Initial Public Offering Details
On April 2, HMH completed its initial public offering of 10,520,000 Class A shares at $20 per share, generating net proceeds of $197.8 million after $12.6 million in fees. The company used $39.5 million to repurchase voting shares, $137.1 million to repay shareholder loans, and allocated $21.2 million to working capital, followed by a $12.9 million net proceeds from the underwriters’ option exercise.
3. Business Outlook and Guidance
The company cited strengthening offshore and onshore drilling demand and a favorable product mix, projecting full-year adjusted EBITDA of $157 million to $177 million based on current backlog and margin visibility. Management highlighted potential fleet reactivations and higher oil prices as key drivers for future bookings and revenue growth.