0001628280-26-053385 | 10-Q | XBRL Viewer

Goodwill (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

The changes in carrying value of goodwill are detailed by segment below:


	ESS		PCS		Total

	(in thousands)
Balance as of January 1, 2026	$	187,788	$	119,226	$	307,014
Acquisition and purchase accounting adjustments(a)	770		—		770
Currency translation differences	170		—		170
Balance as of June 30, 2026	$	188,728	$	119,226	$	307,954

(a).ESS segment includes purchase price adjustment of $0.8 million, related to working capital measurement period adjustments for Deep Blue acquisition. See Note 2—“Business Combinations” for more information.

- Definition

Tabular disclosure of goodwill.

+ References

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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Provision for Income Taxes We recorded a tax benefit of $4.5 million and a tax provision of $1.3 million for the three and six months ended June 30, 2026, respectively, compared to tax provisions of $5.2 million and $10.4 million for the corresponding prior year periods, respectively. The decreases in our tax provisions for both the three and six-month ended-periods were primarily attributable to stock compensation expenses recorded in 2026 upon completion of the IPO and shifts in the Company’s geographic mix of income, which unfavorably altered our estimated annual effective tax rate. Consequently, our effective tax rate shifted to 47.3% and 666.3% for the three and six months ended June 30, 2026, respectively, compared to 34.6% and 40.0% for the same periods in 2025, respectively. These fluctuating effective rates were heavily driven by valuation allowances on losses in certain foreign jurisdictions where tax benefits cannot currently be realized, along with the ongoing impacts of localized withholding taxes, statutory jurisdictional rate differentials, and pass-through non-controlling interests related to U.S. income taxed at the owner level. For the three and six months ended June 30, 2026, our income tax included the impact of a $22.5 million stock-based compensation expense related to pre-IPO stock-based awards. For the six months ended June 30, 2026, our income tax also included $0.5 million of IPO related transaction costs. Tax Receivable Agreement On April 2, 2026, the Company entered into a Tax Receivable Agreement (the “TRA”) with HMH B.V. and the Principal Stockholders. The TRA requires the Company to pay 85% of the net cash savings, if any, actually realized or deemed to be realized in certain circumstances to the Principal Stockholders in connection with U.S. federal, state, local and foreign income taxes and franchise taxes resulting from (i) acquisitions of B.V. Voting Shares from the Principal Stockholders by the Company in connection with the IPO, (ii) the acquisition of B.V. Non-Voting Shares from the Principal Stockholders using the net proceeds from any future offering, (iii) redemptions or exchanges of B.V. Non-Voting Shares by the Principal Stockholders and the corresponding number of shares of the Company’s Class B common stock for shares of the Company’s Class A common stock or cash or (iv) tax benefits related to imputed interest deemed arising as a result of payments made under the TRA. During the three months ended June 30, 2026, the Company recorded a TRA liability of $3.8 million. The Company also recorded a deferred tax liability of $2.8 million, resulting from the difference between the book and tax basis of the Company’s investment in HMH B.V. which was reflected in Additional paid-in capital in our Condensed Consolidated Balance Sheet as of June 30, 2026.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Condensed Consolidated Statements of Income
Total revenue	$ 170,822	$ 203,457	$ 342,143	$ 401,887
Interest expense	(3,945)	(9,106)	(10,898)	(18,285)
Condensed Consolidated Balance Sheets
Related party notes receivable—current	4,357		4,357		$ 3,653
Related party note receivable	22,656		22,656		33,604
Tax receivable agreement liability	3,760		3,760		0
Other liabilities	61,017		61,017		54,323
Related Party
Condensed Consolidated Statements of Income
Total revenue	560	162	887	252
Interest expense	(62)	(2,517)	(2,720)	(4,957)
Condensed Consolidated Balance Sheets
Related party accounts receivable	1,605		1,605		1,499
Related party notes receivable—current	4,357		4,357		3,653
Related party note receivable	22,656		22,656		33,604
Accounts payable—related party	13		13		107
Tax receivable agreement liability	3,760		3,760
Long-term debt, net—related party	0		0		143,732
Other liabilities	8,291		8,291		8,291
Related Party \| Baker Hughes Holdings LLC
Condensed Consolidated Statements of Income
Total revenue	0	0	0	0
Interest expense	(49)	(2,031)	(2,182)	(4,001)
Condensed Consolidated Balance Sheets
Related party accounts receivable	0		0		0
Related party notes receivable—current	0		0		0
Related party note receivable	0		0		4,654
Accounts payable—related party	0		0		0
Tax receivable agreement liability	1,880		1,880
Long-term debt, net—related party					112,471
Other liabilities	384		384		384
Related Party \| Akastor AS
Condensed Consolidated Statements of Income
Total revenue	0	0	0	0
Interest expense	(13)	(486)	(538)	(956)
Condensed Consolidated Balance Sheets
Related party accounts receivable	0		0		424
Related party notes receivable—current	1,544		1,544		1,544
Related party note receivable	19,056		19,056		24,545
Accounts payable—related party	0		0		0
Tax receivable agreement liability	0		0
Long-term debt, net—related party					31,261
Other liabilities	7,907		7,907		7,907
Related Party \| Other Baker Hughes companies
Condensed Consolidated Statements of Income
Total revenue	47	49	175	74
Interest expense	0	0	0	0
Condensed Consolidated Balance Sheets
Related party accounts receivable	1,305		1,305		942
Related party notes receivable—current	0		0		0
Related party note receivable	0		0		0
Accounts payable—related party	0		0		102
Tax receivable agreement liability	0		0
Long-term debt, net—related party					0
Other liabilities	0		0		0
Related Party \| Other Akastor companies
Condensed Consolidated Statements of Income
Total revenue	513	113	712	178
Interest expense	0	0	0	0
Condensed Consolidated Balance Sheets
Related party accounts receivable	300		300		133
Related party notes receivable—current	0		0		0
Related party note receivable	0		0		0
Accounts payable—related party	13		13		5
Tax receivable agreement liability	1,880		1,880
Long-term debt, net—related party					0
Other liabilities	0		0		0
Related Party \| Tanajib Holding Company
Condensed Consolidated Statements of Income
Total revenue	0	0	0	0
Interest expense	0	$ 0	0	$ 0
Condensed Consolidated Balance Sheets
Related party accounts receivable	0		0		0
Related party notes receivable—current	2,813		2,813		2,109
Related party note receivable	3,600		3,600		4,405
Accounts payable—related party	0		0		0
Tax receivable agreement liability	0		0
Long-term debt, net—related party					0
Other liabilities	$ 0		$ 0		$ 0

Share-based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

Pre-IPO Plans

Prior to the IPO, the Board of Directors of the Company (the “Board”) established the founders’ phantom equity award, the 2022 long-term incentive program, the 2023 long-term incentive program, the 2024 long-term incentive program and the 2025 long-term incentive program (collectively, the “Pre-IPO Plans”) as award programs for management and certain key personnel to entitle them to compensation when certain strategic goals are met. The 2026 Plan (as defined herein) replaced the Pre-IPO Plans, and no additional awards will be granted under those historical plans. In connection with the closing of the IPO, all outstanding equity awards previously granted under the Pre-IPO Plans were replaced with substantially similar awards under the 2026 Plan (the “Replacement Awards”).

2026 Long-term Incentive Plan

On March 31, 2026, the Board approved the HMH Holding Inc. 2026 Long-Term Incentive Plan (the “2026 Plan”), which became effective upon the closing of the IPO. The 2026 Plan authorizes the grant of incentive stock options, RSUs, and other equity-based awards to eligible employees, non-employee directors, and consultants. As of June 30, 2026, the Company has reserved a maximum of 2.2 million shares of Class A common stock for issuance under the 2026 Plan, of which approximately 1.4 million shares are available for issuance of future awards. This share reserve includes an evergreen provision allowing for an annual increase of up to 5% of outstanding shares, effective on the first day of each fiscal year at the discretion of the Board. The Company has reserved an additional 1,500,714 shares of Class A common stock for issuance under the 2026 Plan to be used exclusively to satisfy the obligations under the Replacement Awards.

Share-based compensation cost

For the three and six months ended June 30, 2026, the Company recognized total share-based compensation expense of $22.8 million, upon the consummation of the IPO. The Company recorded $22.3 million of this expense within Selling, general, and administrative expenses and $0.5 million was recognized within Cost of sales in the Condensed Consolidated Statements of Income.

As of June 30, 2026, there was approximately $18.6 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under both the Pre-IPO Plans and the 2026 Plan. This cost is expected to be recognized over a weighted-average period of 2.52 years.

Restricted stock:

RSUs generally vest over a three-year period, with fair value determined by the closing market price of the Company’s Class A common stock on the date of grant. The following table presents a summary of RSU activity for the six months ended June 30, 2026:


	Restricted Stock Units	Weighted Average Price on the Date of Grant

	(in thousands, except per share amounts)
Balance as of January 1, 2026	—	$	—
Converted at IPO	1,204	15.89
Post-IPO grant	355	18.68
Vested upon the consummation of the IPO (a)	(924)	14.57
Balance as of June 30, 2026	635	19.37

(a).During the three and six months ended June 30, 2026, the total grant date fair value of restricted stock unit awards that vested was $13.5 million.

Performance share units

PSUs generally cliff vest three years from the date of grant, with their grant-date fair value measured utilizing a Monte Carlo simulation model. For the 2026 PSU grant, the number of shares of Class A common stock issuable is determined by comparing the Company’s Total Shareholder Return Compound Annual Growth Rate (TSR CAGR) against the TSR CAGR of the peer group over a three-year performance period ending December 31, 2028. Initial payouts range from 0% to 200% of target. The following table presents a summary of PSU activity for the six months ended June 30, 2026:


	Performance Share Units	Weighted Average Price on the Date of Grant

	(in thousands, except per share amounts)
Balance as of January 1, 2026	—	$	—
Converted at IPO	520	18.40
Post-IPO Grant	225	27.05
Vested upon the consummation of the IPO	(167)	13.97
Balance as of June 30, 2026	578	23.04

The company estimated the fair value of PSU awards using the following weighted average assumptions:


	June 30, 2026

Risk free interest rate	4.15		%
Stock price volatility	56.00		%
Contracted term in years	3
Expected dividend yield	—
Grant date price of HMH common stock	$	18.66

Revenue from Contracts with Customers - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 170,822	$ 203,457	$ 342,143	$ 401,887
Transferred overtime
Disaggregation of Revenue [Line Items]
Total revenue	104,968	128,987	196,115	249,526
Transferred at point in time
Disaggregation of Revenue [Line Items]
Total revenue	65,854	74,470	146,028	152,361
ESS
Disaggregation of Revenue [Line Items]
Total revenue	97,660	125,547	198,350	233,088
ESS \| Transferred overtime
Disaggregation of Revenue [Line Items]
Total revenue	65,013	89,340	125,033	162,326
ESS \| Transferred at point in time
Disaggregation of Revenue [Line Items]
Total revenue	32,647	36,207	73,317	70,762
PCS
Disaggregation of Revenue [Line Items]
Total revenue	73,162	77,910	143,793	168,799
PCS \| Transferred overtime
Disaggregation of Revenue [Line Items]
Total revenue	39,955	39,647	71,082	87,200
PCS \| Transferred at point in time
Disaggregation of Revenue [Line Items]
Total revenue	33,207	38,263	72,711	81,599
Project and other manufacturing contracts revenue
Disaggregation of Revenue [Line Items]
Total revenue	10,093	33,139	22,385	57,756
Project and other manufacturing contracts revenue \| ESS
Disaggregation of Revenue [Line Items]
Total revenue	5,395	29,102	14,416	48,276
Project and other manufacturing contracts revenue \| PCS
Disaggregation of Revenue [Line Items]
Total revenue	4,698	4,037	7,969	9,480
Sale of products
Disaggregation of Revenue [Line Items]
Total revenue	10,494	25,835	30,995	55,966
Sale of products \| ESS
Disaggregation of Revenue [Line Items]
Total revenue	7,508	12,986	15,651	29,923
Sale of products \| PCS
Disaggregation of Revenue [Line Items]
Total revenue	2,986	12,849	15,344	26,043
Product revenue
Disaggregation of Revenue [Line Items]
Total revenue	20,587	58,974	53,380	113,722
Product revenue \| ESS
Disaggregation of Revenue [Line Items]
Total revenue	12,903	42,088	30,067	78,199
Product revenue \| PCS
Disaggregation of Revenue [Line Items]
Total revenue	7,684	16,886	23,313	35,523
Service revenue
Disaggregation of Revenue [Line Items]
Total revenue	89,072	92,332	161,081	175,840
Service revenue \| ESS
Disaggregation of Revenue [Line Items]
Total revenue	53,815	56,722	97,968	98,120
Service revenue \| PCS
Disaggregation of Revenue [Line Items]
Total revenue	35,257	35,610	63,113	77,720
Spare parts revenue
Disaggregation of Revenue [Line Items]
Total revenue	61,163	52,151	127,682	112,325
Spare parts revenue \| ESS
Disaggregation of Revenue [Line Items]
Total revenue	30,942	26,737	70,315	56,769
Spare parts revenue \| PCS
Disaggregation of Revenue [Line Items]
Total revenue	$ 30,221	$ 25,414	$ 57,367	$ 55,556

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Additional paid-in capital	Accumulated other comprehensive income (loss)	Common stock held in treasury	Retained earnings (loss)	Non-controlling interest	Class A common stock	Class A common stock Common Stock	Class B common stock	Class B common stock Common Stock
Beginning balance, shares outstanding (in shares) at Dec. 31, 2024								0		0
Beginning balance at Dec. 31, 2024	$ 631,337	$ 610,431	$ (18,753)	$ 0	$ 38,489	$ 1,170		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	15,646				15,061	585
Other comprehensive income (loss)	22,364		22,364
Ending balance, shares outstanding (in shares) at Jun. 30, 2025								0		0
Ending balance at Jun. 30, 2025	669,347	610,431	3,611	0	53,550	1,755		$ 0		$ 0
Beginning balance, shares outstanding (in shares) at Mar. 31, 2025								0		0
Beginning balance at Mar. 31, 2025	650,794	610,431	(5,174)	0	44,601	936		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9,768				8,949	819
Other comprehensive income (loss)	8,785		8,785
Ending balance, shares outstanding (in shares) at Jun. 30, 2025								0		0
Ending balance at Jun. 30, 2025	669,347	610,431	3,611	0	53,550	1,755		$ 0		$ 0
Beginning balance, shares outstanding (in shares) at Dec. 31, 2025								0		0
Beginning balance at Dec. 31, 2025	700,452	610,431	4,239	0	83,943	1,839		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,875				3,448	427
Other comprehensive income (loss)	5,600		5,600
Ending balance, shares outstanding (in shares) at Mar. 31, 2026								0		0
Ending balance at Mar. 31, 2026	709,927	610,431	9,839	0	87,391	2,266		$ 0		$ 0
Beginning balance, shares outstanding (in shares) at Dec. 31, 2025								0		0
Beginning balance at Dec. 31, 2025	700,452	610,431	4,239	0	83,943	1,839		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,144)
Other comprehensive income (loss)	3,619
Issuance of common stock in initial public offering, net of offering costs (in shares)								11,206,000		32,578,000
Issuance of common stock in initial public offering, net of offering costs	210,670	210,232						$ 112		$ 326
Redemption under exchange agreement with Principal Stockholders (in shares)										(686,000)
Redemption under exchange agreement with Principal Stockholders	(12,894)	631				(13,518)				$ (7)
Purchase of HMH B.V. voting shares from Principal Stockholders	(39,480)	(39,480)
Effect of the Corporate Reorganization Transactions	0	(570,015)	(7,296)		(64,801)	642,112
IPO related costs	(26,189)	(26,189)
TRA liability and related deferred tax impact from the Corporate Reorganization Transactions	(6,522)	(6,522)
Share-based compensation (in shares)								837,000
Share-based compensation	22,775	6,045				16,722		$ 8
Purchase of treasury stock	(4,888)			(4,888)
Ending balance, shares outstanding (in shares) at Jun. 30, 2026							12,042,625	12,043,000	31,891,652	31,892,000
Ending balance at Jun. 30, 2026	846,399	185,133	2,011	(4,888)	27,566	636,138		$ 120		$ 319
Beginning balance, shares outstanding (in shares) at Mar. 31, 2026								0		0
Beginning balance at Mar. 31, 2026	709,927	610,431	9,839	0	87,391	2,266		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(5,019)				4,976	(9,995)
Other comprehensive income (loss)	(1,981)		(532)			(1,449)
Issuance of common stock in initial public offering, net of offering costs (in shares)								11,206,000		32,578,000
Issuance of common stock in initial public offering, net of offering costs	210,670	210,232						$ 112		$ 326
Redemption under exchange agreement with Principal Stockholders (in shares)										(686,000)
Redemption under exchange agreement with Principal Stockholders	(12,894)	631				(13,518)				$ (7)
Purchase of HMH B.V. voting shares from Principal Stockholders	(39,480)	(39,480)
Effect of the Corporate Reorganization Transactions	0	(570,015)	(7,296)		(64,801)	642,112
IPO related costs	(26,189)	(26,189)
TRA liability and related deferred tax impact from the Corporate Reorganization Transactions	(6,522)	(6,522)
Share-based compensation (in shares)								837,000
Share-based compensation	22,775	6,045				16,722		$ 8
Purchase of treasury stock	(4,888)			(4,888)
Ending balance, shares outstanding (in shares) at Jun. 30, 2026							12,042,625	12,043,000	31,891,652	31,892,000
Ending balance at Jun. 30, 2026	846,399	$ 185,133	$ 2,011	$ (4,888)	$ 27,566	$ 636,138		$ 120		$ 319
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption under exchange agreement with Principal Stockholders (in shares)							(2,100,000)		(2,100,000)
Purchase of HMH B.V. voting shares from Principal Stockholders	$ (39,500)
Share-based compensation (in shares)							836,781

Business Combinations - Fair Value of Assets Acquired and Liabilities Assumed (Details) $ in Thousands, £ in Millions			6 Months Ended
	Oct. 01, 2025 USD ($)	Oct. 01, 2025 GBP (£)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 GBP (£)	Dec. 31, 2025 USD ($)	Oct. 01, 2025 GBP (£)
Business Combination [Line Items]
Purchase price adjustment			$ 770
Goodwill acquired			307,954		$ 307,014
Deep Blue
Business Combination [Line Items]
Purchase price adjustment			$ 800	£ 0.6
Cash consideration paid, including £0.2 million cash acquired	$ 4,700	£ 3.5
Cash acquired \| £		0.2
Contingent consideration	2,200					£ 1.6
Total consideration	6,900	£ 5.1
Identified intangible assets acquired	2,600					1.9
Goodwill acquired	$ 4,300					£ 3.2

- 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.

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+ Details

- 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

+ Details

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

Below are the contractual terms of the Company’s interest-bearing loans and borrowings that are measured at amortized cost. The carrying values of the Company’s short-term and long-term debt consisted of the following:


	Debt outstanding
	June 30, 2026		December 31, 2025		Maturity

	(in thousands)
7.875% Senior Secured Bonds due 2028	196,363		195,636		Dec 2028
Shareholder Loans	—		143,732		Dec 2028
Revolving Credit Facility	—		—
Credit Line in China (a)	1,473		715
Total debt, net	197,836		340,083
Current debt, net	1,473		715
Non-current debt, net	196,363		339,368
Total debt, net	$	197,836	$	340,083

(a).Expired on March 26, 2026, with the Company retaining a one-year period from each respective withdrawal date to remit payment.

Fair Values

As of June 30, 2026 and December 31, 2025, the fair value of the 7.875% Senior Secured Bonds due 2028 was $205.0 million and $204.5 million, respectively. The fair value was determined using a market approach based on observable inputs. For the remaining debt instruments, the book values of each instrument approximate its respective carrying amount, as these interest rates are variable in nature and are reflective of market rates.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Business Combinations

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combinations

On October 1, 2025, Hydril PCB Limited completed the acquisition of Deep Blue Oil & Gas Limited (“Deep Blue”), a UK‑based company specializing in managed‑pressure‑drilling (“MPD”) systems. Deep Blue holds a portfolio of patents and proprietary technology with applications in offshore drilling, including advanced MPD control and sealing systems. The Company accounted for the transaction as a business combination and allocated the total purchase price to assets acquired, liabilities and contingent consideration assumed based on their fair values at the date of acquisition.

The following table provides the allocation of the purchase price to major classes of assets and liabilities assumed in USD as of the acquisition date, translated at the exchange rate on the acquisition date. The goodwill reflected below increased by £0.6 million ($0.8 million) from December 31, 2025, which resulted from working capital measurement period adjustments.


	British pounds		Exchange rate at acquisition date	USD

	(in millions)
Cash consideration paid, including £0.2 million cash acquired	£	3.5	1.3446	$	4.7
Contingent consideration (a)	1.6		1.3446	2.2
Total consideration	5.1			6.9
Identified intangible assets acquired	1.9		1.3446	2.6
Goodwill acquired	£	3.2		$	4.3

(a).The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity holders for three years, contingent on meeting specific earnings and operational targets.

- Definition

The entire disclosure for business combination.

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+ Details

Accrued Expenses

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Accrued Expenses

Other Current Liabilities

Other current liabilities consisted of the following:


	June 30, 2026		December 31, 2025

	(in thousands)
Income tax payable	$	7,314	$	12,388
Operating lease liability	6,718		10,470
Public duties and taxes	7,697		8,050
External derivative financial liabilities	2,393		555
Withheld taxes and other deductions	526		3,692

Other	—		427
Other current liabilities	$	24,648	$	35,582

Accrued Expenses

Accrued expenses consisted of the following:


	June 30, 2026		December 31, 2025

	(in thousands)
Accrued payroll and employee related liabilities	$	34,082	$	38,119
Accrued vendor costs	31,629		38,049
Provisions—warranty	5,813		8,371
Provisions—restructuring	4,100		858
Provisions—environmental(a)	3,219		3,236
Provisions for loss contingencies	759		1,962
Accrued interest	656		646
Accrued sales and other taxes	268		220
Other	4,438		4,319
Accrued expenses	$	84,964	$	95,780

(a).Costs of future estimated expenditures for environmental remediation liabilities are not discounted to their present value due to the timing of the future expenditures not being reliably determinable. The environmental remediation liability is related to two plants.

The following table describes the changes to the Company’s warranty liability:


	June 30, 2026
	(in thousands)
Balance as of January 1, 2026	$	8,371
Accrued expense	797
Payments	(1,045)

Provision reversed during the period	(2,264)
Currency translation differences	(46)
Balance as of June 30, 2026	$	5,813

We recognized warranty expense of $0.4 million and $0.8 million for the three and six months ended June 30, 2026, respectively, and $0.4 million and $2.7 million for the three and six months ended June 30, 2025, respectively. These expenses were recorded in our Condensed Consolidated Statements of Income within Total cost of sales.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ (1,144)	$ 15,646
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	21,719	20,993
Share-based compensation expense	22,775	0
Amortization of borrowing costs	727	975
Restructuring and other expenses	0	1,800
Deferred tax expense (benefit)	(6,725)	846
Payment-in-kind interest	2,908	5,421
Provision for bad debt expense	468	480
Provision for inventory write-down	1,989	3,034
Changes in operating assets and liabilities
Accounts receivable and related party accounts receivable	(16,371)	(6,569)
Contract assets	11,419	18,196
Inventories, net	(956)	1,307
Other current receivables	(5,083)	13,412
Prepaid and other current assets	(1,636)	(7,582)
Accounts payable and accounts payable—related party	7,858	(38,875)
Accrued expenses	(12,427)	(22,192)
Contract liabilities	7,504	(295)
Other current and long-term liabilities	(9,915)	(8,957)
Other, net	2,046	(5,192)
Net cash provided by (used in) operating activities	25,156	(7,552)
Cash flows from investing activities
Purchase of property, plant and equipment	(2,086)	(4,840)
Development costs	(5,896)	(1,073)
Acquisition of business, net of cash	(770)	0
Net cash provided by (used in) investing activities	(8,752)	(5,913)
Cash flows from financing activities
Issuance of common stock in initial public offering (IPO), net of underwriting discount	210,670	0
Purchase of HMH B.V. voting shares from Principal Stockholders	(39,480)	0
Redemption under exchange agreement with Principal Stockholders	(12,894)	0
IPO issuance costs	(10,380)	0
Repayment of long-term debt, net—related party	(137,099)	0
Proceeds from issuance of revolving credit facilities	719	90,000
Repayment of revolving credit facilities	0	(92,000)
Purchase of treasury shares	(4,888)	0
Net cash provided by (used in) financing activities	6,648	(2,000)
Effect of foreign exchange rate on cash and cash equivalents	68	4,966
Net increase (decrease) in cash and cash equivalents	23,120	(10,499)
Cash and cash equivalents beginning of period	96,585	48,912
Cash and cash equivalents end of period	119,705	38,413
Supplemental cash flow information:
Cash paid for income taxes, net	13,020	9,175
Cash paid for interest	9,195	13,700
Supplemental non-cash financing activities:
Deferred IPO cost netted with IPO proceeds	15,809	0
Settlement of long-term debt, net —related party and related party notes receivable	$ 9,541	$ 0

Segment Information - Additional Information (Details) - segment	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Abstract]
Number of operating segments	2	2
Number of reportable segments not disclosed flag	segments	segments

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	June 30, 2026		December 31, 2025

	(in thousands)
Accrued payroll and employee related liabilities	$	34,082	$	38,119
Accrued vendor costs	31,629		38,049
Provisions—warranty	5,813		8,371
Provisions—restructuring	4,100		858
Provisions—environmental(a)	3,219		3,236
Provisions for loss contingencies	759		1,962
Accrued interest	656		646
Accrued sales and other taxes	268		220
Other	4,438		4,319
Accrued expenses	$	84,964	$	95,780

Schedule of Changes to the Company's Warranty Liability

The following table describes the changes to the Company’s warranty liability:


	June 30, 2026
	(in thousands)
Balance as of January 1, 2026	$	8,371
Accrued expense	797
Payments	(1,045)

Provision reversed during the period	(2,264)
Currency translation differences	(46)
Balance as of June 30, 2026	$	5,813

Commitment and Contingencies - Changes in Provision Balance for Restructuring and Other Charges (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	$ 2,085
Restructuring and other expenses	5,004
Reductions for payments	(1,546)
Foreign currency translation	(58)
Balance at the end of the period	$ 5,485

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Total	$ 846,399	$ 709,927	$ 700,452	$ 669,347	$ 650,794	$ 631,337
Accumulated other comprehensive income (loss)
Class of Stock [Line Items]
Total	2,011	$ 9,839	4,239	$ 3,611	$ (5,174)	$ (18,753)
Hedging reserve adjustments
Class of Stock [Line Items]
Total	6		465
Pension remeasurement reserve adjustments
Class of Stock [Line Items]
Total	712		2,691
Currency translation reserve adjustments
Class of Stock [Line Items]
Total	$ 1,293		$ 1,083

- 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

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Accounts receivable allowance	$ 1,820	$ 2,889
Property, plant and equipment, accumulated depreciation	$ 76,391	67,372
Treasury stock (in shares)	254,232
Class A Common Stock
Statement [Line Items]
Common stock, par value (in usd per share)	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000
Common stock, shares issued (in shares)	12,296,857
Common stock, shares outstanding (in shares)	12,042,625
Class B Common Stock
Statement [Line Items]
Common stock, par value (in usd per share)	$ 0.01
Common stock, shares authorized (in shares)	500,000,000
Common stock, shares issued (in shares)	31,891,652
Common stock, shares outstanding (in shares)	31,891,652
Customer relationships
Statement [Line Items]
Intangible assets, accumulated amortization	$ 50,254	46,299
Other intangible assets
Statement [Line Items]
Intangible assets, accumulated amortization	$ 58,920	$ 49,731

Commitment and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) employee	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of employees impacted by restructuring plan	195
Restructuring and other expenses \| $		$ 5,004	$ 1,072	$ 5,004	$ 4,343
Impairment of right-of-use assets \| $			$ 700		$ 1,800
Bank guarantee
Restructuring Cost and Reserve [Line Items]
Outstanding bank guarantees \| $	$ 30,100	$ 30,100		$ 30,100
Norway
Restructuring Cost and Reserve [Line Items]
Number of employees impacted by restructuring plan	110
Mexico
Restructuring Cost and Reserve [Line Items]
Number of employees impacted by restructuring plan	60
Germany
Restructuring Cost and Reserve [Line Items]
Number of employees impacted by restructuring plan	25

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
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

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 119,705	$ 96,585
Related party notes receivable—current	4,357	3,653
Contract assets	104,622	114,918
Inventories, net	252,192	253,759
Other current receivables	22,500	17,854
Prepaids and other current assets	18,828	32,882
Total current assets	648,908	629,210
Property, plant and equipment, net of accumulated depreciation of $76,391 and $67,372, respectively	197,673	200,818
Goodwill	307,954	307,014
Related party note receivable	22,656	33,604
Right-of-use assets	45,834	48,739
Other assets	24,138	16,249
Total assets	1,362,565	1,357,704
Current liabilities
Current portion of long-term debt, net	1,473	715
Contract liabilities	42,780	35,249
Accrued expenses	84,964	95,780
Other current liabilities	24,648	35,582
Total current liabilities	218,317	223,639
Non-current operating lease liabilities	40,469	39,922
Other liabilities	61,017	54,323
Total liabilities	516,166	657,252
Equity
Members’ equity		698,613
Additional paid-in capital	185,133
Retained earnings	27,566
Accumulated other comprehensive income (loss)	2,011
Class A common stock held in treasury (254,232 shares as of June 30, 2026)	(4,888)
HMH Holding Inc. equity	210,261
Non-controlling interests		1,839
Non-controlling interests	636,138
Total equity		700,452
Total equity	846,399	700,452
Total liabilities and shareholders’ equity	1,362,565	1,357,704
Customer relationships
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively	63,338	67,224
Other intangible assets
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively	52,064	54,846
Nonrelated Party
Current assets
Accounts receivable	125,099	108,060
Current liabilities
Accounts payable	64,439	56,206
Long-term debt, net	196,363	195,636
Related Party
Current assets
Accounts receivable	1,605	1,499
Related party notes receivable—current	4,357	3,653
Related party note receivable	22,656	33,604
Current liabilities
Accounts payable	13	107
Long-term debt, net	0	143,732
Other liabilities	8,291	$ 8,291
Class A Common Stock
Equity
Common stock, value, issued	120
Class B Common Stock
Equity
Common stock, value, issued	$ 319

Revenue from Contracts with Customers - Contract Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Change In Contract With Customer Asset [Roll Forward]
Balance as of January 1, 2026	$ 114,918
Additions	140,722
Transfers to accounts receivable	(151,018)
Balance as of June 30, 2026	$ 104,622

Inventories

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Inventories

Inventories, net of reserves of $96.1 million and $99.9 million as of June 30, 2026 and December 31, 2025, respectively, consisted of the following:


	June 30, 2026		December 31, 2025

	(in thousands)
Stock of raw materials	$	21,299	$	18,550
Work in progress	32,825		29,397
Finished goods	198,068		205,812
Inventories, net	$	252,192	$	253,759

Inventory write-downs for the three and six months ended June 30, 2026 were $1.6 million and $2.0 million, respectively, compared to $1.1 million and $3.0 million for the three and six months ended June 30, 2025, respectively.

Share-based Compensation - RSUs and PSUs Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Restricted common stock
Shares of Restricted Common Stock/Performance Share Units
Beginning balance (in shares)		0
Converted at IPO (in shares)		1,204
Post-IPO grant (in shares)		355
Vested upon the consummation of the IPO (in shares)		(924)
Ending balance (in shares)	635	635
Weighted Average Price on the Date of Grant
Beginning balance (in dollars per share)		$ 0
Converted at IPO (in dollars per share)		15.89
Post-IPO grant (in dollars per share)		18.68
Vested upon the consummation of the IPO (in dollars per share)		14.57
Ending balance (in dollars per share)	$ 19.37	$ 19.37
Total grant date fair value of restricted stock awards that vested	$ 13.5	$ 13.5
Performance Share Units
Shares of Restricted Common Stock/Performance Share Units
Beginning balance (in shares)		0
Converted at IPO (in shares)		520
Post-IPO grant (in shares)		225
Vested upon the consummation of the IPO (in shares)		(167)
Ending balance (in shares)	578	578
Weighted Average Price on the Date of Grant
Beginning balance (in dollars per share)		$ 0
Converted at IPO (in dollars per share)		18.40
Post-IPO grant (in dollars per share)		27.05
Vested upon the consummation of the IPO (in dollars per share)		13.97
Ending balance (in dollars per share)	$ 23.04	$ 23.04

Goodwill (Details) $ in Thousands	6 Months Ended
Goodwill (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Goodwill [Roll Forward]
Balance as of January 1, 2026	$ 307,014
Acquisition and purchase accounting adjustments	770
Currency translation differences	170
Balance as of June 30, 2026	307,954
Purchase price adjustment	770
ESS
Goodwill [Roll Forward]
Balance as of January 1, 2026	187,788
Acquisition and purchase accounting adjustments	770
Currency translation differences	170
Balance as of June 30, 2026	188,728
Purchase price adjustment	770
PCS
Goodwill [Roll Forward]
Balance as of January 1, 2026	119,226
Acquisition and purchase accounting adjustments	0
Currency translation differences	0
Balance as of June 30, 2026	119,226
Purchase price adjustment	$ 0

- Definition

+ References

+ Details

Related Party Transactions

6 Months Ended

Jun. 30, 2026

Related Party Transactions

The following tables set forth a summary of transactions and balances with significant related parties:


	Baker Hughes Holdings LLC		Akastor AS		Other Baker Hughes companies		Other Akastor companies		Tanajib Holding Company		Total

	(in thousands)
Condensed Consolidated Statements of Income
Three Months Ended June 30, 2026
Revenue	$	—	$	—	$	47	$	513	$	—	$	560
Interest expense, net	(49)		(13)		—		—		—		(62)
Six Months Ended June 30, 2026
Revenue	$	—	$	—	$	175	$	712	$	—	$	887
Interest expense, net	(2,182)		(538)		—		—		—		(2,720)
Condensed Consolidated Balance Sheets
As of June 30, 2026
Related party accounts receivable	$	—	$	—	$	1,305	$	300	$	—	$	1,605
Related party notes receivable—current	—		1,544		—		—		2,813		4,357
Related party notes receivable	—		19,056		—		—		3,600		22,656
Accounts payable—related party	—		—		—		13		—		13

Tax receivable agreement liability	1,880		—		—		1,880		—		3,760
Other liabilities	384		7,907		—		—		—		8,291


	Baker Hughes Holdings LLC		Akastor AS		Other Baker Hughes companies		Other Akastor companies		Tanajib Holding Company		Total

	(in thousands)
Condensed Consolidated Statements of Income
Three Months Ended June 30, 2025
Revenue	$	—	$	—	$	49	$	113	$	—	$	162
Interest expense, net	(2,031)		(486)		—		—		—		(2,517)
Six Months Ended June 30, 2025
Revenue	$	—	$	—	$	74	$	178	$	—	$	252
Interest expense, net	(4,001)		(956)		—		—		—		(4,957)
Condensed Consolidated Balance Sheets
As of December 31, 2025
Related party accounts receivable	$	—	$	424	$	942	$	133	$	—	$	1,499
Related party notes receivable—current	—		1,544		—		—		2,109		3,653
Related party notes receivable	4,654		24,545		—		—		4,405		33,604
Accounts payable—related party	—		—		102		5		—		107
Long-term debt, net—related party	112,471		31,261		—		—		—		143,732
Other liabilities	384		7,907		—		—		—		8,291

- 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

+ Details

Inventories - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Inventory Disclosure [Abstract]
Inventory reserves	$ 96,100		$ 96,100		$ 99,900
Provision for inventory write-down	$ 1,600	$ 1,100	$ 1,989	$ 3,034

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Tax (benefit) provision	$ (4,506)	$ 5,158	$ 1,346	$ 10,414
Effective tax rate	47.30%	34.60%	666.30%	40.00%
Pre-IPO stock-based compensation expense	$ 22,500		$ 22,500
IPO related transaction costs included in tax expense			$ 500
TRA liability	3,800
Tax impact of reorganization	$ 2,800

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Employee Benefit Expenses (Tables)

6 Months Ended

Jun. 30, 2026

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Cost

The components of net periodic cost recognized in Selling, general and administrative expenses in our Condensed Consolidated Statements of Income consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

	(in thousands)
Service cost	$	43	$	125	$	83	$	246
Interest cost	175		182		345		357
Amortization of net actuarial loss	7		22		15		44
Net periodic cost	$	225	$	329	$	443	$	647

Financial Instruments

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

The following tables set forth the Company’s financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy:


	Level 1		Level 2		Level 3(a)		Total

	(in thousands)
As of June 30, 2026
Assets:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	63	$	—	$	63
Derivative financial instruments—not designated as hedging instruments	—		445		—		445
Total assets	$	—	$	508	$	—	$	508
Liabilities:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	18	$	—	$	18
Derivative financial instruments—not designated as hedging instruments	—		2,375		—		2,375
Total liabilities	$	—	$	2,393	$	—	$	2,393




As of December 31, 2025
Assets:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	1,262	$	—	$	1,262
Derivative financial instruments—not designated as hedging instruments	—		140		—		140
Total assets	$	—	$	1,402	$	—	$	1,402
Liabilities:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	35	$	—	$	35
Derivative financial instruments—not designated as hedging instruments	—		520		—		520
Total liabilities	$	—	$	555	$	—	$	555

(a).The fair value (Level 3) of the seller’s receivable against Akastor AS on proceeds from the sales or liquidation of Step Oiltools B.V. has been remeasured to zero as of June 30, 2026 and December 31, 2025.

We classify financial instruments in our Condensed Consolidated Balance Sheets based on the maturity date of these instruments. As of June 30, 2026 and December 31, 2025, the fair value of our financial instruments are presented in Other current receivables and Other current liabilities in our Condensed Consolidated Balance Sheets.

The carrying value of cash and cash equivalents, current receivables, accounts payable and accrued expenses approximates fair value based on the short-term nature of these accounts.

Designated Hedges

The following table presents the fair value of the derivative financial instruments and a maturity analysis of the derivatives’ cash flows. Valuation techniques and inputs for forward contracts are based on the quoted forward exchange rate.


	Total		6 months and less		6-12 months		1-2 years

	(in thousands)
As of June 30, 2026
Foreign exchange forward contracts to hedge highly probable forecasted sales:




Notional amounts GBP	£	891	£	891	£	—	£	—
Average forward rate (GBP/NOK)			13.79		—		—
Foreign exchange forward contracts to hedge highly probable forecasted purchases:


Notional amounts GBP	£	245	£	245	£	—	£	—
Average forward rate (GBP/NOK)			13.90		—		—

As of December 31, 2025
Foreign exchange forward contracts to hedge highly probable forecasted sales:
Notional amounts USD	$	13,812	$	13,812	$	—	$	—
Average forward rate (USD/NOK)			10.58		—		—
Notional amounts EUR	€	490	€	490	€	—	€	—
Average forward rate (EUR/NOK)			12.14		—		—
Notional amounts GBP	£	2,076	£	1,185	£	891	£	—
Average forward rate (GBP/NOK)			13.85		13.79		—


Foreign exchange forward contracts to hedge highly probable forecasted purchases:
Notional amounts EUR	€	150	€	150	€	—	€	—
Average forward rate (EUR/NOK)			12.03		—		—
Notional amounts GBP	£	940	£	695	£	245	£	—
Average forward rate (GBP/NOK)			13.92		13.90		—

Non-Designated Hedges

The table below presents the notional value of the non-designated derivative financial instruments and a maturity analysis of the related derivatives’ cash flows. Valuation techniques and inputs for forward contracts are based on the quoted forward exchange rate.


	Total		6 months and less		6-12 months		1-2 years

	(in thousands)
As of June 30, 2026
Foreign exchange forward contracts:
Notional amounts NOK	NOK	69,800	NOK	28,200	NOK	41,600	NOK	—
Average forward rate (NOK/USD)			0.10		0.10		—
Notional amounts GBP	£	11,200	£	6,100	£	5,100	£	—
Average forward rate (GBP/USD)			1.35		1.35		—
Notional amounts EUR	€	42,100	€	22,800	€	19,300	€	—
Average forward rate (EUR/USD)			1.20		1.21		—
As of December 31, 2025
Foreign exchange forward contracts:
Notional amounts NOK	NOK	131,200	NOK	97,900	NOK	16,500	NOK	16,800
Average forward rate (NOK/USD)			0.10		0.10		0.10
Notional amounts GBP	£	13,800	£	6,000	£	5,300	£	2,500
Average forward rate (GBP/USD)			1.35		1.35		1.34
Notional amounts EUR	€	49,300	€	21,600	€	18,900	€	8,800
Average forward rate (EUR/USD)			1.19		1.20		1.21

For the three and six months ended June 30, 2026, we recorded a (gain) loss of nil and $1.5 million, respectively, related to non-

designated hedges in Other non-operating income (loss), net in our Condensed Consolidated Statements of Income. The Company did not have any open non-designated hedges during the three and six months ended June 30, 2025.

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables present revenue from contracts with customers:


	2026						2025
	ESS		PCS		Total		ESS		PCS		Total

	(in thousands)
Three Months Ended June 30,
Project and other manufacturing contracts revenue	$	5,395	$	4,698	$	10,093	$	29,102	$	4,037	$	33,139
Sale of products	7,508		2,986		10,494		12,986		12,849		25,835
Product revenue(a)	12,903		7,684		20,587		42,088		16,886		58,974
Service revenue	53,815		35,257		89,072		56,722		35,610		92,332
Spare parts revenue	30,942		30,221		61,163		26,737		25,414		52,151
Total revenue	$	97,660	$	73,162	$	170,822	$	125,547	$	77,910	$	203,457
Six Months Ended June 30,
Project and other manufacturing contracts revenue	$	14,416	$	7,969	$	22,385	$	48,276	$	9,480	$	57,756
Sale of products	15,651		15,344		30,995		29,923		26,043		55,966
Product revenue(a)	30,067		23,313		53,380		78,199		35,523		113,722
Service revenue	97,968		63,113		161,081		98,120		77,720		175,840
Spare parts revenue	70,315		57,367		127,682		56,769		55,556		112,325
Total revenue	$	198,350	$	143,793	$	342,143	$	233,088	$	168,799	$	401,887

(a).Product revenue includes related party revenue.

The following table presents the timing of revenue recognition:


	2026						2025
	ESS		PCS		Total		ESS		PCS		Total

	(in thousands)
Three Months Ended June 30,
Transferred overtime	$	65,013	$	39,955	$	104,968	$	89,340	$	39,647	$	128,987
Transferred at point in time	32,647		33,207		65,854		36,207		38,263		74,470
Total revenue	$	97,660	$	73,162	$	170,822	$	125,547	$	77,910	$	203,457

Six Months Ended June 30,
Transferred overtime	$	125,033	$	71,082	$	196,115	$	162,326	$	87,200	$	249,526
Transferred at point in time	73,317		72,711		146,028		70,762		81,599		152,361
Total revenue	$	198,350	$	143,793	$	342,143	$	233,088	$	168,799	$	401,887

Schedule of Change in Contract Assets and Liabilities

Contract assets consisted of the following:


	June 30, 2026

	(in thousands)
Balance as of January 1, 2026	$	114,918
Additions	140,722
Transfers to accounts receivable	(151,018)

Balance as of June 30, 2026	$	104,622

Contract liabilities consisted of the following:


	June 30, 2026

	(in thousands)
Balance as of January 1, 2026	$	35,249
Additions	88,333
Revenue recognized	(80,802)
Balance as of June 30, 2026	$	42,780

Earnings per Share - Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Mar. 31, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Numerator (in thousands)

Net income (loss)

$ (5,019)

$ 3,875

$ 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

Denominator (actual shares)

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

Effect of dilutive securities (in shares)

309,000

825,000

Weighted-average shares of Class A Common stock outstanding—diluted (in shares)

^[1]

11,971,000

69,355,000

6,688,000

69,355,000

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

[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.

Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities

Other liabilities consisted of the following:


	June 30, 2026		December 31, 2025

	(in thousands)
Pension and other post—retirement liabilities	$	20,321	$	21,142
Deferred tax liabilities	20,982		17,404
Contingent considerations—related party	8,291		8,291
Provisions long-term	1,385		1,227
Tax receivable agreement liability	3,760		—
Other long-term liabilities (a)	6,278		6,259
Total	$	61,017	$	54,323

(a).Other long-term liabilities include $3.7 million of contingent consideration related to the Drillform acquisition, as of both June 30, 2026, and December 31, 2025.

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease cost	$ 2.7	$ 2.7	$ 5.5	$ 5.5

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Pension and other post—retirement liabilities	$ 20,321	$ 21,142
Deferred tax liabilities	20,982	17,404
Provisions long-term	1,385	1,227
Tax receivable agreement liability	3,760	0
Other long-term liabilities	6,278	6,259
Total	61,017	54,323
Related Party
Related Party Transaction [Line Items]
Contingent considerations—related party	8,291	8,291
Tax receivable agreement liability	3,760
Total	8,291	8,291
Contingent consideration	8,291	8,291
Nonrelated Party \| Drillform
Related Party Transaction [Line Items]
Contingent considerations—related party	3,700	3,700
Contingent consideration	$ 3,700	$ 3,700

Leases - Supplemental Consolidated Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Operating lease assets	$ 45,834	$ 48,739
Current operating lease liabilities	6,718	10,470
Non-current operating lease liabilities	40,469	39,922
Total lease liabilities	$ 47,187	$ 50,392

Debt - Short-term and Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Long-term debt, net	$ 197,836	$ 340,083
Current debt, net	1,473	715
Non-current debt, net	$ 196,363	$ 339,368
7.875% Senior Secured Bonds due 2028
Debt Instrument [Line Items]
Stated interest rate	7.875%	7.875%
Long-term debt, net	$ 196,363	$ 195,636
Shareholder Loans
Debt Instrument [Line Items]
Long-term debt, net	0	143,732
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, net	0	0
Credit Line in China
Debt Instrument [Line Items]
Long-term debt, net	$ 1,473	$ 715

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued payroll and employee related liabilities	$ 34,082	$ 38,119
Accrued vendor costs	31,629	38,049
Provisions—warranty	5,813	8,371
Provisions—restructuring	4,100	858
Provisions—environmental	3,219	3,236
Provisions for loss contingencies	759	1,962
Accrued interest	656	646
Accrued sales and other taxes	268	220
Other	4,438	4,319
Accrued expenses	$ 84,964	$ 95,780

Inventories (Tables)

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory, Net of Reserves

Inventories, net of reserves of $96.1 million and $99.9 million as of June 30, 2026 and December 31, 2025, respectively, consisted of the following:


	June 30, 2026		December 31, 2025

	(in thousands)
Stock of raw materials	$	21,299	$	18,550
Work in progress	32,825		29,397
Finished goods	198,068		205,812
Inventories, net	$	252,192	$	253,759

Commitment and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitment and Contingencies

Commitments and Contingencies

We are involved in various claims and legal actions arising in the ordinary course of business. A liability is recognized in our consolidated financial statements when a loss is considered probable and amounts can be reasonably estimated. When a material loss contingency is reasonably possible but not probable, we will disclose the nature of the claim and, if possible, an estimate of the loss or range of loss. We believe it is remote that outcomes of such known matters would have a material adverse impact on our consolidated financial position, results of operations or liquidity.

Restructuring

The Company has taken a substantial workforce decrease and reorganization in recent years, driven by the desire to increase efficiency and flexibility and rationalize its footprint. In January 2025, the Company initiated a restructuring plan primarily focused on global workforce reductions and the reorganization of facilities in Horten and Fornebu, Norway. In June 2026, the Company expanded the scope of this restructuring plan to include the reorganization of its operations in Mexico. These initiatives impacted 195 individuals, comprising 110 employees in Norway, 60 employees in Mexico, and 25 employees in Germany.

For both the three and six months ended June 30, 2026, we recognized restructuring and other expenses of $5.0 million. For the three and six months ended June 30, 2025, restructuring and other expenses were $1.1 million and $4.3 million, respectively, which included $0.7 million and $1.8 million, respectively, in right-of-use (ROU) asset impairment charges.

The following table summarizes the changes to the Company’s provision balance for restructuring and other charges:


	June 30, 2026

	(in thousands)
Balance at the beginning of the period	$	2,085
Additions for costs expensed	5,004
Reductions for payments	(1,546)
Foreign currency translation	(58)
Balance at the end of the period	$	5,485

Other

In the normal course of business with customers, vendors and others, the Company has issued various bank guarantees, such as advance payment guarantees, surety bonds, performance guarantees, bid bonds, customs and tax guarantees to guarantee the Company’s performance as it relates to contracts with customers, contract bidding, customs duties, tax appeals and obligations in various jurisdictions. As of June 30, 2026, the Company had outstanding bank guarantees of $30.1 million. As of June 30, 2026, none of these guarantees either has, or is likely to have, a material impact on the Company’s financial position, results of operations or cash flows as the Company expects to comply with the underlying performance requirements.

Earnings per Share - Additional Information (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025	Jun. 30, 2026	Apr. 01, 2026
HMH Holding B.V. And Subsidiaries
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)			63,783,304
Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)			12,042,625
Shares issuable (in shares)			31,891,652
Class A Common Stock \| IPO
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares issued in 2026 that are excluded from calculation of basis and diluted EPS in 2025	11,200,000	11,200,000
Issued upon completion of IPO and related effect of reorganization (in shares)	11,200,000	11,200,000
Class A Common Stock \| HMH Holding B.V. And Subsidiaries
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)				100
Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)			31,891,652
Class B Common Stock \| HMH Holding B.V. And Subsidiaries
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)				100

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

- Definition

Number of new stock issued during the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and evaluated on a regular basis by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess performance. As of June 30, 2026 and 2025, the Company had two operating segments, ESS and PCS. The Company has identified its reportable segments based on the nature of the products and services, markets served and pricing and go-to-market strategies.

•ESS is a supplier of drilling solutions and complete topside drilling packages and services to both onshore and offshore oil and gas customers. Key product offerings consist of overhaul, equipment installation and commissioning, services account management, 24/7 technical support, logistics, engineering upgrades, spare parts supply and training and condition-based maintenance. The ESS segment is derived from the acquisition of MHWirth AS.

•PCS is a supplier of integrated drilling products and services. Key product offerings consist of blowout preventer systems, controls and drilling riser equipment, spare parts supply for rig operations and maintenance programs, overhaul and recertification and reactivation of rigs and technical and operational rig support. The PCS segment is derived from the acquisition of Subsea Drilling Systems.

In addition to its reportable segments, the Company has corporate operations (Headquarters) which include general corporate expenses. Headquarters includes certain corporate stewardship items discussed below necessary to reconcile the reportable segments to the Company’s total amounts.

The CODM, who is the Company’s Chief Executive Officer, uses segment operating income as the primary financial measure to evaluate segment performance. Segment operating income is defined as income before taxes (excluding certain corporate stewardship costs which are not allocable to the segments, such as legal, certain corporate finance functions and centrally managed initiatives, other non-operating items, and depreciation and amortization related to certain long-lived assets, including the headquarters office space), net other operating expenses (income), net foreign currency gain (loss), net other non-operating income (loss), and net interest income (expense). Inter-segment pricing is determined on an arm’s length basis. The CODM uses segment operating income in the budget and forecasting process and to monitor budget versus actual results, which are used in assessing the performance of the segments and to allocate resources to the segments. Segment assets are not reported to, or used by, the CODM to allocate resources to or assess performance of the Company’s segments.

The following table presents the reconciliation of reportable segment revenues:


	2026						2025
	ESS		PCS		Total		ESS		PCS		Total

Three Months Ended June 30,	(in thousands)
Revenues from external customers	$	97,660	$	73,162	$	170,822	$	125,547	$	77,910	$	203,457
Intersegment revenue	2,766		2,265		5,031		2,690		3,541		6,231
Total segment revenue	$	100,426	$	75,427	$	175,853	$	128,237	$	81,451	$	209,688
Elimination of intersegment revenue					(5,031)						(6,231)
Total consolidated revenue					$	170,822					$	203,457

Six Months Ended June 30,
Revenues from external customers	$	198,350	$	143,793	$	342,143	$	233,088	$	168,799	$	401,887
Intersegment revenue	8,015		5,884		13,899		4,808		6,773		11,581
Total segment revenue	$	206,365	$	149,677	$	356,042	$	237,896	$	175,572	$	413,468
Elimination of intersegment revenue					(13,899)						(11,581)
Total consolidated revenue					$	342,143					$	401,887

The following table presents the reconciliation of segment performance:


	Three Months Ended June 30, 2026						Three Months Ended June 30, 2025
	ESS		PCS		Total		ESS		PCS		Total

	(in thousands)
Revenues from external customers(a)	$	97,660	$	73,162			$	125,547	$	77,910
Cost of sales	(64,585)		(44,939)				(94,696)		(56,849)
Selling, general and administrative expenses	(29,868)		(27,536)				(18,166)		(8,656)
Research and development expenses	(442)		(329)				(721)		72
Restructuring and other expenses(b)	(261)		(4,743)				(1,072)		—
Total segment operating income (loss)	$	2,504	$	(4,385)	$	(1,881)	$	10,892	$	12,477	$	23,369
Unallocated corporate costs(c)					(2,950)						(2,619)
Foreign currency gain (loss)					(591)						2,948
Other non-operating income (loss)					(158)						334
Interest expense					(3,945)						(9,106)
Income (loss) before income taxes					$	(9,525)					$	14,926


	Six Months Ended June 30, 2026						Six Months Ended June 30, 2025
	ESS		PCS		Total		ESS		PCS		Total

	(in thousands)
Revenues from external customers(a)	$	198,350	$	143,793			$	233,088	$	168,799
Cost of sales	(132,845)		(93,312)				(170,410)		(123,018)
Selling, general and administrative expenses	(45,376)		(43,890)				(38,064)		(23,245)
Research and development expenses	(685)		(500)				(1,235)		(445)
Restructuring and other expenses(b)	(261)		(4,743)				(3,951)		(392)
Total segment operating income (loss)	$	19,183	$	1,348	$	20,531	$	19,428	$	21,699	$	41,127
Unallocated corporate costs(c)					(6,199)						(4,370)
Foreign currency gain (loss)					(2,819)						6,941
Other non-operating income (loss)					(413)						647
Interest expense					(10,898)						(18,285)
Income (loss) before income taxes					$	202					$	26,060

(a)As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources.

(b) Restructuring and other expenses consist of severance costs primarily related to workforce reductions and impairment of right-of-use assets.

(c) Unallocated corporate costs include certain centralized corporate stewardship costs that are not allocable to the segments and are included in Selling, general and administrative expenses in our Condensed Consolidated Statements of Income.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

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+ Details

Inventories - Net of Reserves (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Stock of raw materials	$ 21,299	$ 18,550
Work in progress	32,825	29,397
Finished goods	198,068	205,812
Inventories, net	$ 252,192	$ 253,759

Other Current Liabilities

6 Months Ended

Jun. 30, 2026

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Other current liabilities consisted of the following:


	June 30, 2026		December 31, 2025

	(in thousands)
Income tax payable	$	7,314	$	12,388
Operating lease liability	6,718		10,470
Public duties and taxes	7,697		8,050
External derivative financial liabilities	2,393		555
Withheld taxes and other deductions	526		3,692

Other	—		427
Other current liabilities	$	24,648	$	35,582

Accrued Expenses

Accrued expenses consisted of the following:


	June 30, 2026		December 31, 2025

	(in thousands)
Accrued payroll and employee related liabilities	$	34,082	$	38,119
Accrued vendor costs	31,629		38,049
Provisions—warranty	5,813		8,371
Provisions—restructuring	4,100		858
Provisions—environmental(a)	3,219		3,236
Provisions for loss contingencies	759		1,962
Accrued interest	656		646
Accrued sales and other taxes	268		220
Other	4,438		4,319
Accrued expenses	$	84,964	$	95,780

The following table describes the changes to the Company’s warranty liability:


	June 30, 2026
	(in thousands)
Balance as of January 1, 2026	$	8,371
Accrued expense	797
Payments	(1,045)

Provision reversed during the period	(2,264)
Currency translation differences	(46)
Balance as of June 30, 2026	$	5,813

Employee Benefit Expenses

6 Months Ended

Jun. 30, 2026

Retirement Benefits [Abstract]

Employee Benefit Expenses

The components of net periodic cost recognized in Selling, general and administrative expenses in our Condensed Consolidated Statements of Income consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

	(in thousands)
Service cost	$	43	$	125	$	83	$	246
Interest cost	175		182		345		357
Amortization of net actuarial loss	7		22		15		44
Net periodic cost	$	225	$	329	$	443	$	647

- Definition

The entire disclosure for defined benefit plan.

+ References

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

Commitment and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Summary of Changes in the Provision Balance for Restructuring and Other Charges

The following table summarizes the changes to the Company’s provision balance for restructuring and other charges:


	June 30, 2026

	(in thousands)
Balance at the beginning of the period	$	2,085
Additions for costs expensed	5,004
Reductions for payments	(1,546)
Foreign currency translation	(58)
Balance at the end of the period	$	5,485

Debt - Additional Information (Details) - 7.875% Senior Secured Bonds due 2028 - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Stated interest rate	7.875%	7.875%
Long-term debt, fair value	$ 205.0	$ 204.5

- 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

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The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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+ Details

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]

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Description of Business HMH Holding Inc. (“HMH,” the “Company,” “we,” “us” or “our”) is a leading global provider of offshore and onshore drilling equipment and services. We were incorporated in the State of Delaware on April 29, 2024 as a holding entity with an intent to complete our initial public offering (“IPO”) and other related transactions in order to carry on business of HMH Holding B.V. ("HMH B.V."). HMH B.V. was operationally established with effect from October 1, 2021, through its acquisition of all shares in the MHWirth business from Akastor ASA and the Subsea Drilling Systems business from Baker Hughes Company. After these transactions, the shareholders of HMH B.V. were Baker Hughes Holdings LLC (50%), Akastor AS (25%) and Mercury HoldCo Inc. (25%). Baker Hughes Holdings LLC is a wholly owned subsidiary of Baker Hughes Company (together with Baker Hughes Holdings LLC, “Baker Hughes”), and Akastor AS and Mercury HoldCo Inc. are wholly owned subsidiaries of Akastor ASA (together with Akastor AS, Mercury HoldCo AS and Mercury HoldCo Inc., “Akastor”). Initial Public Offering On April 2, 2026, we completed our IPO of our Class A common stock, par value $0.01 per share (“Class A common stock”), and received net proceeds of approximately $197.8 million after deducting the underwriters’ discounts and offering fees of $12.6 million. We also granted the IPO underwriters a 30-day over-allotment option to purchase additional shares of Class A common stock on the same terms. On April 30, 2026, the underwriters partially exercised the option, resulting in additional net proceeds of $12.9 million, after deducting the underwriters’ discounts and offering fees of $0.8 million. Corporate Reorganization We used approximately $39.5 million of the net proceeds from the IPO as the cash consideration to purchase an aggregate of 2,100,000 voting Class A ordinary shares of HMH B.V., par value $0.01 per share (“B.V. Voting Class A Shares”), and 2,100,000 voting Class B ordinary shares of HMH B.V., par value $0.01 per share (“B.V. Voting Class B Shares” and, together with B.V. Voting Class A Shares, the “B.V. Voting Shares”), from Baker Hughes and Akastor (collectively referred to as the “Principal Stockholders”). On April 2, 2026, we contributed all of the remaining net proceeds from the IPO to HMH B.V. in exchange for a number of B.V. Voting Class A Shares and B.V. Voting Class B Shares such that the number of B.V. Voting Class A Shares and B.V. Voting Class B Shares, respectively, held by the Company, taking into account the B.V. Voting Class A Shares and B.V. Voting Class B Shares acquired by the Company from the Principal Stockholders, equals the number of shares of Class A common stock sold by us in the IPO. On May 5, 2026, we contributed all of the net proceeds from the underwriters’ exercise of the over-allotment option to HMH B.V. in exchange for an additional 685,844 B.V. Voting Class A Shares and 685,844 B.V. Voting Class B Shares. HMH B.V. used such additional net proceeds to purchase in equal proportion from Baker Hughes and Akastor, respectively, an aggregate number of shares of the Company’s Class B common stock, par value $0.01 per share (“Class B common stock”), non-voting Class A ordinary shares of HMH B.V. (“B.V. Non-Voting Class A Shares”) and non-voting Class B ordinary shares of HMH B.V. (“B.V. Non-Voting Class B Shares” and, together with the B.V. Non-Voting Class A Shares, the “B.V. Non-Voting Shares”), respectively, equal to the number of shares of the Company’s Class A common stock purchased by the underwriters pursuant to the exercise of the option. After giving effect to these transactions, including the shares of the Company’s Class A common stock issuable upon the consummation of the IPO pursuant to equity awards granted to employees that vested in connection with the IPO, Baker Hughes and Akastor each owned 15,945,826 shares of the Company’s Class B common stock, collectively representing approximately 73% of the total voting power of our capital stock, and each owned 15,945,826 non-voting Class A ordinary shares of HMH B.V. and 15,945,826 non-voting Class B ordinary shares of HMH B.V., collectively representing approximately a 73% equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V. Immediately following the underwriters’ exercise of the over-allotment option, the investors in the IPO, collectively, owned all of the shares of the Company’s Class A common stock, representing approximately 27% of the total voting power of our capital stock. Basis of Presentation The accompanying condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These statements, therefore, should be read in conjunction with the consolidated financial statements and related notes of HMH B.V. for the year ended December 31, 2025 included in the final prospectus of HMH Holding dated March 31, 2026 and filed with the SEC on April 1, 2026. The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of our consolidated financial position as of June 30, 2026 and December 31, 2025 and the consolidated results of operations and cash flows for the three and six months ended June 30, 2026 and 2025. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. Immediately following the closing of the IPO, we are the successor to HMH B.V. for financial reporting purposes. Subsequent to the IPO, the Company’s sole material asset is its equity interest in HMH B.V. As the sole managing member and holder of 100% of the voting interest of HMH B.V., we operate and control all of its business and affairs and therefore consolidate its results for financial reporting purposes. The reorganization transactions are accounted for as a reorganization of entities under common control. Accordingly, the condensed consolidated financial statements have been retrospectively presented to reflect the assets and liabilities received in the Corporate Reorganization at HMH B.V.'s historical carrying amounts, as if the common control transaction had occurred on January 1, 2025, the earliest period presented. Certain amounts in prior periods have been reclassified to conform with current period presentation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Although management believes these assumptions to be reasonable, given historical experience, actual amounts and results could differ from these estimates. Estimates are used for, but are not limited to, determining the following: allowance for credit losses and inventory valuation reserves; recoverability of long-lived assets; revenue recognition on long-term contracts; valuation of goodwill; useful lives used in depreciation and amortization; income taxes and related valuation allowances; accruals for contingencies; actuarial assumptions to determine costs and liabilities related to employee benefit plans; stock-based compensation expense; valuation of derivatives; and the fair value of assets acquired and liabilities assumed in business combinations. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. Offering Costs In connection with our IPO, HMH B.V. and its affiliates incurred accounting, legal and other costs, which were reimbursed by us. Such costs were recorded as a reduction to equity against the proceeds from the IPO. Deferred offering costs of $21.3 million and $26.2 million were recognized in Prepaids and other current assets in our Condensed Consolidated Balance Sheets as of December 31, 2025 and at the IPO date of April 2, 2026, respectively. Share-based Compensation We account for share-based compensation awards granted to employees, directors, and non-employees in accordance with ASC 718, Compensation—Stock Compensation based on the estimated grant date fair value and recognize the expense over the requisite service period, net of actual forfeitures. The fair value of restricted stock awards and restricted stock units (“RSUs”) is determined based on the closing price of our common stock on the date of grant and the fair value of performance share units (“PSUs”) is measured using a Monte Carlo simulation model. The fair value of RSUs and PSUs granted prior to the IPO was determined with the assistance of independent third-party valuations. These awards were contingent upon a liquidity event, which is defined as an IPO or a change of control (each as defined in the applicable award agreement) of the Company and the completion of a service period. The performance condition related to these awards was met upon the commencement of trading of our Class A common stock on The Nasdaq Global Select Market. For the three and six months ended June 30, 2026, we recognized share-based compensation of $22.8 million, including $22.5 million related to pre-IPO share-based awards. Concentration Risk During the three months ended June 30, 2026, two customers accounted for approximately 11.7% and 10.6% of total revenue compared to two customers accounting for approximately 14.1% and 11.7% during the three months ended June 30, 2025. During the six months ended June 30, 2026, two customers accounting for approximately 12.1% and 11.0% of total revenue compared to two customers accounted for 14.2% and 10.3% during the six months ended June 30, 2025. The revenue associated with these customers was included in both Equipment and System Solutions (“ESS”) and Pressure Control Systems (“PCS”) revenue. As of June 30, 2026, two customers accounted for approximately 19.4% and 10.2% of current accounts receivable. As of December 31, 2025, one customer accounted for approximately 11.2% of current accounts receivable. The Company expects to maintain its relationship with these customers. New Accounting Standards to be Adopted As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (the “JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The JOBS Act does not preclude an EGC from early adopting new or revised accounting standards codification. The Company has elected to use extended transition periods permissible under the JOBS Act, while also early adopting certain accounting pronouncements. The adoption dates discussed below reflect these elections. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company prospectively for all annual periods beginning after December 15, 2025. The Company is currently evaluating the impact of this standard on its disclosures. In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses (Subtopic 220-40).” The ASU requires public entities to disaggregate, in a tabular presentation, certain income statement expenses into different categories, such as purchases of inventory, employee compensation, depreciation and intangible asset amortization. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and may be applied retrospectively. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related 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”). Under the new guidance, internal-use software costs are capitalized when management has authorized and committed to funding the project and it is probable that the software will be completed and used for its intended function. ASU 2025-06 is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related disclosures. In November 2025, the FASB issued ASU 2025-09, “Hedge Accounting Improvements” (“ASU 2025-09”). The new guidance provides targeted improvements to the hedge accounting guidance to primarily address cash flow hedging, but also impact certain fair value and net investment hedges, including (i) permitting designation of variable price components of forecasted purchases or sales of nonfinancial assets when clearly and closely related to the underlying asset, (ii) allowing groups of forecasted transactions with similar risk exposures (including those based on different interest rate indexes) to be hedged together, and (iii) introducing a model for cash flow hedges of forecasted interest payments on “choose-your-rate” debt instruments that permits a borrower to change the designated interest rate index and/or tenor without automatically discontinuing hedge accounting. ASU 2025-09 is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-09 on its consolidated financial statements and related disclosures.

Segment Information - Reconciliation of Reportable Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Total revenue	$ 170,822	$ 203,457	$ 342,143	$ 401,887
Intersegment Eliminations
Segment Reporting [Line Items]
Total revenue	(5,031)	(6,231)	(13,899)	(11,581)
Operating Segments
Segment Reporting [Line Items]
Total revenue	175,853	209,688	356,042	413,468
ESS
Segment Reporting [Line Items]
Total revenue	97,660	125,547	198,350	233,088
ESS \| Intersegment Eliminations
Segment Reporting [Line Items]
Total revenue	(2,766)	(2,690)	(8,015)	(4,808)
ESS \| Operating Segments
Segment Reporting [Line Items]
Total revenue	100,426	128,237	206,365	237,896
PCS
Segment Reporting [Line Items]
Total revenue	73,162	77,910	143,793	168,799
PCS \| Intersegment Eliminations
Segment Reporting [Line Items]
Total revenue	(2,265)	(3,541)	(5,884)	(6,773)
PCS \| Operating Segments
Segment Reporting [Line Items]
Total revenue	$ 75,427	$ 81,451	$ 149,677	$ 175,572

- Definition

Amount, including 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.

+ References

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- 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.

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+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Jul. 31, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-43221
Entity Registrant Name	HMH Holding Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-2746883
Entity Address, Address Line One	3300 North Sam Houston Parkway East
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77032
City Area Code	(281)
Local Phone Number	449-2000
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	HMH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0002021880
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,042,625
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		31,891,652

Goodwill

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill

The changes in carrying value of goodwill are detailed by segment below:


	ESS		PCS		Total

	(in thousands)
Balance as of January 1, 2026	$	187,788	$	119,226	$	307,014
Acquisition and purchase accounting adjustments(a)	770		—		770
Currency translation differences	170		—		170
Balance as of June 30, 2026	$	188,728	$	119,226	$	307,954

- Definition

The entire disclosure for goodwill.

+ References + Details

Share-based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	2,200,000		2,200,000		1,500,714
Shares available for issuance (in shares)	1,400,000		1,400,000
Annual increase percentage (up to)			5.00%
Share-based compensation	$ 22,800		$ 22,800
Selling, general and administrative expenses	60,354	$ 29,441	95,465	$ 65,679
Total cost of sales	109,524	$ 151,545	226,157	$ 293,428
Unrecognized compensation cost	18,600		$ 18,600
Recognition period			2 years 6 months 7 days
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfGoodsAndServicesSold
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation	500		$ 500
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation	$ 22,300		$ 22,300
Restricted common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			3 years
Performance Share Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			3 years
Performance period			3 years
Performance Share Units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Payout percentage			0.00%
Performance Share Units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Payout percentage			200.00%

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These statements, therefore, should be read in conjunction with the consolidated financial statements and related notes of HMH B.V. for the year ended December 31, 2025 included in the final prospectus of HMH Holding dated March 31, 2026 and filed with the SEC on April 1, 2026. The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of our consolidated financial position as of June 30, 2026 and December 31, 2025 and the consolidated results of operations and cash flows for the three and six months ended June 30, 2026 and 2025. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. Immediately following the closing of the IPO, we are the successor to HMH B.V. for financial reporting purposes. Subsequent to the IPO, the Company’s sole material asset is its equity interest in HMH B.V. As the sole managing member and holder of 100% of the voting interest of HMH B.V., we operate and control all of its business and affairs and therefore consolidate its results for financial reporting purposes. The reorganization transactions are accounted for as a reorganization of entities under common control. Accordingly, the condensed consolidated financial statements have been retrospectively presented to reflect the assets and liabilities received in the Corporate Reorganization at HMH B.V.'s historical carrying amounts, as if the common control transaction had occurred on January 1, 2025, the earliest period presented.
Reclassification	Certain amounts in prior periods have been reclassified to conform with current period presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Although management believes these assumptions to be reasonable, given historical experience, actual amounts and results could differ from these estimates. Estimates are used for, but are not limited to, determining the following: allowance for credit losses and inventory valuation reserves; recoverability of long-lived assets; revenue recognition on long-term contracts; valuation of goodwill; useful lives used in depreciation and amortization; income taxes and related valuation allowances; accruals for contingencies; actuarial assumptions to determine costs and liabilities related to employee benefit plans; stock-based compensation expense; valuation of derivatives; and the fair value of assets acquired and liabilities assumed in business combinations. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.
Offering Costs	Offering Costs In connection with our IPO, HMH B.V. and its affiliates incurred accounting, legal and other costs, which were reimbursed by us. Such costs were recorded as a reduction to equity against the proceeds from the IPO. Deferred offering costs of $21.3 million and $26.2 million were recognized in Prepaids and other current assets in our Condensed Consolidated Balance Sheets as of December 31, 2025 and at the IPO date of April 2, 2026, respectively.
Share-based Compensation	Share-based Compensation We account for share-based compensation awards granted to employees, directors, and non-employees in accordance with ASC 718, Compensation—Stock Compensation based on the estimated grant date fair value and recognize the expense over the requisite service period, net of actual forfeitures. The fair value of restricted stock awards and restricted stock units (“RSUs”) is determined based on the closing price of our common stock on the date of grant and the fair value of performance share units (“PSUs”) is measured using a Monte Carlo simulation model. The fair value of RSUs and PSUs granted prior to the IPO was determined with the assistance of independent third-party valuations. These awards were contingent upon a liquidity event, which is defined as an IPO or a change of control (each as defined in the applicable award agreement) of the Company and the completion of a service period. The performance condition related to these awards was met upon the commencement of trading of our Class A common stock on The Nasdaq Global Select Market. For the three and six months ended June 30, 2026, we recognized share-based compensation of $22.8 million, including $22.5 million related to pre-IPO share-based awards.
New Accounting Standards to be Adopted	New Accounting Standards to be Adopted As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (the “JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The JOBS Act does not preclude an EGC from early adopting new or revised accounting standards codification. The Company has elected to use extended transition periods permissible under the JOBS Act, while also early adopting certain accounting pronouncements. The adoption dates discussed below reflect these elections. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company prospectively for all annual periods beginning after December 15, 2025. The Company is currently evaluating the impact of this standard on its disclosures. In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses (Subtopic 220-40).” The ASU requires public entities to disaggregate, in a tabular presentation, certain income statement expenses into different categories, such as purchases of inventory, employee compensation, depreciation and intangible asset amortization. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and may be applied retrospectively. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related 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”). Under the new guidance, internal-use software costs are capitalized when management has authorized and committed to funding the project and it is probable that the software will be completed and used for its intended function. ASU 2025-06 is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related disclosures. In November 2025, the FASB issued ASU 2025-09, “Hedge Accounting Improvements” (“ASU 2025-09”). The new guidance provides targeted improvements to the hedge accounting guidance to primarily address cash flow hedging, but also impact certain fair value and net investment hedges, including (i) permitting designation of variable price components of forecasted purchases or sales of nonfinancial assets when clearly and closely related to the underlying asset, (ii) allowing groups of forecasted transactions with similar risk exposures (including those based on different interest rate indexes) to be hedged together, and (iii) introducing a model for cash flow hedges of forecasted interest payments on “choose-your-rate” debt instruments that permits a borrower to change the designated interest rate index and/or tenor without automatically discontinuing hedge accounting. ASU 2025-09 is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-09 on its consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt


	Debt outstanding
	June 30, 2026		December 31, 2025		Maturity

	(in thousands)
7.875% Senior Secured Bonds due 2028	196,363		195,636		Dec 2028
Shareholder Loans	—		143,732		Dec 2028
Revolving Credit Facility	—		—
Credit Line in China (a)	1,473		715
Total debt, net	197,836		340,083
Current debt, net	1,473		715
Non-current debt, net	196,363		339,368
Total debt, net	$	197,836	$	340,083

(a).Expired on March 26, 2026, with the Company retaining a one-year period from each respective withdrawal date to remit payment.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - shares shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025
IPO \| Class A Common Stock
Statement [Line Items]
Stock issued during period, shares, new issues (in shares)	11.2	11.2

- 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.

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+ Details

- Definition

Number of new stock issued during the period.

+ References

+ Details

Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Derivative financial instruments—not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loss related to non-designated hedges	$ 0.0	$ 1.5

- 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

Share-based Compensation - Weighted Average Assumptions (Details) - Performance Share Units	6 Months Ended
	Jun. 30, 2026 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk free interest rate	4.15%
Stock price volatility	56.00%
Contracted term in years	3 years
Expected dividend yield	0.00%
Grant date price of HMH common stock (in dollars per share)	$ 18.66

- 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.

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Related Party Transactions

The following tables set forth a summary of transactions and balances with significant related parties:


	Baker Hughes Holdings LLC		Akastor AS		Other Baker Hughes companies		Other Akastor companies		Tanajib Holding Company		Total

	(in thousands)
Condensed Consolidated Statements of Income
Three Months Ended June 30, 2026
Revenue	$	—	$	—	$	47	$	513	$	—	$	560
Interest expense, net	(49)		(13)		—		—		—		(62)
Six Months Ended June 30, 2026
Revenue	$	—	$	—	$	175	$	712	$	—	$	887
Interest expense, net	(2,182)		(538)		—		—		—		(2,720)
Condensed Consolidated Balance Sheets
As of June 30, 2026
Related party accounts receivable	$	—	$	—	$	1,305	$	300	$	—	$	1,605
Related party notes receivable—current	—		1,544		—		—		2,813		4,357
Related party notes receivable	—		19,056		—		—		3,600		22,656
Accounts payable—related party	—		—		—		13		—		13

Tax receivable agreement liability	1,880		—		—		1,880		—		3,760
Other liabilities	384		7,907		—		—		—		8,291


	Baker Hughes Holdings LLC		Akastor AS		Other Baker Hughes companies		Other Akastor companies		Tanajib Holding Company		Total

	(in thousands)
Condensed Consolidated Statements of Income
Three Months Ended June 30, 2025
Revenue	$	—	$	—	$	49	$	113	$	—	$	162
Interest expense, net	(2,031)		(486)		—		—		—		(2,517)
Six Months Ended June 30, 2025
Revenue	$	—	$	—	$	74	$	178	$	—	$	252
Interest expense, net	(4,001)		(956)		—		—		—		(4,957)
Condensed Consolidated Balance Sheets
As of December 31, 2025
Related party accounts receivable	$	—	$	424	$	942	$	133	$	—	$	1,499
Related party notes receivable—current	—		1,544		—		—		2,109		3,653
Related party notes receivable	4,654		24,545		—		—		4,405		33,604
Accounts payable—related party	—		—		102		5		—		107
Long-term debt, net—related party	112,471		31,261		—		—		—		143,732
Other liabilities	384		7,907		—		—		—		8,291

Accrued Expenses - Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance as of January 1, 2026			$ 8,371
Accrued expense	$ 400	$ 400	797	$ 2,700
Payments			(1,045)
Provision reversed during the period			(2,264)
Currency translation differences			(46)
Balance as of June 30, 2026	$ 5,813		$ 5,813

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

The following table reconciles the figures used to calculate basic and diluted net income (loss) per share for common stock:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

	(in thousands)
Numerator (in thousands)
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 attributable to HMH Holding Inc.	$	4,976	$	8,949	$	8,424	$	15,061
Denominator (actual shares)
Weighted-average shares of common stock for HMH and HMH B.V. outstanding—basic	11,662		69,355		5,863		69,355
Effect of dilutive securities	309		—		825		—
Weighted-average shares of common stock outstanding—diluted	11,971		69,355		6,688		69,355

Net income (loss) per share of common stock (actual)
Basic	$	0.43	$	0.13	$	1.44	$	0.22
Diluted	$	0.42	$	0.13	$	1.26	$	0.22

Schedule of Potential Common Shares Excluded from Diluted Share Calculation

The following table details the actual potential common shares excluded from the diluted share calculation because their effect would be anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025

Restricted common stock	—	—	—	—
Performance share units	10,168	—	4,804	—

Employee Benefit Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Retirement Benefits [Abstract]
Service cost	$ 43	$ 125	$ 83	$ 246
Interest cost	175	182	345	357
Amortization of net actuarial loss	7	22	15	44
Net periodic cost	$ 225	$ 329	$ 443	$ 647

Financial Instruments - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total assets	$ 508	$ 1,402
Total liabilities	2,393	555
Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total assets	0	0
Total liabilities	0	0
Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total assets	508	1,402
Total liabilities	2,393	555
Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total assets	0	0
Total liabilities	0	0
Derivative financial instruments—designated as cash flow hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative financial instruments	63	1,262
Derivative financial instruments	18	35
Derivative financial instruments—designated as cash flow hedging instruments \| Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative financial instruments	0	0
Derivative financial instruments	0	0
Derivative financial instruments—designated as cash flow hedging instruments \| Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative financial instruments	63	1,262
Derivative financial instruments	18	35
Derivative financial instruments—designated as cash flow hedging instruments \| Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative financial instruments	0	0
Derivative financial instruments	0	0
Derivative financial instruments—not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative financial instruments	445	140
Derivative financial instruments	2,375	520
Derivative financial instruments—not designated as hedging instruments \| Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative financial instruments	0	0
Derivative financial instruments	0	0
Derivative financial instruments—not designated as hedging instruments \| Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative financial instruments	445	140
Derivative financial instruments	2,375	520
Derivative financial instruments—not designated as hedging instruments \| Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative financial instruments	0	0
Derivative financial instruments	$ 0	$ 0

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Disaggregated Revenue

The Company disaggregates revenue from contracts with customers by revenue type for both its ESS and PCS segments, as it believes this best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors.

The following tables present revenue from contracts with customers:


	2026						2025
	ESS		PCS		Total		ESS		PCS		Total

	(in thousands)
Three Months Ended June 30,
Project and other manufacturing contracts revenue	$	5,395	$	4,698	$	10,093	$	29,102	$	4,037	$	33,139
Sale of products	7,508		2,986		10,494		12,986		12,849		25,835
Product revenue(a)	12,903		7,684		20,587		42,088		16,886		58,974
Service revenue	53,815		35,257		89,072		56,722		35,610		92,332
Spare parts revenue	30,942		30,221		61,163		26,737		25,414		52,151
Total revenue	$	97,660	$	73,162	$	170,822	$	125,547	$	77,910	$	203,457
Six Months Ended June 30,
Project and other manufacturing contracts revenue	$	14,416	$	7,969	$	22,385	$	48,276	$	9,480	$	57,756
Sale of products	15,651		15,344		30,995		29,923		26,043		55,966
Product revenue(a)	30,067		23,313		53,380		78,199		35,523		113,722
Service revenue	97,968		63,113		161,081		98,120		77,720		175,840
Spare parts revenue	70,315		57,367		127,682		56,769		55,556		112,325
Total revenue	$	198,350	$	143,793	$	342,143	$	233,088	$	168,799	$	401,887

(a).Product revenue includes related party revenue.

The following table presents the timing of revenue recognition:


	2026						2025
	ESS		PCS		Total		ESS		PCS		Total

	(in thousands)
Three Months Ended June 30,
Transferred overtime	$	65,013	$	39,955	$	104,968	$	89,340	$	39,647	$	128,987
Transferred at point in time	32,647		33,207		65,854		36,207		38,263		74,470
Total revenue	$	97,660	$	73,162	$	170,822	$	125,547	$	77,910	$	203,457

Six Months Ended June 30,
Transferred overtime	$	125,033	$	71,082	$	196,115	$	162,326	$	87,200	$	249,526
Transferred at point in time	73,317		72,711		146,028		70,762		81,599		152,361
Total revenue	$	198,350	$	143,793	$	342,143	$	233,088	$	168,799	$	401,887

Contract assets consisted of the following:


	June 30, 2026

	(in thousands)
Balance as of January 1, 2026	$	114,918
Additions	140,722
Transfers to accounts receivable	(151,018)

Balance as of June 30, 2026	$	104,622

Contract liabilities consisted of the following:


	June 30, 2026

	(in thousands)
Balance as of January 1, 2026	$	35,249
Additions	88,333
Revenue recognized	(80,802)
Balance as of June 30, 2026	$	42,780

Revenue recognized during the six months ended June 30, 2026 and 2025 that was included in the contract liabilities balance at the beginning of such periods was $20.9 million and $33.7 million, respectively.

Transaction Price Allocated to the Remaining Performance Obligations

As of June 30, 2026, the aggregate amount of the transaction price allocated to the unsatisfied or partially unsatisfied performance obligations was $414.4 million. As of June 30, 2026, the Company expected to recognize substantially all of the revenue from the total remaining performance obligations over the next 12 months. Contract modifications could affect both the timing to complete as well as the amount to be received as the Company fulfills the related remaining performance obligations.

- 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

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Supplemental Consolidated Balance Sheet Information Related to Leases

The following table sets forth supplemental Condensed Consolidated Balance Sheets information related to leases:


	Classification	June 30, 2026		December 31, 2025

		(in thousands)
Assets:
Operating lease assets	Right-of-use assets	$	45,834	$	48,739
Total lease assets		$	45,834	$	48,739
Liabilities:
Current:
Operating	Other current liabilities	$	6,718	$	10,470
Noncurrent:
Operating	Noncurrent lease liabilities	40,469		39,922
Total lease liabilities		$	47,187	$	50,392

Revenue from Contracts with Customers - Additional Information (Details) $ in Millions	Jun. 30, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 414.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, period	12 months

Equity - Additional Information (Details) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended
	May 05, 2026 USD ($) $ / shares shares	Apr. 30, 2026 USD ($)	Apr. 02, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Apr. 01, 2026 € / shares shares
Noncontrolling Interest [Line Items]
Preferred stock, shares authorized (in shares)				10,000,000	10,000,000
Stock issuance costs \| $					$ 10,380	$ 0
Shares repurchased \| $				$ 12,894	12,894
Effect of the Corporate Reorganization Transactions \| $				0	0
Non-controlling interest
Noncontrolling Interest [Line Items]
Shares repurchased \| $				13,518	13,518
Effect of the Corporate Reorganization Transactions \| $				$ 642,112	$ 642,112
Baker Hughes And Akastor
Noncontrolling Interest [Line Items]
Voting power percentage			0.00%
Equity interest percentage			73.00%
HMH Holding B.V. And Subsidiaries
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)				63,783,304	63,783,304
Stock split, conversion ratio					346,774.96
HMH Holding B.V. And Subsidiaries \| Baker Hughes And Akastor
Noncontrolling Interest [Line Items]
Voting power percentage			0.00%
Equity interest percentage			73.00%
Class A Common Stock
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)				12,042,625	12,042,625
Common stock, par value (in usd per share) \| $ / shares			$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)				1,000,000,000	1,000,000,000
Common Stock, Conversion Ratio				1	1
Shares repurchased (in shares)	685,844		2,100,000
Equity-based compensation (in shares)			836,781
Shares issuable (in shares)				31,891,652	31,891,652
Class A Common Stock \| Baker Hughes Holdings LLC
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)			15,945,826
Class A Common Stock \| Akastor AS
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)			15,945,826
Class A Common Stock \| IPO
Noncontrolling Interest [Line Items]
Shares issued (in shares)			10,520,000
Net proceeds \| $			$ 197,800
Stock issuance costs \| $			$ 12,600
Class A Common Stock \| Over-Allotment Option
Noncontrolling Interest [Line Items]
Net proceeds \| $		$ 12,900
Stock issuance costs \| $		$ 800
Shares repurchased \| $	$ 12,900
Class A Common Stock \| HMH Holding B.V. And Subsidiaries
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)							100
Common stock, par value (in usd per share) \| € / shares							€ 1.00
Conversion of stock, shares converted (in shares)			32,577,496		32,577,496
Shares issued (in shares)			8,420,000
Class A Common Stock \| HMH Holding B.V. And Subsidiaries \| Baker Hughes Holdings LLC
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)			15,945,826	17,338,748	17,338,748
Class A Common Stock \| HMH Holding B.V. And Subsidiaries \| Akastor AS
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)			15,945,826	17,338,748	17,338,748
Class B Common Stock
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)				31,891,652	31,891,652
Common stock, par value (in usd per share) \| $ / shares	$ 0.01		$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)				500,000,000	500,000,000
Conversion of stock, shares issued (in shares)			32,577,496
Shares repurchased (in shares)	685,844		2,100,000
Class B Common Stock \| Baker Hughes And Akastor
Noncontrolling Interest [Line Items]
Voting power percentage			73.00%
Class B Common Stock \| Baker Hughes Holdings LLC
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)			15,945,826
Class B Common Stock \| Akastor AS
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)			15,945,826
Class B Common Stock \| HMH Holding B.V. And Subsidiaries
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)							100
Common stock, par value (in usd per share) \| € / shares							€ 1.00
Conversion of stock, shares converted (in shares)			32,577,496		32,577,496
Shares issued (in shares)			8,420,000
Class B Common Stock \| HMH Holding B.V. And Subsidiaries \| Baker Hughes Holdings LLC
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)			15,945,826	17,338,748	17,338,748
Class B Common Stock \| HMH Holding B.V. And Subsidiaries \| Akastor AS
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)			15,945,826	17,338,748	17,338,748

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (5,019)	$ 9,768	$ (1,144)	$ 15,646
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(2,017)	9,915	3,995	20,710
Derivatives designated as cash flow hedges
Effect of changes in fair value of cash flow hedges	(59)	90	(560)	4,006
Tax benefit (expense) on effect of changes in cash flow hedges	13	(98)	123	(881)
Net change in fair value of cash flow hedges, after taxes	(46)	(8)	(437)	3,125
Benefit plans
Effect of changes in benefit plans	109	(1,537)	81	(2,015)
Tax benefit (expense) on effect of changes in benefit plans	(27)	415	(20)	544
Net effect of changes in benefit plans, after taxes	82	(1,122)	61	(1,471)
Total other comprehensive income (loss)	(1,981)	8,785	3,619	22,364
Comprehensive income (loss)	(7,000)	18,553	2,475	38,010
Less: Comprehensive income (loss) attributable to non-controlling interests	(11,444)	819	(11,017)	585
Comprehensive income (loss) attributable to HMH Holding Inc.	$ 4,444	$ 17,734	$ 13,492	$ 37,425

Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Equity

Prior to the IPO, the capital structure of HMH B.V. consisted of two different classes of ordinary shares, 100 Class A ordinary shares and 100 Class B ordinary shares at €1.00 par value each. Baker Hughes and Akastor as Principal Stockholders owned all of the equity interests in HMH B.V.

Amendment and Restatement of Certificate of Incorporation

In connection with the reorganization, the certificate of incorporation of HMH was amended and restated, among other things, to provide for the authorization of (i) 1,000,000,000 shares of Class A common stock, (ii) 500,000,000 shares of Class B common stock and (iii) 10,000,000 shares of preferred stock.

The holders of Class A common stock have both voting and economic rights, including rights to dividends and liquidation proceeds. In contrast, holders of Class B common stock have voting rights only and are not entitled to dividends or liquidation distributions.

Reorganization and Initial Public Offering

The following is a summary of the securities reclassified in connection with the reorganization transactions and IPO:

•HMH B.V. underwent a 346,774.96 for 1 stock split, after which Baker Hughes owned 17,338,748 B.V. Voting Class A Shares and 17,338,748 B.V. Voting Class B Shares and Akastor owned 17,338,748 B.V. Voting Class A Shares and 17,338,748 B.V. Voting Class B Shares.

•HMH B.V. recapitalized to convert (i) 32,577,496 B.V. Voting Class A Shares to B.V. Non-Voting Class A Shares and (ii) 32,577,496 B.V. Voting Class B Shares to B.V. Non-Voting Class B Shares.

•HMH and the Principal Stockholders entered into an exchange agreement under which the Principal Stockholders may, subject to certain limitations, exchange their HMH B.V. non‑voting Class A and Class B ordinary shares, together with an equivalent number of shares of Class B common stock in HMH, for shares of Class A common stock on a one‑for‑one basis or, at the Company's election, for cash.

•On April 2, 2026, HMH completed the IPO of 10,520,000 shares of Class A common stock, and received net proceeds of approximately $197.8 million after deducting the underwriters’ discounts and offering fees of $12.6 million. HMH also granted the IPO underwriters a 30-day over-allotment option to purchase additional shares of Class A common stock on the same terms. On April 30, 2026, the underwriters partially exercised the option for 685,844 shares of Class A common stock, resulting in additional net proceeds of $12.9 million, after deducting the underwriters’ discounts and offering fees of $0.8 million.

•HMH used approximately $39.5 million of the net proceeds from the IPO as the cash consideration to purchase an aggregate of 2,100,000 B.V. Voting Class A Shares and 2,100,000 B.V. Voting Class B Shares from the Principal Stockholders, and the

Principal Stockholders received 32,577,496 shares of Class B common stock in HMH in exchange for relinquishing voting rights on 32,577,496 of their B.V. Voting Class A Shares and 32,577,496 of their B.V. Voting Class B Shares.

•HMH contributed the remaining net proceeds from the IPO to HMH B.V. in exchange for B.V. Voting Shares, consisting of 8,420,000 B.V. Voting Class A Shares and 8,420,000 B.V. Voting Class B Shares, such that, after the exchange, HMH will hold, after taking into account the B.V. Voting Shares acquired from the Principal Stockholders, one B.V. Voting Class A Share and one B.V. Voting Class B Share, respectively, for each share of our Class A common stock outstanding following the IPO and reorganization.

•On May 5, 2026, HMH contributed all of the net proceeds from the underwriters’ exercise of the over-allotment option of $12.9 million to HMH B.V. in exchange for an additional 685,844 B.V. Voting Class A Shares and 685,844 B.V. Voting Class B Shares. HMH B.V. used such additional net proceeds to purchase in equal proportion from the Principal Stockholders an aggregate number of shares of the Company's Class B common stock, B.V. Non-Voting Class A Shares and B.V. Non-Voting Class B Shares equal to the number of shares of the Company’s Class A common stock repurchased by the underwriters pursuant to the exercise of the option.

After giving effect to these transactions, including 836,781 shares of the Company’s Class A common stock issuable upon the consummation of the IPO pursuant to equity awards granted to employees that vested in connection with the IPO, Baker Hughes and Akastor each owned 15,945,826 shares of the Company’s Class B common stock, collectively representing approximately 73% of the total voting power of the Company’s capital stock, and each owned 15,945,826 B.V. Non-Voting Class A Shares and 15,945,826 B.V. Non-Voting Class B Shares, collectively representing an approximately 73% equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V.

Non-controlling Interest

Following the reorganization and the IPO, HMH consolidates the full results of HMH B.V. and its subsidiaries. The portion of the net assets and results of HMH B.V. attributable to the economic interests retained by the Principal Stockholders through their B.V. non‑voting shares is presented as non-controlling interest in the Company's consolidated financial statements. Upon the reorganization, the Company recognized a non-controlling interest of approximately $642.1 million, with a corresponding adjustment to the Condensed Consolidated Statements of Changes in Equity. The non-controlling interest is subsequently adjusted for the Principal Shareholders’ proportionate share of net income and other comprehensive income of HMH B.V. and is reduced as Principal Stockholders exercise their exchange rights, at which point the corresponding economic interest is reclassified from non-controlling interest to equity attributable to HMH Holding Inc.

The following table summarizes the change in ownership of HMH B.V.:


	Ownership			Ownership Percentage
	HMH Holding Inc.	Non-controlling Interests	Total	HMH Holding Inc.		Non-controlling Interests		Total
Balance as of April 2, 2026	16,840,000	69,354,992	86,194,992	19.5	%	80.5	%	100	%
Purchase of HMH B.V. Shares	4,200,000	(4,200,000)	—	4.9	%	(4.9)	%	—	%
Partial Exercise of Underwriters Purchase Option	1,371,688	(1,371,688)	—	1.6	%	(1.6)	%	—	%
Issuance under the Equity Based Compensation Plan	1,673,568	—	1,673,568	1.4	%	(1.4)	%	—	%
Balance as of June 30, 2026	24,085,256	63,783,304	87,868,560	27.4	%	72.6	%	100.0	%

As of June 30, 2026, the 63,783,304 total B.V. Non-Voting Class A Shares and B.V. Non-Voting Class B Shares together with 31,891,652 shares of the Company’s Class B common stock could be exchanged for 31,891,652 shares of the Company’s Class A common stock.

Treasury Stock

Repurchases of the Company's Class A common stock are included in treasury stock at the cost of shares repurchased.

Accumulated other comprehensive income (loss)

Accumulated other comprehensive income (loss) consisted of the following:


	June 30, 2026		December 31, 2025

	(in thousands)
Hedging reserve adjustments	$	6	$	465
Pension remeasurement reserve adjustments	712		2,691
Currency translation reserve adjustments	1,293		1,083
Total	$	2,011	$	4,239

- Definition

The entire disclosure for equity.

+ References

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-Topic 505
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Earnings per Share

Basic earnings per share is calculated by dividing the net income (loss) attributable to the Company during the period by the weighted average number of shares of Class A common stock outstanding during the same period. For the periods following the IPO, shares of Class B common stock are excluded from the computation of basic and diluted earnings per share, as these shares represent nonparticipating securities with no rights to dividends or earnings.

For periods prior to the IPO, we treated the Corporate Reorganization as a merger of entities under common control and retrospectively reflected earnings per share as though these transactions occurred at the earliest period presented. We allocated historical net income (loss) between Class A common stockholders and non-controlling interests based on their respective share ownership, with Class A and Class B share equivalents calculated from the HMH B.V. shares held by the Principal Stockholders.

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.

The following table reconciles the figures used to calculate basic and diluted net income (loss) per share for common stock:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

	(in thousands)
Numerator (in thousands)
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 attributable to HMH Holding Inc.	$	4,976	$	8,949	$	8,424	$	15,061
Denominator (actual shares)
Weighted-average shares of common stock for HMH and HMH B.V. outstanding—basic	11,662		69,355		5,863		69,355
Effect of dilutive securities	309		—		825		—
Weighted-average shares of common stock outstanding—diluted	11,971		69,355		6,688		69,355

Net income (loss) per share of common stock (actual)
Basic	$	0.43	$	0.13	$	1.44	$	0.22
Diluted	$	0.42	$	0.13	$	1.26	$	0.22

We apply the treasury stock method to certain equity-based compensation awards and the "if-converted" method to determine the dilutive impact of the associated exchange rights on weighted-average common shares outstanding.

The following table details the actual potential common shares excluded from the diluted share calculation because their effect would be anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025

Restricted common stock	—	—	—	—
Performance share units	10,168	—	4,804	—

Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of RSUs Activity

The following table presents a summary of RSU activity for the six months ended June 30, 2026:


	Restricted Stock Units	Weighted Average Price on the Date of Grant

	(in thousands, except per share amounts)
Balance as of January 1, 2026	—	$	—
Converted at IPO	1,204	15.89
Post-IPO grant	355	18.68
Vested upon the consummation of the IPO (a)	(924)	14.57
Balance as of June 30, 2026	635	19.37

(a).During the three and six months ended June 30, 2026, the total grant date fair value of restricted stock unit awards that vested was $13.5 million.

Summary of PSUs Activity

The following table presents a summary of PSU activity for the six months ended June 30, 2026:


	Performance Share Units	Weighted Average Price on the Date of Grant

	(in thousands, except per share amounts)
Balance as of January 1, 2026	—	$	—
Converted at IPO	520	18.40
Post-IPO Grant	225	27.05
Vested upon the consummation of the IPO	(167)	13.97
Balance as of June 30, 2026	578	23.04

Schedule of PSU Awards Weighted Average Assumptions

The company estimated the fair value of PSU awards using the following weighted average assumptions:


	June 30, 2026

Risk free interest rate	4.15		%
Stock price volatility	56.00		%
Contracted term in years	3
Expected dividend yield	—
Grant date price of HMH common stock	$	18.66

Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

Other current liabilities consisted of the following:


	June 30, 2026		December 31, 2025

	(in thousands)
Income tax payable	$	7,314	$	12,388
Operating lease liability	6,718		10,470
Public duties and taxes	7,697		8,050
External derivative financial liabilities	2,393		555
Withheld taxes and other deductions	526		3,692

Other	—		427
Other current liabilities	$	24,648	$	35,582

Other Liabilities

6 Months Ended

Jun. 30, 2026

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities consisted of the following:


	June 30, 2026		December 31, 2025

	(in thousands)
Pension and other post—retirement liabilities	$	20,321	$	21,142
Deferred tax liabilities	20,982		17,404
Contingent considerations—related party	8,291		8,291
Provisions long-term	1,385		1,227
Tax receivable agreement liability	3,760		—
Other long-term liabilities (a)	6,278		6,259
Total	$	61,017	$	54,323

(a).Other long-term liabilities include $3.7 million of contingent consideration related to the Drillform acquisition, as of both June 30, 2026, and December 31, 2025.

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Reconciliation of Reportable Segment Revenues

The following table presents the reconciliation of reportable segment revenues:


	2026						2025
	ESS		PCS		Total		ESS		PCS		Total

Three Months Ended June 30,	(in thousands)
Revenues from external customers	$	97,660	$	73,162	$	170,822	$	125,547	$	77,910	$	203,457
Intersegment revenue	2,766		2,265		5,031		2,690		3,541		6,231
Total segment revenue	$	100,426	$	75,427	$	175,853	$	128,237	$	81,451	$	209,688
Elimination of intersegment revenue					(5,031)						(6,231)
Total consolidated revenue					$	170,822					$	203,457

Six Months Ended June 30,
Revenues from external customers	$	198,350	$	143,793	$	342,143	$	233,088	$	168,799	$	401,887
Intersegment revenue	8,015		5,884		13,899		4,808		6,773		11,581
Total segment revenue	$	206,365	$	149,677	$	356,042	$	237,896	$	175,572	$	413,468
Elimination of intersegment revenue					(13,899)						(11,581)
Total consolidated revenue					$	342,143					$	401,887

Schedule of Reconciliation of Segment Performance

The following table presents the reconciliation of segment performance:


	Three Months Ended June 30, 2026						Three Months Ended June 30, 2025
	ESS		PCS		Total		ESS		PCS		Total

	(in thousands)
Revenues from external customers(a)	$	97,660	$	73,162			$	125,547	$	77,910
Cost of sales	(64,585)		(44,939)				(94,696)		(56,849)
Selling, general and administrative expenses	(29,868)		(27,536)				(18,166)		(8,656)
Research and development expenses	(442)		(329)				(721)		72
Restructuring and other expenses(b)	(261)		(4,743)				(1,072)		—
Total segment operating income (loss)	$	2,504	$	(4,385)	$	(1,881)	$	10,892	$	12,477	$	23,369
Unallocated corporate costs(c)					(2,950)						(2,619)
Foreign currency gain (loss)					(591)						2,948
Other non-operating income (loss)					(158)						334
Interest expense					(3,945)						(9,106)
Income (loss) before income taxes					$	(9,525)					$	14,926


	Six Months Ended June 30, 2026						Six Months Ended June 30, 2025
	ESS		PCS		Total		ESS		PCS		Total

	(in thousands)
Revenues from external customers(a)	$	198,350	$	143,793			$	233,088	$	168,799
Cost of sales	(132,845)		(93,312)				(170,410)		(123,018)
Selling, general and administrative expenses	(45,376)		(43,890)				(38,064)		(23,245)
Research and development expenses	(685)		(500)				(1,235)		(445)
Restructuring and other expenses(b)	(261)		(4,743)				(3,951)		(392)
Total segment operating income (loss)	$	19,183	$	1,348	$	20,531	$	19,428	$	21,699	$	41,127
Unallocated corporate costs(c)					(6,199)						(4,370)
Foreign currency gain (loss)					(2,819)						6,941
Other non-operating income (loss)					(413)						647
Interest expense					(10,898)						(18,285)
Income (loss) before income taxes					$	202					$	26,060

(b) Restructuring and other expenses consist of severance costs primarily related to workforce reductions and impairment of right-of-use assets.

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended		12 Months Ended
	May 05, 2026	Apr. 30, 2026	Apr. 02, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Oct. 01, 2021
Concentration Risk [Line Items]
Stock issuance costs						$ 10,380	$ 0
Deferred offering costs			$ 26,200					$ 21,300
Share-based compensation expense				$ 22,800		22,775	$ 0
Pre-IPO stock-based compensation expense				22,500		22,500
Purchase of HMH B.V. voting shares from Principal Stockholders			$ 39,500	$ 39,480		$ 39,480
Baker Hughes Holdings LLC
Concentration Risk [Line Items]
Equity interest percentage									50.00%
Akastor AS
Concentration Risk [Line Items]
Equity interest percentage									25.00%
Mercury HoldCo Inc.
Concentration Risk [Line Items]
Equity interest percentage									25.00%
Baker Hughes And Akastor
Concentration Risk [Line Items]
Equity interest percentage			73.00%
Voting power percentage			0.00%
HMH B.V.
Concentration Risk [Line Items]
Ownership percentage			100.00%
Class A Common Stock
Concentration Risk [Line Items]
Common stock, par value (in usd per share)			$ 0.01	$ 0.01		$ 0.01
Repurchased to satisfy employee's tax holding obligations (in shares)			2,100,000
Shares repurchased (in shares)	685,844		2,100,000
Common stock, shares outstanding (in shares)				12,042,625		12,042,625
Class A Common Stock \| Baker Hughes Holdings LLC
Concentration Risk [Line Items]
Common stock, shares outstanding (in shares)			15,945,826
Class A Common Stock \| Akastor AS
Concentration Risk [Line Items]
Common stock, shares outstanding (in shares)			15,945,826
Class A Common Stock \| IPO Investors
Concentration Risk [Line Items]
Voting power percentage			27.00%
Class A Common Stock \| IPO
Concentration Risk [Line Items]
Net proceeds			$ 197,800
Stock issuance costs			$ 12,600
Class A Common Stock \| Over-Allotment Option
Concentration Risk [Line Items]
Net proceeds		$ 12,900
Stock issuance costs		$ 800
Class B Common Stock
Concentration Risk [Line Items]
Common stock, par value (in usd per share)	$ 0.01		$ 0.01	$ 0.01		$ 0.01
Repurchased to satisfy employee's tax holding obligations (in shares)			2,100,000
Shares repurchased (in shares)	685,844		2,100,000
Common stock, shares outstanding (in shares)				31,891,652		31,891,652
Class B Common Stock \| Baker Hughes Holdings LLC
Concentration Risk [Line Items]
Common stock, shares outstanding (in shares)			15,945,826
Class B Common Stock \| Akastor AS
Concentration Risk [Line Items]
Common stock, shares outstanding (in shares)			15,945,826
Class B Common Stock \| Baker Hughes And Akastor
Concentration Risk [Line Items]
Voting power percentage			73.00%
Customer Concentration Risk \| Revenue \| Customer One
Concentration Risk [Line Items]
Concentration risk, percentage				11.70%	14.10%	12.10%	14.20%
Customer Concentration Risk \| Revenue \| Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage				10.60%	11.70%	11.00%	10.30%
Customer Concentration Risk \| Accounts Receivable \| Customer One
Concentration Risk [Line Items]
Concentration risk, percentage						19.40%		11.20%
Customer Concentration Risk \| Accounts Receivable \| Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage						10.20%

Accrued Expenses - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Payables and Accruals [Abstract]
Warranty expense	$ 400	$ 400	$ 797	$ 2,700

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

The following table sets forth supplemental Condensed Consolidated Balance Sheets information related to leases:


	Classification	June 30, 2026		December 31, 2025

		(in thousands)
Assets:
Operating lease assets	Right-of-use assets	$	45,834	$	48,739
Total lease assets		$	45,834	$	48,739
Liabilities:
Current:
Operating	Other current liabilities	$	6,718	$	10,470
Noncurrent:
Operating	Noncurrent lease liabilities	40,469		39,922
Total lease liabilities		$	47,187	$	50,392

For the three and six months ended June 30, 2026, we recognized operating lease cost of $2.7 million and $5.5 million, respectively, and $2.7 million and $5.5 million for the three and six months ended June 30, 2025, respectively, in our Condensed Consolidated Statements of Income.

Equity (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Change in Ownership of HMH B.V

The following table summarizes the change in ownership of HMH B.V.:


	Ownership			Ownership Percentage
	HMH Holding Inc.	Non-controlling Interests	Total	HMH Holding Inc.		Non-controlling Interests		Total
Balance as of April 2, 2026	16,840,000	69,354,992	86,194,992	19.5	%	80.5	%	100	%
Purchase of HMH B.V. Shares	4,200,000	(4,200,000)	—	4.9	%	(4.9)	%	—	%
Partial Exercise of Underwriters Purchase Option	1,371,688	(1,371,688)	—	1.6	%	(1.6)	%	—	%
Issuance under the Equity Based Compensation Plan	1,673,568	—	1,673,568	1.4	%	(1.4)	%	—	%
Balance as of June 30, 2026	24,085,256	63,783,304	87,868,560	27.4	%	72.6	%	100.0	%

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) consisted of the following:


	June 30, 2026		December 31, 2025

	(in thousands)
Hedging reserve adjustments	$	6	$	465
Pension remeasurement reserve adjustments	712		2,691
Currency translation reserve adjustments	1,293		1,083
Total	$	2,011	$	4,239

Equity - Change in Ownership of HMH B.V (Details) - HMH Holding B.V. And Subsidiaries	3 Months Ended
	Jun. 30, 2026 shares
Ownership
Beginning balance (in shares)	86,194,992
Purchase of HMH B.V. Shares (in shares)	0
Partial Exercise of Underwriters Purchase Option (in shares)	0
Issuance under the Equity Based Compensation Plan (in shares)	1,673,568
Ending balance (in shares)	87,868,560
Ownership Percentage
Beginning balance	100.00%
Purchase of HMH B.V. Shares	0.00%
Partial Exercise of Underwriters Purchase Option	0.00%
Issuance under the Equity Based Compensation Plan	0.00%
Ending balance	100.00%
HMH Holdings Inc.
Ownership
Beginning balance (in shares)	16,840,000
Purchase of HMH B.V. Shares (in shares)	4,200,000
Partial Exercise of Underwriters Purchase Option (in shares)	1,371,688
Issuance under the Equity Based Compensation Plan (in shares)	1,673,568
Ending balance (in shares)	24,085,256
Ownership Percentage
Beginning balance	19.50%
Purchase of HMH B.V. Shares	4.90%
Partial Exercise of Underwriters Purchase Option	1.60%
Issuance under the Equity Based Compensation Plan	1.40%
Ending balance	27.40%
Noncontrolling Interests
Ownership
Beginning balance (in shares)	69,354,992
Purchase of HMH B.V. Shares (in shares)	(4,200,000)
Partial Exercise of Underwriters Purchase Option (in shares)	(1,371,688)
Issuance under the Equity Based Compensation Plan (in shares)	0
Ending balance (in shares)	63,783,304
Ownership Percentage
Beginning balance	80.50%
Purchase of HMH B.V. Shares	(4.90%)
Partial Exercise of Underwriters Purchase Option	(1.60%)
Issuance under the Equity Based Compensation Plan	(1.40%)
Ending balance	72.60%

Earnings per Share - Potential Common Shares Excluded from Diluted Share Calculation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	0	0
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	10,168	0	4,804	0

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Summary of the Fair Value of Assets Acquired and Liabilities Assumed


	British pounds		Exchange rate at acquisition date	USD

	(in millions)
Cash consideration paid, including £0.2 million cash acquired	£	3.5	1.3446	$	4.7
Contingent consideration (a)	1.6		1.3446	2.2
Total consideration	5.1			6.9
Identified intangible assets acquired	1.9		1.3446	2.6
Goodwill acquired	£	3.2		$	4.3

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The following tables set forth the Company’s financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy:


	Level 1		Level 2		Level 3(a)		Total

	(in thousands)
As of June 30, 2026
Assets:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	63	$	—	$	63
Derivative financial instruments—not designated as hedging instruments	—		445		—		445
Total assets	$	—	$	508	$	—	$	508
Liabilities:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	18	$	—	$	18
Derivative financial instruments—not designated as hedging instruments	—		2,375		—		2,375
Total liabilities	$	—	$	2,393	$	—	$	2,393




As of December 31, 2025
Assets:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	1,262	$	—	$	1,262
Derivative financial instruments—not designated as hedging instruments	—		140		—		140
Total assets	$	—	$	1,402	$	—	$	1,402
Liabilities:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	35	$	—	$	35
Derivative financial instruments—not designated as hedging instruments	—		520		—		520
Total liabilities	$	—	$	555	$	—	$	555

Schedule of Fair Value of Derivative Instruments and Maturity Analysis of Derivative Cash Flows


	Total		6 months and less		6-12 months		1-2 years

	(in thousands)
As of June 30, 2026
Foreign exchange forward contracts to hedge highly probable forecasted sales:




Notional amounts GBP	£	891	£	891	£	—	£	—
Average forward rate (GBP/NOK)			13.79		—		—
Foreign exchange forward contracts to hedge highly probable forecasted purchases:


Notional amounts GBP	£	245	£	245	£	—	£	—
Average forward rate (GBP/NOK)			13.90		—		—

As of December 31, 2025
Foreign exchange forward contracts to hedge highly probable forecasted sales:
Notional amounts USD	$	13,812	$	13,812	$	—	$	—
Average forward rate (USD/NOK)			10.58		—		—
Notional amounts EUR	€	490	€	490	€	—	€	—
Average forward rate (EUR/NOK)			12.14		—		—
Notional amounts GBP	£	2,076	£	1,185	£	891	£	—
Average forward rate (GBP/NOK)			13.85		13.79		—


Foreign exchange forward contracts to hedge highly probable forecasted purchases:
Notional amounts EUR	€	150	€	150	€	—	€	—
Average forward rate (EUR/NOK)			12.03		—		—
Notional amounts GBP	£	940	£	695	£	245	£	—
Average forward rate (GBP/NOK)			13.92		13.90		—

Non-Designated Hedges


	Total		6 months and less		6-12 months		1-2 years

	(in thousands)
As of June 30, 2026
Foreign exchange forward contracts:
Notional amounts NOK	NOK	69,800	NOK	28,200	NOK	41,600	NOK	—
Average forward rate (NOK/USD)			0.10		0.10		—
Notional amounts GBP	£	11,200	£	6,100	£	5,100	£	—
Average forward rate (GBP/USD)			1.35		1.35		—
Notional amounts EUR	€	42,100	€	22,800	€	19,300	€	—
Average forward rate (EUR/USD)			1.20		1.21		—
As of December 31, 2025
Foreign exchange forward contracts:
Notional amounts NOK	NOK	131,200	NOK	97,900	NOK	16,500	NOK	16,800
Average forward rate (NOK/USD)			0.10		0.10		0.10
Notional amounts GBP	£	13,800	£	6,000	£	5,300	£	2,500
Average forward rate (GBP/USD)			1.35		1.35		1.34
Notional amounts EUR	€	49,300	€	21,600	€	18,900	€	8,800
Average forward rate (EUR/USD)			1.19		1.20		1.21

Revenue from Contracts with Customers - Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Change In Contract With Customer Liability [Roll Forward]
Balance as of January 1, 2026	$ 35,249
Additions	88,333
Revenue recognized	(80,802)
Balance as of June 30, 2026	42,780
Revenue recognized included in contract liabilities balance	$ 20,900	$ 33,700

Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Other Liabilities Disclosure [Abstract]
Income tax payable	$ 7,314	$ 12,388
Operating lease liability	6,718	10,470
Public duties and taxes	7,697	8,050
External derivative financial liabilities	2,393	555
Withheld taxes and other deductions	526	3,692
Other	0	427
Other current liabilities	$ 24,648	$ 35,582

Financial Instruments - Maturity Analysis of Derivative Cash Flows (Details) - Foreign exchange forward contracts € in Thousands, £ in Thousands, kr in Thousands, $ in Thousands	Jun. 30, 2026 GBP (£)	Jun. 30, 2026 £ / kr	Jun. 30, 2026 EUR (€)	Jun. 30, 2026 € / kr	Jun. 30, 2026 NOK (kr)	Jun. 30, 2026 kr / $	Dec. 31, 2025 USD ($)	Dec. 31, 2025 GBP (£)	Dec. 31, 2025 £ / kr	Dec. 31, 2025 $ / kr	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 € / kr	Dec. 31, 2025 NOK (kr)	Dec. 31, 2025 kr / $
Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted sales:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	£ 891						$ 13,812	£ 2,076			€ 490
Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted sales: \| 6 months and less
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	891						13,812	1,185			490
Average forward rate		13.79							13.85	10.58		12.14
Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted sales: \| 6-12 months
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	0						0	891			0
Average forward rate		0							13.79	0		0
Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted sales: \| 1-2 years
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	0						$ 0	0			0
Average forward rate		0							0	0		0
Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	245							940			150
Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases: \| 6 months and less
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	245							695			150
Average forward rate		13.90							13.92			12.03
Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases: \| 6-12 months
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	0							245			0
Average forward rate		0							13.90			0
Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases: \| 1-2 years
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	0							0			0
Average forward rate		0							0			0
Derivative financial instruments—not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	11,200		€ 42,100		kr 69,800			13,800			49,300		kr 131,200
Derivative financial instruments—not designated as hedging instruments \| 6 months and less
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	6,100		22,800		28,200			6,000			21,600		97,900
Average forward rate		1.35		1.20		0.10			1.35			1.19		0.10
Derivative financial instruments—not designated as hedging instruments \| 6-12 months
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	5,100		19,300		41,600			5,300			18,900		16,500
Average forward rate		1.35		1.21		0.10			1.35			1.20		0.10
Derivative financial instruments—not designated as hedging instruments \| 1-2 years
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	£ 0		€ 0		kr 0			£ 2,500			€ 8,800		kr 16,800
Average forward rate		0		0		0			1.34			1.21		0.10

Segment Information - Reconciliation of Segment Performance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Revenues from external customers	$ 170,822	$ 203,457	$ 342,143	$ 401,887
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	(5,004)	(1,072)	(5,004)	(4,343)
Total segment operating income (loss)	(1,881)	23,369	20,531	41,127
Unallocated corporate costs	(2,950)	(2,619)	(6,199)	(4,370)
Foreign currency gain (loss)	(591)	2,948	(2,819)	6,941
Other non-operating income (loss)	(158)	334	(413)	647
Interest expense	(3,945)	(9,106)	(10,898)	(18,285)
Income (loss) before income taxes	(9,525)	14,926	202	26,060
ESS
Segment Reporting [Line Items]
Revenues from external customers	97,660	125,547	198,350	233,088
Cost of sales	(64,585)	(94,696)	(132,845)	(170,410)
Selling, general and administrative expenses	(29,868)	(18,166)	(45,376)	(38,064)
Research and development expenses	(442)	(721)	(685)	(1,235)
Restructuring and other expenses	(261)	(1,072)	(261)	(3,951)
Total segment operating income (loss)	2,504	10,892	19,183	19,428
PCS
Segment Reporting [Line Items]
Revenues from external customers	73,162	77,910	143,793	168,799
Cost of sales	(44,939)	(56,849)	(93,312)	(123,018)
Selling, general and administrative expenses	(27,536)	(8,656)	(43,890)	(23,245)
Research and development expenses	(329)	72	(500)	(445)
Restructuring and other expenses	(4,743)	0	(4,743)	(392)
Total segment operating income (loss)	$ (4,385)	$ 12,477	$ 1,348	$ 21,699