CECO closes Thermon acquisition; pro forma revenue $1.3B, net loss $20.2M for FY2025

CECO ENVIRONMENTAL CORP

Acquisition closed June 1, 2026; consideration mix: $63.89 cash, 0.8110 CECO shares, or mixed 0.6840 shares + $10 cash per Thermon share.
Pro forma combined assets $3.66B, goodwill $1.46B, intangible assets $1.01B as of March 31, 2026.
Pro forma net loss attributable to CECO of $11.5M for Q1 2026 and $20.2M for FY2025, driven by acquisition-related adjustments.
Financing: $235M incremental term loan and ~$290M revolver borrowings at SOFR+300bps.
Pro forma diluted EPS: -$0.20 for Q1 2026, -$0.35 for FY2025.

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